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SpaceX is expected to become one of the most valuable companies in the world, with valuations reportedly approaching $1.5 to $2 trillion. At that size, it would rank among the largest companies in the U.S. equity market. Yet even at that scale, it may not immediately appear in widely used market indexes such as the S&P 500.

The latest round of data releases provided a more nuanced picture of the economy, highlighting a continued tension between moderating growth, persistent inflation pressures, and pockets of strength across key sectors.

Overall, the data reinforces a resilient growth environment with pockets of moderation, where strong manufacturing and firm labor conditions offset softer (but still expanding) services activity. Combined with tighter energy markets and a cautious Fed, this keeps inflation risks tilted to the upside, likely sustaining elevated rate expectations, upward pressure on yields, and a selective equity backdrop.

Last week was centered on inflation and consumer demand, with housing and labor data helping round out the broader economic picture.

Last week was a busy one for economic data, with key reports across labor, housing, and both business and consumer sentiment, adding important context and nuance to an increasingly complex economic backdrop.