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finance and markets · the day's top 10 · june 13th
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Jun 13, 2026 · 1 min listen
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finance and markets · the day's top 10 · june 13th
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ICE has empty detention bed space and the average daily number of detainees has slid to 58,000, Axios has learned from two sources familiar with the data. Why it matters: ICE went on a $38 billion buying spree to rapidly expand the number of available beds. But after its detention population more than doubled in President Trump's first year in office, the numbers have gone in the other direction. - Trump backed off aggressive city-wide enforcement strategies following the killing of two U.S. citizens in Minneapolis, and the detention population — and therefore the number of arrests — dipped. - Agency data shows ICE reached a peak of nearly 72,000 migrants in custody in January. - ICE hasn't released official detention statistics since early April, when the detention population was just more than 60,000 people. What they're saying: "ICE actually has more capacity right now than they have people in custody," Customs and Border Protection Commissioner Rodney Scott said at an event this week. - Homeland Security Secretary Markwayne Mullin echoed Scott's statement at a press conference two days later, speaking about ICE's only family detention center, saying "the detention center is not even close to being at capacity." - Mullin also said because there's empty space in the family detention center, in Dilley, Texas, there is also no need to expand detention space suitable to house children. During the presidential transition, this was a top priority. Friction point: This is a major departure from the start of Trump's second term, when detention space was a major limitation on the number of people ICE could arrest. - A lack of detention space meant migrants were being held in office buildings, court houses and other federal building space for days and sometimes weeks in unsuitable spaces for long-term stays, according to multiple lawsuits. - Some migrants were being released last winter because of lack of ICE bed space, as Axios previously reported. - Border czar Tom Homan even pleaded with sheriffs at a national law enforcement conference to let ICE rent their unused jail space, offering to lower detention standards to make quick cooperation possible. Between the lines: Arrests, detentions and deportations are much higher than in President Biden's tenure. But they are falling short of the 3,000 daily arrest goal set by White House Deputy Chief of Staff Stephen Miller.
On Thursday evening, President Trump called Israeli Prime Minister Benjamin Netanyahu with news he did not want to hear: He expected to sign a deal with Iran within days. - "This is the deal. It's a great deal, and it's time to end this war," Trump told Netanyahu, according to a senior U.S. official. Why it matters: When Netanyahu went to war alongside Trump, this is not how he envisioned it ending. Flashback: Netanyahu made clear from the beginning that he believed the war could spur regime change in Tehran. Now, four months out from an election, Netanyahu's rivals are accusing him of making Israel a "vassal state" by simply accepting Trump's terms for peace. - Some in Washington think Netanyahu might play a spoiler role even if the deal takes hold. - But in the call with Trump, Netanyahu seemed to recognize he couldn't stop Trump from signing it, a U.S. official told Axios. - For now, officials in both Tehran and Washington say a deal is close but not finalized. Driving the news: As the exchanges with Iran ratcheted up earlier this week, Netanyahu planned to launch massive strikes against energy and infrastructure facilities, before Trump stopped him at the last moment. - Since then, Netanyahu has found himself largely out of the loop, calling allies in Washington for intel about Trump's negotiations, a U.S. source with direct knowledge said. - Trump's post on Thursday claiming a deal had been reached caught Netanyahu by surprise, according to a source with knowledge. When Trump called an hour later, Netanyahu didn't push back hard or argue much, according to the U.S. official. - The Israeli leader told Trump he trusts him to make sure the final agreement addresses their shared concerns around Iran's nuclear program. - "Bibi probably understood that a deal was about to happen and that he could not to stop it," the U.S. official said. Behind the scenes: Netanyahu and other Israeli officials are careful not to criticize Trump publicly, but in private they're highly skeptical about the pending deal. - One concern is that after the deal is signed and the war ends, Iran could just drag on the negotiations without making real nuclear concessions. - In the meantime, the theory goes, the Iranian government would be able to stabilize itself by selling oil, without the risk of war. - Israeli Defense Minister Israel Katz said Friday that Trump was pursuing a deal "based on his assessment of American interests," but Israel expected him to uphold shared "principles" around Iran's nuclear program, missiles and "terrorist proxies." Friction point: Katz also claimed Israel retained "the ability to act independently to prevent Iran from acquiring a nuclear weapon" and would prepare accordingly. - Israeli officials are also concerned that because the ceasefire in the deal applies to Lebanon, the Trump administration will limit their freedom of operation against Hezbollah and demand to be consulted on every strike. - "I understand the Israeli skepticism. Hezbollah killed a lot of innocent Israelis, especially Israeli civilians. So we don't expect any country to give up their right of self-defense. What we do expect is that if we're able to have everyone participate in the peace process, that everyone else will do the same," a senior U.S. official said Friday in a briefing with reporters. - The official said the White House "feels confident" that ultimately the Israelis "will get on board." On Friday morning, when Iranian state media claimed the deal would give Iran billions of dollars immediately, worried Israeli officials asked the White House for clarifications, a U.S. official said. - U.S. officials reassured the Israelis that the Iranian reports mischaracterized the agreement. - "We feel like when they see the full terms of the deal, and when they appreciate that fundamentally, that there has to be delivery from the Iranians before we deliver any of the benefits, that they're comfortable with that," the senior U.S. official said. What to watch: Events in Lebanon are one factor that could destabilize a deal. Israeli forces still occupy large parts of southern Lebanon and continue to exchange cross-border strikes with Hezbollah. - The senior U.S. official said that if Hezbollah fires rockets at Israel, and Iran keeps arming the militant group, that would be contrary to the deal. - For Netanyahu, co-signing a deal to end the war without achieving his stated objectives would be a major strategic and political blow.
The Trump administration is blocking foreign governments, companies and individuals from accessing Anthropic's most advanced AI models. Why it matters: The move marks an escalation in Washington's effort to treat cutting-edge AI systems as national security assets. - Anthropic now finds itself on a Pentagon blacklist deeming it too dangerous for the government's own use, and in a Commerce Department licensing regime deeming it too dangerous for foreign use. Driving the news: Commerce Secretary Howard Lutnick on Friday sent a letter to Anthropic CEO Dario Amodei saying that the Mythos 5 and Fable 5 models would be subject to export controls to any location outside of the U.S. and to all foreign persons within the country. - An administration official told Axios the Commerce Department decided to take the action after another company claimed it was able to jailbreak Mythos, alarming the administration about possible national security risks. - The administration tried to get Anthropic to pause releasing the latest models but was unsuccessful, the official said, prompting the export control letter. - The model needs to remain locked down until the U.S. government's national security apparatus is hardened, the official said, adding that could happen in the next few weeks. - Anthropic did not immediately respond to a request for comment. Zoom in: Per Commerce's letter, a license will be required for the export, re-export or domestic transfer of Anthropic's models. - Furthermore, Anthropic will have to submit an additional application for individually validated licenses. - Failure to comply would result in financial and civil penalties. Context: The Trump administration earlier this month released an executive order to test the most advanced AI models before they are deployed. - Anthropic has a partnership with the Center for AI Standards and Innovation at Commerce for pre-deployment testing. Yes, but: The executive order is voluntary and explicitly avoids a licensing regime — something White House chief AI adviser David Sacks was able to secure to avoid what he considers the "regulatory capture" of the biggest labs. - An administration official said that Trump "does not want to hurt the industry and wants innovation to continue." The bottom line: Anthropic's running fight with the government just got more complicated.
- The vice president's official residence is on the grounds of the US Naval Observatory. - Different vice presidents have added amenities such as a pool, a jogging track, and a garden. - The residence may be haunted — Walter Mondale's daughter once said she saw a ghost in her bedroom. Vice President JD Vance and his wife, second lady Usha Vance, moved into the vice president's official residence at Number One Observatory Circle with their three children upon taking office in 2025. They're expecting their fourth child, a boy, in July. The 9,150-square-foot historic home features personal touches and luxury features added by vice presidents over the years, including a swimming pool, a running track, and, most recently, a large chicken coop that reflects the mansion's architectural style. It's also been home to a few ghost stories. Here's a closer look at the vice president's residence. The vice president's official residence is located on the grounds of the United States Naval Observatory in Washington, DC. Established in 1830, the US Naval Observatory is one of the oldest scientific agencies in the US, where scientists collect astronomical data for accurate navigation, according to the official website of the Commander, Naval Meteorology and Oceanography Command. The movements of planets and stars are used to accurately provide positioning, navigation, and timing for the Navy and Department of Defense. Measuring 9,150 square feet, Number One Observatory Circle contains 33 rooms. The home features six bedrooms, a dining room, a garden room, a study, and an attic. The home was built in 1893 for the Naval Observatory's superintendent and began housing its chief of naval operations in 1923. Vice presidents used to live in their own homes until Congress devoted funds to refurbishing the home for vice presidential use in 1974, according to the White House. Number One Observatory Circle became the official vice presidential residence in 1974. President Gerald Ford's vice president, Nelson Rockefeller, hosted events at the home but didn't live there. In 1977, Vice President Walter Mondale, who served under President Jimmy Carter, became the first vice president to live in the residence full-time. Mondale's daughter, Eleanor, once called the Secret Service when she said she saw a ghost in her bedroom. Eleanor Mondale wrote in a 1998 issue of Swing magazine that the Secret Service was less than pleased when they found out she had reported a ghost sighting, rather than an intruder. "I was so scared, I fainted," she wrote, Deseret News reported. "Upon coming to, I phoned the Secret Service Command Post. I whispered that there was a man in my room and hung up. Minutes later, two agents busted into the room, guns drawn. When I told them the 'man' was actually a ghost, they requested that I NEVER DO THAT AGAIN!" Vice presidents can redecorate the home according to their tastes. Money for maintaining the home, as well as for additions or renovations, comes from private funds or donations to the Vice President's Residence Foundation, which was founded in 1991. Dick and Lynne Cheney decorated the residence in neutral colors. They enlisted interior designer Frank Babb Randolph to help with the transformation. The Bidens added pops of color throughout the house, such as "Biden blue" walls in the dining room. Interior designer Victoria Hagan worked with the Bidens to add touches such as green wallpaper to the library and "daffodil yellow" walls in the living room. The Bidens' favorite room in the home was the Solarium. "I love to go in that room and sit on the couch and grade papers or have meetings," Jill Biden told The Washington Post in 2017. "Often, they put a round table in there and we would have dinner or lunch." Vice presidents have also added amenities over the years, such as a jogging track, exercise room, and horseshoe pit. George H.W. Bush installed a quarter-mile jogging track at the residence, and he liked it so much that he continued running there even after he became president. The house features a pool added by Dan Quayle. Biden told reporters in 2010 that "no one can say a negative thing about Dan Quayle" because he added the pool to the vice president's residence. "He's my favorite vice president," Biden said. "And my granddaughters love it." Joe Biden surprised Jill Biden with a tree swing on the grounds of the residence for Valentine's Day in 2010. The commemorative plaque reads "Joe loves Jill. Valentine's Day 2010." Jill Biden added the Family Heritage Garden where stones memorialize all the home's previous occupants and their family members, including pets. The garden also features a bronze sculpture of the Bidens' dog Champ, who died at age 13. When the Pences moved into the residence, Karen Pence installed a beehive to raise awareness of the declining honeybee population. Karen Pence previously kept bees at the Indiana governor's residence, unveiling a hive there in 2014.
- Last year, my husband and I traveled across the US, spending time in 29 states along the way. - I fell in love with Michigan, Vermont, and South Dakota, and found plenty to do. - Although I had a great time in places like West Virginia and Idaho, I think I saw the highlights. Last year, my husband and I decided to make the most of working remote jobs by traveling across the US, staying in 29 different states along the way. Although I don't regret visiting any of the states we spent time in, there are some I'm excited to return to — and others I'm glad I saw once. In my opinion, Michigan is seriously underrated. Whenever we had a spare moment during our month in Michigan, we were outside. We strolled through a tulip farm in Holland, had a picnic on the beach at Saugatuck Dunes State Park, and sipped pinot noir along a wine trail near Buchanan, stopping by different wineries along the route. We spent most of our time near the shores of Lake Michigan, so we had access to all the things I could want on a beach vacation — fresh seafood, lively boardwalks with all kinds of quirky shops, and pristine sand. However, in my experience, the prices seemed lower than what I'm used to in many of the "beach destinations" along the coasts. I already have a list of places I want to explore the next time we're in Michigan, such as Traverse City, Sleeping Bear Dunes, and Mackinac Island, one of the few places in the US where cars are banned. South Dakota offers so much more than Mount Rushmore. Seeing massive carvings of former presidents is impressive, but there's so much more to South Dakota than Mount Rushmore. For example, I loved spending time in Custer State Park, which I believe offers some of the best views in all of the Black Hills. During our visit, we saw coyotes, prairie dogs, bighorn sheep, mountain goats, and hundreds of bison (one even licked our car!) Less than two hours away, we were treated to an entirely different landscape in Badlands National Park, which is dominated by buttes and towering rock spires. There are also tiny museums and fascinating sites tucked away in small towns, making the drive across the state even more entertaining. We stopped at the Mammoth Site in Hot Springs — an active excavation site where the remains of over 60 mammoths have been unearthed. I was amazed by the sheer scale of that many skeletons found in one place, and it was definitely worth the stop. Vermont's small towns are incredible. I firmly believe that Vermont has some of the most picturesque small towns in the US. And although each one has its special charms, Stowe really stands out to me. Between perusing the cute shops, riding the gondola to the top of Mt. Mansfield (Vermont's highest peak), and grabbing a drink at the Von Trapp Brewery (started by Maria von Trapp's son), I felt like I'd been sucked into a postcard. I was also impressed by Vermont's dairy game. In almost every town we visited, I saw a shop selling creative varieties of cheese. My favorite usage of dairy, however, had to be at the Ben & Jerry's Factory in Waterbury. The tour was fun, the ice cream was perfectly decadent, and I still chuckle about the hilariously poetic Flavor Graveyard, where retired varieties are memorialized. On the other hand, West Virginia was beautiful, but I think we saw the highlights. We spent several days driving around West Virginia, checking out different hiking trails and marveling at the abandoned mills hidden on backroads. There were certain moments that took my breath away, like visiting Sandstone Falls and the stunning 3,000-foot bridge in New River Gorge National Park. However, after getting our fill of nature, there didn't seem to be a whole lot of other options to fit our interests. In general, the state is pretty rural, and a lot of the small towns seemed designed for locals, not tourists. Although I think hikers, campers, and whitewater enthusiasts could enjoy a visit to the Mountain State, I'm content with what I saw on my trip. Idaho surprised me, but I don't feel the need to return anytime soon. I didn't know much about Idaho before we visited, but we saw some incredibly memorable spots during our trip. Craters of the Moon National Monument — filled with black ancient lava fields and hill-like cinder cones — is unlike any other natural preserve I've been to in the continental US. Seeing it covered in snow only added to its otherworldly quality. We also visited the Basque Block in Boise, which is a section of town that is preserved and dedicated to the Basque people who emigrated from Spain to Idaho in the late 1800s.
Sialkot, a city in Pakistan’s Punjab province, is the hidden powerhouse behind roughly 70 percent of the footballs that roll onto pitches worldwide. The town’s dense network of small‑scale workshops and factories has turned leather stitching and hand‑blown panels into a global supply chain, feeding everything from grassroots leagues to elite tournaments. Yet only a handful of these producers have the coveted FIFA certification that allows them to label their balls “official” for international competition.
Earning that badge is a rigorous and costly process. Factories must first undergo a series of performance tests that evaluate durability, shape retention, water absorption, and flight characteristics. The tests, conducted by independent labs, mimic the harsh conditions of professional play and often require manufacturers to tweak materials, redesign stitching patterns, and invest in new machinery. After passing, companies pay a substantial licensing fee to FIFA, which grants them the right to use the official logo and to market their products as World Cup‑approved.
We visited Bola Gema, one of the licensed producers, to see the standards in action. Inside the workshop, workers use precision‑cut leather, polyurethane bladders, and hand‑stitched panels that are then subjected to a battery of pressure and impact tests. The factory’s quality‑control team monitors each batch, discarding any ball that falls short of the strict criteria. The investment in equipment and skilled labor pushes production costs higher than those of unlicensed competitors, but the payoff can be significant when a World Cup or other major tournament spikes demand.
Manufacturers accept the steep entry barrier because the FIFA seal opens doors to lucrative contracts and global distribution networks. During World Cup years, licensed balls command premium prices and dominate retail shelves, delivering profits that far outweigh the upfront expenses. For Sialkot’s economy, the football industry supports thousands of families, sustains ancillary trades like leather tanning and packaging, and reinforces the city’s reputation as the world’s football hub. The combination of rigorous standards, strategic licensing, and seasonal demand ensures that Sialkot will remain central to the sport’s supply chain for the foreseeable future.
- JPMorgan is hosting a SpaceX IPO celebration with 250 of Musk's employees at its new Park Avenue HQ. - The celebration was Jamie Dimon's idea — and he pitched it to Elon Musk. - Guests get steak, sushi, cocktails, and the night ends with a SpaceX-themed skyline light show. A SpaceX-branded tomahawk steak carving station. That's the kind of extravagant detail JPMorgan put into a celebration for Elon Musk's rocket-making company's record-breaking public debut. JPMorgan is set to host around 250 SpaceX employees at its new Park Avenue headquarters for an intergalaxy-inspired evening with dinner and cocktails Friday, a source familiar with the bank's plan told Business Insider. The evening will be capped off with a specially curated light show at the top of the 60-story building, featuring rocket launches and space imagery. The lavish celebration was Jamie Dimon's idea. According to the person familiar with the plans, the JPMorgan CEO personally pitched it to Musk. But Dimon isn't just honoring one of the biggest IPOs in years; he's also rolling out the red carpet for hundreds of potential future wealth clients. JPMorgan is one of the top Wall Street banks running the books for the IPO, but it seems to be playing the long game by inviting SpaceX employees to its soiree. The event gives the firm a chance to deepen relationships with an exceptionally lucrative group of future customers. Andrew Benson, the founder of pre-IPO trading platform Hill Markets, estimates the offering will create roughly 4,400 new millionaires, including about 400 centimillionaires. While Musk isn't scheduled to join Dimon at the party, Gwynne Shotwell, SpaceX president, and CFO Bret Johnson are expected to be there and deliver remarks to the partygoers. JPMorgan's deal team and Mary Erdoes, who leads the asset and wealth management business for the bank, will also be there. SpaceX's record-breaking market debut happened Friday morning, with first trades jumping as much as 30% to $176.52 per share after pricing at $135 in its Thursday IPO. Throughout Friday, those at JPMorgan's shiny new headquarters will be feeling the firm's involvement with the blockbuster IPO. They'll hear a space-themed playlist curated by DJ Yuna in the lobby and on the 14th floor, its core social area with coffee shops, gift shops, and restaurants. Servers on that floor will also be dressed in SpaceX garb. SpaceX launch photos and videos have been on display across all 270 Park digital screens. For the main event at 6 pm, guests will be taken to the 57th floor at the top of the tower for a dinner buffet with custom mirrors to add to the futuristic vibes. They'll have the choices of the aforementioned steak, as well as sushi and a raw bar. The bank is also using this as an opportunity to show off its extensive art and historical artifact collection, including documents signed by Alexander Hamilton and Thomas Jefferson, and Jamie Wyeth's 1976 painting "The Man from Boston" of John F Kennedy's historic 1962 "We Choose to Go to the Moon" speech at Rice University. They'll then be swept to a "dessert in the stars" cocktail reception, before the bank transforms the top of its skyscraper with a SpaceX-themed lightshow. The rest of New York will be able to watch from their windows, likely while eating a less lavish meal. Read the original article on Business Insider
- I was at the Nasdaq building when SpaceX went live on Friday morning. - The record-breaking IPO brought together Musk fans, tourists, and some poised to win big. - Here's everything I saw in a sweltering Times Square during the historic event. Astronaut costumes. No-shows. Soon-to-be very rich people. I spent Friday morning outside the Nasdaq's headquarters in Times Square, when SpaceX debuted on the exchange under the ticker SPCX. On Thursday night, the company was priced at $135 per share, as anticipated. It began trading at $150 per share and surged as much as 30% in early trades, before closing at $160.95, a gain of 19%. SpaceX didn't have any official programming outside, but Midtown Manhattan was swarmed, both with Musk fanatics and confused tourists. And some people didn't wait until Friday to share their feelings about SpaceX and its founder — on Thursday, a giant, inflatable, shirtless Musk, tattooed with allegations against the rocket company, appeared outside Morgan Stanley's headquarters in Times Square. Here's what the scene looked like at the Nasdaq on the big day. Read the original article on Business Insider
SpaceX’s initial public offering turned heads as the company listed at a valuation that pushed Elon Musk’s personal wealth past the trillion‑dollar mark. The float raised billions of dollars, with institutional investors snapping up large blocks while retail demand surged on the back of the company’s ambitious launch schedule and its growing Starlink broadband network. The opening price jumped sharply, sending the stock higher than the initial range and prompting a brief rally across the broader tech sector.
Analysts see the IPO as a catalyst for renewed interest in commercial space, noting that the capital influx will likely accelerate SpaceX’s development of the next‑generation Starship vehicle and its plans for lunar and Mars missions. The proceeds are expected to fund the expansion of launch infrastructure, increase the cadence of satellite deployments, and support the rollout of new services such as high‑throughput internet for underserved regions. Market watchers also point out that the public listing could make SpaceX a more attractive partner for government contracts and private customers seeking reliable access to space.
The market impact extends beyond aerospace, as the IPO has stirred speculation about how other high‑growth private firms might approach public markets. Some investors view SpaceX’s success as a sign that the appetite for “future‑tech” IPOs remains robust, while others caution that the company’s earnings are still tied to long‑term projects with uncertain timelines. The stock’s volatility in the first weeks reflects this tension, with price swings driven by launch outcomes, regulatory developments, and broader macroeconomic trends.
Looking ahead, SpaceX’s leadership outlined a roadmap that includes scaling Starlink to millions of users, delivering commercial payloads on a near‑daily basis, and testing reusable rockets at unprecedented rates. If the company can meet these milestones, the IPO capital should translate into sustained growth and solidify its position as a dominant player in both launch services and satellite communications. For investors, the key question will be how quickly SpaceX can turn its ambitious pipeline into consistent revenue streams while navigating the competitive and regulatory landscape that lies ahead.
- Zohran Mamdani called out Elon Musk's trillionaire status on Friday. - Mamdani said it was the trillionth reason to tax the rich. - Musk became the world's first trillionaire after the SpaceX IPO. New York City Mayor Zohran Mamdani used SpaceX's historic IPO — and founder Elon Musk's newly minted status as a trillionaire — to push policy. "Reason #1,000,000,000,000 why we should tax the rich," Mamdani wrote on X in response to Musk becoming the world's first trillionaire on Friday. Musk reached the financial milestone after SpaceX stock popped upon hitting the market on Friday, trading at $150 per share, above the company's initial offering of $135. Already the world's richest man, the windfall put Musk leagues ahead of the next richest person, Google's Larry Page, who now has a quarter of Musk's wealth. Mamdani's response was in line with his politics. The progressive New York City mayor campaigned on taxing the rich, and the city's new pied-à-terre tax on multimillion-dollar second homes sparked backlash from some rich residents. Musk has spoken out against Mamdani and backed his challenger, Gov. Andrew Cuomo, in the New York mayoral race last year. Mamdani has said that he and Musk share one goal: focusing on efficiency and eliminating waste. Mamdani last month announced he was launching a Commission on Government Efficiency, essentially New York City's answer to the Musk-led DOGE office in the White House. Read the original article on Business Insider
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