Return of the IPO

US technology stocks slid while government bonds advanced as traders unwound many of those bets that the Federal Reserve will cut interest rates this year. The central bank has instead been foreshadowing a return to rate hikes next month following a June pause. The Nasdaq 100 fell Monday after suffering its worst week since March. Profit taking continued from last week as some of the year’s hottest names dipped, including AI-favorite Nvidia and Facebook-parent Meta. Tesla plummeted 6.1% after Goldman Sachs joined the growing list of brokers who have begun to sour on Elon Musk’s electric-vehicle maker following the company’s rally earlier this year. Here’s your markets wrap. —Natasha Solo-Lyons

The US market for initial public offerings looks like it’s finally coming back to life after 18 months of silence. Shares of Cava Group almost doubled in its trading debut on June 15 after the fast-casual restaurant chain’s breakthrough IPO was priced well above the initial range set by underwriters. While the stock price has slipped a bit from its early surge, it still remains up about 84%. Now, a trio of companies are preparing to follow Cava’s lead and tap the public markets this week. All told, about $1.5 billion is expected to be raised in IPOs on US exchanges in June.

Goldman Sachs plans to add Tom Montag to its board, enlisting a prominent alum at a time when discontent in the firm’s ranks has spilled into public view. The board is tapping a bank veteran said to be seen as an ally of Chief Executive Officer David Solomon. Montag rose to second-in-command at Bank of America after leaving Goldman 15 years ago.

US President Joe Biden unveiled plans for allocating almost $42.5 billion to build out high-speed internet networks, touting it as a way his administration aims to help all Americans—even those who didn’t vote for him—ahead of his 2024 reelection bid. “I promised to be a president for all Americans, whether or not they voted for me or whether or not they voted for these laws,” Biden said at the White House on Monday, kicking off a week of events promoting “Bidenomics.”

IBM will buy software company Apptio for $4.6 billion, marking the seventh acquisition this year as CEO Arvind Krishna pushes the company’s transformation into a hybrid-cloud and artificial intelligence business.

Social Security has long been considered a “third rail” of US politics. But the numbers don’t lie: time is running out to implement changes that would avoid benefit cuts for Americans already struggling to save for retirement.

US and Canadian officials are looking into what went wrong with the Titanic submersible implosion that killed all five people aboard. With the death of OceanGate’s CEO, potential criminal liability could fall on other employees, operations managers or inspectors. But the probes into the Titan disaster may be complicated by questions of which country should take the lead, and by doubts that the 22-foot watercraft fits the legal definition of a maritime vessel.

Blackstone struck a deal to sell warehouses and industrial properties to Prologis for $3.1 billion. Prologis’ deal will expand its reach in key markets including Atlanta and parts of California. The properties represent almost 14 million square feet (1.3 million square meters).

If you’re excited about summer travel by road, others are dreading the crowded airport experience. And they’re right to be anxious. More than 24 million Americans will depart from US airports during the July 4 holiday period alone, almost double the amount projected for the same period in 2022. The number of American travelers flying this summer is also predicted to surpass pre-pandemic levels. These are the places where it gets bad.

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