Imani Moise

Shares plunged nearly 14% after the sportswear brand warned investors that sales in China, its second largest market after the US, could fall by as much as 20% this quarter.

The company has now experienced sales declines in China for seven straight quarters and the current one, ending on May 31st, could be even worse.

Looking ahead, investors are getting their bids ready for what could be the biggest IPO of all time.

Elon Musk's SpaceX filed confidential paperwork with the Securities and Exchange Commission on Wednesday, setting the stage for an initial public offering that could raise as much as $80 billion.

SpaceX, which merged with XAI in February, is the first of three mega-IPOs anticipated in 2026.

Investors are also eager to claim stakes in AI-rivals OpenAI and Anthropic.

And now you know what's news in markets this week.

You can read more about the stocks that moved on the week's news in our live markets coverage on wsj.com.

Today's show was produced by Alexis Moore and Julie Chang with supervising producer Melanie Roy.

I'm Imani Moise.

Have a great weekend and catch you next Saturday.

Here's your midday brief for Thursday, April 2nd.

I'm Imani Moise for The Wall Street Journal.

The U.K.

is holding a meeting of 35 nations, not including the U.S., to discuss how to reopen the Strait of Hormuz once the fighting is stopped.

European Commission President Ursula von der Leyen pledged to work with partners following a call with the U.K.

's prime minister.

Meanwhile, French President Emmanuel Macron told reporters that using force to reopen the strait was unrealistic and called for a return to negotiations.

Blue Owl Capital is lowering its redemption rate to 5% after investors in its $36 billion private credit fund asked to withdraw nearly a quarter of their money.

They also sought to pull 41% out of a separate technology-focused fund.