Back down to earth 🛰️ - SpaceX’s stock struggles, El Niño threatens to drive up food prices

SpaceX’s blockbuster IPO is losing altitude as shares fall below their listing price, short sellers pile in, and investors question whether its AI ambitions can justify the company’s sky-high valuation. Plus, a potentially record-setting El Niño could disrupt global food supplies and drive up grocery prices for years, with exposed crops like rice, sugar, and coffee facing the biggest risks.

And in The Big Picture: Wildfires continue to burn across Canada, the Crown narrows its case against Toronto police officers accused in Project South, and the U.S. and Iran trade strikes after a ceasefire falls apart.

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Fast Canadian business news. Get up-to-speed quick with a fun and smart breakdown of the three biggest Canadian and global business stories in less than 10 minutes.