ORLANDO, Florida, June 9 (Reuters) - U.S. stocks mostly fell

on Tuesday, pressured by a slide in tech and fresh Iran jitters

after a U.S. helicopter was shot down, as investors digested

strong trade figures from many key economies and turned their

attention to U.S. inflation data on Wednesday.

In my column today, I look at the U.S. Treasury's increased

use of T-bills to fund the federal budget deficit. Bill issuance

is now averaging over $500 billion a week - not an immediate

problem, but it could become one if interest rates continue

rising or the government is forced to increase supply.

If you have more time to read, here are a few articles I

recommend to help you make sense of what happened in markets

today.

1. Trump says Iran downed Apache helicopter, U.S. must react

2. OpenAI files for U.S. IPO after Anthropic as AI giants

head to public markets

3. Short-sellers to tread carefully as Musk's SpaceX debuts

4. Automatic for the people? AI as public utility: Mike

Dolan

5. SPECIAL REPORT-Under the Trump crypto playbook, the

family always wins. Investors don't

Today's Key Market Moves

* STOCKS: Asia mostly up; South Korea +9%, China +3%, Japan

+2%. Europe, UK down. S&P 500 -0.3%, Nasdaq -1%. Peru +4%

* SECTORS/SHARES: Nine of S&P 500's 11 sectors rise, with

real estate +2%. Tech -2%, energy -1.6%. Super Micro Computer

-8%, Qualcomm -6%, Dell -5%. "SOX" chip index -2%. Home Depot

+4%.

* FX: USD/JPY still well in the "intervention zone" above

160. Peru's sol +2%, best day in five years; Indonesia's rupiah

has biggest rise since September.

* BONDS: U.S. yields -3 bps at short end. 3-year auction has

a historically high tail but draws decent demand.

* COMMODITIES/METALS: Oil -3% to a 7-week low, gold -2%.

Today's Talking Points

* Morningstar, man

Morningstar analysts' SpaceX valuation is generating a lot

of debate - $63 per share, a 53% discount to the upcoming IPO's

offer price. They say they arrived at it via number-crunching in

three scenarios rather than plain old skepticism.

In their "moonshot" scenario, SpaceX is worth $1.97

trillion, or $154 a share. That would be 14% above the IPO

price, but they attach only a 7% probability to this scenario.

Either way, the firm's market debut on Friday will be

fascinating - sources say IPO demand is almost four times

oversubscribed.

* Emergency hike

Indonesia's central bank stunned markets on Tuesday,

delivering an unexpected emergency interest rate hike. Bank

Indonesia raised its policy rate 25 basis points to 5.25% in an

effort to stabilize the rupiah after it hit a succession of

record lows.

This reflects the pressure many emerging markets are under

from soaring energy import bills and depreciating domestic

currencies, especially in Asia. Sri Lanka recently hiked 100

bps, now Indonesia's inter-meeting move. Who will be next?

* Inflation nations

Key inflation readings for May from some of the world's

largest economies will be released on Wednesday, giving

investors and policymakers the most up-to-date insight into how

much the global energy shock is biting consumers and businesses.

Annual U.S. CPI inflation is expected to cross the 4% mark

and wholesale inflation in Japan is expected to hit 5.5%, both

for the first time in three years, while PPI inflation in China

is seen rising a full percentage point to just under 4%. If the

risks to these forecasts are pointing one way, it's probably up.

What could move markets tomorrow?

* Developments in the Middle East

* Japan wholesale inflation (May)

* China PPI and CPI inflation (May)

* Canada interest rate decision

* U.S. Cleveland Fed median inflation (May)

* U.S. CPI inflation (May)

* U.S. Treasury sells $39 billion of 10-year notes at

auction

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