Markets 24 Hours

Public Markets

Last updated: May 21, 2026, 8:33 AM ET

Equity Markets & Major IPOs

SpaceX's massive IPO targeting a Nasdaq listing under ticker "SPCX" is poised to become the largest in history, with Antonio Gracias positioned to make billions from his 7.3% stake as the second-largest shareholder after Elon Musk. The offering comes amid OpenAI preparing for its own IPO filing in coming weeks, while Anthropic tracks toward its first profitable quarter ahead of competitors OpenAI and xAI. Nvidia's profit surged 211% to $58.3 billion as the chipmaker posted $82 billion in first-quarter revenue, though Microsoft's sliding stock has become the S&P 500's biggest drag amid AI-related concerns.

Automotive & Transportation

Stellantis unveiled a €60 billion investment plan featuring 60 new models and under-$30,000 vehicles as part of Chief Executive Antonio Filosa's revival strategy, while Deere posted higher fiscal second-quarter sales as construction equipment growth offset agriculture weakness. NIO returned to net loss despite doubling first-quarter sales, and Airbus shares fell after reports of A350 aircraft delays that follow last year's freighter version postponement.

Retail & Consumer

Walmart's profit growth slowed as the retailer absorbed higher fuel costs to keep prices down for consumers, though sales rose across grocery, general merchandise and e-commerce. EasyJet reported widened pretax loss and raised ticket prices to offset jet fuel costs amid Middle East conflict uncertainty, while easy Jet bumped fares as customers delayed bookings. Paul Smith tailors U.S. approach targeting 50% U.S. sales share within three to five years.

Energy & Commodities

Oil prices hover near $100 consensus as market participants price crude for next year amid Iran war supply disruptions, while Saudi oil export revenue surged to a three-year high of $24.7 billion in March. Indonesian palm oil prices tumbled after President Prabowo Subianto unveiled state control plans for commodity exports, and gold steadied as hopes of U.S.-Iran truce eased rate-hike bets.

Technology & Quantum Computing

The U.S. will invest $2 billion in nine quantum computing companies including a startup with Trump family links, as U.S. stock futures fell following lukewarm reaction to Nvidia's earnings. Codelco fired an executive for overstating copper output after an internal audit found Chile's state producer classified material needing further processing as finished product.

Fixed Income & Banking

Rheinmetall sold €500 million in bonds in its first public offering since 2010, while Starling Bank profits eroded by interest rate cuts as the neobank failed to diversify revenue streams. Investec sweetened private-banking offerings in South Africa and UK to attract wealthy clients, posting a record dividend for the fourth straight year.

Geopolitical Impact on Markets

War weighs on global growth as the third month of conflict-induced energy crunch shows waning momentum and mounting inflation pressures, with French business activity slumping at the fastest pace since 2020 amid higher energy prices. German private-sector activity contracted for a second month raising recession risks for Europe's largest economy.

Asia-Pacific Developments

South Korean stocks jumped after Samsung reached a tentative deal with its labor union, averting a strike that threatened to disrupt the global AI boom, while Australia's unemployment climbed to a 4½-year high of 4.5%. Global funds piled back into Chinese stocks in April signaling renewed appetite after initial Iran war selloff.

Corporate M&A Activity

Kontoor Brands will sell Lee business to Authentic Brands for up to $1 billion, initially $750 million with $250 million potential earnout, while Tate & Lyle posted profit falls in what it called a disappointing fiscal year as takeover target Ingredion circles. Blackstone's $5 billion data center plan aims to merge creativity with necessity in AI infrastructure expansion.

Market Volatility & Technical Issues

Stockholm's blue-chip index was briefly halted due to a technical glitch, the second Nasdaq Nordic disruption in less than a month, while U.S. stock futures were mixed as the equity rally appeared set to peter out with muted Nvidia earnings reaction. SoftBank surged on OpenAI IPO news as Asian currencies showed mixed performance against the dollar.

Private Equity

Last updated: May 21, 2026, 8:30 AM ET

Secondaries Market Keeps Grinding

The secondaries market showed fresh momentum as Canada Pension Plan Investment Board completed the sale of 33 limited partnership fund interests worth $2.9 billion to Blackstone Strategic Partners and Ardian, marking one of the largest single-portfolio disposals this year. The transaction involved 33 funds drawn from a portfolio of 56 lines, giving CPPIB meaningful capital relief on an aging vintage. Around the same time, Step Stone defended secondaries pricing mechanisms on an earnings call while ICG reasserted its position on evergreen fund structures, signaling that managers are pushing back against pressure to discount historical cost bases. On the investor side, DBJ Asset Management opened the door to both LP- and GP-led credit secondaries, a move that could broaden the buyer pool for illiquid credit positions. Separately, Pantheon's debut CFO has created access for insurance investors that had lost the ability to back PE, while Macquarie Asset Management's Wandy Hoh and Baird's Jeremy Duksin discussed on the Second Thoughts podcast the rapid evolution of infrastructure secondaries and the structural tailwinds supporting their growth. The converging message: secondaries are becoming the preferred route for capital-constrained institutional investors to maintain exposure without taking on new vintage risk.

AI and Fintech Funding Accelerate

AI-driven deals dominated the venture landscape as Sam Altman offered to have OpenAI invest in every startup in the current Y Combinator class by exchanging tokens for equity, a move that sent ripples through the early-stage ecosystem. Meanwhile, EQT's Per Franzén said there is a 'very, very high sense of urgency' to operationalize AI across portfolio companies, with legacy code rewriting capabilities potentially expanding PE's investable universe. Sifted's coverage of European fintech pointed to a new wave of startups with sleek interfaces and AI-native architectures, while the Lexroom CEO argued Anthropic's foundation model won't kill vertical AI companies. On the funding front, beauty booking startup Fresha hit a $1 billion valuation after raising $80 million from KKR's Next Generation Technology Growth fund, and Imperagen raised £5 million to apply quantum physics and AI to enzyme engineering. Digital banking startup Mercury landed $200 million in a Series D at a $5.2 billion valuation, up 49% from its previous round, illustrating how fintech multiples continue to expand. Even outside the AI narrative, Cathie Wood's ARK Invest funded an eSports gamification startup with $20 million despite every VC chasing AI, suggesting capital is diversifying beyond the single theme.

PE Deal Activity Pours In

Private equity transaction volume remained heavy across industrials and services. McNally-backed Foundral acquired mechanical contracting firm A. Hattersley & Sons, adding to its family of mechanical contracting platforms. Trinity Hunt formed Elevation Landscape Group with its first investment in Colorado-based Landscape Endeavors, while Gryphon-backed Southern Home Services expanded by acquiring Blazer Heating, Air & Plumbing and Nautic-backed Integrated Home Care Services scooped up Dina Care. On the flip side, Kingswood Capital sold marine services firm Lind Marine to Tallvine Partners, having acquired it just two years earlier in partnership with Seneca Partners, suggesting a quick turnaround for the asset. Bregal Sagemount and Ardian backed health tech firm Ennov with a focus on AI innovation and global go-to-market expansion, while ACP-backed Marco snapped up Pride Seals in specialty components. EIG-backed Mid Ocean raised $120 million from the Arab Energy Fund for its liquefied natural gas operations. Wynnchurch sold metal fabricator Ironform, which serves agriculture, construction, and industrial end markets. And Onex, Frontenac, and the Sterling Group are expected to take portfolio companies in hydraulics, wire cable, and sustainable building products to market, with OEP pausing one sale process amid uncertain conditions.

Startups and Exit Activity

On the exit front, the Pinault family office Artémis sold its majority stake in Giambattista Valli back to the designer, allowing the Italian label to regain full operational control. Partners Group launched a new Total Return Strategy targeting long-hold periods up to 12 years with a focus on immediate cash yield alongside equity appreciation, a move that reflects growing LP demand for distributions in a higher-rate environment. Carlyle grew iC Consult before putting it up for sale to Bridgepoint, while Arctos was approved as a limited partner of the Cleveland Browns. On the startup side, applications for Startup Battlefield 200 close May 27, offering early-stage founders a shot at $100,000 in prizes and investor access at Tech Crunch Disrupt. Meanwhile, a Crunchbase survey found that alumni of the most selective U.S. schools secure a disproportionately high share of recent funding, a data point that continues to shape founder demographics in venture capital.

Sector Investment

Last updated: May 21, 2026, 8:33 AM ET

Real Estate & Healthcare Deals

Global real estate secondaries surged in transaction volume last year, with platform-level liquidity structures expanding. In healthcare, Eir Partners acquired controlling stake in Quartz Bio, a life sciences tech platform, bolstering its portfolio of analytics firms.

Data Centers & Aviation Growth

Blackstone arranged $1.2bn loan for Air Trunk’s Japanese data center expansion, part of a broader private equity push into AI infrastructure. Separately, Madison Air filed for $500m IPO targeting a Nasdaq listing, riding growth in private aviation charter demand.