Public Markets 24 Hours

Last updated: May 5, 2026, 8:30 PM ET

Geopolitical Tensions & Commodity Markets

Global energy markets saw a pullback in prices as the US confirmed that the offensive phase of its operations against Iran was concluding, leading oil futures to settle lower following their largest decline in two weeks. Despite the easing of immediate conflict fears, supply concerns persist, evidenced by Saudi Arabia cutting its key oil grade price for Asian buyers despite remaining near historic highs, while Iraq offered steep discounts for crude that requires transiting the Strait of Hormuz. The ongoing strain on supplies is palpable, with global oil reserves plunging at a record pace, nearing eight-year lows ahead of the summer travel season, prompting Portugal to propose an energy windfall tax to shield consumers from spiraling costs.

The broader geopolitical instability stemming from the Middle East conflict continues to ripple through corporate results and investor sentiment. Luxury goods maker Coty posted a $411.4M loss in its latest quarter, directly citing weakened demand in the affected region, while Hong Kong’s economy managed its fastest GDP growth since 2021, using tourism and retail resilience to buffer the energy crisis impact. Meanwhile, the maritime uncertainty surrounding the Strait of Hormuz—where ships are clustering further from the channel as Iran seeks to widen control—is compelling businesses to consider costly alternatives to this vital chokepoint shipping route.

Equities & Corporate Earnings

Wall Street indices closed at a record high, primarily propelled by a rally in semiconductor stocks, with Intel soaring 13% and AMD reporting a 57% surge in data center sales driven by AI demand. This AI-fueled optimism extended to infrastructure plays, where Sterling Infrastructure stock soared toward its best day in two decades due to the race to build out necessary data centers. However, the technology sector saw divergence, as Thomson Reuters shares fell despite strong results following the unveiling of new AI agents by Anthropic that target financial services tasks.

In corporate news, Live Nation swung to a $389.1M first-quarter loss largely due to weighing legal fees, even as revenue climbed on strong concert demand, while Prudential Financial beat earnings expectations despite grappling with a sales pause in its major Japanese market. On the real estate front, Compass shares jumped 21% in after-hours trading after forecasting stronger-than-expected quarterly revenue, contrasting with Victoria’s Secret rebuking a major shareholder engaged in a proxy fight over a board seat. Separately, hedge fund billionaire Ken Griffin suggested his firm would focus expansion on Miami following criticism of his $238M New York residence by Mayor Zohran Mamdani, drawing further sharp criticism from Vornado CEO Steven Roth against Mamdani’s tax push.

Fixed Income & Alternative Assets

Demand for fixed income remains strong in specific pockets, with municipal bond funds drawing $22bn at their fastest pace since 2021, attractive yields offering a safe harbor amid market jitters. In contrast, bond traders are increasing wagers that the Fed’s next move might be a hike rather than a cut, while US long bond buyers sent the 30-year yield back below 5% to lock in multi-year highs. In private markets, a New Mountain Capital credit fund touted its strategy of scooping up distressed loans at 65 cents on the dollar, while a competitor, Sixth Street BDC, cut its dividend after reporting a quarterly loss due to widening credit spreads.

Cryptocurrency markets showed resilience in parts, as Strategy Inc. survived another Bitcoin drop using fresh financial engineering, though the volatility led to layoffs at Coinbase, which cut 14% of staff to "optimize" for the AI era and manage market swings affecting crypto performance. Venture capital remains committed to digital assets, with Andreessen Horowitz raising a new $2.2B crypto fund, while institutional services also focus on tokenization, as Bullish strikes a deal for transfer agent Equiniti.

International & Regulatory Developments

Investor confidence in Latin America’s economic direction grew as Fitch Ratings upgraded Argentina following President Javier Milei’s aggressive overhaul efforts. However, Venezuela faces a massive hurdle, as the US permitted the nation to begin its debt restructuring process, which involves addressing $60bn in defaulted bonds. In Canada, the Competition Bureau moved to block the $3.7bn Keyera deal for Plains’ gas business, citing reduced competition at a key processing hub in Alberta. Furthermore, Sydney-based fund manager Regal Partners is on pace for A$2bn in net inflows this year, driven by Middle East conflict hedging demand.

In the technology and media space, media executive Barry Diller stated he would buy CNN ‘tonight’, following reports that James Murdoch’s Lupa Systems is in talks to acquire major parts of Vox Media, which generates over $80M from podcasts alone. Regulators worldwide are grappling with new technologies, as the UK regulator accused hedge fund boss Crispin Odey of creating a ‘false reality’, while the potential for a futures market for computing power was predicted by BlackRock CEO Larry Fink.