Public Markets 24 Hours

Last updated: May 16, 2026, 2:30 AM ET

Equities & IPOs

Wall Street's risk rally collided with a bond market rout as investors reassessed the inflation picture following a week in which the S&P 500 extended its winning streak despite accelerating price pressures. S&P 500 futures fell 1% in premarket trading amid a broad global selloff in fixed income, while the yield on the 10-year Treasury climbed to nearly 4.6%, its highest level in more than a year. The global bond rout caught up with equities as the 30-year U.S. Treasury yield closed the week at its highest since 2007, pressuring stocks that had been buoyed by strong corporate earnings. In the IPO pipeline, SpaceX moved to file for its long-awaited public offering as soon as this week, while Erock Inc. filed for a U.S. IPO as a modular power systems maker serving data centers, disclosing widening losses alongside rising revenue. Meanwhile, Forbright Inc. filed for its own IPO pitching middle-market lending and digital consumer banking with growing deposits. On the SPAC front, Yorkville International is plotting a $200 million deal tied to improving commercial conditions in Venezuela, while Aegea is set to receive up to $1 billion in fresh capital led by Singapore's GIC and Itaúsa SA as it prepares a potential bid for a state-owned utility.

Energy & Commodities

Oil prices rose as the Trump-Xi summit yielded no clear breakthroughs on the Iran conflict, with futures posting back-to-back gains as prolonged Strait of Hormuz closures raised concerns about falling global inventories. Oil futures settled higher on inventory worries, while U.S. natural gas futures extended their winning streak to three sessions as warmer weather forecasts pointed to a pickup in demand. The trade-off between energy security and financial risk was on full display as Comex gold ended the week down 3.49% at $4,555.80, and hedge funds boosted bullish copper wagers to a five-month high ahead of prices reaching fresh record highs. In corporate moves, Berkshire Hathaway sold about $8 billion of Chevron shares in the first quarter as the oil giant's stock reached a record high, while simultaneously amassing a $2.6 billion stake in Delta Airlines under new CEO Jim Abel. Aramco cracked open its empire to Wall Street in a $35 billion push days after a BlackRock-led group signed an $11 billion lease for natural gas facilities, and Nigerian producer Oando is witnessing a revenue surge as buyers seek safer oil sources amid the shattering of the Gulf's reputation for safe operations.

Deals & Utilities

In one of the largest U.S. utility combinations ever contemplated, NextEra Energy is in discussions to merge with Dominion Energy in a mostly stock deal that would create a $400 billion company, the Financial Times reported, with talks coming amid booming electricity demand to power AI data centers. Argentina's state-run YPF announced a $25 billion project to accelerate oil production, marking the largest investment since President Javier Milei took office. VinFast Auto said it would sell two Vietnamese factories to shed about $6.9 billion in debt and obligations, while Indian conglomerate Adani Group revived plans to seek about $1 billion through a U.S.-listed dollar bond. Stephen Fitzpatrick is set to receive a £30 million payout ahead of E.ON's acquisition of his retail energy brand, and Galderma reported that demand for skin injectables has not sagged despite squeezed consumers prioritizing aesthetics.

Defense & Geopolitics

The Trump administration's post-summit calculus shifted sharply as the president said US and Nigerian forces killed an ISIS leader hiding in Africa, claiming the death "greatly diminished" the group's global operations, while a Kataib Hezbollah commander was charged with plotting attacks on Jewish sites in the United States. US and Nigerian forces killed an ISIS leader and Kataib Hezbollah commander charged with plotting attacks. Oando Energy sees Iran war windfall. The Strait of Hormuz standoff deepened as Adnoc continued loading LNG onto tankers masking their location in the Persian Gulf and Abu Dhabi National Oil Co. pushed to get more fuel through the strait, while Trump's $40 billion Hormuz ship insurance facility has had zero uptake due to the absence of naval escorts. NextEra-Dominion merger driven by AI data center demand. Nato chief Mark Rutte is set to meet defense groups in Brussels to press Europe's arms makers to boost investment, and Mercedes-Benz's CEO said the carmaker is willing to enter defense production as Germany's manufacturing sector seeks to recast itself within the West's defense arsenal.

Fixed Income & Currency

Global bonds tumbled on fears of an inflation shock from the Iran war, with the 30-year Treasury yield closing the week at its highest since 2007. Corporate bonds gained the edge over sovereigns as credit investors chased high yields from blue-chip earnings, shrugging off Middle East tensions. Morgan Stanley projected more than $200 billion in hedging flows could prop up the euro, while the dollar finished its best week in over two months after data showed price pressures that could push the Federal Reserve to raise rates. RBC Capital Markets said the dollar is likely to drift higher but stay within this year's ranges, and RBC's Calvasina warned that a 5% Treasury yield would challenge bullish US stock calls by depressing price-to-earnings ratios. Bank of America strategists said the stock market is ripe for profit-taking in June as investors crowded into equities amid rising inflation risks.

AI & Private Markets

OpenAI acquired Weights.gg, a platform for creating and sharing AI voice-cloning algorithms, while Anthropic rattled users of secondary-share platforms by disputing valuations on hot private companies. The AI boom could end the de-equitisation "put" as this bull market has not been accompanied by the usual surge in equity issuance. BlackRock's private credit fund came under scrutiny from US prosecutors examining valuation practices, and Goldman Sachs is sounding out investors on a risk transfer deal tied to private market loans. Wall Street's top ETFs are facing