Public Markets 24 Hours

Last updated: May 17, 2026, 2:30 AM ET

Energy & Geopolitics

The Iran war's chokehold on energy trade intensified over the weekend as countries reverted to coal, the dirtiest but most reliable fuel, after the conflict effectively shut the Strait of Hormuz Coal Makes a Comeback, Fueled by War in the Middle East. The resulting oil shock is estimated to be causing a $45 billion rupture in the global economy, slamming consumers while boosting commodity investors The Oil Shock Is Causing a $45 Billion Rupture in the Economy. Freight costs in the Gulf surged as shipping companies turned to trucks that can carry only a fraction of container volume, forcing businesses to absorb thousands of dollars in extra costs Gulf freight rates jump as shipping companies turn to trucks to move cargo. A Vietnam-bound supertanker carrying 2 million barrels of Iraqi crude was halted by the U.S. Navy in the Gulf of Oman before resuming its journey, illustrating how military intervention is disrupting crude flows Vietnam-Bound Supertanker Halted by US Navy Resumes Journey. The global scramble to stockpile manufactured goods amid energy-supply fears is beginning to overshadow traditional business surveys, with inventory hoarding set to dominate economic data in the coming week Global Inventory Race Intensifies in Shadow of the Iran War. Meanwhile, Malaysia introduced emergency measures to protect its aviation sector from Middle East war fallout, while tensions with Norway deepened after Oslo scrapped a naval missile deal and revoked related export licenses Malaysia Unveils Measures to Help Airlines Hit by Iran War.

Fixed Income & Rates

Record high Japanese government bond yields are triggering bets on capital repatriation, with fund managers predicting domestic investors will sell U.S. Treasuries to buy higher-yielding JGBs Record high Japanese yields trigger bets on repatriation. The shift is eroding one of the key buyers of U.S. debt at a time when the Treasury market is already under pressure from a broader bond selloff that threatens to derail the AI stock frenzy Bond Selloff Threatens to Knock AI Stock Frenzy Off Course. Rising yields have rattled investors who are "fervently chasing" the tech and AI rally while acknowledging the risks, and a modest ECB rate hike could help temper inflation without triggering economic damage, according to Governing Council member Yannis Stournaras Modest ECB Rate Hike Would Limit Economic Pain, Stournaras Says. On the UK side, analysts argue gilts are not the outlier they appear to be, offering some comfort to fixed-income investors despite the cross-asset selloff Gilts, not so bad.

AI & Tech Markets

The stock-market surge has fueled a new wave of tax-loss harvesting as investors seek to offset gains with strategic losses, a tactic that has become one of Wall Street's hottest trades Stock Gains Without All the Taxes? How the Hottest Trade on Wall Street Works. Retail enthusiasm has turned a six-week fund into a record-breaking AI trade, with a Canadian retail manager's store-level portfolio generating extraordinary returns on AI-linked positions Retail Euphoria Turns Six-Week Fund Into Record-Busting AI Trade. However, the chip industry's cyclicality is sowing seeds of its own destruction, as investors who have frequently misjudged the cycle are now pricing in a potential downturn even as the AI trade peaks AI Chip Mania Sows Seeds of Its Own Destruction. Chinese AI groups from ByteDance and Kuaishou are pulling ahead of U.S. rivals in video generation, lifting AI video quality across advertising and entertainment Chinese AI groups pull ahead of US rivals in video generation race. Meanwhile, OpenAI and Khan Academy's classroom collaboration is expanding AI's reach into education, while