Public Markets 24 Hours

Last updated: May 18, 2026, 8:32 PM ET

Energy & Commodities

Oil futures slipped 1.3% in Asian trading after President Trump announced he would hold off on military strikes against Iran, easing Middle East supply concerns that had pushed Brent crude near $90 a barrel. The prospect of a U.S.-Iran truce boosted gold prices to $2,340 per ounce, with bullion extending gains as inflation fears receded. However, energy markets remain volatile as Iran's Kharg Island oil terminal showed no tankers loading for a tenth consecutive day amid U.S. naval blockades, while 23 vessels were spotted around the facility in the largest cluster since the blockade began. Bank of America strategists project Brent averaging $90 for the remainder of the year, with potential for higher prices if shipping disruptions persist through the Strait of Hormuz.

Artificial Intelligence & Technology

The artificial intelligence sector faced legal clarity after a federal jury rejected Elon Musk's $150 billion lawsuit against OpenAI and Sam Altman, finding the Tesla CEO had waited too long to file his breach-of-contract claims. The verdict clears the path for OpenAI's planned $1 trillion IPO after three weeks of testimony in Oakland federal court. Meanwhile, Meta Platforms reassigned 7,000 employees to focus on AI development just days before announcing 8,000 layoffs, and AI chip startup Tenstorrent attracted takeover interest from Intel and Qualcomm as demand surges for alternatives to Nvidia processors. In a contrasting development, graduates across campuses are booing artificial intelligence amid growing concerns about job displacement, while tech workers increasingly support regulation of the technology they helped create.

Mergers & Acquisitions

Next Era Energy's proposed $67 billion acquisition of Dominion Energy would create an East Coast energy titan spanning from Florida to Virginia, cementing control over America's "data centre alley" as the combined utility positions for AI infrastructure demands. The deal shores up NextEra's credit profile while giving Dominion access to Florida's renewable energy markets. In financial services, Morgan Stanley's parking meter consortium agreed to sell Chicago's 75-year parking meter lease to Stonepeak Infrastructure, ending a controversial privatization that has generated billions in revenue since 2008. Separately, UBS BB Investment Bank hired Claudia Bollina Mesquita as head of equity capital markets from Bradesco BBI, signaling continued expansion in Latin American dealmaking.

Fixed Income & Credit Markets

Treasury yields edged higher as investors monitored Middle East developments, with 10-year notes yielding 4.32% and 30-year bonds hitting 1998-high levels. Foreign holdings of U.S. Treasuries declined in March from record highs as overseas investors dumped short-term bills while adding to longer-dated securities. Vanguard Group maintained its Treasury overweight position despite yields approaching the top of its expected range, while Japanese officials expressed doubt about potential U.S. Treasury sales to support the yen, suggesting such maneuvers could backfire. In corporate credit, Brightline Florida's senior bonds may recover just 44 cents on the dollar in a restructuring scenario, according to Credit Sights, while Akamai Technologies seeks $2.6 billion in convertible bonds to fund cloud infrastructure expansion.

Transportation & Infrastructure

British Airways seeks up to £10 million from Heathrow Airport following baggage system failures that lost 20,000 bags and stranded passengers last weekend, marking the latest dispute between the carrier and airport operator over infrastructure performance. The Long Island Rail Road strike disrupted commuter service into New York Penn Station, with transit officials acknowledging alternate routes cannot accommodate all 200,000 daily riders affected. Meanwhile, Delta Air Lines prioritizes global expansion over domestic consolidation, with CEO Ed Bastian pursuing international partnerships rather than participating in U.S. airline mergers as jet fuel costs rise. Ryanair shares fell sharply after the airline warned of weakening prices into the key summer season and suspended profit guidance following an 8% surge in fuel costs tied to Middle East tensions.

Healthcare & Pharmaceuticals

President Trump's TrumpRx initiative added 600 generic drugs to compete with traditional pharmacies, partnering with Mark Cuban, Good Rx, and Amazon to address American concerns about prescription drug affordability. The move comes as hotel housekeepers in New York City will earn over $100,000 annually under a new union contract that substantially boosts pay amid the city's high cost of living. In public health, an American doctor tested positive for Ebola while working with a Christian missionary organization in the Democratic Republic of Congo, prompting U.S. entry restrictions from the Democratic Republic of Congo, Uganda, and South Sudan. Additionally, an American hantavirus patient was ordered to remain in Omaha quarantine despite negative test results, extending a two-week isolation period following exposure aboard a cruise ship outbreak.

Legal & Regulatory Affairs

The Justice Department's creation of a $1.8 billion fund to compensate "victims of lawfare" drew criticism as a potential slush fund for Trump supporters, including January 6 rioters, while Harvard University asked a federal judge to dismiss the Trump administration's lawsuit alleging inadequate antisemitism response on campus. Judge blocks Alex Jones's bid to shield Infowars from liquidation, upholding a bankruptcy court ruling that the conspiracy theorist's assets aren't protected from creditors. In corporate law, U.S. regulators prepare to reshape the secret bank ratings process that examiners use to assess lender health, potentially overhauling a system that has drawn criticism from community banks. Meanwhile, the New York Times sued the Pentagon for a second time, challenging new requirements that military complex reporters have official escorts.