Public Markets 24 Hours

Last updated: May 18, 2026, 11:31 PM ET

Public Markets – May 20, 2025

Transportation & Labor Markets The three-day Long Island Rail Road strike ended with a phased service resumption set for noon Tuesday, avoiding an extended disruption that had threatened to paralyze New York City’s commuter network and pressure regional economic activity. The resolution comes as New York City hotel housekeepers secured a contract pushing annual pay above $100,000, a win for the powerful union amid the city’s high cost of living. Meanwhile, Standard Chartered announced plans to cut nearly 8,000 jobs and target an 18% return on tangible equity by 2030, accelerating an efficiency drive driven by AI adoption and a strategic pivot toward wealth management in Asia.

Commodities & Energy Oil futures slipped 1.3% in Asian trade as optimism over a potential US-Iran ceasefire faded, while gold extended gains to $2,350/oz, supported by safe-haven demand amid Middle East tensions. Aluminum prices surged to multi-year highs, lifting China Hongqiao’s Zhang Bo to a $48 billion fortune and testing global smelting capacity limits. In agriculture, natural gas futures rose for a fourth straight session as southern US heat boosted power-sector cooling demand, while jet fuel costs spiked 8% after Middle East supply disruptions prompted European refiners to maximize output and increase imports from the US and Africa.

Geopolitics & Supply Chains The Strait of Hormuz remains effectively closed to commercial shipping, with maritime traffic reduced to a trickle dominated by Iranian-linked vessels, while nearly all large non-Iranian tankers that entered the Persian Gulf during the conflict have exited with cargoes, underscoring a fragile workaround. The humanitarian crisis in vulnerable regions deepens as food, fuel, and fertilizer costs soar, even as Syria capitalizes on new economic opportunities created by the Gulf blockade. In Europe, Germany urged the EU to assert its economic interests against global competitors, while the UK considered relaxing post-2008 banking rules to free up £80bn for lending.

Technology & Infrastructure Google and Blackstone launched a new AI cloud company with $5 billion in equity, aiming to bring 500MW of data center capacity online next year, part of a broader scramble for AI infrastructure. Analog Devices nears a $1.5 billion deal to acquire Empower Semiconductor, while AI chip startup Tenstorrent draws takeover interest from Intel and Qualcomm. The AI build-out is driving a surge in data center demand, even as graduates increasingly reject AI careers, booing automation at commencement ceremonies. Meanwhile, Meta reassigned 7,000 employees to AI projects ahead of planned layoffs.

Fixed Income & Currencies The WSJ Dollar Index fell 0.23% to 95.66, snapping a five-day winning streak, as Treasury yields edged higher amid Middle East monitoring. Foreign holdings of US Treasuries dropped in March as investors dumped bills while adding longer-dated securities. Japan’s Finance Ministry sowed doubt over US Treasury sales to prop up the yen, while the Bank of Japan allowed a technical rebound in JGBs on US-Iran peace deal hopes. Vanguard maintained its Treasury bet as 10-year yields neared its expected range top, and Akamai sought $2.6 billion in convertible bonds to fund cloud infrastructure spending.

Corporate Moves & Capital Markets Morgan Stanley’s parking meter lease sale to Stonepeak closed at an undisclosed price, while Ryanair shares fell after warning of weaker summer pricing and late bookings. Lululemon urged shareholders to reject a proxy fight from founder Chip Wilson, and Ford signed an EDF energy-storage deal as it pushes into software and services. In private credit, Blue Owl returned to the bond market with a $400 million offering, while AMP trimmed private credit exposure citing frothy valuations. Citadel Securities’ Scott Rubner warned of an unwind in the powerful fund flows that drove US stocks to records.

Equities & Market Sentiment The S&P 500 lost less than 0.1% while the Dow rose 0.3% on Monday, but strategists flagged inflation uptick risks that could test the earnings-fueled rally. Nvidia’s CEO expected China to open to US AI chips, and the company’s results are awaited by investors as a key test. Supercharged gains in a handful of Korean stocks stoked overheating concerns, while Chilean equities fell despite market-friendly reforms as the economy contracted in Q1. In Thailand, a court challenge threatens a $12 billion crisis loan plan aimed at energy costs.

Legal & Regulatory Elon Musk lost a $150 billion suit against OpenAI, freeing the company to compete in AI, while a federal judge blocked Alex Jones’s bid to shield Infowars from liquidation. The Trump administration created an $1.8 billion ‘anti-weaponization’ fund, denounced by critics as a slush fund for allies, and the Justice Department settled with Adani Enterprises for $275 million over OFAC violations. US regulators prepare to overhaul secret bank ratings, and the White House reviews a ban on trading through best price rules.