Public Markets 24 Hours

Last updated: May 20, 2026, 8:31 PM ET

IPO Market Activity

SpaceX filed for its initial public offering revealing $4.28 billion in quarterly losses while disclosing CEO Elon Musk controls 85% of voting power, setting up what could become the largest IPO in history. The filing shows Musk's super-voting share structure will maintain his control over the rocket and satellite giant, while Antonio Gracias stands to profit billions from his 7.3% stake as the second-largest shareholder. Separately, SoftBank-backed SB Energy Corp. plans a confidential U.S. IPO to fuel data center expansion ambitions, and OpenAI prepares for a September listing with Goldman Sachs and Morgan Stanley as advisors.

Technology Earnings & Corporate Restructuring

Nvidia reported first-quarter revenue of $82 billion and a 211% profit surge to $58.3 billion as AI chip demand accelerated, prompting the company to return over $80 billion to shareholders through buybacks and dividends. The chipmaker's lukewarm stock response reflected high expectations despite record results. Meanwhile, Intuit will cut 17% of its workforce as it pivots toward AI investments, and Urban Outfitters posted 11% revenue growth to $1.48 billion in first-quarter sales. Target reported its strongest sales gain in years as shoppers gravitated to refreshed products, while Lowe's boosted online sales despite housing market headwinds.

Real Estate Consolidation

Avalon Bay Communities and Equity Residential are nearing a merger agreement that would create a multifamily real estate giant, with both REITs exploring the combination as they seek scale amid challenging rental markets. The deal would unite two of the largest residential landlords, potentially reshaping the multifamily sector's competitive landscape.

Commodities & Currency Markets

Oil edged higher after plunging on optimism surrounding U.S.-Iran negotiations, with President Trump claiming the U.S. is in "final stages" of talks. Gold steadied near recent highs as hopes of a Middle East truce eased rate-hike bets, while the dollar weakened slightly against major peers. The yuan's continued strength is pressuring Chinese exporters on a scale rarely seen in recent years, complicating Beijing's currency management efforts.

Fixed Income & Rate Outlook

Global long bond yields hit their highest levels in almost two decades as the Treasury rally showed signs of easing, with longer-maturity government bonds reaching peaks last seen during the financial crisis. The selloff pushed up yields significantly, while U.K. gilts jumped on inflation data that curbed rate-hike expectations. European Central Bank's Wunsch sees a June rate hike as likely if the Iran conflict persists, though Bank of England wagers have been trimmed following weaker-than-expected inflation.

Corporate Governance & Political Finance

BlackRock CEO Larry Fink's compensation package rose to $37.7 million in 2025, drawing a lukewarm response from shareholders at the annual meeting. The Trump administration's controversial $1.8 billion fund for allies who claim government mistreatment appears to violate past practice and faces constitutional challenges, while the Justice Department's prohibition on federal investigations of Trump's finances places the president in unprecedented legal territory.

International Developments

China confirmed plans to purchase 200 Boeing aircraft as trade negotiations with the U.S. progress, while cutting government spending at its fastest pace in six months, contributing to economic slowdown concerns. India's treasury bill yields surged at weekly auctions as traders price in potential rate hikes, and the RBI will inject $5 billion equivalent via swap auctions to bolster liquidity. Thailand tightened visa rules for tourists from dozens of nations including the U.S., limiting stays to 30 days without visas.

Market Sentiment & Trading

Low dollar volatility is forcing FX traders into carry trades and value bets as the $9.5-trillion-a-day currency market searches for returns. Bitcoin grew more dependent on Michael Saylor's purchasing activity, with the cryptocurrency showing increased correlation to his buying patterns. European stocks climbed for a third day on oil price declines and Iran deal hopes, while Asian equities were set to rise following Wall Street gains tied to constructive U.S.-Iran diplomatic developments.