Public Markets 24 Hours

Last updated: May 20, 2026, 11:32 PM ET

Equity Markets & IPO Activity

SpaceX filed for its long-awaited initial public offering revealing $4.28 billion in quarterly losses and Elon Musk's 85% voting control, positioning what could become the largest IPO in history. The filing comes as SoftBank Group shares surged nearly 20% in Tokyo after reports that both OpenAI and SB Energy Corp. are preparing U.S. public offerings, adding momentum to the AI-driven rally. South Korean stocks jumped after Samsung Electronics reached a tentative deal with its labor union, averting a potentially devastating strike at the world's largest memory chipmaker that had threatened to disrupt the global AI supply chain. Meanwhile, foreign investors returned to Chinese stocks in April, signaling renewed appetite after initial selloff pressure from Middle East tensions, and Asian equities were set to climb following Wall Street gains amid optimism over U.S.-Iran negotiations.

Fixed Income & Currencies

Japanese government bonds rose in early Tokyo trade, tracking overnight gains in U.S. Treasurys as the benchmark 10-year yield slipped below 4.3% after President Trump cited being in "final stages" with Iran negotiations. Gold edged lower in early Asian trade near $2,340 per ounce as slightly higher U.S. Treasury yields diminished the allure of the non-yielding asset, though prices steadied later as hopes of a Middle East truce eased rate-hike expectations. The dollar rose to a six-week high against a basket of currencies as markets increasingly bet on Federal Reserve rate increases, while emerging market currencies rebounded from record lows after central banks in India and Indonesia stepped up intervention efforts. RBC Blue Bay Asset Management added to long yen positions as the currency approached 160 per dollar, viewing intervention risks as increasingly attractive amid Bank of Japan rate path uncertainty.

Commodities & Energy

Oil futures rose in early Asian trade on technical recovery after back-to-back losses overnight, while three supertankers attempted Hormuz crossing carrying 6 million barrels of crude bound for China and South Korea as the shipping bottleneck showed signs of easing. Nigerian oil companies are boosting near-term extraction projects, plowing windfall gains from the Iran-war crude rally into production increases as Africa's top producer targets doubling output within four years. The energy complex also saw Vitol Group overtake Shell in U.S. physical gas trading rankings amid booming demand for the power-plant and furnace fuel, while U.S. mortgage rates rose to an almost two-month high, weighing on home purchase activity.

Mergers & Corporate News

Avalon Bay Communities and Equity Residential are nearing a deal to combine in what would create a multifamily real estate giant, with both REITs trading near their 52-week highs as the residential market consolidates. The mega-REIT tie-up is said to be in final stages as both companies seek to capitalize on the strong rental demand environment and achieve operational synergies across their combined 150,000-unit portfolio. In Japan, Nikkon Holdings is weighing going private with potential bids from U.S. funds, while Japan's Trade Minister will attend APEC meetings in China as Tokyo seeks to maintain dialogue amid strained bilateral relations.

AI & Technology Sector

Nvidia reported first-quarter profit of $58.3 billion, a 211% year-over-year surge, as astronomical AI demand drove revenue to $82 billion and the chipmaker announced plans to return more than $80 billion to shareholders through buybacks and dividends. The company's blistering chip sales lifted it to another record quarter as AI agent adoption and data-center computing demand reached unprecedented levels. Anthropic is on track for its first profitable quarter, potentially beating competitors OpenAI and xAI to this milestone, while Bristol-Myers Squibb brought Anthropic's Claude AI to 30,000 staff members, expanding enterprise adoption in the life sciences sector. OpenAI is preparing IPO filings targeting a potential $1 trillion listing with Goldman Sachs and Morgan Stanley as underwriters.

Central Banks & Policy

Federal Reserve minutes showed a majority of officials warned that continued inflation above the 2% target could necessitate interest rate hikes, marking a shift from previous dovish guidance ahead of Chair Powell's departure. The minutes revealed that officials are closely monitoring Middle East developments and their impact on energy prices, with several participants noting that geopolitical uncertainty has complicated the economic outlook. In Europe, Emmanuel Macron's nominee to lead the Bank of France faced parliamentary scrutiny over his support for shared eurozone debt issuance, while Germany's ruling coalition decided to pursue a 40% stake in tank-maker KNDS before its planned summer IPO.