Public Markets 24 Hours

Last updated: May 21, 2026, 5:30 PM ET

IPO Market & Technology

The IPO pipeline heats up with SpaceX, OpenAI and Anthropic racing to test investor appetite in what could be the biggest offerings since the 2021 boom. SpaceX positions itself as an AI play targeting a $26.5 trillion market opportunity, while Oura filed confidentially for an offering after reaching a $11 billion valuation. Deep Fission filed for $156 million in proceeds as nuclear startups tap public markets to fund AI data center power needs. Meanwhile, Deere posted higher sales as construction growth offset agriculture weakness, and Advance Auto Parts logged its strongest quarterly growth in five years driven by pro channel strength.

Defense & Aerospace

Flight simulator firm CAE Inc. unveiled a plan to increase operating income by 30% or more by 2030, pivoting toward defense contracts as new CEO strategy takes shape. Exxon neared a deal to pump oil in Venezuela, marking a diplomatic victory for the Trump administration after years of sanctions. German weapons maker Rheinmetall sold its first public bond in 16 years, raising €500 million as defense spending accelerates. Parker-Hannifin struck a $2.55 billion deal to buy KKR-owned Circor's aerospace unit, marking a major return on the private equity firm's investment.

Retail & Consumer

Discount retailer Ross Stores lifted its outlook seeing comparable sales growth of 6% to 7% for the fiscal year, up from prior guidance. Estée Lauder ended acquisition talks with Spain's Puig, ending months of speculation about a merger that would have created one of the world's largest beauty companies. Walmart absorbed higher fuel costs from the Iran war while reporting sales increases, as squeezed shoppers focused on deals and low-price items. Hovnanian swung to a loss of $284,000 as the housing market remained frozen, compared with a $19.7 million profit a year earlier.

Energy & Commodities

Oil prices retreated on hopes that an agreement to end the Middle East conflict will be reached soon, helping Treasuries erase earlier losses. Jet fuel costs surged since the start of the Iran war, vindicating airlines that maintained hedging programs while exposing disparities in price protection. A spike in fertilizer costs hit Brazilian farmers at the worst possible time, underscoring how the Middle East conflict threatens global food security. Indonesian palm oil prices tumbled after President Prabowo announced state control over commodity exports, creating confusion in agricultural markets.

Fixed Income & Credit Markets

JPMorgan boosted Warner Bros. debt financing to $10.2 billion as the media company looks to refinance short-term obligations ahead of a planned acquisition. Bird Construction prepared its first corporate bond sale, aiming to raise around C$250 million as the Canadian builder expands into data center construction. Blackstone arranged a $1.2 billion credit facility for Air Trunk's Japanese data center expansion, part of private equity's push into AI infrastructure. Private credit managers turned to trading loans to dump troubled assets and hunt bargains amid the industry's first stress test.

International Markets & Central Banks

Canada Pension Plan's top executive warned that rich valuations in technology and AI-dominated markets are making the firm increasingly uncomfortable. Fed's Barkin said repeated supply shocks test inflation anchors, noting that businesses' and consumers' tolerance for disruptions will determine whether the central bank can maintain credibility. IMF cut France's growth forecast as the Iran war hits activity and uncertainty builds ahead of presidential elections. German private-sector activity contracted for a second month on war impacts, raising recession risks for Europe's largest economy.

M&A & Corporate Strategy

Aquarian Holdings sought more backers for its $4.1 billion Brighthouse deal after securing $3 billion from Mubadala Capital. Lone Star Funds weighed a sale of German lender IKB nearly two decades after investing in the bank. Ubisoft delayed profitability and cash flow targets by a year as the Assassin's Creed maker undergoes operational overhaul. Stellantis vowed to keep factories open and partner with rivals under a new strategy investing €60 billion and launching 60 new models this decade.

Regulatory & Policy Developments

Trump planned to sign an executive order granting oversight of AI models, signaling a shift from the previous hands-off approach. Gov. Newsom prepared an executive order exploring labor policy overhaul for potential AI job displacement. Republicans sought to limit Trump's $1.8 billion fund, weighing ways to fence off money the president wants to tap for claimed government mistreatment payments. London's mayor blocked the Met's £50 million Palantir deal over procurement breaches.