Public Markets 24 Hours

Last updated: May 21, 2026, 8:31 PM ET

Equities & IPO Market

Asian equities are poised for gains on optimism surrounding US-Iran ceasefire talks, while SpaceX readies its high-stakes Starship test flight ahead of what could be history's largest IPO. The rocket company positions itself as an AI play targeting a $26.5 trillion market opportunity, seeking to wrest investor attention from traditional tech darlings. Ross Stores raised its sales and profit guidance after first-quarter results surpassed estimates, with the discount retailer now projecting 6-7% comparable sales growth for the fiscal year. Meanwhile, Estée Lauder shares jumped 11.5% after ending merger talks with Spain's Puig, eliminating months of speculation about creating a beauty powerhouse.

Fixed Income & Credit

The $50 trillion safe-haven debt market faces pressure from Iran war inflation as investors seek protection from Middle East supply shocks. Yield curves in Southeast Asian markets may steepen further as elevated oil prices increase inflationary pressures and deepen fiscal strains across the region. Treasuries erased earlier losses and notched gains as oil retreated on hopes for a swift end to US-Middle East hostilities. A prolonged period of elevated long-term bond yields is ramping up borrowing costs globally, with investors demanding more compensation for holding government debt amid persistent inflation concerns.

Energy & Commodities

Oil rose after three days of declines as Iran's statements on uranium and the Strait of Hormuz pared earlier optimism over US negotiation progress. Exxon is nearing a deal to pump oil in Venezuela, marking a victory for President Trump's energy diplomacy and ending a standoff with socialist rulers. A closure of the Strait of Hormuz through August raises recession risks comparable to 2008, according to Rapidan Energy Group analysis. With oil nearing $100 as consensus for next year, market participants price crude to be capped near that level as demand slows to offset supply losses from the conflict.

Technology & AI

TSMC faces increasing competition for investor attention as Asia's premier Nvidia proxy vies with other artificial intelligence stocks amid the AI boom spreading to new winners. Workday rallied after results helped quell concerns about AI disruption, posting better-than-expected quarterly performance that reassured investors about the company's software business model. The Trump administration committed $2 billion and took equity stakes in nine quantum computing companies, aiming to spur "a new era of American innovation" according to Commerce Secretary Howard Lutnick. Canada Pension Plan Investment Board's top executive warned of growing discomfort with rich valuations in a stock market dominated by technology and artificial intelligence.

Retail & Consumer

Deckers fourth-quarter sales climbed on continued Hoka demand, with the brand's revenue jumping 15% to $671.2 million in its largest quarter ever. Walmart sales rose as higher fuel prices brought more bargain hunters to stores, with grocery, general merchandise and online sales all increasing in the most recent quarter. Shoppers squeezed by energy prices are focused on deals, with Walmart, Target and TJ Maxx reporting sales increases while consumers seek low-price items and cut back in some categories. Hovnanian swung to a loss as the housing market remains frozen, posting a $284,000 loss for its second quarter compared to $19.7 million profit a year earlier.

Geopolitical Developments

Gold moved in a narrow range as conflicting signals on US-Iran ceasefire talks kept traders guessing over potential central bank actions on interest rates. Senate Republicans revolted over Trump's $1.8 billion fund to pay people claiming government persecution, with Todd Blanche's Capitol Hill visit failing to allay concerns. The GOP abandoned plans for a $72 billion immigration crackdown bill as senators balked at the payment structure. Confidence among Britain's lowest earners plunged in May as the Iran energy shock hit household budgets, with even average-income families digging into savings for everyday expenses.

M&A & Corporate Actions

JPMorgan boosted Warner Bros. leveraged loan to $10.2 billion as the media company looks to refinance short-term debt ahead of a planned acquisition. Kontoor Brands will sell Lee business to Authentic Brands for up to $1 billion, initially priced at $750 million with $250 million in performance-based payments. Vietnam real estate tycoon Truong My Lan repaid $455 million to about 42,000 bondholders after being convicted in the nation's largest fraud case. Dangote's refinery private placement drew $2 billion of demand before a proposed IPO, signaling strong investor appetite for the Nigerian oil project.

Regulatory & Legal

StraightPath founders were sentenced to prison and face nearly $189 million in forfeiture and restitution for pre-IPO fund fraud involving $386 million. UBS hit back over a Nazi-accounts probe amid Senate pressure, accusing the US lawyer overseeing the inquiry of bias and exceeding his mandate. State attorneys general sued Institutional Shareholder Services for allegedly lying to investors by failing to disclose conflicts of interest in proxy advisory work. Ex-LCF CEO Michael Thomson received the first custodial sentence stemming from the retail investor scandal, sentenced to six months in prison over court breach.