Public Markets 24 Hours

Last updated: May 23, 2026, 2:32 AM ET

Equity Markets

U.S. stocks extended their rally with the S&P 500 posting its eighth consecutive weekly gain, buoyed by artificial intelligence enthusiasm that has pushed equal-weighted indices to multi-month highs. Mega-cap tech valuations are approaching bubble territory as SpaceX, OpenAI and Anthropic prepare blockbuster IPOs that could concentrate tech weighting beyond historical bubble thresholds. Nasdaq secured regulatory approval for Bitcoin index options, signaling deeper cryptocurrency integration into traditional markets, while Canadian benchmarks hit record territory on financial and technology leadership.

Fixed Income

Government bond markets showed resilience despite Middle East tensions, with Treasury yields holding steady near multi-week highs as investors balance growth optimism against geopolitical risk. UK gilts rallied sharply posting their steepest weekly yield decline since 2023 following Chancellor Rachel Reeves' commitment to fiscal discipline, while ECB policymakers signaled June rate hikes amid energy price surges from the Iran conflict. Bond vigilantes emerged as credit spreads widened on concerns that fiscal stimulus could reignite inflationary pressures, with BofA strategists warning that mega-cap IPO flows risk replicating roaring twenties-style market concentration.

Energy & Commodities

Crude futures edged higher ahead of the Memorial Day weekend as traders awaited confirmation of Iran cease-fire negotiations, while natural gas retreated below $3 on cooler weather forecasts that dimmed power-generation demand expectations. Copper prices have begun trading like technology stocks, with industrial metal surging on artificial intelligence power consumption forecasts that project data center electricity demand could triple by 2030. U.S. oil rigs increased by the most in four years as shale producers respond to elevated energy prices, and Big Oil companies face mounting pressure from European governments seeking windfall taxes on Iran-related profits.

Currency Markets

The dollar stalled near multi-week highs as Iran peace hopes boosted risk