Public Markets 24 Hours

Last updated: May 23, 2026, 5:32 AM ET

Equity Markets & IPO Activity

The pipeline of mega-cap IPOs is intensifying Wall Street competition, with SpaceX, OpenAI and Anthropic battling to command the deepest capital pools as investors parse valuations in the AI boom. SpaceX's anticipated listing mirrors Tesla's market surge effect on space stocks, while GameStop seeks shareholder approval for a massive increase in authorized shares to fund its eBay acquisition pursuit. In M&A, Apollo's £1.5 billion bid for Bodycote joins Lantheus weighing a $7 billion sale after Curium's takeover approach, and Uber is studying a full takeover of Delivery Hero to challenge Door Dash internationally. The Everlane-Shein transaction finalized despite customer backlash over the millennial brand's acquisition by the fast-fashion giant.

Fixed Income & Credit Markets

Bond traders are betting on a Federal Reserve rate hike by year-end, fully pricing in tightening under Chair Kevin Warsh amid persistent inflation pressures. European Central Bank officials are making the case for a June rate increase as Iran conflict-driven energy surges compound inflation concerns, while ECB Governing Council member Stournaras emphasized credibility as justification for hiking. A gilt relief rally drove UK yields to their biggest weekly drop since 2023, with markets cheering Chancellor Reeves' pledge to maintain fiscal discipline. However, bond vigilante fears intensify as investment professionals warn of serious market dislocations from persistent fiscal deficits.

Energy & Commodities

Oil futures edged higher ahead of the Memorial Day weekend as traders awaited US-Iran ceasefire confirmation, while US crude rigs jumped by the most in four years amid drilling recovery in the shale patch. Natural gas retreated below $3 per million BTU on cooling weather forecasts that reduce power-sector demand expectations. Gold settled 0.76% lower at $4,521 an ounce, snapping a two-session winning streak despite Middle East tensions. Copper is trading like an AI stock as investors bet surging power demand for artificial intelligence will fuel a commodity supercycle, with the industrial metal famed for tracking global economic shifts.

Currency Markets

The dollar stalled near multi-week highs as Iran peace optimism boosted risk sentiment, while the euro weakened slightly against the dollar amid ongoing Middle East uncertainty. Asian currencies came under pressure from the Iran conflict, testing foreign-exchange reserves built after the 1997 crisis as oil prices surged. Deutsche Bank and JPMorgan project further Canadian dollar weakness into 2026 as tame inflation readings fuel rate cut expectations from the Bank of Canada. The Swatch-Audemars Piguet collaboration provided a much-needed buzz injection in the luxury watch market despite launch complications.

Central Banks & Monetary Policy

European Central Bank officials are converging on a June rate hike, with outgoing Governing Council member Muller citing Iran war energy surges and Stournaras emphasizing credibility preservation as compelling arguments. Mexico's annual inflation slowed in line with expectations after Banxico's final interest rate cut concluded a two-year easing cycle. Euro-zone's biggest economies endured unfolding inflation shocks that likely accelerated in May, bolstering arguments for ECB tightening. The S&P 500 posted its eighth weekly gain as AI stocks powered the rally, with the index on track for strongest earnings growth since 2021.

M&A & Corporate Activity

The Everlane-Shein deal closed despite customer defection threats, marking a significant consolidation in the transparent-pricing apparel segment. Apollo's £1.5 billion Bodycote offer reflects continued US private equity appetite for UK industrial assets, while Lantheus explores strategic alternatives after Curium's $7 billion approach valued the radiopharma company. Uber's potential Delivery Hero acquisition would create a global food delivery powerhouse competing with Door Dash beyond US borders. AS Watson plans a $30 billion dual listing in Hong Kong and London before 2026, shrugging off market volatility to press ahead with the ambitious transaction.

Banking & Financial Services

Booz Allen Hamilton reported higher fourth-quarter profit as cost-cutting initiatives offset revenue declines, while BJ's Wholesale logged higher sales as inflation-weary consumers flocked to warehouse clubs for value. Danaher completed a record $3 billion private-placement bond sale, demonstrating strong investor appetite for corporate credit. Senior Walmart executives departed in a leadership reshuffling under new CEO Suresh Kumar, including Sam's Club COO Tom Ward after nearly two decades. Standard Chartered's CEO apologized for "lower-value human capital" comments about AI's workplace impact.

Technology & AI

SpaceX completed a mostly successful Starship rocket flight, with the 12th test flight ending in the Indian Ocean after launching Friday evening. The White House approved $9 billion for spy agencies to catch up on AI deployment, as the CIA and NSA face chip shortages limiting classified system upgrades. Nasdaq received SEC approval to list Bitcoin index options, marking further Wall Street integration with cryptocurrency markets. SEC delayed prediction market ETFs from Roundhill, Granite Shares and Bitwise, stepping in to regulate election and recession betting instruments.