Public Markets 24 Hours

Last updated: May 23, 2026, 8:33 AM ET

Equity Markets

U.S. stocks extended their rally with the S&P 500 posting its eighth consecutive weekly gain, bolstered by artificial intelligence optimism and resilient corporate earnings. The benchmark is on track for its strongest earnings growth since 2021, with momentum spreading beyond tech sectors to broader corporate America. Canadian stocks jumped to record highs, lifted by financial and technology shares, while SpaceX prepares for what could be the largest initial public offering ever as the aerospace company tests Wall Street's appetite for AI-driven valuations. Game Stop Corp. proposed a massive share count increase to support its pursuit of acquiring e-commerce platform eBay, signaling continued retail-driven market volatility.

Initial Public Offerings & M&A

The looming IPOs of SpaceX, OpenAI and Anthropic are set to test the limits of the AI boom, as investors must choose between Elon Musk's Mars colonization vision, Sam Altman's Chat GPT dominance, and Dario Amodei's safety-focused approach. Lantheus Holdings Inc. is weighing a $7 billion sale after receiving a takeover offer from Curium, valuing the radiopharmaceutical company at approximately $7 billion. Apollo Global Management made a £1.5 billion bid for London-listed Bodycote, marking the latest in several acquisition attempts by the U.S. firm. Uber Technologies Inc. is exploring a full takeover of Germany's Delivery Hero to better compete with Door Dash outside the U.S. market, while China Inc continues shopping for Western consumer brands amid domestic deflationary pressures.

Fixed Income & Credit

Bond markets are experiencing a slump that has stirred vigilante fears among investment professionals, as yields face upward pressure from persistent inflation. Bond traders are fully pricing in a Federal Reserve rate hike this year, reflecting market conviction that Chair Kevin Warsh will need to act swiftly to combat inflationary pressures. UK gilt yields posted their biggest weekly drop since 2023 following Chancellor Rachel Reeves' pledge to adhere to fiscal rules and pullback from bets on higher Bank of England interest rates. European Central Bank officials including Governing Council member Yannis Stournaras see a strong case for June rate increases, citing energy price surges from the Iran conflict as justification for preserving ECB credibility.

Energy & Commodities

Oil futures edged higher ahead of the U.S. Memorial Day weekend as traders awaited progress on maintaining the Iran cease-fire and negotiating an end to the conflict. The number of rigs drilling in the U.S. shale patch rose by the most in over four years, marking a resurgence in domestic activity as Middle East tensions drive oil prices higher. U.S. natural gas futures retreated below the $3 level as a cooler weather outlook reduces expected power-sector demand, partially offsetting increased LNG feedgas flows.

Currency Markets

The dollar stalled near multi-week highs as optimism around U.S.-Iran peace talks boosted risk sentiment across global markets. The euro weakened slightly against the dollar, with European officials noting that the course of the Iran war remains key to the euro-dollar exchange rate trajectory. Asian currencies came under pressure from soaring oil prices and a surging dollar, testing foreign-exchange reserves that were built up after the 1997 financial crisis.

Economic Indicators

Global factory activity sagged on persistent inflation pressures during the third month of war-induced energy supply disruptions, with the worldwide economy showing signs of wearing down. Inflation in the euro zone's four largest economies either jumped in May or held at robust levels, strengthening the case for interest-rate increases across the region. Canada's producer prices rose 2% in April, marking their fourth consecutive monthly increase and indicating ongoing inflationary pressures in the North American economy.

Artificial Intelligence Impact

AI-driven mergers and acquisitions hit record highs as unloved companies become attractive targets and private equity finds new opportunities in the technology sector. The White House approved $9 billion for spy agencies to catch up on AI deployment, though the CIA and NSA cannot fully utilize the latest models on classified systems due to cutting-edge chip shortages. Despite concerns about job displacement, AI is proving to be a net job creator rather than a pure replacement technology across multiple industries.