Public Markets 24 Hours

Last updated: May 23, 2026, 11:30 AM ET

Deals & M&A

Uber Technologies proposed a €33-per-share takeover bid for Germany's Delivery Hero SE, a move that would help the ride-hailing giant compete with Door Dash outside the U.S. The offer, first sounded out to investors, is now being evaluated by Delivery Hero's board as the two American food-delivery rivals weigh a potential acquisition. Separately, SpaceX, OpenAI and Anthropic are preparing for a record-breaking IPO season that will test the limits of Wall Street's appetite for AI names, with Elon Musk, Sam Altman and Dario Amodei all vying for the deepest pools of capital. The sheer scale of SpaceX's offering—expected to be the largest initial public offering ever—has analysts warning the share debut may not even open until the afternoon due to the volume of demand. Meanwhile, Lantheus Holdings is weighing a $7 billion sale after receiving a takeover approach from Curium, while Trafigura withdrew hundreds of millions of dollars of copper from LME warehouses to capitalize on trading opportunities in the U.S. and China.

Middle East & Geopolitics

The U.S.-Iran standoff continued to dominate market sentiment as regional mediators dispatched teams to Tehran in a last-ditch effort to preserve a cease-fire. President Trump weighed options for new strikes against Iranian targets including energy facilities and the underground nuclear storage site at Isfahan, even as Pakistan and Qatar rushed diplomatic resources to the region. A disagreement over transit fees for the Strait of Hormuz unsettled shipping markets, and Iran's threat to charge vessels for passage through the waterway added to trader anxiety. The U.S. redirected 100 commercial vessels during its six-week blockade of Iranian ports, Central Command reported, while global factory activity continued to sag under inflation pressures and the energy crunch. On the diplomatic front, Israel found itself sidelined from peace talks it had once helped lead, a humbling setback for Prime Minister Benjamin Netanyahu as his country was reduced to a "mere passenger" in the negotiating process.

U.S. Markets & Macro

U.S. equities extended their longest weekly winning streak since 2023 as the S&P 500 rose for an eighth straight week, buoyed by enthusiasm for artificial intelligence and emerging technology. War, inflation and AI boom worries have not dented investor appetite, with stocks setting records despite persistent headwinds. Treasurys ended the week little changed as Wall Street balanced hopes for a U.S.-Iran deal against the risk of escalation, while the dollar stalled near multi-week highs as risk sentiment improved. Comex gold settled 0.76% lower at $4,521, snapping a two-session winning streak, and silver fell 0.7% for the week. An ECB rate hike may become inevitable to preserve the central bank's credibility, according to Governing Council member Yannis Stournaras, even as big euro-zone economies endure an inflation shock that likely pushed May price growth higher. The 10-year gilt posted its biggest weekly yield drop since 2023 after a pledge to stick to fiscal rules reduced bets on higher Bank of England rates.

China & Energy

A gas explosion at a coal mine in Shanxi province killed at least 90 people, China's deadliest such incident since 2009, prompting Xi Jinping to call for an "all-out rescue" and to hold those responsible to account. The disaster raised the death toll sharply on Saturday and underscored Beijing's struggle to enforce safety standards in its vast mining sector. Meanwhile, U.S. oil producers increased output to capture a price surge driven by the Iran conflict, with the domestic rig count rising by the most in more than four years. Crude futures edged up ahead of the Memorial Day weekend as traders waited for clarity on the U.S.-Iran cease-fire, while India raised diesel and gasoline prices for the third time in eight days to help refiners cut losses on discounted sales. U.S. natural gas retreated below $3 as a cooler weather outlook reduced expected power-sector demand.

Political Turbulence

The Trump administration faced mounting legal and political pressure over its $1.8 billion slush fund, with a lawsuit arguing the fund excludes individuals the president targeted with partisan attacks. Tulsi Gabbard resigned as director of national intelligence, and the White House approved $9 billion for spy agencies to catch up on AI capabilities as the C.I.A. and N.S.A. struggle with chip shortages. President Trump continued pushing unpopular policies despite a bad week, visiting New York to boost a House Republican's re-election bid in what amounted to a personal rally. On the immigration front, the administration moved to require green card seekers to leave the U.S. to apply, a rule change likely to affect hundreds of thousands and increase family separations. Separately, France barred Israeli National Security Minister Itamar Ben Gvir over his treatment of activists attempting to deliver aid to Gaza by sea, and Ebola spread faster than responders could track in eastern Congo as contact tracing faltered.