Public Markets 24 Hours

Last updated: May 23, 2026, 2:30 PM ET

Geopolitics & the Middle East

The U.S.-Iran cease-fire teetered on the brink of collapse as regional mediators scrambled to lock in an agreement. Officials from both sides signaled progress toward a deal, even as the threat of renewed hostilities loomed over shipping lanes and energy markets. Pakistan and Qatar dispatched envoys to Tehran under the shadow of resumed fighting, and Wall Street priced in continued optimism that a deal could hold through the Memorial Day weekend. U.S. Central Command reported redirecting 100 commercial vessels during a six-week blockade of Iran's ports, underscoring the scale of the disruption. Meanwhile, President Trump weighed new strikes on Iranian targets including energy facilities and the deep underground nuclear storage site at Isfahan, and Israel struck targets in Lebanon that killed medics and damaged a hospital in Tyre, deepening humanitarian concerns. The threat of Iran closing the Strait of Hormuz unsettled the shipping industry even as crude futures edged higher ahead of the holiday, and the S&P 500 extended its eighth straight weekly gain despite the persistent geopolitical risk. In a separate blow to Israel's diplomatic position, France barred National Security Minister Itamar Ben Gvir over his treatment of Gaza aid activists.

Domestic Politics & Administration

President Trump faced mounting internal dissent as his $1.8 billion political fund drew scrutiny from allies and opponents alike. A lawsuit argued the fund excludes those he targeted with partisan attacks, while reports described the slush fund as causing cracks within the Republican Party. Tulsi Gabbard resigned as Director of National Intelligence and Trump named Aaron Lukas as acting chief, marking another turnover in his national security team. The administration also weighed new strikes in Iran and announced that foreign nationals would need to leave the U.S. to apply for green cards, a move critics say could disrupt businesses reliant on immigrant labor. On Capitol Hill, Maryland Democrats advanced a plan to eliminate the state's sole Republican congressional seat ahead of the 2028 cycle, and G.O.P. lawmakers voiced frustration that Trump's personal agenda was diverging from party interests. In New York, Trump toured the state to boost a House Republican's re-election bid, though the visit carried the feel of a rally more than a policy tour.

Energy & Commodities

Oil markets remained tense as U.S. producers ramped up drilling to capture a price surge triggered by fears of an Iran war disrupting supply. The cost of crude had jumped 40 percent from the global supply crunch, denting President Trump's approval ratings. Indian state-run refiners raised diesel and gasoline prices for the third time in eight days to offset discounted sales and curb surging demand. U.S. natural gas retreated below $3 per MMBtu as cooler weather forecasts reduced power-sector demand, offsetting higher LNG feedgas flows. On the trade front, the White House told Congo's soccer team to isolate for 21 days over an Ebola outbreak, and Ebola continued to outrun containment efforts in eastern Congo as contact tracers managed to follow up with barely one in five identified contacts in a day.

Technology, AI & Capital Markets

The AI wave reshaped M&A and venture capital activity at blistering speed. Deals hit record highs as unloved companies suddenly attracted suitors and private equity found new gold mines in the sector. Legendary VC John Doerr called AI the biggest tech tsunami ever, saying the revolution is if anything underhyped. The White House approved $9 billion for spy agencies to catch up on AI because the C.I.A. and N.S.A. cannot fully deploy the latest models on classified systems due to a shortage of cutting-edge chips. In the IPO pipeline, investors face a giant bake-off among SpaceX, OpenAI and Anthropic all targeting the same market, while SpaceX completed its 12th Starship test flight and is aiming for a Mars-bound civilization with what could be the largest IPO ever. The S&P 500 ended higher for the eighth straight week bolstered by AI enthusiasm, and Wall Street set fresh records despite war, inflation and AI jitters. Danaher raised $3 billion in a record private-placement bond sale, and Lantheus weighs a $7 billion sale after a takeover bid from Curium. Superdrug owner pressed ahead with a $30 billion dual listing in Hong Kong and London.

Corporate News & Consumer Trends

Delivery Hero received a €10 billion takeover bid from Uber while rival Door Dash also approached the German food group, in a deal that would reshape European food delivery. China Inc. is shopping for western consumer brands including Everlane, whose "radical transparency" brand failed to survive the shift in consumer sentiment. AS Watson plans a dual listing before the end of 2026. BJ's Wholesale logged higher revenue on membership growth as inflation-weary shoppers sought value. Meanwhile, Amazon is racing Indian startups to deliver groceries in minutes using micro-warehouses, and Booz Allen reported higher quarterly profit on cost-cutting. SpaceX completed a mostly successful Starship flight as it pushes toward civilization on Mars, while geothermal power companies got a lift from a hot IPO driven by tech-sector demand for clean energy. On the risk front, a chemical leak at a California plant near Garden Grove forced 40,000 residents to evacuate as firefighters worked to cool a storage tank holding methyl methacrylate.