Public Markets 24 Hours

Last updated: May 26, 2026, 2:33 PM ET

Energy & Commodities

Oil prices jumped more than 2% on Tuesday as fresh U.S. strikes on Iranian missile sites clouded optimism surrounding a potential peace deal and the reopening of the Strait of Hormuz, with Brent crude holding below $100 a barrel. Commercial shipping gained momentum through the critical waterway as at least two non-Iranian supertankers exited the Persian Gulf, offering tentative relief to energy markets rattled by the monthlong conflict. Natural gas futures climbed higher in New York after producers reduced output over the holiday weekend and increased flows to liquefied natural gas export terminals on the Gulf Coast, while European gas prices rose on uncertainty after Qatar Energy extended force majeure clauses on some LNG deliveries.

Fixed Income & Currencies

Treasury Secretary Scott Bessent faces mounting pressure as benchmark yields continue their steady climb, creating economic headwinds that complicate the Trump administration's fiscal agenda. Eurozone bond yields opened higher on Tuesday, paring Monday's declines, as fresh Middle East tensions made investors more cautious despite the European Central Bank signaling it will lift inflation projections in June. Executive Board member Isabel Schnabel argued for rate hikes next month even if a quick Middle East resolution emerges, while the central bank reiterated its commitment to do "everything in its power" to tame inflation. Emerging-market currencies weakened broadly as overnight clashes near the Strait of Hormuz offset signs of progress toward a U.S.-Iran peace deal.

Equity Markets & IPO Activity

Space and satellite-related stocks soared on Tuesday as investor enthusiasm intensified following SpaceX's filing for a public offering, with the rocket-maker's unconventional corporate arrangements raising governance concerns among investors who worry Elon Musk may receive more freedom and less accountability. The Roundhill Memory ETF, known as DRAM, surged 87% within 50 days of its April launch to reach a record $10 billion valuation, riding AI excitement to become the fastest-growing fund of its kind. U.S. semiconductor stocks rallied premarket after Asian chip names advanced, while European equities held steady after six consecutive days of gains as traders monitored Middle East developments.

Corporate Governance & Leadership

BP Plc fired Chairman Albert Manifold just months into the role after serious concerns were raised about governance standards, oversight and conduct, with the British oil major citing "unacceptable" behavior in what investors should view as concerning but preferable to retaining problematic leadership. The dismissal follows similar governance issues that have plagued the company, including Manifold's hands-on approach that colleagues viewed as excessive. Ferrari's first electric vehicle launch sparked backlash among investors and social media users, with executives divided over demand for luxury electric cars as the iconic automaker abandoned its traditional roadmap.

Financial Services & Banking

Canada's major banks are expected to report solid second-quarter earnings, but credit-loss provisions and soft economic conditions will dominate investor attention amid greater uncertainty and shifting focus to loan performance. Goldman Sachs Group Inc. argued the selloff in UK homebuilder stocks has been excessive, telling investors they are too pessimistic on the sector's long-term profitability. Regulatory deregulation handed top U.S. and UK banks a $1.3 trillion opening to expand balance sheets while EU and Swiss rivals remain constrained, potentially reshaping competitive dynamics across global banking.

Technology & AI Investment

Hedge funds are aggressively investing in semiconductor companies as software names lose favor, with the AI boom spreading beyond traditional tech high-flyers to sectors like seasoning maker Ajinomoto Co. The European Central Bank warned private credit activity fueling the AI boom poses risks to the financial system, cautioning investors could face losses if the technology fails to meet expectations. Open Router, an exchange for AI models, raised $113 million with backing from an Alphabet investment arm, helping companies choose among hundreds of models for different software tasks.

Geopolitical Developments

Israel stepped up strikes in Lebanon as the United States pushes for an Iran peace deal, with Hezbollah maintaining rocket and drone attacks on Israeli troops that threaten to complicate diplomatic efforts. The Trump administration's Iran proposal echoes the Gaza approach by delaying contentious issues, a tactic that has produced mixed results. Pope Leo XIV's encyclical on artificial intelligence put technology giants on notice, calling for putting care for humans at the heart of technological change while warning against robot overlords.

Market Structure & Regulation

Nine crypto whales dominate disputes worth billions on Polymarket, prompting delays in revamping the voting process used for resolving thousands of prediction market disagreements. Spain's markets regulator blocked websites of Polymarket and Kalshi while investigating possible gambling law violations, proceedings expected to take up to four months. South Korea will monitor $37 billion of overseas private credit exposure following global industry scares, while the Reserve Bank of India held discussions with credit-rating companies to assess potential stress among borrowers caused by the U.S.-Iran conflict.