Public Markets 24 Hours

Last updated: May 26, 2026, 8:31 PM ET

Energy & Commodities

Oil futures held steady in Asian trading as U.S. officials signaled progress toward an Iran peace deal despite fresh military strikes clouding optimism around the Strait of Hormuz reopening. Gold settled 0.46% lower at $4,500.40 for a second consecutive session, with traders weighing whether elevated inflation could keep interest rates higher for longer. Crude prices recovered some losses following U.S.-Iran skirmishes, while two more oil supertankers exited Hormuz to help push up flows and ease regional supply tensions.

Corporate Governance & Leadership Changes

BP removed chairman Albert Manifold immediately after the board found governance oversight and conduct issues unacceptable, marking the latest upheaval at the UK oil major where his hands-on approach was viewed as aggressive by colleagues. The departure highlights deep dysfunction at the company, though investors should arguably prefer firing too many executives rather than too few. In unrelated news, Dropbox co-founder Andrew Houston will step down after 19 years as CEO to become executive chairman, concluding an era at the cloud storage firm.

Initial Public Offerings & Capital Markets

SpaceX's IPO filing revealed favorable terms for Elon Musk that corporate governance experts say benefit him at other shareholders' expense, as the company neared lift-off in what could become a record-breaking offering that changes the Nasdaq. Rocket and satellite stocks surged on investor euphoria following the filing, while Kardigan Inc. filed for a U.S. IPO to fund three late-stage cardiovascular drugs targeting the root cause of heart disease. Applied Aerospace & Defense seeks up to $682.5 million in its public offering, backed by Greenbriar Equity Group, as space and defense engineering valuations climb.

Market Performance & Indices

Equities notched their fourth-straight session of gains with the S&P 500 and Nasdaq climbing on AI optimism, while MSG Sports shares rallied to record highs after the New York Knicks reached their first NBA Finals since 1999. S&P 500 futures rose 0.6% premarket as investors remained hopeful that American strikes on Iran won't derail diplomatic efforts, and FTSE 100 made up ground after the long weekend with Gilts recovering alongside. Asian stocks edged higher on Iran deal optimism despite persistent military tensions in the Persian Gulf.

Regulatory Developments

The SEC considers gun-jumping rule changes to spur more IPOs by relaxing decades-old restrictions on company communications during the going-public process, while President Trump backed the CFTC as sole regulator of prediction markets amid a growing legal fight with states over multibillion-dollar platforms. Polymarket and Kalshi faced a Spanish ban as Madrid ordered website blocks while investigating potential gambling law violations that could take up to four months. Citadel Securities warned that the Fed risks falling behind the curve on inflation, arguing central bankers should shift closer toward hiking interest rates.

Technology & Artificial Intelligence

OpenRouter raised $113 million in funding backed by an Alphabet investment arm, positioning the AI model exchange to help companies navigate hundreds of options for different software tasks. ByteDance offered special stock to its AI team to combat poaching in China's intensifying tech talent war, while OKX made AI skills part of worker evaluations following tech and finance industry playbooks. At the Vatican, Pope Leo XIV put technology giants on notice with an AI warning encyclical that calls for putting care for humans at the heart of technological change, though Silicon Valley technologists dismissed the spiritual message as they pursue their own technological spirituality.

Geopolitical Risk & Defense

High-level British spy chiefs warned that Russia grows more brazen as Ukraine battlefield losses mount, with aspects of drone technology and diplomacy showing how the wars intersect on battlefields and in global alignments. Israel stepped up strikes in Lebanon as the U.S. pushes for Iran peace deal, with Hezbollah keeping up rocket and drone attacks on Israeli troops that threaten diplomatic efforts. Russia considers curbing diesel and jet fuel exports as refinery run rates fall to multi-year lows amid escalating Ukrainian attacks, while Russia's key Black Sea port resumed crude loading after Ukrainian drone targeting over the weekend.

Fixed Income & Credit Markets

Treasury yields fell as markets contemplated a potential Strait of Hormuz deal that would ease shipping concerns, though Treasury Secretary Scott Bessent faces limited options to halt the steady climb in benchmark yields generating economic headwinds. Danish central bank warned of housing risks as Copenhagen price gains spread nationwide, posing growing threats to lenders, while Hungary held its key interest rate at the second-highest level in the EU before potentially weighing monetary easing next month.