Public Markets 24 Hours

Last updated: May 27, 2026, 2:32 AM ET

Energy & Commodities

Oil futures dropped in early Asian trade as traders weighed optimism that the U.S. and Iran could reach a deal to reopen the Strait of Hormuz, even as fresh hostilities flared in the Persian Gulf. The price pullback was broad: base metals advanced with copper climbing and aluminum on track for its highest close in four years, while gold settled 0.5% lower at $4,500.40 after two consecutive sessions of losses as safe-haven demand waned. Copper's rise reinforced a broader commodities rally that has attracted record export interest from China, where elevated aluminum prices are capping domestic consumption but spurring overseas shipments. Meanwhile, ADNOC shipped another LNG tanker through Hormuz to India, adding to a recent uptick in energy flows through the vital waterway. Treasury yields fell as markets contemplated a Hormuz reopening, while U.S. consumer confidence edged down in May amid widespread price worries tied to the Iran conflict.

Chip Stocks & AI Boom

The memory-chip frenzy intensified, propelling SK Hynix and Micron into the $1 trillion market-cap club for the first time as investors priced in insatiable AI demand. SK Hynix's surge joined Nvidia and TSMC in the elite group, while the Roundhill Memory ETF surged 87% within 50 days of its April launch, hitting a $10 billion valuation in record time. Samsung Electronics averted a strike after its union approved a bonus deal worth an average of about $340,000 per worker, ending months of wrangling over AI profit-sharing. The agreement capped a turbulent period for the world's largest memory-chip maker, which also raised its lithium sales forecast on robust battery-storage demand. On the downside, Xiaomi's profit buckled as soaring memory prices and soft demand squeezed margins. UBS's Asia Pacific president Iqbal Khan warned that artificial intelligence will improve productivity but also have ramifications for jobs, a sentiment echoed by KPMG, which is hunting Silicon Valley AI disruptors to protect its traditional model.

Defense & Space

Space and satellite stocks surged on investor enthusiasm around SpaceX's IPO, with Blue Origin securing $468 million in NASA moon base contracts and Applied Aerospace seeking $682.5 million for its own IPO. The momentum extends to Europe: KNDS NV pushed ahead with IPO plans as the Franco-German tank maker capitalizes on surging defense demand, while the founder of CSG NV, which completed the biggest pure-defense IPO on record four months ago, is seeking up to €200 million to expand. The EU defense chief urged member states to stop making bespoke missiles and instead open weapons stockpiles to Ukraine, part of a broader push to standardize procurement amid escalating costs. In the U.S., Exxon Mobil's reincorporation plan ignited a shareholder-rights battle as investors vote on Wednesday.

UK Markets & Geopolitics

The FTSE 100 fell as oil dropped and the pound strengthened, while ASX Ltd. shares tumbled to their lowest level in almost a decade after rising costs prompted brokers to trim earnings outlooks for Australia's exchange operator. Across Europe, sovereign issuers turned to non-euro debt in search of new investors as euro-area yields climbed. Thailand plans to raise about $5 billion through promissory notes and term loans after Iran-war spooked bond markets, shunning conventional sovereign issuance. In the UK, BP removed chair Albert Manifold over conduct concerns, marking the second chair and second CEO change in three years and spotlighting Meg O'Neill's task to deliver a swift turnaround. The upheaval follows months of reports that Manifold's hands-on management style was viewed as aggressive. Separately, France signaled a shift on "Made in Europe" car subsidies that could include Britain REF