Public Markets 24 Hours

Last updated: May 28, 2026, 11:32 PM ET

Energy & Commodities

Oil prices fell sharply amid reports that the U.S. and Iran tentatively agreed to extend their ceasefire by 60 days, putting Brent crude on track for its steepest monthly decline since 2020. Industrial metals headed for their best monthly gain since January as the truce hopes eased supply disruption fears, while gold held gains near $2,340/oz after the tentative deal calmed inflation concerns. Chevron CEO warned prices could jump over summer as the Strait of Hormuz blockade has removed up to 13 million barrels daily from global markets, and three Russian-sanctioned crude tankers suffered drone attacks off Turkey's Black Sea coast overnight.

Equities & M&A Activity

SpaceX lowered its IPO valuation target to at least $1.8 trillion as Elon Musk's rocket and AI venture steps into the unknown economics of frontier models, though Musk's tweet undermined claims about the Anthropic data center deal being a three-year agreement rather than 180 days. Dell shares soared 150% since President Trump's account purchased more than $1 million worth, buoyed by data-center revenue and a $9.7 billion Pentagon contract that raises questions about the president's portfolio. The proposed merger of Union Pacific and Norfolk Southern hit a snag as the federal Surface Transportation Board sought more information on the $71.5 billion railroad combination.

Fixed Income Markets

Japanese government bonds traded mixed in early Tokyo session amid signs of a possible U.S.-Iran deal, while Credit Agricole sold $670 million in samurai bonds with wider spreads than comparable domestic corporate debt amid rising benchmark yen rates. Japan's major banks are set for their busiest fiscal year in over a decade for issuing hybrid bonds to fund regulatory capital requirements, and Pacific Investment Management Co. warned junk debt for data centers is diverging into two markets as winners and losers emerge among issuers.

Currency & FX Markets

Asian currencies consolidated against the dollar as traders weighed potential U.S.-Iran deal implications, while the greenback's monthly rally left strategists wary of further gains as Wall Street prices in higher U.S. interest rates. Japanese Finance Minister Satsuki Katayama reiterated authorities can act on currency volatility, and South Korea's giant pension fund raised domestic stock target as the Kospi soared, potentially helping avoid forced sales of holdings.

Banking & Financial Services

Toronto-Dominion Bank lifted its dividend after strong underlying performance in the latest quarter, joining other major Canadian banks in returning cash to investors. CIBC agreed to sell its Caribbean arm for $1.6 billion while buying back shares, and South East Water sought a fix after Moody's downgraded its debt to junk, triggering license breach concerns with UK regulator Ofwat.

Consumer & Retail

Dollar Tree logged higher profit and revenue as its value proposition resonated amid uncertain macroeconomic conditions, with consumers continuing to rely on low-cost goods. Gap cut its full-year sales outlook citing slower Old Navy growth, while Burlington Stores lifted guidance after logging higher profit and sales as inflation concerns drove consumers to seek value. Costco reported higher third-quarter profit as value offerings continued drawing inflation-weary shoppers.

Technology & AI Investing

Anthropic raised funds at a $900 billion valuation to become the world's most valuable AI startup, topping OpenAI's $730 billion figure as the companies duel for dominance. China's export prices climbed most in three years as a global oil shock filters through the manufacturing powerhouse and an AI investment boom sends chip prices soaring. Large asset managers are rolling out actively managed emerging-market ETFs as alternatives to benchmarks dominated by AI stocks.

Geopolitical Risk & Markets

The Trump administration designated Brazil's two largest drug gangs as terrorist groups following pressure from the Bolsonaros, while Guatemala agreed to joint drug gang strikes with the U.S., expanding Trump's regional campaign. The Strait of Hormuz standoff created a stalemate involving economic warfare, with Iran controlling the waterway and the U.S. blockade neither achieving peace nor raging conflict.

Legal & Regulatory Developments

The Justice Department is examining funding of E. Jean Carroll's lawsuits against President Trump, while two monetary judgments against the former president are winding through the legal system with the Supreme Court likely as the final arbiter. Disney's ABC accused the Trump administration of threatening broadcast licenses in a campaign of "unconstitutional retaliation," though the broadcaster complied with early renewal demands.