Public Markets 24 Hours

Last updated: May 29, 2026, 8:33 AM ET

Geopolitics & U.S. Equities

U.S. equity futures ticked up 0.1% ahead of the New York open as traders monitored last-ditch diplomacy between Washington and Tehran, while the S&P 500 held near records and remained on pace for a ninth straight weekly gain, powered by resilient AI demand. The risk-on mood did little to stem an exodus from digital assets, as U.S. spot-Bitcoin exchange-traded funds bled $2.8bn during a ninth straight session of withdrawals, the longest streak since their debut.

Energy & Precious Metals

Oil futures retreated on deal hopes after reports that U.S. and Iranian negotiators had drawn up a draft ceasefire-extension agreement that could reopen the Strait of Hormuz, though crude pared losses Friday as the market awaited confirmation. U.S. commercial crude stockpiles fell fifth straight week, dropping 3.3mn barrels, while gold held above $4,500 as expectations of longer-term inflation eased on the diplomatic thaw.

Industrial Metals

Industrial metals headed for best month since January on hopes that Hormuz shipping lanes could soon normalize, yet aluminum supply remains severely strained because exchange inventories are slumping amid deepening shortage after the blockade throttled flows. Japanese buyers are facing record premiums for Q3 after miners including Rio Tinto and South32 Ltd. offered metal at levels traders described as unprecedented, and industry experts warned the aluminum rally is far from done despite crude and LNG stealing headlines.

Japanese Yen & Rates

Japan's Ministry of Finance confirmed that authorities spent record $73.6bn between April 28 and May 27 to support the yen after it slid past 160 per dollar, while the two-year government bond yield edged higher after a lukewarm auction reflected bets the Bank of Japan will raise rates. Finance Minister Satsuki Katayama reiterated intervention readiness if speculative moves or excessive volatility emerge.

Emerging-Market Currencies

Across emerging Asia, central banks have resorted to aggressive rate hikes, yet the moves have shown little success in stabilizing currencies against the dollar's sustained strength. Authorities in Indonesia and India intervened directly on Friday to slow depreciation after an energy-price spike, and in India the rupee's slide to record lows prompted tougher scrutiny of corporate foreign-exchange hedging strategies.

Central Banks & Fixed Income

Federal Reserve Bank of Kansas City President Jeff Schmid warned on inflation and urged officials to signal willingness to do what is needed for price stability, while in Frankfurt, European Central Bank Governing Council member Fabio Panetta acknowledged hike case but urged no pre-set tightening path. The ECB separately flagged that euro-zone consumer price expectations may climb further on the Iran war, reinforcing the argument for the first increase since 2023. Risk-averse investors poured into ultrashort funds as BlackRock warned that traditional portfolio diversifiers are increasingly challenged.

U.S. Retailers

Retailers delivered a bifurcated picture of American consumer health. Costco reported higher profit as its warehouse value model attracted inflation-weary shoppers, while Kohl's narrowed Q1 loss on improved same-store sales and said its turnaround is taking hold. By contrast, Gap cut full-year outlook to growth of 1% to 2%, down from 2% to 3%, citing slower momentum at Old Navy, and American Eagle said its core brand faltered after first-quarter sales fell in its women's segment.

Autos & Airlines

Chinese electric-vehicle maker XPeng slipped into red in the first quarter as revenue slumped, reversing year-end profitability, while rival BYD unveiled self-driving chip as it pivots toward technology-driven growth. In Europe, fears of low-priced Chinese imports have savaged mass-market peers, helping Ferrari dethrone mass-market peers as the continent's most valuable carmaker by market capitalization. India's Indi Go posted unexpected loss after Middle East turmoil drove up fuel costs and disrupted flight schedules.

European Consumer Stocks

In London, Ocado jumped on Asda deal after sealing an online grocery technology partnership, rebounding from last year's U.S. business setback. In Frankfurt, CTS Eventim surged on earnings after U.S. tours and Winter Olympics bookings drove results, though the stock remains down more than 20% year-to-date. On Wall Street, an analyst argued that bull sees rebound in beaten-down Hershey shares ahead of the FIFA World Cup and America's 250th anniversary celebrations.

Technology Hardware

Taiwan lifted growth outlook to more than 9% on insatiable AI demand for tech goods, outweighing worries about the Iran war's effect on energy costs. A Jupiter Asset Management fund beat 92% peers this year by homing in on Europe's AI-energy buildout, while memory-chip makers including Micron, Samsung and SK Hynix now top oil valuations by some metrics, commanding roughly $1tn in combined market cap despite looking cheap on long-term contract models.

IPOs & New Issues

Investors poured $14bn into funds holding SpaceX shares ahead of a long-awaited IPO, while ETF providers line up new products to capture retail demand. In Asia, Shanghai fried-chicken chain Zhengxin Food explores Hong Kong IPO that could raise roughly $300mn, and Malaysia's largest pharmacy chain, Big Caring, seeks $750mn in what could be one of the country's biggest listings.

Deals & Corporate Actions

CVC Capital Partners nears $4bn deal to buy International Flavors & Fragrances' food-ingredients division, the latest private-equity carve-out targeting a big corporate underperformer. Worthington Steel raised $1.4bn in leveraged finance to fund its acquisition of Germany's Klöeckner & Co, and CIBC agreed to sell Caribbean arm for $1.6bn in cash and stock while launching buybacks. Czech billionaire Daniel Kretinsky signaled openness to lifting his newly acquired stake in Total Energies SE.

Financials & Credit Markets

Trading revenues are cushioning money-center banks from macro uncertainty, with JPMorgan Chase Chief Executive Jamie Dimon saying the firm's trading business could outperform expectations this quarter as volatility persists. In credit markets, Pimco's leveraged finance chief urged caution on junk bonds financing data centers, noting the universe is diverging sharply into winners and losers as issuance swings with AI demand.