Public Markets 24 Hours

Last updated: May 29, 2026, 11:33 AM ET

Energy & Commodities

Oil prices fell sharply as the U.S. and Iran edged closer to an agreement to extend their ceasefire, with Brent crude heading for its biggest monthly decline since 2020. The potential reopening of the Strait of Hormuz pushed oil down to a six-week low, with traders betting on a 60-day extension of the truce. Meanwhile, aluminum markets faced deepening shortages as the closure of the Strait of Hormuz throttled supply, with spot prices spiking while exchange inventories dropped significantly. Japanese aluminum buyers were offered record premiums for third-quarter supply, reflecting the tightening market conditions. In agricultural markets, sugar posted its biggest gain in a month on concerns that an emerging El Niño weather pattern could damage cane crops in India, the world's second-largest producer.

Geopolitical Developments

The Trump administration cleared the way for U.S. companies to avoid at least $40 billion in taxes through schemes in Malta, Bermuda, and Cyprus since the beginning of 2025. In trade policy, the president's negotiators proposed that autos under the USMCA be at least 50% made in America, a significant shift from the current agreement. The administration also designated Brazil's two largest drug gangs as terrorist groups, following through on threats. In Europe, Romania signaled it might invoke NATO's Article 4 after a drone, allegedly Russian, wounded two civilians near the Ukrainian border, escalating tensions with Moscow. The U.S. and Iran drafted a cease-fire extension that could reopen critical shipping routes in the Persian Gulf, though oil prices briefly jumped after the U.S. said it shot down four Iranian attack drones.

AI & Technology Surge

Ford Motor Co. shares are set to record their best monthly gain in 17 years as the automaker's newfound status as a possible beneficiary of the artificial intelligence boom sparked an investor frenzy. Meanwhile, the S&P 500 extended its rally for a ninth straight week, driven by hopes of a U.S.-Iran peace deal and expectations that AI spending will drive further corporate gains. Taiwan lifted its 2026 growth outlook to more than 9% as demand for tech goods in the AI era topped worries about the Iran war boosting energy costs. However, U.S. spot-Bitcoin ETFs saw $2.8 billion in outflows during the longest streak of withdrawals since the products debuted, indicating cooling demand for the largest cryptocurrency. Micron, Samsung and SK Hynix are trading cheap despite their $1 trillion valuations as AI has made memory chips more valuable than oil.

Central Bank Actions

Japan spent a record $73.6 billion over the past month to prop up the yen after the currency slid past 160 per dollar, according to Finance Ministry data confirming the government's first major intervention since 1998. The European Central Bank's Fabio Panetta stated the case for an interest-rate hike while urging colleagues not to flag subsequent tightening, reflecting the bank's cautious approach to fighting inflation. Federal Reserve Bank of Kansas City President Jeff Schmid said officials must stay focused on inflation and should make it clear they're willing to do what's needed to achieve price stability. Indonesia and India intervened on Friday to prop up their currencies, which are being pressured by an energy price spike linked to the Middle East conflict.

Corporate Developments

BlackRock scaled back equities across its $220 billion model-portfolio business as U.S. equities surged to record highs following a strong earnings season. Shutterfly kicked off a $1.9 billion junk bond deal to tackle its debt pile, looking to refinance with $1.875 billion of new junk bonds and loans. JPMorgan Chase Chief Executive Jamie Dimon said his bank's trading business could outperform expectations this quarter as market turbulence shows no signs of easing. In the airline sector, Indi Go reported an unexpected quarterly loss as cost pressures, operational disruptions, and softer demand linked to the Middle East conflict impacted Asia's largest low-cost carrier. Meanwhile, Hershey Co. shares may get a boost from summer events including the FIFA World Cup and America's 250th anniversary, according to investors who see sweet treats sales potential.

Global Market Performance

U.S. stocks rally continued on Friday, boosted by hopes of a peace deal between the U.S. and Iran and expectations that AI spending will drive further gains. The S&P 500 Index returned to all-time highs, though Wall Street's two-month rally has slowed dramatically, according to analysts. Ford's potential AI connection lifted shares for their best monthly gain in 17 years, while CTS Eventim shares jumped after U.S. tours and the Winter Olympics drove earnings. In Europe, France's economy unexpectedly contracted at the start of 2026, raising concerns over its resilience to the fallout from the Iran war. Taiwan revised up its economic growth forecast for this year as demand for tech goods in the AI era topped worries about rising energy costs. Japan's financial markets entered a new phase in which rising bond yields signal not just healthy monetary policy normalization but also the risk that inflation may increase too much.