Public Markets 24 Hours

Last updated: May 30, 2026, 11:30 AM ET

Equities & AI

U.S. stocks extended their rally, posting their longest weekly winning streak since 2023 as AI enthusiasm and Middle East ceasefire hopes lifted sentiment. The tech-heavy Nasdaq led gains, with Dell Technologies surging 12% after quarterly results beat estimates, while NVIDIA and other AI chipmakers climbed ahead of upcoming earnings. A French study found AI can boost worker productivity without layoffs, easing concerns that automation threatens employment as two powerful AI-aligned super PACs spent millions dueling over midterm influence. Meanwhile, California Governor Gavin Newsom proposed an AI New Deal to address workforce displacement, and researchers revealed AI solved an 80-year-old math problem that had stumped human mathematicians.

Fixed Income & Rates

The yield curve steepened as Deutsche Bank raised its 10-year Treasury forecast, with the dollar strengthening 0.6% against major currencies amid expectations for a September Fed rate cut. Municipal bond funds attracted near-record inflows as investors sought higher tax-exempt yields, while short-sellers targeted bond ETFs with increasing aggression. Hedge funds turned bearish on U.S. natural gas for the first time since 2024 on abundant domestic supplies, contrasting with citadel Securities posting record $4.3 billion in trading revenues driven by Iran-related volatility. Kalshi launched the first U.S. perpetual futures contracts, expanding access to crypto-style trading for American investors.

Commodities & Energy

Oil prices declined 19% in May, the sharpest drop since 2020 as Brent crude retreated to $72 a barrel, easing Middle East supply fears. Gold futures slipped 1.2% in May to $4,560.50 per ounce, snapping a two-month decline, while silver rallied 2.8% on safe-haven demand. Aluminum prices faced pressure despite China's rare earths exports surged 12% in April, according to customs data. Rio Tinto's U.S. aluminum shipments returned to pre-tariff levels, signaling trade flows are normalizing after Trump's 25% import duties.

Credit & Consumer

Americans fell behind on $1.25 trillion in credit card debt, pushing delinquencies to the highest level since the financial crisis. The Philippine central bank warned inflation may surge further in May due to food price increases and peso weakness, prompting consumer spending concerns across Southeast Asia. Universal Music Group rejected Bill Ackman's $65 billion buyout offer, with shareholders arguing the deal undervalued the world's largest music company. Everlane's "radical transparency" brand faced reality checks as sales declined, reflecting shifting millennial consumer preferences toward more affordable options.

Corporate Spotlight

BP's chairman Albert Manifold was dismissed amid internal conflicts over secret deal talks and strategic direction, replaced by Meg O'Neill who is steering the company through crisis. SpaceX moved closer to its IPO timeline, potentially blocking plaintiff lawyers through charter provisions that could reshape capital markets litigation. OpenAI discussed bringing Citigroup and JPMorgan onto its IPO bank lineup, positioning for a potentially massive public offering. BYD unveiled an autonomous-driving chip as competition intensifies in EV technology, while Hanwha Aerospace pursued weapons deals with Germany and the UK amid surging global defense spending. Trafigura won $92 million in arbitration against Zambia's state-owned mining company, highlighting ongoing disputes over African resource contracts.