Public Markets 3 Days

Last updated: May 14, 2026, 8:30 AM ET

Global Equities and Tech Momentum

Equities globally continued their ascent into Thursday, with S&P 500 Index futures marking a 0.3% rise in premarket trade, building on Wednesday's record close, largely driven by fervor around artificial intelligence infrastructure. The tech surge was palpable across markets, as Amazon’s market cap neared $3 trillion on optimism regarding its AI positioning, while Cisco’s premarket surge also bolstered sentiment. This AI optimism extended to emerging markets, where stocks advanced for a third straight day as Taiwan’s TSMC and Chinese firms joined the rally, even as questions linger about an AI spending plateau on the horizon.

US Corporate News & Sector Moves

Corporate activity saw mixed results across sectors, with Versant shares rallying 15% after beating expectations, despite reporting declines in both revenue and net income stemming from lower subscriber counts and ad sales. Meanwhile, Amazon’s primary server partner, Foxconn, reported robust first-quarter revenue and profit due to ramping up production of advanced server racks, while Nvidia partner Hon Hai Precision Industry also posted stronger-than-expected quarterly profit, underscoring sustained hardware spending. In the luxury retail space, Watches of Switzerland Group Plc saw revenues hit a record, fueled by strong demand from US collectors, leading the firm to forecast 5% to 10% organic revenue growth for fiscal 2027 on constant-currency terms.

European Markets and Fintech

European markets experienced a pullback on Tuesday, with stocks slipping as a hotter-than-expected US inflation print pressured central banks and weighed on investor outlook, exacerbated by a plunge in Vodafone shares and softness in banking stocks. Fintech firms presented a stark contrast in fortunes; while Revolut secured UK approval to offer more complex products aimed at wealthy clients, European counterpart Klarna saw its shares plunge 70% since its New York IPO last September, despite the company managing to break even for the first time. Furthermore, JPMorgan is preparing to launch its Chase digital bank in Germany, almost five years after its UK debut, signaling continued expansion into the Eurozone.

Geopolitics, Energy, and Inflation

Heightened geopolitical risk, primarily stemming from the ongoing conflict in the Middle East, continued to drive volatility in energy and inflation-linked assets. Oil futures edged higher ahead of the high-stakes meeting between Presidents Trump and Xi, while delegates indicated that key OPEC+ members plan to complete a series of quota increases by the end of September. This backdrop of rising energy costs is creating specific inflationary pressures globally; India’s producer prices surged to a three-and-a-half-year high due to elevated input costs, and Turkey was forced to scrap its inflation target citing uncertainty from the US-Israeli war. In fixed income, Japan’s 20-year government bond yield touched its highest level since 1997, reflecting rising inflation pressures there.

US-China Relations and Trade

The meeting between President Trump and President Xi Jinping dominated diplomatic and trade headlines, with both sides seeking to stabilize commercial ties amid geopolitical tensions. China renewed import licenses for hundreds of US beef plants, reviving trade as the leaders convened. This development comes as US officials noted that China is interested in securing more US oil to reduce Middle East dependence, a topic potentially linked to the movement of a Chinese oil supertanker exiting the Persian Gulf just prior to the summit. Meanwhile, the US dollar eased slightly after earlier gains following higher-than-expected wholesale inflation data.

Infrastructure, Telecoms, and Commodities

Major infrastructure and utility plays saw activity as large asset managers continue their push into long-term assets. Brookfield Corp. reported a profit as it advances plans to merge its shares with its insurance arm, transforming into an investment-led insurer, a move paralleled by a broader PE trend of insurers piling into alternative credit. In telecommunications, AT&T, T-Mobile US, and Verizon Communications are reportedly teaming up to expand coverage across remote US regions. On the commodity front, Europe is grappling with energy grid inefficiencies, with vast amounts of solar power going to waste because existing grids cannot handle the input, even as the gas market tightens.

Private Equity and Corporate Restructuring

Private equity performance faced headwinds in specific cyclical sectors. 3i Group shares tumbled after flagging slowing sales at discount retailer Action, which accounts for over two-thirds of the group's portfolio value, suggesting even low-cost retail is feeling the pinch of Middle East instability. Separately, Brookfield Asset Management is close to finalizing a $935 million loan to finance its acquisition of air cargo specialist World Freight Co. In the defense sector, Czech billionaire Michal Strnad claimed investors are undervaluing his company CSG NV following a 50% share drop since its IPO. Elsewhere, Lufthansa is moving to increase its stake in ITA Airways to 90% for nearly $400 million.

Asian Corporate & Geopolitical Fallout

Geopolitical conflict continues to reshape Asian corporate strategies and reserves. Singapore Airlines’ annual net profit declined due to widening losses at its Air India unit, reflecting the broader aviation impact of the Iran war. In response to surging oil prices, Asian central banks are defending currencies, leading to slumping foreign-exchange reserves across the region, with the Philippines and India hit hardest. To mitigate supply risks, Japan’s Sojitz Corp. is scouting Southeast Asia for new rare earth supply sources outside of Australia. Meanwhile, China’s credit expansion slowed far more than anticipated in April, with new bank loans contracting, signaling seasonal weakness coupled with broader economic caution.

UK Markets and Real Estate

UK markets showed signs of recovery in sovereign debt after a recent sharp selloff, with UK bonds recovering ground, though political uncertainty continues to concern overseas buyers. In real estate, FTSE 100 landlord Landsec reported occupancy levels at a 20-year high, leading to stronger-than-expected growth in rental income. In the luxury goods sector, Burberry posted higher sales as its turnaround efforts gained traction, though the firm issued a warning regarding the effect of the Iran war on certain regional sales. In healthcare, Spire Healthcare shares soared on a £1bn takeover offer from activist investor Toscafund.

Infrastructure & Commodities Supply Chains

The race for critical materials and energy transition technologies is intensifying global resource competition. A US firm planning the nation’s first large-scale cobalt refinery signed a supply agreement to source hand-dug metal from the Democratic Republic of Congo, which is itself seeking to form partnerships with industrial producers to control illegal mining. Concurrently, AI hyperscalers are reportedly mulling investments into next-gen nuclear fuel supply chains for small modular reactors. On the fertilizer front, India, the largest buyer of diammonium phosphate, is now booking the nutrient at prices 40% above pre-war levels.

Financial Regulation and Tech Scrutiny

Regulatory scrutiny tightened on major technology players. The SEC is reviewing a plan to end its decades-old ‘gag rule’ that permits settlements without admitting wrongdoing, a move criticized by figures like Elon Musk. Tech leadership also faced political inquiry, as Sam Altman’s business dealings are under GOP scrutiny ahead of OpenAI’s potential IPO, with multiple state attorneys general calling for an SEC review. In trading volumes, Polymarket saw a decline in trading volume for the first time in eight months, contrasting with the continued growth of rival Kalshi Inc.