Public Markets 3 Days

Last updated: May 15, 2026, 2:32 PM ET

Equities & Risk Assets Under Pressure

The S&P 500's lengthy weekly winning streak faced fresh headwinds as rising bond yields curbed Wall Street's appetite for risky bets, prompting traders to dump chipmakers and other high-flying technology shares after weeks of record-setting gains. S&P 500 futures fell 1% in premarket trading amid a broad global selloff in bonds, while stocks and bonds fell as traders fretted over inflation after worse-than-expected data releases this week. Bitcoin dipped below $79,000 as a selloff in riskier assets swept up cryptocurrencies, and Ford Motor posted its worst day since 2024 as the AI-driven rally abated. On the retail front, Starbucks took a $400 million charge and laid off 300 corporate workers as it closed regional offices in a bid to slim down, even as sales rebounded. Separately, the Nasdaq hit a new record as chip stocks bounced back, underscoring the uneven nature of the selloff.

Fixed Income & Rising Yields

The 30-year U.S. Treasury yield neared its highest level since 2007, with investors snagging 5% yields on 30-year Treasuries for the first time since 2007 as surging energy prices push inflation — and expectations for more of it — higher. Traders renewed bearish bets on U.S. Treasuries, lifting expectations that the Federal Reserve will raise interest rates as oil prices and inflation push higher. Bond futures face disruption from a global surge in yields as traders overhaul their hedging positions, a risk that has prompted G-7 finance chiefs to discuss the government bond selloff sending benchmark yields to multi-decade highs. The ECB will need to raise borrowing costs if crude prices feed through to inflation expectations, according to Governing Council member Martins Kazaks. In credit markets, investors are buying up corporate bonds enticed by high yields and robust blue-chip results, while BlackRock says staying invested in credit for income is the best way to navigate current volatility.

Geopolitics, Oil & Commodities

Oil futures climbed on fears of a broader energy crunch after President Trump failed to secure a commitment from China to help persuade Iran to reopen the Strait of Hormuz, while major forecasters slashed expectations for oil consumption as the Iran supply shock risks the biggest hit to demand growth since Covid. Oando Energy is witnessing a revenue surge as buyers seek safer alternatives to Gulf oil, and Nigerian oil producers are reaping an Iran war windfall that has "shattered" the region's reputation as a safe operating environment. Saudi Aramco cracked open its empire to Wall Street in a $35 billion push, days after a BlackRock-led group signed an $11 billion lease for natural gas facilities. India agreed with the UAE to expand strategic crude and gas stockpiles to guard against future supply disruptions, while Turkey's Kontrolmatik defaulted on 450 million lira in debt, marking a rare corporate default. Silver collapsed well below $80 an ounce in a volatile week, and copper retreated from a record close as Chinese purchases slowed amid the Xi-Trump summit.

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