Public Markets 3 Days

Last updated: May 15, 2026, 11:30 PM ET

Public Markets Briefing For the past three trading days

Energy & Utilities

Oil futures rose 2.3% on Friday, posting back-to-back gains as the prolonged closure of the Strait of Hormuz fueled inventory concerns. The surge extended a volatile week where Iranian oil flows were cut amid a suspected spill near Kharg Island, the nation’s primary export hub. The geopolitical risk premium collided with a temporary thaw in U.S.-China tensions after the Trump-Xi summit, which failed to secure a clear breakthrough on Iran. In a separate development, Abu Dhabi National Oil Co. continued loading LNG onto dark tankers in the Persian Gulf, a tactic to bypass maritime tracking and maintain flows through the Strait of Hormuz. The M&A landscape shifted dramatically as Next Era Energy advanced talks to acquire Dominion Energy in a mostly stock deal, a transaction that would create a $400bn U.S. utility giant positioned to capitalize on surging electricity demand from data centers. The deal, reported by multiple outlets, sent shares of both companies higher, with Dominion jumping over 15% on the week.

Geopolitical Flashpoints

The Iran war’s spillover continued to roil markets. Global bonds tumbled as the 30-year U.S. Treasury yield closed the week at its highest level since 2007, driven by inflation fears from the conflict. The 10-year Treasury climbed to nearly 4.6%, its highest in over a year, as traders priced out Fed rate cuts. In the Gulf, an Iran-linked LPG tanker sailed past the U.S. Navy’s blockade line, testing Washington’s enforcement of sanctions. Pakistan, meanwhile, imported a second Persian Gulf LNG shipment in a week, leveraging its newfound diplomatic clout to ease an energy crunch. The human cost mounted, with Cuba plunging into darkness after the U.S. choked off its fuel supply, and executions surging in Iran since the cease-fire, according to rights groups.

Technology & AI

The artificial intelligence boom continued to reshape capital markets. Cerebras, a decade-old chip startup, generated billions for early VCs after its IPO, while founder Andrew Feldman saw his net worth reach $3.2bn. In a quieter move, OpenAI acquired Weights.gg, a social network for sharing AI algorithms, bolstering its voice-cloning capabilities. Amazon’s AI ambitions sent its stock racing toward the $3tn club, with investors optimistic about its cloud and AI service positioning. However, Ford shares fell the most in 15 months as a broader tech-driven rally abated, highlighting the uneven impact of the AI infrastructure build-out. Meanwhile, Morgan Stanley remained upbeat on South Africa despite the oil shock, citing longer-term reform prospects.

Fixed Income & Currencies

The global bond rout intensified, with U.S. 30-year yields hitting 4.6% and the British pound under pressure as political turmoil in Westminster spooked overseas buyers. The Czech central bank warned that monetary policy remains restrictive after inflation jumped due to the Iran war. In Asia, the Reserve Bank of India raised bond-trading targets for primary dealers to boost liquidity, while the Hungarian forint weakened after an unexpected rate cut on FX swaps. The European Central Bank’s Christine Lagarde called it a “make-or-break moment” to reform the EU amid the selloff. Investors rotated into corporate bonds, with inflation risks giving credit the edge over sovereigns, as robust earnings from blue-chip firms offset Middle East conflict jitters.

Corporate Moves & Capital Markets

Berkshire Hathaway sold $8bn of Chevron shares as oil prices soared, while simultaneously amassing a $2.6bn stake in Delta, reigniting its airline industry bets. BlackRock’s private credit arm faced scrutiny from U.S. regulators probing its valuation practices at TCP Capital Corp. On the IPO front, Erock, a modular power systems maker for data centers, filed for a U.S. listing, disclosing widening losses despite rising revenue. Forbright, a digital banking platform, pitched its middle-market focus in its IPO filing, highlighting growing deposits. SpaceX planned to file publicly for its IPO as soon as Wednesday, potentially the year’s largest listing. In the crypto space, Kraken cut 150 workers after deploying AI, with its IPO now eyed for 2027, while the Winklevoss twins invested $100mn into their battered Gemini exchange.

Market Structure & Regulation

The SEC’s regulatory push continued, with new state laws aiming to bar private equity from medicine starting to show teeth in California and Oregon. In Washington, the crypto industry scored a win after a brawl with banks as a marquee digital asset bill advanced past a key Senate committee. Prediction markets gained institutional traction as Virtu Financial began trading on Kalshi, joining a small group of market makers in event bets. Meanwhile, South Africa’s sovereign bonds wobbled on oil shock concerns, though Morgan Stanley maintained a bullish long-term stance.

Real Assets & Industrials

Mercedes-Benz signaled a strategic shift, stating it is willing to enter defense production as German manufacturing seeks to become a major Western defense player. In luxury, Salvatore Ferragamo plummeted after reporting a lack of growth acceleration, mirroring broader struggles in the sector. Demand for skin injectables remained resilient despite inflation, according to Galderma, as consumers prioritized aesthetics. In the U.S., natural gas futures rose for a third session on warmer weather forecasts, while ethanol bill advocates won a House vote but faced an uncertain Senate future.

Institutional Investors

Harvard Management Co. announced that longtime endowment chief N.P. Narvekar plans to retire, having grown the fund from $35.7bn to nearly $57bn. The search for his successor comes as endowments navigate a higher-for-longer rate environment. In South Africa, the PIC, the continent’s largest pension fund, was said to be considering a $1bn infrastructure joint venture with GIC and Itausa, targeting water and energy projects. Meanwhile, hedge funds boosted bullish copper wagers to a five-month high, anticipating supply tightness from the energy transition.

Equities & Volatility

The S&P 500’s long winning streak confronted inflation and higher rates, with the index ending the week lower as Treasury yields spiked. Silver slumped below $80 an ounce after a rollercoaster week, while gold declined as investors weighed the Fed’s rate path. Tech mega-caps like Amazon and Microsoft (which saw a new stake from Pershing Square helped temper broader losses. In a sign of market froth, a 26-year-old entrepreneur was undercutting BlackRock and Goldman ETFs with buffer strategies, and Corgi’s “bark” drew attention in the crowded ETF space.

Geopolitical Economy

The U.S. weighed a $1.7bn fund for allies investigated under Biden, a plan critics called a political slush fund. The Trump administration aimed to use terrorism laws to target Mexican officials, while Pakistan leveraged diplomatic clout for Gulf LNG. In Latin America, Argentina’s YPF sought an incentive program for a $25bn oil project, the largest since President Milei took office. Peru’s presidential run-off pitted Keiko Fujimori against a leftist rival, adding to regional political uncertainty.

Legal & Regulatory Affairs

The Supreme Court rejected Virginia Democrats’ voting map effort, leaving congressional boundaries drawn by Republicans in place for the midterms. In a separate case, a judge declared a mistrial in Harvey Weinstein’s rape case, the third such trial. The Justice Department aimed to use terrorism statutes against Mexican officials, a novel escalation in the drug war. Meanwhile, right-to-repair advocates renewed their fight against Deere, this time in construction equipment, after the company paid $99mn to settle a farmer lawsuit.

Market Structure & Liquidity

The global bond rout caught up with Wall Street’s risk rally, as volatility spiked in credit and rates markets. MSCI announced cuts to some Indonesian stocks, removing tycoon-owned companies from global indices. In the UK, Gilts fell as traders braced for potential borrowing limit breaches under Mayor Burnham. The Czech central bank warned of lingering tightness after inflation jumped, while the Hungarian forint weakened