Public Markets 3 Days

Last updated: May 16, 2026, 2:30 AM ET

Energy & Geopolitics

Oil futures extended gains, with Brent crude rising above $109 and U.S. crude posting back-to-back gains as the prolonged Strait of Hormuz closure fueled inventory concerns. The rally intensified after the Trump-Xi summit yielded no breakthroughs on Iran, while Abu Dhabi National Oil Co. continued loading LNG onto "dark" tankers masking their locations in the Persian Gulf. The disruption has caught up with Wall Street’s risk rally, as global bonds tumbled on inflation fears from the conflict. Meanwhile, Berkshire Hathaway sold $8 billion of Chevron shares as prices soared, and the U.S. weighs a $1.7 billion fund for allies investigated under Biden, drawing criticism as a political slush fund.

Fixed Income & Currencies

The global bond rout deepened, with the 10-year Treasury yield climbing to nearly 4.6% and the 30-year yield hitting a 17-year high as inflation pressures mounted from oil. Japanese government bonds extended their rally tracking U.S. Treasurys, while the pound fell to a one-month low after Manchester Mayor Andy Burnham announced a parliamentary run that could challenge UK Prime Minister Keir Starmer. The European Central Bank’s Yannis Stournaras warned of a possible rate hike if oil prices remain elevated, highlighting policy divergence. In corporate credit, Blackstone arranged a $1.2 billion loan for Air Trunk’s Japan data-center expansion, and BlackRock’s private credit fund is under federal scrutiny over valuation practices.

AI/Data Center Infrastructure Boom

The artificial intelligence infrastructure trade broadened, with robotics stocks surging in Asia and hedge funds making a killing in AI hardware. Erock, a modular power systems maker for data centers, filed for a U.S. IPO disclosing widening losses on rising revenue. Next Era Energy and Dominion Energy are in tie-up talks to create a $400 billion utility giant to meet AI-driven electricity demand. Blackstone Digital Infrastructure Trust raised $1.75 billion in an IPO to buy data centers, while private equity faces a $3 trillion exit bottleneck. Meanwhile, OpenAI acquired voice-cloning startup Weights.gg, and a 26-year-old is undercutting BlackRock and Goldman with buffered ETFs.

Corporate Deals & Market Activity

Vin Fast plans to shed $6.9 billion in debt via Vietnamese factory spinoffs, while Indian conglomerate Adani Group revives a $1 billion bond sale after lobbying the Trump administration. GIC and Itausa led a $1 billion injection into water concessionaire Aegea, diluting Equipav. In the U.S., Forbright filed for an IPO targeting middle-market lending, and Manipal Hospitals begins marketing a $1 billion IPO. Kraken cut 150 workers after deploying AI, delaying its IPO as crypto prices fell. The SEC settled its Adani case as U.S. authorities moved to end actions against the Indian tycoon.

Commodities & Materials

A surge in aluminum prices catapulted China Hongqiao’s Zhang Bo to a $48 billion fortune. Copper bullish wagers hit a five-month high before prices reached a record. Gold ended the week 3.49% lower at $4,555.80 as real yields rose, while silver fell 9.1%. Natural gas futures extended their winning streak on warmer weather forecasts, and crude oil’s rally pushed U.S. airline bonds lower after jet fuel costs spiked 8%. The Trump administration’s $40 billion Hormuz shipping insurance facility has done zero business due to absent naval escorts.

Geopolitical Tensions & Security

The Long Island Rail Road suspended service in its first strike since 1994 after failed contract talks. In Congo, a rare Ebola strain with no approved vaccine killed dozens after circulating undetected. U.S. and Nigerian forces killed an ISIS leader in Africa, while the U.S. charged a Kataib Hezbollah commander with plotting attacks on Jewish sites. The Pentagon increased spy plane flights over Cuba as Trump weighs military action, and the Justice Department aims to use terrorism laws against Mexican officials. Meanwhile, the U.S. cut off Cuba’s fuel supply, plunging the island into darkness.

Technology & Media

SpaceX plans to file its IPO as soon as Wednesday. Weights.gg, a social network for creating AI algorithms, was acquired by OpenAI. Revolut received a license to launch a private bank for wealthy clients. Tencent reported double-digit profit growth as its core businesses cushioned AI push costs. EY retracted a study after AI hallucinations skewed research, the latest example of new technology leading professionals astray. Social media platform X promised stronger action on illegal hate speech after an Ofcom probe.

Consumer & Healthcare

Klarna’s shift toward big-ticket loans drove strong revenue, while Revolut targets wealthy clients with a new private bank. Galderma reported resilient demand for skin injectables despite inflation. Texas Children’s Hospital will open a ‘detransition’ clinic in a settlement with the state. The U.S. added four airmen killed in 1996 to a potential Raúl Castro indictment, using a Venezuela-style pressure campaign. Meanwhile, Cornell criticized students after its president bumped them with his car, and the Smithsonian reinstated impeachment language on a Trump portrait.

Financial Institutions & Regulation

The PCAOB considers deep staff cuts as the Trump administration overhauls oversight. Federal prosecutors scrutinize BlackRock’s TCP Capital over valuation practices. JPMorgan’s Paul Quinsee says global stock winners go beyond AI, while a 26-year-old is undercutting BlackRock and Goldman with buffered ETFs. The U.S. audit regulator weighs deep cuts in a Trump administration overhaul. Meanwhile, the U.S. cut grocery subsidies, reducing consumer demand, and the federal gas tax suspension would save drivers little.

Political Developments

British politics roiled as Keir Starmer’s leadership faced a challenge from Andy Burnham, sending the pound to a one-month low. In the U.S., the Supreme Court rejected Virginia Democrats’ voting map, and Texas’s Supreme Court blocked Abbott’s effort to remove Democratic lawmakers. Trump, in Beijing, touted trade deals but provided few details, while his loyalist Dan Bishop leads a fraud probe into elections. The administration plans a $1.7 billion fund for Biden-investigated allies, denounced as a political slush fund. Meanwhile, the U.S. cut off Cuba’s fuel, and Michigan sued over a coal plant order.

Market Structure & ETFs

Corgi, a 26-year-old firm, is undercutting BlackRock and Goldman with buffered ETFs. Blackstone’s new REIT raised $1.75 billion for data centers, reflecting unabated AI infrastructure appetite. The SEC’s settled Adani case ends U.S. actions against the Indian tycoon. Meanwhile, the U.S. audit regulator weighs deep cuts, and hedge funds boosted copper wagers to a five-month high. The IPO market revives with Forbright’s filing and Manipal Hospitals’ planned $1 billion offering, while Kraken’s IPO may slip to 2027.

Healthcare & Biotech

Texas Children’s Hospital will open a ‘detransition’ clinic in a settlement with Texas. The U.S. added four Cuban airmen killed in 1996 to a potential Raúl Castro indictment. Meanwhile, the CDC monitored 16 more people for hantavirus after a flight from Johannesburg. In politics, Rich Danker, RFK Jr.’s spokesman, resigned over vaping policy. The healthcare sector sees private equity activity, with Apollo’s West Technology in talks to sell its remaining business.

Real Estate & Infrastructure

Blackstone raised $1.75 billion for a data-center REIT, while Vin Fast spins off factories to shed $6.9 billion in debt. In the U.S., Chicago’s planned muni bond sale tests investor appetite amid geopolitical uncertainty. The luxury real estate market sees turbulence, with the Smithsonian reinstating impeachment language on a Trump portrait. Meanwhile, the U.S. cut grocery subsidies, reducing consumer demand, and the federal gas tax suspension would save drivers little.

Transportation & Logistics

The LIRR strike halted America’s busiest rail line, the first walkout since 1994. Boeing shares slid after Trump-Xi deals disappointed, while Trump and Boeing announced a 200-plane China sale Beijing hasn’t confirmed. Singapore Airlines posted a profit drop as Air India losses and Iran war disruptions weighed. In logistics, Adnoc continued loading LNG onto "dark" tankers through Hormuz. Meanwhile, the U.S