Public Markets 3 Days

Last updated: May 16, 2026, 5:30 AM ET

Energy & Commodities

Oil futures extended gains for a second session as the prolonged closure of the Strait of Hormuz fueled inventory concerns, while U.S. crude stocks fell 4.3 million barrels last week, the third straight weekly drop. The supply shock pushed 10-year Treasury yields toward 4.6%, their highest in over a year, as inflation fears mounted. In metals, copper hovered near record highs amid supply worries, even as gold slumped in the broad selloff on expectations of sustained higher rates. Abu Dhabi National Oil Co. kept loading LNG onto dark tankers in the Persian Gulf, underscoring efforts to maintain flows despite the crisis.

Fixed Income & Currencies

The global bond rout intensified as oil’s surge deepened inflation anxieties, with U.S. 30-year yields hitting a 2007 peak and Japanese long bonds sliding under pressure. Fidelity International’s Mike Riddell profited from his inflation bet as price pressures re-emerged, while Ecobank explored yuan trade links to reduce dollar dependency. The dollar weakened modestly on trade truce hopes, aiding gold’s resilience, but the yen faltered as Tokyo shares lagged amid energy shock concerns.

Geopolitics & Trade

President Trump’s Hormuz insurance facility stalled with zero uptake due to absent naval escorts, while his Taiwan arms-sales bargaining chip raised U.S. commitment doubts. After the Xi summit, Boeing shares slid as China stayed silent on the touted 200-plane deal, though the U.S. and Nigeria killed an ISIS leader. NATO pressed European arms makers to boost production, and the U.S. eyed terrorism laws against Mexican officials, signaling a harder line.

Equities & De-Equitisation

Wall Street’s risk rally collided with the bond selloff as yields spiked, but Nvidia’s surge to $5.5 trillion propelled S&P 500 records. The AI boom could end the de-equitisation trend, with private credit under UK scrutiny after setbacks. Stripe’s John Collison discussed agentic commerce as a paradigm shift, while Anthropic’s secondary share clampdown rattled private-market investors. Harvard’s endowment chief announced his retirement after growing assets to $57 billion.

M&A & Deals

A tie-up creating a $400 billion utility was explored by Next Era and Dominion amid AI data-center demand, while Vitol offered Iraqi oil outside Hormuz as ships exited the Gulf. GIC and Itausa injected $1 billion into Aegea, and Appian bought a Namibia copper project betting on green-energy demand. Argentina’s YPF launched a $25 billion oil project, and Senegal targeted a $7.5 billion gas phase to end subsidies. In tech, OpenAI acquired a voice-cloning startup, and SpaceX filed for a June IPO.

Sector Themes

Rare earths deals heated up as West sought independence from China, while Mercedes-Benz signaled defense-entry readiness. The botox boom defied inflation, and Klarna’s shift to big-ticket loans boosted revenue. Lime’s IPO priced at a $2 billion valuation on 28x profits, and Fervo’s geothermal IPO raised $1.9 billion. Forbright filed for a digital-banking IPO, and Erock’s data-center power systems drew a U.S. listing.

Europe & Emerging Markets

European stocks looked attractive post-pullback as policymakers eyed fiscal stimulus, but the region lacked ingredients for a stock-market win amid energy shocks. UK gilts fell on Burnham risk as the mayor emerged as a borrowing-limit wildcard. Ghana’s stock rally spurred bank IPO hopes, and Colombia’s GDP beat lifted Petro’s ally. India’s rupee defense reassured bulls, while Argentine energy giant YPF sought incentives for its $25 billion project.

U.S. Policy & Politics

Trump’s China summit ended with vague trade pledges, and his loyalist pursued election-fraud probes. The administration weighed a $1.7 billion fund for Biden-investigated allies, and it withheld $1.3 billion from California over Medicaid fraud. The Supreme Court rejected Virginia’s voting-map bid, and Texas blocked a bar’s “barber shop” name. Ahead of the July 4 holiday, National Guard troops deployed to D.C. as the FBI faced ethical scrutiny.

Corporate & Credit

Berkshire sold $8 billion in Chevron as oil peaked and bought $2.6 billion in Delta, reigniting its airline bet. BlackRock’s private-credit fund faced a U.S. probe over valuations, and Mizuho planned to trim its Orico stake after activist pressure. Jaguar Land Rover swung to a loss after a cyber attack and tariffs, while Wells Fargo raised $6 billion in its latest bond sale. A 26-year-old disrupted BlackRock and Goldman with buffer ETFs.

Market Structure & Anomalies

The SEC’s climate-disclosure rule faced uncertainty, and Cornell criticized students after a car bump. A surge in aluminum created a $48 billion fortune, while a rare Ebola strain killed dozens in Congo. A mango-dealer subculture thrived, and a start-up claimed planet-cooling tech. A hantavirus outbreak prompted psychosocial support, and a credit-score system baffled consumers.