Public Markets 3 Days

Last updated: May 18, 2026, 5:33 PM ET

Energy & Commodities

Crude oil markets remained volatile as the U.S. extended its Russian oil waiver for 30 days amid mounting pressure from high fuel prices, with President Trump's administration weighing additional measures to ease consumer pain at the pump. The Iran conflict has pushed Brent crude toward $90 a barrel, according to Bank of America's commodities chief, who sees this as the best-case scenario for the remainder of the year. Natural gas futures topped $3 per million BTU for the first time since March as weather forecasts point to hotter temperatures driving air conditioning demand. Commodity ETFs have attracted significant inflows as investors seek inflation hedges amid Middle East supply disruptions, while Iran's main oil export terminal at Kharg Island has been devoid of tankers for at least ten days, underscoring the effectiveness of U.S. naval blockade efforts.

Utilities & Infrastructure

Next Era Energy's proposed $67 billion acquisition of Dominion Energy would create a $400 billion utility giant spanning from Florida to Virginia, marking the largest power deal ever as electricity demand surges from AI data centers. The transaction aims to shore up NextEra's credit profile while creating an energy behemoth capable of meeting booming demand for cloud computing infrastructure. Meanwhile, Mexico signed an agreement for a floating gas plant to meet Yucatan peninsula demand, part of a broader push toward private partnerships to boost electricity generation and stabilize the nation's grid. In Japan, Finance Minister Satsuki Katayama indicated bond market considerations will factor into funding new spending to address Middle East conflict impacts.

Corporate Finance & Capital Markets

Akamai Technologies launched a $2.6 billion convertible bond offering to fund cloud computing infrastructure spending, while S&P Global's Mobility unit plans a $2 billion notes sale ahead of its planned spinoff. UBS BB Investment Bank strengthened its equity capital markets team by hiring Claudia Bollina Mesquita as head of ECM, and Citigroup struck a €15 billion partnership with BlackRock to enhance private European lending capabilities. Blue Owl Capital returned to the bond market with a $400 million offering, about a month after completing another $400 million debt sale that helped ease investor concerns about private credit market liquidity.

Geopolitical Risk & Defense Spending

The Iran conflict has cost American consumers approximately $40 billion in extra fuel spending, exceeding infrastructure investment needs for bridge repairs or air traffic control modernization. Pakistan deployed approximately 8,000 troops along with fighter jets and air defense systems to Saudi Arabia under a mutual defense agreement, signaling regional escalation risks. Billionaire Gina Rinehart invested nearly $100 million in U.S. defense stocks during the first quarter, alongside backing two mining companies, as geopolitical tensions drive demand for military equipment and critical minerals.

Technology & Artificial Intelligence

A hedge fund called Darsana Capital Partners has nearly 60% of its assets under management invested in SpaceX shares, potentially earning over $10 billion if the rocket maker completes an IPO. Elon Musk's lawsuit against OpenAI was dismissed after just two hours of jury deliberations, handing a legal victory to CEO Sam Altman and clearing a major obstacle for the AI lab's planned public offering. France's Publicis Groupe agreed to acquire Live Ramp for $2.55 billion in its largest acquisition since 2019, marking a strategic shift toward AI-powered data partnerships. Chang Xin Memory Technologies reported an eightfold jump in quarterly sales as it advances toward a high-profile IPO, bolstering its financial profile amid China's push for semiconductor self-reliance.

Banking & Fixed Income

Foreign holdings of U.S. Treasuries dropped in March from record highs as overseas investors dumped short-term bills while adding to longer-dated federal securities. Vanguard Group remains bullish on Treasuries, stating 10-year yields are near the top of its expected range for the $31 trillion market. Eurozone government bond yields rose to 15-year highs, with the 10-year German Bund yield reaching levels not seen since 2011. Citadel Securities' Scott Rubner warned of growing risks in the powerful fund flows that drove U.S. stocks to record highs, suggesting potential unwinding of momentum-driven positions.

Transportation & Aviation

Delta Air Lines will prioritize global expansion over domestic consolidation, with CEO Ed Bastian focusing on international partnerships rather than U.S. aviation mergers despite elevated fuel costs. Ryanair Holdings suspended financial guidance after jet fuel prices surged, with CEO Michael O'Leary predicting "casualties" among European airlines if the Iran conflict continues. Royal Caribbean shares fell after Mexican President Claudia Sheinbaum ordered a review of the cruise line's water park project in Quintana Roo state, reflecting increased regulatory scrutiny of tourism infrastructure.

Healthcare & Biotechnology

Japanese medical startup Sound Wave Innovation raised about $17 million to advance its ultrasound therapy for Alzheimer's disease, attracting investments from Singapore-based venture capital firms. The Ebola outbreak in Congo prompted U.S. entry restrictions on travelers from the Democratic Republic of Congo, Uganda, and South Sudan, with early surveillance failures delaying identification of the Bundibugyo strain. An American passenger from a hantavirus-infected cruise ship was ordered to remain in quarantine despite wanting to depart an Omaha medical facility, highlighting ongoing public health containment measures.