Public Markets 3 Days

Last updated: May 19, 2026, 5:30 PM ET

Energy & Commodities

Oil futures slipped 1.3% in early Asian trade as OPEC+ signaled potential output increases, while a record gathering of tankers at Iran’s Kharg Island underscored the fragile logistics of the Persian Gulf blockade. Brent crude’s best-case scenario is now $90 a barrel, according to Bof A, as the Hormuz impasse drags on. In metals, nickel spiked following reports of Indonesian NPI production cuts, and copper steadied as traders weighed mixed signals on U.S.-Iran talks. Chile, the top copper supplier, lowered its production outlook but raised price forecasts, reinforcing expectations of tight global supplies. Meanwhile, U.S. natural gas demand is set to rise more in the next decade than it did in the past, driven by data centers and AI. India’s BPCL shifted to spot crude purchases as the Iran war upends term supplies, highlighting refiners’ scramble for alternatives.

Fixed Income & Currencies

A series of large Treasury block sales exacerbated a selloff in the $31 trillion U.S. government debt market, pushing the 30-year yield to its highest since 2007. Rising bond yields are adding pressure on Fed nominee Kevin Warsh, who faces calls to drop the easing bias or risk losing control of rates, warned Yardeni Research. Across the Atlantic, UK gilt worries point to wider bond market vulnerabilities as public debt rises. In Japan, Finance Minister Katayama pledged bold action for a weak yen as needed, while Switzerland grew faster than expected despite the energy spike from the Iran war. The WSJ Dollar Index fell 0.23% to 95.66, snapping a five-day winning streak, as the greenback faced headwinds from shifting rate differentials.

Technology & Dealmaking

Meta began laying off 8,000 employees as part of an AI-first transformation, while Google debuted its new Gemini AI model to close the gap with Anthropic and OpenAI. The tech IPO pipeline is surging, with Wall Street racing to lift targets on Japan’s chip darling Kioxia and preparing for a boom in tech listings after Cerebras’ $6.4 billion raise. Analog Devices agreed to buy Empower Semiconductor for $1.5 billion to expand its AI compute power delivery TAM. In private equity, KKR and ECP are considering raising their offer for energy group DCC, and Blackstone arranged a $1.2 billion loan for Air Trunk’s Japan data center expansion. The SEC floated reducing IPO disclosures to boost listings, signaling a deregulatory push.

Geopolitics & Trade

The Iran war continues to disrupt energy flows, with U.S. allies urged to enforce sanctions and UK planning to relax banking rules to free up £80bn for lending. Russia, seeking to deepen energy ties to China amid the Gulf upheaval, is following Trump to Beijing. In the South China Sea, Indonesia joined the global market rout as the rupiah hit a record low, while China drew foreign inflows after a brief war-led outflow. The U.S. turned to spot crude purchases and seeks a gas tax holiday to cushion consumers. Meanwhile, Swiss growth weathered the energy spike, and Germany’s gas storage will fill without aid.

Sector & Company Moves

Cava boosted its fiscal-year guidance as traffic growth continued, while Wendy’s became a prime activist target after a one-third share price drop. Lululemon’s peace treaty with its founder fell apart over escalating disputes. United Airlines expects 53 million summer travelers, up 3 million from last year. In industrials, NextEra’s Dominion bid highlights surging data center power demand, and Williams’ CEO sees gas demand outpacing past years. Chanel returned to sales and profit growth and plans more China stores, while Shell won investor backing for higher executive bonuses. In biotech, a San Francisco start-up races sperm in a quirky take on male fertility.

Markets & Volatility

U.S. stock futures fell 0.4% as investors weighed positioning, profit-taking, and rotation. The S&P 500 rally’s durability is being tested by a surge in volatile chipmaker stocks. In Asia, Korea’s world-beating rally hinges on a handful of stocks, stoking overheating concerns. Indonesia’s rupiah hit a record low as local markets joined the global selloff fueled by inflation fears. Rising energy costs and data centers are at the heart of Next Era’s Dominion bid, while slow data center hookups offered summer relief for U.S. grids. The LIRR strike ended but commutes remain tough, and New York’s governor’s race could feel the fallout.

Policy & Regulation

The IRS must drop audits of Trump and family as part of a Justice Department deal, creating an “anti-weaponization” fund. The SEC seeks to boost IPOs with lighter disclosures, while Ireland probes suspicious Polymarket betting. The UK will allow imports of diesel refined from Russian oil, loosening some sanctions. In the U.S., Trump’s team seeks a longer gas tax holiday, and Bessent told allies “no room for excuses” on Iran sanctions. The EPA cleared a weedkiller, paving the way for continued atrazine use despite health concerns. Colorado’s Supreme Court ordered a hospital to restart transgender care after a Trump administration funding threat.

M&A & Capital Markets

The U.S. oil patch sees dealmaking heating up with $20 billion of assets in play. Tata UK won a U.S. tariff exemption, and KNDS plans to cut its stake in Renk ahead of its own IPO. La Caisse arm bought ISC for C$1.2 billion, and Blue Owl’s co-founder sold his Commanders stake as his firm’s stock plummeted. Aspen Group eyes new investors to tackle $3 billion of loans amid a slump. Uber increased its stake in Delivery Hero amid food delivery consolidation. SpaceX’s IPO is igniting Wall Street’s space race, and Google changes its search box for the first time in 25 years with AI.

Global Growth & Inflation

Global finance chiefs are coming to terms with enduring inflation after hopes of skirting a price shock faded. Chile’s economy contracted despite investor optimism over President Kast’s market-friendly proposals. Swiss growth outpaced expectations even as energy prices spiked. Germany’s gas storage will fill without aid, but rising public debt adds pressure on gilts. Indonesia’s rupiah hit a record low as bond yields surged. Niger boosted its stake in a China-backed pipeline as Beijing secures crude supplies. Brazil sends cheap soy oil abroad as its biodiesel plan stalls, creating an export glut.

Data Centers & Power

A blast of late-spring heat strained the U.S. power grid as operators race to repair equipment ahead of a hot summer. Slow data center hookups lowered summer demand forecasts for key grids, potentially avoiding blackouts. Williams’ CEO sees gas demand outpacing past years on AI-driven power needs. NextEra’s Dominion bid underscores the strain, as Americans pay more for electricity and data centers demand more power. Swiss growth weathered the energy spike, but rising energy costs and data centers are central to utility deals.

Financials & Banking

Euronext results beat expectations on volatility-led trading, and the Athens exchange contributed to revenue. Big Four accounting firms post more AI job ads than auditor roles as they adapt to disruption. UBS outgrew its country, raising questions about hosting a financial behemoth. The UK plans to relax post-2008 banking rules to free up £80bn for lending. Shell won investor backing for higher executive bonuses, moving closer to U.S. peer levels. Record borrowing in Europe shows issuers locking in funding before expected ECB hikes.

Geopolitical Flashpoints

The San Diego mosque shooting came amid rising Islamophobia, with CAIR reporting bias complaints at decades-high levels. In Peru, a runoff offers two starkly differing visions for the nation. The ICC sought arrest of Israeli minister, who threatened to evict Palestinians. Trump endorsed Paxton in the Texas Senate runoff, snubbing Cornyn. MAGA women are leading a #Me2.0 in Washington. Conspiracy trial tests Trump’s tactics REF