Public Markets 3 Days

Last updated: May 20, 2026, 11:30 PM ET

Tech IPOs & AI Boom

SpaceX filed for what is shaping up as one of the largest IPOs in history, disclosing a $4.28 billion quarterly loss while CEO Elon Musk retained super-voting control through a structure giving him 85% of the vote SpaceX Files for IPO Showing $4.28 Billion Quarterly Loss. The rocket-to-AI conglomerate laid out ambitions for asteroid mining and satellite deployment in documents that reveal a company still burning cash despite its dominance in launch services Asteroid mining and new billionaires. Meanwhile, Nvidia reported a $58.3 billion quarterly profit, a 211% jump from a year earlier, driven by insatiable demand for data-center chips, and the chipmaker announced it will return more than $80 billion to shareholders Nvidia's Profit Hits $58.3 Billion. SoftBank Group shares surged almost 20% in Tokyo after reports that both OpenAI and SB Energy Corp. are preparing US IPOs, with SB Energy planning to file a confidential draft registration statement for its digital infrastructure offering SoftBank-Backed Firm to File for US IPO. Separately, Anthropic is on track for its first profitable quarter, potentially ahead of OpenAI and xAI Anthropic on track for first profitable quarter.

Asian Markets & Energy

Asian equities and government bonds rallied amid optimism that U.S.-Iran negotiations were entering their final stages, with President Trump saying the two sides were in the "final stages" of a deal President Trump says US in final stages with Iran. South Korean stocks jumped after Samsung reached a tentative deal with its labor union, averting an imminent strike at the world's largest memory chipmaker that had threatened to disrupt the global AI supply chain Samsung reaches last-minute deal. Despite the Kospi's climb, the won remains weak as capital flows and exchange-rate dynamics weigh on the currency Why South Korea's Won Is Weak. In Japan, government bonds extended gains tracking overnight Treasury rallies while oil prices retreated, and US insurer Aflac sold ¥65.9 billion in yen bonds, joining a wave of foreign issuers tapping Tokyo's credit market Aflac Follows Alphabet Into Yen Bond Market. RBC Blue Bay added to yen long positions as the currency drifted back toward 160 per dollar, viewing intervention as increasingly likely RBC BlueBay Adds to Yen Longs.

Fixed Income & Commodities

Treasury yields rose again as the Iran standoff kept energy prices and inflation fears elevated, pushing the S&P 500 futures down 0.4% in premarket trading S&P 500 futures fall 0.4%. Gold declined as persistent inflation concerns fueled bets on rate hikes, with silver slumping to its lowest in nearly two weeks. Junk debt has outperformed most fixed-income classes, yet high-yield credit spreads sit near two-decade lows, prompting warnings of complacency in the credit market Hot Junk Debt Market Is Prompting Complacency Fears. Oil futures inched higher after plunging on Wednesday on the Iran optimism, while Nigerian producers are ramping output to capitalize on the Iran-war crude rally Nigeria Producers to Lift Output. Iron ore fell to a two-week low for a fourth session as concerns about Chinese steel demand intensified. Wheat dropped as China failed to confirm purchases promised by the Trump administration.

US Equities & Real Estate

S&P 500 futures rose 0.3% as investors digested surging rates volatility and crowded semiconductor positioning, though UBS's chief strategist warned that a US consumer slowdown threatens the equity rally as real disposable income growth nears zero UBS Chief Strategist Sees US Consumer Slowdown Threat. Two major apartment owners, Avalon Bay Communities and Equity Residential, are nearing a combination that would create a multifamily REIT giant, people familiar with the matter said AvalonBay, Equity Residential Said to Near Deal. The US Open Stadium operator is in talks to borrow at least $400 million of private credit for refurbishment plans US Open Stadium Seeks $400 Million Private Debt. In the credit-reporting space, Experian shares slipped after its outlook disappointed, dragging the FTSE 100 lower, while Lincoln International raised nearly $421 million in its IPO priced at the top of the marketed range Lincoln International's IPO Raises $421 Million.

China, India & Global Flows

Foreign investors returned to Chinese stocks in April after an initial selloff tied to the Iran conflict, signaling renewed appetite, but the yuan's strength is pressuring exporters on a scale rarely seen in recent years Mounting Exporter Strain Risks Complicating China's Yuan Policy. China's bonds bucked the global rout with yields hitting a nine-month low as ample liquidity supported the local market China Bonds Buck Global Rout. India-bound energy exports are set to grow as the Trump administration pushes increased shipments, with Secretary of State Marco Rubio making a multi-day visit to Delhi US Seeks to Boost Energy Exports to India. Record foreign outflows from Indian equities continue to pressure the rupee, with the currency testing the 100-per-dollar level Global Funds Brace for More Rupee Losses. The Indian government's economic package, revealed by Chancellor Rachel Reeves, aims to cushion cost-of-living pressures from the Iran war Reeves to Set Out UK Cost of Living Plan.