Public Markets 3 Days

Last updated: May 21, 2026, 8:30 AM ET

Equities & Tech

U.S. equity futures turned mixed after a modest rebound, with the S&P 500 Index futures slipping 0.3% as traders monitored Middle East tensions following a 0.3% gain the prior day amid crowded semiconductor positions. Nvidia shares whipsawed after the chipmaker reported better-than-expected Q1 revenue and forecasts, though Wall Street still views the $5 trillion company as underappreciated given its dominant AI position. The broader rally lost steam as a lukewarm reaction to Nvidia's earnings eroded sentiment, while SoftBank surged on news that OpenAI's IPO could come as early as this week. SpaceX's upcoming public offering is attracting intense Wall Street interest, with bankers scrambling for a role in what is expected to be the biggest IPO in history, and Goldman Sachs secured top billing for the deal. Elon Musk's company pulled back the curtain on a business empire burdened by ballooning losses and debt, raising questions about the valuation investors will demand. Meanwhile, Ubisoft shares plunged after the Assassin's Creed maker delayed its profitability targets by a year, underscoring investor sensitivity to execution risk in the gaming sector.

Energy & Commodities

Oil futures rose in early Asian trade on technical recovery after back-to-back losses, while Saudi Arabia's oil export revenue jumped to $24.7 billion in March, the highest level since early 2023, as the kingdom redirected shipments amid regional instability. Indonesian palm oil tumbled after President Prabowo Subianto unveiled plans to impose state control over exports of key commodities including coal and palm oil, a move that has traders on edge across the archipelago's raw materials sector. Invesco reported investors are pouring money into commodity ETFs as the Iran war fuels energy inflation, and three supertankers attempted the Hormuz crossing carrying 6 million barrels of crude bound for China and South Korea. European Commission forecasts warn that euro-area growth will slow markedly while suffering its fastest inflation since 2023 as the energy-cost surge from the Iran conflict intensifies, and French business activity shrank at the fastest pace since 2020 as higher energy prices hit consumers and firms. Saudi Arabia stopped new work for consultants and delayed payments amid efforts to tighten spending controls for Vision 2030 megaprojects.

Retail & Consumer

Walmart posted rising sales as its e-commerce business lifted grocery and online revenue in the most recent quarter, even as profit growth slowed because the retailer absorbed higher fuel costs to hold down consumer prices. Target and TJ Maxx attracted shoppers squeezed by energy prices as higher fuel costs drove up the price of everyday goods, suggesting discount retailers are gaining market share as household budgets tighten. Easy Jet posted a widened pretax loss and bumped up ticket prices to offset rising jet fuel costs, with customers showing hesitance to book amid ongoing Middle East conflict. In the U.S., Walmart's quarterly profit growth decelerated specifically due to Iran war-driven fuel costs, illustrating how the energy shock is eroding margins even for the world's largest retailer.

Auto & Industrials

Stellantis unveiled a $70 billion revival plan focused on Jeep and Ram with under-$30,000 vehicles for the U.S. market, while pledging to keep factories open and invest €60 billion to launch 60 new models this decade under CEO Antonio Filosa's strategy. Deere posted higher fiscal Q2 sales as growth in construction equipment offset weakness in agriculture, with the construction and forestry segments providing a lift as volatile farm markets continue to crimp farmer spending. Samsung averted a walkout by offering big bonuses to workers, though discord over how to divide AI-generated profits is brewing internally at the chipmaker.

Fixed Income & Geopolitics

U.S. Treasuries surged as Trump cited "final stages" in talks with Iran, easing inflation fears and prompting a bond market stabilization that left stock futures largely unmoved. Gold held steady near record highs