Public Markets 3 Days

Last updated: May 22, 2026, 5:32 PM ET

Equity Markets

The S&P 500 heads toward its strongest earnings growth since 2021, putting the index on track for its eighth consecutive weekly gain as artificial intelligence enthusiasm spreads beyond tech sectors. SpaceX is preparing what could be the largest IPO in history, with the company firing the starting gun on a wave of mega-listings that Bank of America strategist Michael Hartnett warns could create bubble-like concentration in equity benchmarks. Meanwhile, OpenAI is preparing to file for its own IPO in coming weeks, joining a parade of highly anticipated Silicon Valley offerings. In a significant political upset, Republicans stood up to Trump over his $1.8 billion fund, with Senate GOP lawmakers opposing the president's plan to reward allies, creating rare bipartisan resistance that could reshape congressional dynamics.

Fixed Income & Credit Markets

Danaher Corp. completed a record $3 billion private-placement bond sale, marking one of the largest debt financings in recent memory as investors seek yield in a volatile environment. The Federal Reserve's minutes show increasing internal debate over rate-hike scenarios, with a majority of officials warning that persistent inflation above the 2% target could force policy tightening. Bond traders are fully pricing in a Fed rate hike this year, reflecting market conviction that Chair Kevin Warsh will need to act decisively on inflation. Meanwhile, the Securities and Exchange Commission delayed plans for crypto versions of US stocks and postponed prediction market ETFs from Roundhill, GraniteShares and Bitwise, dealing a setback to upstart fund issuers who raced to capitalize on election and recession bets.

M&A Activity

Apollo Global Management made a £1.52 billion ($2.04 takeover proposal for Bodycote, sending shares of the heat treatment firm sharply higher as the buyout firm targets the FTSE 250 components group. CVC Capital Partners and Groupe Bruxelles Lambert offered to acquire Italy's Recordati in a deal valuing the drugmaker at more than $12 billion, representing one of the biggest healthcare transactions of the year and tightening the consortium's control of the 100-year-old company. In the tech sector, Uber Technologies is exploring a full takeover of Germany's Delivery Hero, a move that would help the ride-hailing giant better compete with Door Dash outside the US market.

Commodities & Energy

The number of oil rigs drilling in the US rose by the most in more than four years, signaling a resurgence in domestic shale activity as the Iran conflict drives crude prices higher. Oil futures lost ground on hopes for a US-Iran deal despite earlier gains, with crude settling lower in an up-and-down session as conflicting expectations emerged over peace negotiations. Copper is trading like an AI stock, with the industrial metal surging as investors bet that power demand for artificial intelligence data centers will fuel unprecedented consumption. Trafigura Group withdrew hundreds of millions of dollars of copper from London Metal Exchange warehouses as lucrative trading opportunities emerged in the US and China.

Global Markets

The dollar stalled near multi-week highs as optimism around US-Iran peace talks boosted risk sentiment, though the currency remained on track for only modest weekly changes. Inflation in the euro zone's four biggest economies either jumped in May or held robust, fueling the case for European Central Bank rate hikes with outgoing Governing Council member Madis Muller seeing a good case for a June increase. India's rupee rose the most in Asia after central bank intervention, while foreign flows into Indian stocks showed signs of recovery with the Nifty outperforming regional benchmarks.

Banking & Financial Services

Bank of America's Hartnett declared 2026 as "the year of the bank", suggesting that traditional lenders may finally eclipse private equity and hedge funds after years of playing second fiddle. Booz Allen Hamilton reported higher fiscal fourth-quarter profit as cost-cutting initiatives offset revenue declines, demonstrating the consulting firm's ability to navigate government spending pressures. Standard Chartered CEO Bill Winters walked back comments about replacing "lower-value human capital" after facing backlash over AI-related workforce concerns, illustrating the delicate messaging required around automation and employment.

Technology & Innovation

Google appealed a landmark ruling declaring it a monopolist in search, asking a federal appeals court to reverse antitrust violations and a requirement to share data with rivals. Bristol-Myers Squibb brought Anthropic's Claude AI to 30,000 staff members, helping solidify the startup's commitment to the life sciences sector as it targets more enterprise clients. Crypto platforms rushed to launch derivatives linked to SpaceX, with Binance among exchanges offering perpetual futures to speculate on the rocket company's upcoming IPO valuation.

Retail & Consumer

Walmart shares sank despite rising sales as investors fretted about price