Public Markets 3 Days

Last updated: May 22, 2026, 8:33 PM ET

Equities & M&A

U.S. stocks extended their rally into an eighth straight week, with the S&P 500 posting its longest winning streak since 2023, buoyed by persistent enthusiasm for artificial intelligence and emerging technology names. The advance came even as investors weighed the unresolved standoff over Iran's uranium stockpile and transit fees for the Strait of Hormuz. In corporate dealmaking, CVC Capital Partners and GBL launched a €10.9 billion offer for Italian drugmaker Recordati, valuing the company at $12.47 billion and tightening the buyout group's control of the 100-year-old firm. Separately, Apollo Global Management proposed a £1.52 billion ($2.04 takeover of heat-treatment specialist Bodycote, with the target confirming it was in talks. SoftBank Group shares climbed nearly 20% in Tokyo after reports that OpenAI and SB Energy Corp., both backed by the Japanese investor, are preparing for U.S. IPOs.

SpaceX & the IPO Road Ahead

SpaceX completed its 12th Starship test flight, with the 400-foot-tall rocket splashing down in the Indian Ocean after more than an hour of flight, marking a milestone as Elon Musk bets the vehicle on Starlink, AI satellites, and commercial contracts. The company disclosed its finances for the first time as it readies for what is set to be one of the largest IPOs in recent memory. Wall Street has taken note: Goldman Sachs has eclipsed Morgan Stanley's Michael Grimes as the lead banker on the listing, a shift tied to Grimes's stint in the Trump administration. Meanwhile, crypto platforms rushed to launch derivatives linked to SpaceX, with Binance among the exchanges offering perpetual futures on the rocket company's upcoming public offering. Ordinary investors can now bet directly on SpaceX's potential, though regulatory and operational risks remain significant.

Energy, Commodities & Inflation

Crude oil crept toward a $100 consensus for next year as market participants priced in supply losses from the Iran conflict, while U.S. oil rigs rose by the most in more than four years as the shale patch stages a drilling recovery. A benchmark Asia rice price hit a one-year high amid harvest concerns across the region, and a spike in fertilizer costs driven by the Iran war is hitting Brazilian farmers at the worst possible time, adding strain to the world's largest agricultural exporter. Nickel trimmed gains as Indonesia moved to tighten export controls on key commodities, while Trafigura withdrew hundreds of millions of dollars of copper from LME warehouses to capitalize on arbitrage opportunities in the U.S. and China. Rice prices extended their rally to one-year highs, underscoring how Middle East instability is rippling through global food markets.

Retail & Consumer Spending

Off-price retailers continued to attract cautious consumers. T.J. Maxx parent TJX raised its full-year guidance after reporting higher first-quarter sales, while Target posted its strongest sales gain in years following a string of weak results. BJ's Wholesale Club logged higher revenue driven by membership growth as inflation-weary shoppers sought value. In contrast, Everlane finalized its sale to Shein, the ultra-low-priced fast-fashion giant, sparking customer backlash over the deal's implications for brands built on transparency. Richemont reported an acceleration in sales growth powered by strong jewelry demand across regions, despite headwinds from the Middle East conflict.

Bonds, Currencies & Fixed Income

Treasury yields ended the week little changed as markets weighed hopes for a U.S.-Iran deal against fears of escalation, while U.K. gilts posted their biggest weekly yield drop since 2023 after a sharper-than-expected slowdown in inflation curbed rate-hike wagers. The dollar stalled near multi-week highs as risk appetite improved on optimism about U.S.-Iran peace talks, though the euro weakened slightly as the conflict's trajectory became the key variable for euro-dollar moves. Danaher completed a record $3 billion private-placement bond sale, while Toyota Motor's finance unit set a ¥100 billion ($629 bond with its highest five-year coupon since 1999. The Sri Lankan rupee surged to become Asia's best-performing currency, snapping a nine-day losing streak.

Transport & Tech Disruptions

Waymo suspended autonomous-vehicle service in six cities after videos showed its cars stranded on flooded streets in Atlanta. Uber is exploring a full takeover of Germany's Delivery Hero, a move that would bolster its position against Door Dash outside the U.S. Samsung Electronics faces internal discord over how to divide AI-driven profits among workers, even as the chipmaker remains a major beneficiary of the AI boom. Booz Allen Hamilton reported higher fiscal fourth-quarter profit as cost-cutting offset revenue declines, while flight simulator maker CAE unveiled a plan to lift operating income by 30% or more by 2030 through defense-focused growth.

Crypto & Regulation

The SEC delayed plans to allow broad exemptions for tokenized U.S. stock assets and also paused prediction-market ETFs from Roundhill, GraniteShares, and Bitwise. Separately, Nasdaq received SEC approval to list Bitcoin index options, the latest sign of deeper Wall Street integration with digital assets. House Republicans opened an investigation into insider trading on prediction platforms such as Kalshi and Polymarket. Meanwhile, Futu and Up Fintech options surged just before China's regulator announced penalties that triggered record share slumps, and China's securities regulator plans to penalize Futu, Tiger Brokers, and Longbridge for operating without a license.

Political & Macro Headlines

Trump's intelligence chief resigned as mediators from Pakistan and Qatar dispatched teams to Iran to salvage a U.S.-Iran cease-fire. The administration announced a plan requiring green-card seekers to leave the U.S. to apply, a move that could affect hundreds of thousands and increase family separations. A federal judge dismissed human-smuggling charges against Kilmar Armando Abrego Garcia, dealing an embarrassing blow to the deportation campaign. Senate Republicans opposed the president's $1.8 billion ally fund, with lawmakers arguing it excluded those targeted by the administration. The Maryland Democratic legislature moved to eliminate the state's sole