Public Markets 3 Days

Last updated: May 22, 2026, 11:30 PM ET

Energy & Geopolitics

U.S. military options were weighed against Iran as energy markets braced for supply shocks, with crude futures edging higher ahead of the Memorial Day weekend and natural gas retreating under $3 on moderating weather. The Strait of Hormuz impasse remained unresolved, threatening a recession rivaling 2008 should the waterway close, while the U.S. sought to boost energy exports to India. A chemical leak at a California plant prompted evacuation orders, and a barge explosion on Staten Island injured 34 firefighters, underscoring industrial safety risks.

Markets Defy Risks

Stocks extended gains for an eighth straight week, with the S&P 500 bolstered by AI enthusiasm despite war, inflation, and a lukewarm reception to Nvidia earnings that briefly sapped momentum. The Nasdaq gained approval for Bitcoin index options, signaling Wall Street’s deepening crypto integration, even as the SEC delayed tokenized stock products. The dollar stalled near multi-week highs on Iran peace hopes, while Treasury yields ended little changed as investors balanced Middle East risks against rate-cut expectations.

Tech, IPOs & A.I. Infrastructure

SpaceX’s 12th Starship test flight completed successfully, fueling speculation around what could be the largest IPO ever, though Bank of America warned mega-IPOs risk a Roaring ’20s bubble. The White House approved $9 billion for spy agency A.I. to overcome chip shortages, while a report warned thousands of NYC jobs face A.I. displacement. SoftBank’s Lantheus explored a $7 billion sale, and Danaher completed a record $3 billion private placement, highlighting robust private credit and M&A activity.

Commodities & Materials

Gold ended the week 0.76% lower at $4,521, snapping a two-day rally, as risk assets gained on Iran de-escalation hopes. Copper advanced tracking peace talks, while U.S. oil rig counts rose by the most in four years amid the Iran-driven price surge. Aluminum prices lifted a Chinese billionaire’s fortune past $48 billion, and Trafigura withdrew hundreds of millions in copper from LME warehouses to arbitrage U.S.-China premiums.

Policy, Regulation & Legal

The Trump administration required green card seekers to leave the U.S. to apply, a move likely affecting hundreds of thousands, while HUD moved to limit assistance animals for disabled tenants. The SEC’s gag rule was struck down, allowing defendants to assert innocence in settlements, and the agency delayed prediction-market ETFs and crypto stock tokens. A lawsuit challenged Trump’s $1.8 billion fund, alleging it excludes targeted groups, and the president tapped an acting intelligence chief after Tulsi Gabbard’s resignation.

Corporate Moves & Sector Trends

BJ’s Wholesale logged first-quarter revenue growth on membership strength, while Walmart saw senior executives depart under new CEO leadership. Target reported its strongest sales gain in years on refreshed offerings, and Ralph Lauren sales climbed with China strength. In transport, Waymo suspended service in six cities after vehicles entered flooded roads, and Uber explored a full takeover of Delivery Hero. Boeing supplier Bodycote received a £1.5 billion bid from Apollo, and Rheinmetall prepared its first public bond deal since 2010 as European defense spending surged.

Fixed Income & Currencies

The WSJ Dollar Index fell 0.22% to 95.78, while the euro weakened slightly as the Iran war’s course remained pivotal for exchange rates. Gilt yields posted their biggest weekly drop since 2023 on fiscal rule pledges, and Singapore’s OCBC warned of further yield curve steepening in Southeast Asia on oil-driven inflation. Booz Allen profit rose amid cost cuts, and Julius Baer shares fell on slowing inflows due to Middle East uncertainty.

Emerging Markets & Global Developments

India’s state refiners raised diesel and gasoline prices again, while Reliance’s $4 billion Jio IPO hit roadblocks from the Iran war. The Philippine peso at 63.50 per dollar might be acceptable if the decline remains orderly, and Indonesia’s commodity overhaul shook traders. Central African states ruled out CFA franc devaluation, and European automakers exploited Chinese overcapacity to export lower-cost vehicles.

Crypto, Blockchain & Digital Assets

The SEC approved Nasdaq’s Bitcoin index options, a landmark for crypto mainstreaming, but delayed tokenized stock products for crypto firms. A euro stablecoin project gained 37 bank backers, challenging dollar dominance in digital assets. Prediction-market volumes surged before a China crackdown, prompting a House Oversight investigation into insider trading on platforms like Kalshi.

Healthcare & Pharmaceuticals

Eli Lilly’s experimental drug yielded 28% weight loss over 80 weeks, while CVC launched a €10.9 billion offer for Italian drugmaker Recordati. AstraZeneca and other health stocks featured in sector roundups, and an American doctor contracted Ebola in Congo, receiving treatment in Germany.

Real Estate & Infrastructure

Avalon Bay and Equity Residential neared a mega-REIT tie-up, and Bird Construction prepared its first corporate bond sale for a Saskatchewan data center. Blackstone planned a $5 billion data center fund, and a chemical plant explosion risk in California highlighted industrial real estate dangers.

Legal & Social Issues

A Congo Ebola center was burned amid an outbreak, and the Trump administration’s strict Ebola quarantine drew expert criticism. The Supreme Court permitted lawsuits over 1960 Cuba seizures, and a whites-only Idaho community faced discrimination suits. The #MeToo movement’s “Believe Women” faced courtroom challenges, and a Standard Chartered CEO apologized for “lower-value human capital” remarks on A.I.-driven job losses.

Media, Entertainment & Culture

James Murdoch bought half of Vox Media for over $300 million, while Mac Barnett’s children’s book criticism sparked blowback. The Miles Davis exhibit opened at Warner Bros., and NBA teams struggled to distribute T-shirts to fans. Rapper Rob Base died at 59, and Donald Trump Jr. wed in West Palm Beach.

Economic Data & Forecasts

Euro-zone inflation likely held robust, supporting an ECB hike, while the U.K. eased Russian oil sanctions to ease supply strains. Canada’s benchmark hit a record on financial and tech strength, and U.S. natural gas retreated on cooler weather. Game Stop asked to increase its share count for an eBay acquisition, and NIO returned to a net loss despite doubled sales.

M&A, Private Equity & IPOs

Lantheus weighed a $7 billion sale after a Curium offer, and Apollo bid £1.5 billion for Bodycote. Equatorial SA leaned against bidding for Brazil’s Copasa privatization, and Nikkon Holdings considered going private. SpaceX’s IPO loomed as a historic deal, while Old McDonald’s discrimination lawsuit settled.

Labor, Regulation & Compliance

The UAW slammed a trade deal as a “free-trade disaster”, and Samsung faced worker resentment over bonuses. A former LCF CEO received a six-month sentence, and a JPMorgan banker fought back against “fabricated” harassment claims. The SEC’s delay on crypto stock tokens and prediction-market ETFs added regulatory uncertainty.

Geopolitical Flashpoints

Trump weighed military strikes on Iran, while mediators rushed to save the cease-fire. The Nimitz carrier entered the Caribbean pressuring Cuba, and Raúl Castro faced U.S. charges. Pakistan and Qatar dispatched teams to Tehran as war loomed, and Congo’s Ebola outbreak sparked violence.

Market Structure & Derivatives

The SEC’s gag rule repeal and Bitcoin options approval reshaped trading rules, while prediction-market insider trading drew scrutiny. The CFTC delayed crypto stock tokens, and the Fed’s potential rate hike under Warsh REF: