Public Markets 3 Days

Last updated: May 23, 2026, 11:30 PM ET

Energy & Commodities

U.S. oil producers expanded drilling to capture a 40% price surge triggered by the Iran war, even as the conflict threatened to clog the Strait of Hormuz and push inflation higher. The administration’s blockade redirected 100 vessels from Iranian ports, while experts dismissed Tehran’s toll threat as unlikely but unsettling for shipping. Natural gas futures edged higher on steady demand, and France’s industrial resilience wilted under the energy shock, jeopardizing budget deficit goals. In Asia, India’s state refiners raised fuel prices again, amplifying consumer pain as the rupee plunged and the central bank drew on its 2013 taper tantrum playbook to defend the currency.

Fixed Income & Currencies

The Fed’s preferred inflation gauge raced toward 4%, fueled by war-driven energy costs, as Minneapolis Fed President Kashkari warned price pressures could broaden. Outgoing ECB member Madis Muller made a “good case” for a June hike to counter the inflation surge, while Greek colleague Stournaras called credibility preservation a “strong argument” for a move. The dollar stalled as hope for a US-Iran peace deal boosted risk assets, and Treasury yields snapped an early decline on signs of diplomatic progress. In emerging markets, the Philippines signaled aggressive rate hikes to tame inflation, and Japan’s government bonds extended gains tracking Treasury rallies amid growing expectations of a September Fed cut.

Equity Markets & Investor Sentiment

Stocks defied war, inflation, and AI skepticism to set fresh records, even as a Wall Street Journal poll found Americans more gloomy than any time in 70 years. In Korea, the world’s most volatile market geared up for leveraged single-stock ETFs, tools that could amplify both gains and losses for its army of day traders. Copper, the classic industrial bellwether, traded like an AI growth stock as investors bet on surging power demand for data centers, while Lenovo shares approached all-time highs after reporting strong AI-related earnings growth. Meanwhile, the gap between market euphoria and Main Street anxiety widened in Pennsylvania swing districts, where voters cited rising costs as a primary concern.

Geopolitical Flashpoints & Safe Havens

A gunman shot near the White House before being killed by Secret Service, though President Trump was inside at the time. Diplomatically, U.S. and Iranian officials signaled progress toward a ceasefire even as Israel—once Trump’s co-pilot against Iran—found itself largely left out of talks and suffered strikes in Lebanon that damaged a major hospital. Britain prepared autonomous mine-hunting equipment at Gibraltar should a Hormuz agreement be reached, while Congo’s Ebola outbreak sparked a travel ban and team isolation. Turkey’s government rushed to calm markets after a court removed the opposition party’s leadership, and France banned Israel’s National Security Minister over threats to activists.

Corporate Deals & Sector Shifts

Delivery Hero revealed a $10 billion takeover approach from Uber and Door Dash, while private equity pre-sold debt to thwart fickle markets and Blackstone arranged a $1.2 billion loan for Air Trunk’s Asian data center push. The geothermal sector caught a second wind as tech demand surged, and SpaceX’s Starlink positioned for a record IPO despite its intergalactic ambitions. In autos, UAW slammed a trade deal as a “free-trade disaster”, and analysts flagged risks for EV residual values. Warner Bros. Discovery secured a $10.2 billion loan to refinance debt ahead of a potential merger, and Apple supplier Foxconn eyed a $1 billion chip plant in India as the U.S. warned Tokyo of Tomahawk delays tied to the Iran campaign.