Public Markets 3 Days

Last updated: May 26, 2026, 8:30 PM ET

Equities & IPOs

The S&P 500 extended its four-session winning streak on Tuesday, hitting a record close as optimism that a U.S.-Iran peace deal could reopen the Strait of Hormuz kept risk appetite alive despite fresh military strikes. The Nasdaq and S&P 500 climbed in tandem propelled by a semiconductor rally that lifted Micron Technology past the $1 trillion mark in just 48 days, helping push the broader index higher. The Roundhill Memory ETF surged 87% in 50 days after its April launch, reaching a $10 billion valuation faster than any comparable fund on record. Across the Atlantic, Taiwan overtook India as the world's fifth-largest stock market, powered by a breakneck rally in Taiwan Semiconductor Manufacturing Co.. Meanwhile, SpaceX's IPO filing revealed board and compensation structures that corporate governance experts said benefit Elon Musk at the expense of other shareholders, while FTSE Russell adopted a rule change to speed inclusion of newly listed large-cap companies into its main indexes just weeks ahead of the expected public offering. Separately, KNDS NV said it is pushing ahead with plans to go public as the Franco-German tank maker seeks to capitalize on surging demand, and Kardigan Inc. filed for a Nasdaq IPO to fund three late-stage cardiovascular drugs. In biotech, Eli Lilly agreed to spend up to $4 billion acquiring three vaccine developers targeting shingles, Epstein-Barr virus, and other pathogens.

Commodities & Energy

Crude oil recovered some losses after Monday's selloff, as military exchanges between the U.S. and Iran gave way to persistent but fragile hopes for a diplomatic resolution. Oil steadied in early Asian trading even as the U.S. touted progress toward a peace deal while fresh hostilities near the Strait of Hormuz kept uncertainty elevated. By Wednesday, Asian stocks edged higher on lingering optimism that the U.S. and Iran will sign a peace deal, though gold held losses as fresh clashes in the Persian Gulf reinforced concerns that inflation could keep interest rates higher for longer. Comex gold settled 0.46% lower at $4,500.40 per ounce, down for a second consecutive session, while Malaysia imposed a 10% import duty on some gold bar shipments, disrupting bullion trade in Southeast Asia. In the energy sector, Abu Dhabi National Oil Co. has been quietly ferrying oil and gas shipments out of the Persian Gulf using its own fleet, apparently clearing both the Iranian navy and U.S. warships. At least two non-Iranian supertankers exited the Persian Gulf to help push up commercial flows through Hormuz. Russia is considering limiting exports of diesel and jet fuel as refinery run rates fall to multi-year lows amid escalating Ukraine attacks. Over in Europe, Canada struck a landmark deal to export liquefied natural gas to Germany, giving both nations new energy supply options amid geopolitical uncertainty.

Fixed Income & Currencies

Treasury yields fell as markets contemplated the prospect of a deal that would reopen the Strait of Hormuz, even as Citadel Securities warned the Federal Reserve risks "falling behind the curve" on inflation. Emerging-market currencies weakened on Tuesday as overnight clashes near Hormuz offset signs of progress toward a peace deal, though developing-nation stocks still managed to rise. Japan's yen is poised to strengthen against the dollar, reversing months of underperformance and threatening to upend popular carry trades. In Europe, ECB Executive Board member Isabel Schnabel said the central bank should raise interest rates next month even if a Middle East resolution comes quickly, while Yannis Stournaras cautioned against an excessively restrictive approach. BlackRock's Saigal said the Fed may have enough reason to justify a rate cut under new chairman Kevin Warsh, and India's bond investors are tapping multi-year high swap rates to juice fixed-income returns. The Sri Lankan rupee is set to recover by year-end as oil prices decline and the central bank raises rates.

Corporate Governance & Regulation

BP removed chairman Albert Manifold after the board deemed his conduct and governance oversight unacceptable, joining a wave of boardroom upheaval that has unsettled investors in the UK oil major. The Financial Times noted that while Manifold's ouster raises governance concerns, firing too many executives is preferable to too few. Separately, the SEC is mulling changes to decades-old "gun-jumping" rules to spur more IPOs by easing restrictions on company communications during the going-public process. President Trump backed the CFTC as the sole regulator of prediction markets amid a growing legal fight with states, while Madrid ordered websites of Polymarket and Kalshi blocked as officials investigate possible gambling law violations. SpaceX's IPO prospectus includes provisions that give Musk more operational freedom with potentially less boardroom accountability. ByteDance offered its AI team special stock grants to combat poaching, and OpenRouter raised $113 million from an Alphabet-backed investment arm to serve as an exchange for AI models. Greg Lindberg was sentenced to 12 years in prison for siphoning more than $2 billion in insurance reserves, resolving two separate federal convictions. Webster Financial shareholders approved a $12 billion takeover by Banco Santander, clearing a final hurdle for the deal.

Geopolitics & Market Risk

The Trump administration plans to send Americans exposed to Ebola to Kenya for treatment after previously flying some to Europe, part of a broader scramble to manage health emergencies abroad. Iran began lifting a monthslong internet blackout as Iranians reconnected to the global web, while U.S. strikes on Iranian missile sites clouded optimism for a Hormuz reopening deal. A high-level British spy warned that Russia is growing more brazen as battlefield losses in Ukraine mount, and Russia is weighing curbs on diesel and jet fuel exports as refinery capacity deteriorates. Meanwhile, the best-selling author Yuval Noah Harari discussed what he called the "core delusions" deranging politics under the Trump administration, while Pope Leo XIV's AI warnings arrived as Silicon Valley technologists pursue their own spirituality through technology. In the U.S., Alabama's congressional map was rejected for being unfair to Black voters, and South Carolina failed to pass a new redistricting plan before November elections, defying Trump's pressure. The New York Knicks reached their first NBA Finals since 1999, sending MSG Sports shares to a record and sparking celebrations outside Madison Square Garden that police said spiraled out of control amid social media influencer hype.