Public Markets 3 Days

Last updated: May 26, 2026, 11:31 PM ET

Energy & Commodities

Oil futures declined 1.3% in early Asian trade as traders weighed prospects of a U.S.-Iran peace deal that could reopen the Strait of Hormuz, though fresh clashes in the Persian Gulf tempered optimism. Despite these tensions, Adnoc exported another LNG shipment through Hormuz to India while Abu Dhabi and Qatar quietly slipped more tankers through the vital waterway, adding to recent energy flows. Meanwhile, a heat wave in India boosted power demand, helping Adani group companies approach a combined market value of $200 billion as the energy conglomerate benefited from soaring electricity consumption.

Technology & Semiconductor Sector

Asian stocks climbed to a record driven by renewed momentum in technology shares, with Micron Technology's market value doubling to reach $1 trillion in just 48 days. The memory-chip frenzy intensified as SK Hynix and Micron joined the exclusive $1 trillion market cap club, as investors bet on artificial intelligence driving demand for semiconductors. This chip rally extended to U.S. markets, where semiconductor stocks rose premarket following gains in Hong Kong and South Korea, helping propel the S&P 500 and Nasdaq higher amid broad tech sector gains.

Fixed Income & Currencies

The dollar remained little changed against the yen after Bank of Japan Governor Kazuo Ueda refrained from signaling the timing of the central bank's next move. Meanwhile, superlong Japanese government bond yields rose on expectations that elevated oil prices could boost inflation, while U.S. Treasury yields fell as markets contemplated the prospect of a deal reopening the Strait of Hormuz. In currency markets, strategists warned that the yen could strengthen, potentially upending popular carry trades that have relied on a weak Japanese currency.

IPOs & Equity Offerings

SpaceX's IPO received another greenlight when FTSE Russell adopted a rule change that will speed the addition of newly listed large-cap companies to its main indexes, weeks ahead of the Elon Musk-led company's expected record-breaking offering. The SEC is considering changes to decades-old IPO rules that prohibit companies from certain communications during the going-public process, as regulators aim to spur more listings. Elsewhere in the equity markets, Kardigan Inc. filed for a U.S. IPO to fund three late-stage cardiovascular disease treatments, while insurance firm Safepoint Holdings sought $283.3 million in its US listing.

Corporate Developments

Samsung Electronics' unionized workers approved a bonus-pay deal that will hand chip workers an average bonus of about $340,000, averting a strike that threatened to disrupt global chip production. The memory-chip sector continued to attract attention as SQM reported a sharp increase in first-quarter profit and raised its lithium sales forecast, betting that robust demand from battery storage systems would keep the market tightly supplied. In contrast, Astellas Pharma shares fell to a four-month low after the Tokyo-based drugmaker's five-year plan offered few surprises to investors.

Geopolitical Market Impact

Gold held onto losses as fresh clashes in the Persian Gulf weighed on hopes for a U.S.-Iran peace deal, reinforcing concerns that inflation could keep interest rates higher for longer. The precious metal had initially risen amid Middle East tensions as safe-haven flows increased, but geopolitical developments proved mixed. President Trump sought to downplay the impact of his pressure on Iran's terms for a peace deal, acknowledging that while he's hailing the agreement as groundbreaking, "it isn't even fully negotiated" and that the hardest issues like nuclear stockpiles and enrichment have not been discussed.