Public Markets 3 Days

Last updated: May 27, 2026, 5:33 PM ET

Energy & Commodities

Oil prices fell 1.3% in early Asian trade as an uneasy truce between the U.S. and Iran showed signs of holding, though traders remain cautious about a lasting agreement. A Russian tanker carrying 240,000 barrels of diesel abandoned its voyage to fuel-starved Cuba, dealing a fresh blow to the island nation's energy security. Meanwhile, U.S. natural gas futures settled higher as short-covering activity intensified ahead of the Nymex June contract expiration, though prices dropped in thin trading shortly after options contracts expired. Oil markets also declined after Iranian state television detailed a draft peace proposal that would restore Strait of Hormuz shipping within a month, while two non-Iranian supertankers exited the Persian Gulf, adding modest momentum to commercial shipping flows.

Fixed Income & Currencies

U.S. Treasury yields recovered from early losses as hopes for an Iran agreement faded, with the dollar bouncing back from its initial weakness. Japanese government bonds saw superlong yields rise on expectations that elevated oil prices could boost inflation, while Goldman Sachs noted that a stronger dollar during the initial Iran conflict spurred foreign official institutions to sell Treasuries. European Central Bank Executive Board member Isabel Schnabel argued for rate hikes in June even if the Middle East conflict resolves quickly, though French consumer confidence dropped to a three-year low in May, underscoring risks to the eurozone's second-largest economy. The yen may strengthen to five per dollar if Chinese firms unwind their massive greenback holdings, according to Macquarie.

Technology & Semiconductors

Semiconductor stocks rallied premarket following gains across artificial intelligence-related names in Hong Kong and South Korea, with Marvell Technology reporting a 28% surge in first-quarter revenue to $1.9 billion despite a slimmed-down profit of $34.5 million amid acquisition costs. Micron Technology's incredible rally has lifted the memory-chip firm to a $1 trillion valuation, setting records along the way, while TSMC CEO C.C. Wei pledged a 30% incentive bump for staff as AI profits soar. The Roundhill Memory ETF surged 87% within 50 days of its April launch, reaching the fastest $10 billion valuation on record, and Synopsys added Elliott partner Jesse Cohn to its board as part of an agreement with the activist investor.

Private Markets & Capital Raising

KKR & Co. co-CEO Scott Nuttall signaled that trading private credit is likely to happen as the alternative asset manager follows early efforts by competitors to develop secondary markets for private debt. SpaceX investor Powerlaw Corp. will debut on Nasdaq without raising capital in the latest public vehicle targeting Elon Musk's ventures, while DigitalBridge acquired energy private equity firm ArcLight for $1 billion as Wall Street heavyweights strike partnerships to secure power for data centers. Nuclear power startup Newcleo will go public via SPAC in a deal valuing the developer at about $2.4 billion, following a wave of nuclear companies seeking public markets to serve AI's surging power needs.

Mergers & Acquisitions

Universal Music rejected Bill Ackman's $65 billion bid after Bollore Group chief executive called on the record label to dismiss the Pershing Square Capital offer, while ExxonMobil won decisive backing to relocate its corporate domicile from New Jersey to Texas as it seeks to parry investor activism. Dulux owner AkzoNobel rejected a €13 billion attempt by Nippon Paint and Sherwin-Williams to gatecrash its merger with Axalta, sending shares higher, and Warner Bros. Discovery won investor consent to change bond agreements, advancing toward its sale to Paramount Skydance Corp. in an $11 billion transaction.

Geopolitical Risk & Trade

Global supply shortages deepened as the Iran conflict entered its third month, with developing countries bearing the brunt of shortfalls from the Strait of Hormuz closure. Canada struck a landmark LNG export deal with Germany, providing crucial energy diversification for Berlin while opening new markets for Canadian producers. U.S. renewed strikes hit missile sites near Iran's major port, targeting threats to American naval vessels, while Lebanese residents remain resigned to prolonged conflict despite potential diplomatic breakthroughs between the U.S. and Iran. Rubio's India visit yielded no major deals to repair U.S.-India relations, leaving New Delhi disappointed after the secretary of state's diplomatic mission.

Artificial Intelligence & Regulation

Salesforce recorded a $2.11 billion profit in its first quarter as the enterprise software company pushes artificial intelligence tools as a growth accelerator. Robinhood will let investors use AI chatbots for share trading, joining an arms race to provide retail investors with new tools, while OpenAI's foundation will spend $250 million on research into artificial intelligence's economic impact. A White House order on testing frontier AI models represents a significant first step toward preventing a "Chernobyl moment," and SpaceX's IPO provisions will give Elon Musk more freedom and potentially less accountability.