Public Markets 3 Days

Last updated: May 29, 2026, 2:30 PM ET

Equities Rally on AI Momentum

Wall Street capped a volatile week with record highs as artificial intelligence fueled a two-month rally, with the S&P 500 closing at an all-time high and tech stocks leading gains. Dell Technologies jumped 35% after reporting strong data-center revenue and a Pentagon contract, while Ford Motor Co. climbed to its best level in 17 years on AI-driven investor optimism. The rally has propelled companies like Anthropic to a $900 billion valuation, surpassing OpenAI, though some warn the market may be overheated. Oil prices retreated 3% this week as U.S.-Iran cease-fire talks advanced, easing supply concerns that had briefly pushed Brent crude above $80 a barrel.

Fixed Income and Currency Moves

Japanese government bonds gained for a fourth day as oil’s decline and peace deal hopes pressured yields, while the yen weakened against the dollar following Japan’s record $73 billion currency intervention—the most since 2022. The European Central Bank warned of delayed rate cuts if geopolitical risks persist, echoing Deutsche Bank’s revised 10-year Treasury yield forecast higher. Meanwhile, Kalshi launched U.S. perpetual futures, offering retail investors access to crypto trading on prediction markets—a first for onshore platforms.

Commodities and Energy Markets

Oil futures slid 1.3% in early Asian trade as OPEC+ signaled potential output increases, while aluminum prices surged to a near-two-year high, lifting China Hongqiao’s Zhang Bo’s fortune to $48 billion. Gold extended gains near $2,340 an ounce as Middle East tensions kept safe-haven demand alive. In agriculture, sugar futures jumped 4.5% on concerns over India’s monsoon outlook, with the commodity’s biggest weekly gain since March.

Market Structure and IPO Developments

The SEC proposed scrapping climate disclosure rules, arguing the requirements exceed statutory authority, while SpaceX’s IPO filings revealed Elon Musk’s team is marketing the offering as a “once-in-a-generation” opportunity—raising questions about retail investor risks. Robinhood launched AI chatbots for trading as part of a broader push to integrate generative AI into retail platforms. Meanwhile, Hungary’s president signaled refusal to resign, complicating the EU’s $16 billion aid package amid corruption concerns.

Corporate News and Valuations

Ocado shares surged 12% after striking a deal with Asda, easing concerns over its U.S. operations. BP’s CEO Meg O’Neill faces a turnaround amid a bullying scandal, while TotalEnergies cleared succession plans allowing Patrick Pouyanné to stay beyond 2030. CVC’s $4.3 billion acquisition of IFF’s food-ingredients unit highlights PE activity, and Shutterfly kicked off a $1.875 billion junk bond offering to refinance debt. Zambia began a $1.36 billion bond buyback, becoming the latest African nation to ease debt burdens.

Global Economic Trends

India’s Sagarmala Finance Corp. prepped for a $105 million blue bond to fund maritime projects, while Indonesia and India intervened to prop up currencies amid energy price spikes. Vietnam’s leader called for conflict prevention mechanisms, and Malaysia’s Big Caring sought a $750 million IPO—potentially one of the country’s largest listings this year. Europe edged closer to a China trade war as cheap imports threatened manufacturing, prompting calls for carbon cost exemptions.

Market Sentiment and Risks

One-quarter of oil tankers escaped Persian Gulf traps as Iran tensions eased, but U.S. Treasuries rose on deal hopes and retail investor flows rebounded. FX hedging increased at U.S. firms amid volatility, while municipal bonds faced scrutiny ahead of supply tests. HDFC Capital Advisors aims to double assets to $9 billion, and FitzWalter bought bank debt from German fiber operator DNS:Net in a special situations play.

Other Notable Movements

Jefferies faced a lawsuit over water firm bonds post-revenue jump, and Petra Diamonds entered restructuring as diamond prices fell. S.E.C. proposals on nuclear ESG investing sparked debate, while Blue Origin’s New Glenn rocket exploded on launch—no casualties reported. Costco’s profit rose as value offerings drew inflation-weary shoppers, and HP cut full-year outlook despite higher Q2 earnings.