Public Markets 3 Hours

Last updated: May 15, 2026, 5:30 PM ET

Equity Markets Berkshire Hathaway's new CEO Greg Abel shook up the portfolio in Q1, exiting stakes in Amazon, Mastercard and Visa while boosting Alphabet and adding Delta. The moves reflect a shift toward tech and value amid AI-driven market rotations. Meanwhile, SpaceX's IPO filing looms as early as Wednesday, with the rocket-maker seeking a valuation that could surpass all prior listings. In private markets, Anthropic spooked secondary traders by restricting share transfers, rattling investors who flocked to hot AI startups. Our columnist notes that AI and oil are driving returns, making true diversification elusive as Intel and Taiwan Semiconductor emerge as unexpected winners.

Fixed Income The global bond rout deepened as the 10-year Treasury yield climbed to 4.59%, its highest since March 2023, fueled by sticky inflation data and resilient economic growth. Wall Street's risk rally collided with bonds as traders pared Fed rate cut bets, with September easing odds now around 60%INF:1. The yield curve steepened sharply INF:2, pressuring longer-duration assets and high-yield bonds slumped to a two-year low INF:3 on recession fears.

Commodities Oil extended gains to $72/barrel as Strait of Hormuz closure worries mounted, while Trump's failure to secure China's help on Iran dashed hopes for a swift de-escalation. Copper touched a record $5,000/ton as hedge funds raised bullish wagers to a five-month peak. Natural gas rose for a third session on warmer weather forecasts boosting cooling demand. The House passed year-round ethanol sales, but the bill faces Senate headwinds, clouding biofuel demand. Argentina's YPF secured incentives for a $25 billion shale project, the nation's largest investment since Milei took office, while Canada's pipeline deal clears export hurdles for oil sands crude.