Public Markets 3 Hours

Last updated: May 18, 2026, 8:30 PM ET

Energy & Commodities

Oil futures dropped 1.3% in early Asian trade after President Trump called off planned military strikes on Iran, reviving hopes for a ceasefire that could restore crude flows. The sell-off accelerated following reports that Gulf allies had appealed to Washington, with Brent crude briefly falling below $85 a barrel. Meanwhile, gold extended its rally to a sixth session, climbing above $2,350 an ounce as the de-escalation in tensions eased immediate inflation fears but sustained demand for safe-haven assets amid lingering geopolitical uncertainty.

Policy & Politics

President Trump added 600 generic drugs to his Trump Rx online pharmacy, partnering with Mark Cuban’s Cost Plus Drugs and Good Rx in a move to appeal to voters concerned about prescription costs. Separately, the Justice Department created an $1.8 billion victim compensation fund for “lawfare” claims, a move swiftly condemned by critics as a political slush fund potentially benefiting Jan. 6 rioters. The administration also dropped fraud charges against the conglomerate owned by Asia’s richest person, which had already agreed to pay $275 million to settle separate sanctions violations.

Infrastructure & Finance

A Morgan Stanley-led consortium reached a deal to sell its 75-year lease on Chicago’s parking meters to Stonepeak for an undisclosed sum, concluding a controversial privatization deal that had drawn criticism over rate hikes. In a major AI infrastructure play, Next Era and Dominion Energy proposed a $420 billion merger to create a powerhouse in “data center alley,” aiming to capitalize on surging electricity demand from artificial intelligence. Meanwhile, Australian asset manager AMP trimmed its private credit exposure, citing “frothy” valuations as it shifts capital toward infrastructure and other real assets.

Markets & Labor

US stock futures edged higher on optimism from the Iran developments, while the dollar weakened against major peers. In fixed income, traders priced in a September Fed cut with growing conviction, bolstering Treasury prices. Adding to labor tensions, New York City hotel housekeepers won a contract worth over $100,000 annually, a significant boost for workers in the city’s high-cost service economy. The potential LIRR strike, however, threatened to disrupt commuter flows into Manhattan, raising concerns for businesses reliant on suburban workforce mobility.