Public Markets 3 Hours

Last updated: May 19, 2026, 5:30 PM ET

Energy & Rates

Oil volatility spiked after a large bearish options bet as Middle East tensions and Iran war headlines whipsawed crude markets, while a selloff in Treasuries intensified amid fears that resurgent inflation and geopolitical risk would keep rates higher for longer. The 30-year yield climbed to its highest since 2007, with investors pricing in stubborn price pressures despite a weakening dollar that lent support to gold. In corporate debt, Aspen Group is seeking investor cash to shore up its balance sheet as earnings slump and $3 billion in loans loom, while Cava’s upbeat guidance on rising traffic highlighted a bifurcation in consumer spending.

Tech & IPOs

Analog Devices struck a $1.5 billion deal for Empower Semiconductor to expand its AI compute power delivery addressable market, betting on sustained demand from AI developers. The move comes as Meta began its latest round of mass layoffs, affecting 8,000 employees, as the company pivots resources toward AI infrastructure. The restructuring at Meta and the chip acquisition signal a broader industry shift toward efficiency and AI dominance, setting the stage for what Wall Street expects to be a boom in tech IPOs following Cerebras’ $6.4 billion raise.

Geopolitical & Systemic Risks

Regulators are probing unusual flows in oil options as war premiums inflate volatility, while a blast of late-spring heat is straining the US power grid just as operators need to complete critical off-season repairs. The dual pressures of physical climate risk and geopolitical supply shocks are adding to the policy dilemma for incoming Fed Chair Warsh, who faces White House pressure for cuts even as colleagues signal rates may stay elevated. The convergence of these forces is pushing Treasury yields to multi-year highs, complicating the outlook for risk assets across public markets.