Public Markets 3 Hours

Last updated: May 21, 2026, 2:30 PM ET

Public Markets – Past 3 Hours

Mortgage rates spiked to 6.5%, the highest since the Iran war began, intensifying pressure on an already strained housing market as inflation concerns mount. The surge coincides with geopolitical tensions rattling investors, following a German indictment of two men plotting assassinations for Iran, and Turkey’s aggressive lira defense, with state lenders selling $6 billion in a single day after a court removed the main opposition leader. Meanwhile, France unveiled €710 million in energy aid to offset Iran-war-related cost spikes, underscoring the broader economic fallout from the conflict.

IPO & Tech Frenzy

A wave of “fast entry” IPOs is set to ignite Wall Street, with passive investors preparing to dump billions in shares to accommodate new listings from SpaceX, OpenAI, and Anthropic. Goldman Sachs eclipsed Morgan Stanley for influence over the SpaceX IPO after Michael Grimes’s temporary Trump administration stint, while crypto platforms rushed to launch SpaceX derivatives, including Binance’s perpetual futures. SpaceX itself is marketing a $26.5 trillion AI market opportunity to investors, positioning to wrest business from current AI darlings, even as it prepares an upgraded Starship test flight after spending an estimated $15 billion on development.

Sector & Market Moves

The strange death of dividends continues as tech bulls drive up non-dividend payers, welcoming more IPOs like SpaceX. In telecoms, BT is finally gaining ground on altnet rivals as their expansion slows, while Morrisons blamed UK government policy for shuttering 100 lossmaking stores—a fresh blow to British retail. Spotify targeted superfans with AI-generated music and concert ticket reservations, striking a deal with Universal Music. In a stark contrast, StraightPath founders were sentenced to prison for a $386 million pre-IPO fraud that duped investors.

Global Tensions & Policy

Republicans are balking at Trump’s $TRUMP fund, exploring using an immigration bill to restrict the president’s ability to tap it for claimants. Elon Musk and other CEOs on Trump’s China trip sought relief from Beijing’s roadblocks. Argentina’s foreign reserve surge risks reigniting inflation despite massive dollar inflows. Airbus and Air France were found guilty in the 2009 crash that killed 228 people, a rare criminal ruling against aviation giants. Fed’s Barkin warned that repeated supply shocks are testing the inflation anchor, leaving the path for September rate cuts uncertain.