Public Markets 3 Hours

Last updated: May 21, 2026, 8:30 PM ET

Energy & Commodities

Oil futures rose 0.8% after three days of declines, as Iran's statements on uranium and the Strait of Hormuz tempered optimism from US-Iran ceasefire talks. Gold traded flat near $2,340 an ounce, caught between conflicting signals on negotiation progress and persistent rate-hike bets. A surge in aluminum prices lifted China Hongqiao's Zhang Bo to a $48 billion fortune, one of Asia's largest, as elevated oil costs stoked inflation fears across Southeast Asia.

Fixed Income & Rates

The yield gap between short- and long-dated bonds in Southeast Asia may widen further amid oil-driven inflationary pressures and fiscal strains. This comes as traders increased September Fed cut odds following mixed US economic data, pulling down Treasury yields and boosting Japanese government bonds. The dollar weakened modestly, underpinning gold's resilience despite the risk-on tilt from potential de-escalation in the Middle East.

Equity Markets & AI Sentiment

Investors are rotating beyond TSMC as the AI boom broadens, with stocks like Super Micro Computer and Arm Holdings gaining traction. Ross Stores raised its full-year guidance after a strong first quarter, citing record same-store sales growth and younger customer traffic. Deckers reported Hoka's 15% sales jump to $671.2 million, a brand record, though it warned of a volatile macro outlook. In China, AI firms Zhipu and Minimax are seen joining Hong Kong tech gauges, potentially triggering billions in inflows.

Geopolitics & Fiscal Policy

Senate Republicans rebelled against Trump's $1.8 billion fund for claimants of government persecution, delaying budget votes and exposing party divisions. The IMF approved a $1 billion disbursement for Argentina, backing President Milei's reforms despite a missed fiscal target. UK consumer confidence fell sharply in May, with low earners worst hit, as the Iran energy shock forced households to deplete savings.

IPOs & Corporate Moves

SpaceX's planned IPO is poised to be the largest ever, with Elon Musk outlining ambitious capital-raising plans. Estée Lauder shares jumped 11.5% after ending merger talks with Puig, as investors welcomed the decision to remain independent. Meanwhile, the Trump administration took equity stakes in nine quantum firms as part of a $2 billion U.S. investment to boost the sector.