Public Markets 8 Hours

Last updated: May 20, 2026, 5:31 PM ET

Tech IPOs and AI Boom SpaceX filed for an IPO expected to raise tens of billions of dollars, with the Elon Musk-led rocket and satellite company targeting a Nasdaq debut under the symbol SPCX. The filing positions SpaceX for what could become the world's biggest-ever debut, potentially valuing the company at over $200 billion. Meanwhile, OpenAI is preparing to file for an IPO targeting a public debut in the fall with banking giants Goldman Sachs and Morgan Stanley reportedly advising on the potential $1 trillion listing. In the chip sector, Nvidia reported record quarterly profit of $58.3 billion, a 211% jump from a year ago, as the AI boom continues to drive unprecedented demand for data-center computing. The chipmaker's revenue reached $82 billion, reflecting astronomical growth in AI agents and computing demand that has propelled semiconductor stocks to new heights despite recent volatility.

Energy and Commodities US crude oil inventories plunged by a record amount as soaring exports start to erode domestic supply cushions, with commercial crude stocks falling by 7.9 million barrels last week against analyst expectations of just a 3 million barrel draw. The Trump administration is seeking to boost energy exports to India, with US Ambassador in Delhi highlighting the strategic importance of expanding energy trade with the world's most populous nation. In Canada, Prime Minister Mark Carney pitched reluctant British Columbia on the economic benefits of a proposed new oil pipeline to the province's coast, framing the project as crucial for fueling Asian markets. Meanwhile, Russian President Vladimir Putin left Beijing with no breakthrough on a natural gas pipeline project that could reshape global energy flows and geopolitical relations in the region.

Financial Markets JPMorgan executive Lorna Hajdini countersued after being named in a viral harassment lawsuit, claiming the allegations have ruined her life, while another female executive at the bank fights back over "fabricated" sex harassment claims. In Germany, the ruling coalition decided to take a 40% stake in tank-maker KNDS NV before its planned IPO this summer, part of broader efforts to overhaul the country's sprawling arms procurement agency. BlackRock faced lukewarm reception from shareholders over CEO Larry Fink's $37.7 million compensation package for 2025, not including future awards from carried interest in private funds. The Federal Reserve minutes showed more officials warned of potential rate hikes if inflation continues running persistently above the 2% target, with geopolitical tensions in the Middle East increasingly influencing monetary policy decisions.

Retail and Consumer Urban Outfitters reported record first-quarter sales and earnings, with revenue climbing 11% to $1.48 billion across all segments, marking a strong performance in the retail sector. Meanwhile, Marks & Spencer has won over fashionistas in the UK, ranking first among its peers on value and style, but has yet to convince investors as its shares have been falling. In the fashion industry, Jonathan Andic, son of Mango's billionaire founder, has emerged as the prime suspect in his father's mysterious death after a 100-meter fall during a hiking trip, with a judge pointing to the son's "money obsession" in the case.