Public Markets 8 Hours

Last updated: May 20, 2026, 11:32 PM ET

SpaceX IPO & Tech Sector Developments

SpaceX filed for its long-awaited IPO, revealing a $4.28 billion quarterly loss as Elon Musk's rocket-to-AI conglomerate lays out its planetary ambitions. The Elon Musk-led company submitted an investor prospectus for a stock offering expected to raise potentially tens of billions of dollars as soon as mid-June, with documents showing Musk controls 85% of the vote. Meanwhile, SoftBank shares surged almost 20% in Tokyo after reports said OpenAI and SB Energy Corp., both companies backed by the Japanese investor, are preparing for US IPOs.

Asian Market Performance

Asian equities rased amid optimism for a potential U.S.-Iran deal, with President Trump saying negotiations were in the "final stages". South Korean stocks jumped after Samsung reached a tentative deal with its labor union, defusing the threat of an imminent strike at the world's largest memory chipmaker. However, the South Korean won remained weak despite the AI-driven stock boom, as global demand for chips from tech giants like SK Hynix and Samsung couldn't offset currency pressures. Foreign investors returned to Chinese stocks in April, signaling renewed appetite after an initial selloff driven by the Iran war.

Commodity & Currency Movements

Oil futures rose in early Asian trade on a likely technical recovery after back-to-back losses, as President Trump said the U.S. was in the "final stages" with Iran. Gold edged lower amid slightly higher U.S. Treasury yields, which typically diminish the allure of the nonyielding asset, though it steadied as hopes of a U.S.-Iran truce eased rate-hike bets. Asian currencies were mixed against the dollar, but may be buoyed by risk-on sentiment, while RBC Blue Bay Asset Management added to long yen positions as the currency drifted back toward 160 per dollar, viewing the level as increasingly attractive amid possible intervention.

Real Estate & Fixed Income

Two major apartment owners, Avalon Bay Communities and Equity Residential, are nearing a deal to combine in a bid to create a multifamily real-estate giant, according to people familiar with the matter. Japanese government bonds rose in early Tokyo trade, tracking price gains in U.S. Treasurys and price declines in crude oil overnight. In the high-yield market, junk debt is beating most other bonds after surging yields wiped out gains on most other bonds, yet with spreads near two-decade lows, investor unease is growing about potential complacency.

Economic Indicators & Policy

Australia's unemployment rate climbed to the highest level since November 2021 at 4-1/2 year high, suggesting the labor market is cooling faster than anticipated and prompting traders to dial back expectations for further rate hikes. The U.S. is seeking to boost energy exports to India, the world's most populous nation, as Secretary of State Marco Rubio visits Delhi. Chancellor Rachel Reeves