Public Markets 8 Hours

Last updated: May 21, 2026, 8:32 AM ET

Equities & Macro

U.S. stock futures pointed lower as the S&P 500 index contract fell 0.3% in premarket trading, weighed down by oil prices nudging higher and a lukewarm reaction to Nvidia's earnings that deflated the prior session's rally. The S&P 500 is aiming for a fourth-straight year of double-digit gains — a feat not achieved since the 1990s — but geopolitical risk and inflation concerns are capping upside. Meanwhile, Microsoft's sliding stock has become the index's biggest drag, while oil near $100 a barrel is emerging as consensus for next year as the Iran war forces demand to slow against supply losses. Across Asia, Nvidia's Huang ignited a tech rally that lifted shares of a broad swath of chipmakers, even as the company's own stock left investors wanting more.

SpaceX, Quantum & Mega-Listings

Wall Street bankers are clamoring to lead what is expected to be the biggest-ever IPO as SpaceX pulled back the curtain on a business empire that has racked up ballooning losses and debt. Goldman Sachs won bragging rights to top billing, part of a wave of mega-listings that could extend to OpenAI and Anthropic later this year. SoftBank shares surged on open on the OpenAI IPO news, while China warned the EU of retaliation over potential trade curbs — a backdrop that complicates the cross-border capital flows these listings depend on. Separately, the Trump administration committed $2 billion to nine quantum computing companies and will take equity stakes, with Commerce Secretary Howard Lutnick calling it a push to "spur a new era of American innovation".

Auto & Industrial

Stellantis unveiled a €60 billion revival plan that includes developing more-affordable vehicles under $30,000 for the U.S. market, with CEO Antonio Filosa pledging to keep factories open and partner with rivals. The strategy contrasts with Deere posting higher fiscal second-quarter sales as its construction equipment business offset weakness in agriculture, while Deere gets a boost from construction and forestry even as farmers continue to cut spending. Samsung averted a worker walkout with big bonuses, though internal discord over how to divide AI-driven profits is brewing at the memory chip giant.

Retail & Consumer Staples

Walmart and Target reported sales increases even as higher fuel costs pushed up everyday goods, with the retailer absorbing additional costs to hold down consumer prices. Walmart's e-commerce growth helped lift quarterly sales, though profit growth slowed amid the energy crunch. Easy Jet bumped up ticket prices to offset jet fuel costs and posted a widened pretax loss as booking delays persisted amid Middle East conflict. In the UK, business activity fell for the first time in over a year as domestic political uncertainty added to the war fallout.

Commodities & Europe

Indonesian palm oil tumbled after President Prabowo unveiled plans to impose state control over exports of key commodities, sowing confusion among traders. Saudi oil export revenue surged to a three-year high of $24.7 billion in March as the kingdom diverted shipments. In Europe, French business activity shrank at the fastest pace since 2020 and the country's economic resilience to the war shock is crumbling, jeopardizing deficit-reduction plans ahead of elections. German private-sector activity contracted for a second month, while the euro area is slowing markedly with its fastest inflation since 2023. The ECB's window to look through the energy shock has shut, according to the FT's Monetary Policy Radar team.

Emerging Markets & Defense

Aliko Dangote's Nigerian refinery attracted $2 billion of demand before its planned IPO, while Vietnam's convicted mogul repaid $455 million to bondholders. Rheinmetall began selling €500 million of new debt in its first public bond offering since 2010, and Berlin is set to buy a 40% stake in Franco-German tank maker KNDS, clearing the path for its listing. Investec posted record profit and dividend as it stepped up its private-banking push to attract wealthy clients, while BT Group reported higher pretax profit but falling revenue amid rising UK competition.