Public Markets 8 Hours

Last updated: May 28, 2026, 2:31 PM ET

Energy & Commodities

Oil prices climbed 2.4% after the U.S. reported shooting down four Iranian attack drones, casting doubt on prospects for a peace deal in the Middle East. The development follows fifth straight weekly drops in U.S. crude-oil stockpiles, which fell by 3.3 million barrels last week against expectations for a 4 million barrel decline. Meanwhile, three oil tankers linked to Russia's shadow fleet suffered drone attacks off Turkey's Black Sea coast, further disrupting supply chains. In response to rising energy costs, Brazil's Petrobras increased domestic gasoline prices after the government approved new subsidies to shield consumers from Iran war-fueled crude price hikes.

Financial Markets & IPO Activity

U.S. stocks rose modestly as investors clung to hopes of a U.S.-Iran deal, with the S&P 500 futures falling 0.3% in premarket trade after Middle East attacks fueled doubts about an imminent end to hostilities. According to Citadel Securities, the "pain trade" in U.S. equities is for prices to keep rising despite a double-digit surge over the past two months, as markets underprice signs of an Iran deal. The dollar fell against major peers after a report that the U.S. and Iran reached an agreement to extend a ceasefire, pending Trump's approval. Meanwhile, gold advanced on the reported U.S.-Iran deal easing higher rates bets. On the IPO front, Apotex Health filed for an offering in Toronto, while Silver Lake-backed Entrata filed for a U.S. IPO.

Corporate Developments

Kohl's narrowed its first-quarter loss on better same-store sales, signaling a turnaround is taking hold as the retailer implements new strategies. In contrast, Li Auto suffered a loss as hybrid sales slowed and margins shrank in the competitive Chinese EV market. Hormel Foods posted higher fiscal second-quarter sales and achieved its sixth straight quarter of organic top-line growth as its turnaround strategy progresses. Meanwhile, Burlington Stores lifted its outlook after quarterly sales jumped, with consumers continuing to seek value amid inflation concerns. In the technology sector, IREN Ltd. borrowed about $3.6 billion to provide computing capacity to Microsoft, reflecting the massive capital requirements for AI infrastructure development.

Geopolitics & Defense

US defense orders surged in April to the second-highest level on record, adding to