Public Markets 8 Hours

Last updated: May 28, 2026, 11:31 PM ET

Energy & Commodities

Industrial metals headed for their best monthly gain since January after the US and Iran reached a tentative deal to extend their ceasefire by 60 days. Oil fell sharply as Brent crude set for the biggest monthly drop since 2020 on optimism that flows through the Strait of Hormuz may resume following reports of a draft ceasefire extension. Gold initially edged lower as traders assessed the potential deal but later held gains after reports eased inflation concerns, with the precious metal finding support near $2,350/oz. The developments come amid economic warfare in the Strait of Hormuz where the American blockade and Iran's control have created a stalemate.

Equities & Retail

Stocks scaled to a record as the US-Iran deal lifted risk sentiment across markets, with investors positioning for the potential end of Middle East tensions. In corporate news, SpaceX lowered its IPO valuation target to at least $1.8 trillion as the company balances growth ambitions with market conditions. Retailers offered mixed signals, with Dollar Tree logging higher profit and revenue as consumers continued seeking low-cost goods, while American Eagle flagged falling sales in its core women's category. Meanwhile, Costco reported higher third-quarter profit as the retailer draws inflation-weary consumers, and Hormel Foods posted higher fiscal second-quarter sales with its turnaround strategy showing progress through six straight quarters of organic top-line growth.

Fixed Income & Currencies

Japanese government bonds remained mixed in early Tokyo session amid signs of a potential U.S.-Iran deal, with traders increasingly pricing in a September Fed rate cut. Inflation-wary investors poured into ultrashort bond funds, which have become more popular than ever as BlackRock noted that "traditional portfolio diversifiers are challenged." The dollar strengthened this month as traders priced in higher US interest rates, leaving Wall Street strategists wary of further gains. Japanese Finance Minister Satsuki Katayama reiterated that authorities can step into the foreign exchange market if there's volatility or evidence of speculative moves.

M&A & Corporate Actions

Worthington Steel Inc. raised $1.4 billion in the leveraged-finance market to help fund its acquisition of German metals company Klöeckner &