Public Markets 8 Hours

Last updated: May 29, 2026, 8:31 AM ET

Global Markets & Geopolitics

S&P 500 futures gained 0.1% as traders awaited developments on a potential US-Iran peace deal that could reopen the Strait of Hormuz, with the index set to rise for a ninth consecutive week fueled by ongoing AI sector momentum. Oil prices pulled back on renewed optimism about a ceasefire extension, though global markets remained wary of the geopolitical tensions that have disrupted energy supplies. Meanwhile, Russia's continued military spending on the Ukraine conflict is straining its resources, while Romania confirmed civilian injuries from the first Russian drone strike on NATO territory, significantly escalating regional security concerns.

Commodities & Supply Chain Pressures

The aluminum market is facing deepening shortages as the closure of the Strait of Hormuz throttles supply, with Japanese aluminum fees set for record levels after Rio Tinto and South32 offered clients third-quarter supply at unprecedented premiums. Despite these constraints, aluminum prices haven't risen as dramatically as crude oil or LNG since the Middle East conflict began, though industry experts warn the rally may continue. Gold rose to $2,340/oz as the prospect of an Iran deal eased inflation concerns, while Japan intervened in currency markets for the past month, spending a record $73 billion to support the yen after it slid past 160 per dollar.

Corporate Developments & Sector Performance

Czech billionaire Daniel Kretinsky signaled he