Public Markets 8 Hours

Last updated: May 29, 2026, 2:30 PM ET

AI and Technology Rally

Artificial intelligence dominated market sentiment as Dell shares soared 35% on Wall Street's exuberance over companies linked to AI, with Ford Motor Co. set for its best monthly gain in 17 years amid investor frenzy over the automaker's potential AI exposure. Meanwhile, SpaceX hype has created a self-fulfilling prophecy among investors, though sky-high IPO pricing for tech darlings like SpaceX, OpenAI and Anthropic has historically yielded poor returns for ordinary investors.

Energy Markets Adjust

Oil prices fell on hopes of a US-Iran peace deal, with Brent crude posting its largest monthly decline since 2020 as the Strait of Hormuz reopening appears imminent. Total Energies' oil trading activities generate approximately $2 billion annually for the company, while one-quarter of trapped oil tankers have already escaped the Persian Gulf since the conflict began. Aluminum markets, meanwhile, face deepening shortages as the Strait closure throttles supply, with spot prices spiking while exchange inventories slump.

Geopolitical Ripples

Israeli forces pushed deeper into Lebanon as cease-fire talks continue, while Romanian officials invoked NATO's Article 4 after a Russian drone allegedly wounded two civilians in a NATO country. The Iran war tensions have led to record Japanese yen intervention, with Tokyo spending over $73 billion between April 28 and May 27 to support its currency. In Africa, Zambia launched a debt buyback tender for its $1.36 billion bond due in 2053, becoming the latest African nation to reduce debt servicing costs amid market volatility.

Fixed Income Developments

Treasuries headed for their best week since the Iran war began as oil prices declined on peace deal hopes, with Deutsche Bank raising its 10-year yield forecast on expectations of Fed policy changes shaped by Chairman Kevin. Meanwhile, BlackRock scaled back equities across its $220 billion model-portfolio business as US stocks surge to record highs following a strong earnings season, reflecting institutional caution amid the rally.

Corporate Actions

St. John's University officially sold its Staten Island campus to Wagner College for $30 million, while Asda's potential tie-up with Ocado suggests the online grocery delivery group is nearing its partnership goal after struggling to secure new collaborations. Private equity continued deal-making with CVC acquiring IFF's food ingredients division for $4.3 billion, the latest in a series of PE swoops to carve out underperforming divisions from corporate groups. In the debt markets, Shutterfly kicked off a $1.9 billion junk bond deal to tackle its looming debt pile, with the company seeking $1.875 billion through new bonds and loans.