Good morning.
The Fast Five → Trump takes US investments into new territory, IPO, IPO, it's off to work we go, Oura files confidentially for IPO, IBM shares soar on US funding, and SpaceX IPO filing lays out Musk’s interplanetary manifesto…
📌 You'll buy SpaceX at $1.75 trillion. Insiders bought at $20 billion →
(a message from Behind The Markets)
Calendar: Full Calendar »
Today:
Revised UoM Consumer Sentiment, 10:00A
Monday:
None Watched
Your 5-minute briefing for Friday, May 22:
BEFORE THE OPEN
As of market close 5/21/2026.
Pre-Market:
Market Wrap:
Futures higher Dow +67, S&P +0.1%, Nasdaq +0.3%
S&P tracking eighth straight weekly gain
Treasury yields eased after sharp spike this week
30-year yield briefly hit highest level since pre-2008 crisis
Oil prices fell as Iran deal hopes improved
Markets still pricing in stagflation risks from conflict
Today: Kevin Warsh to be sworn in as next Fed chair
EARNINGS
None watched today. See full earnings calendar »
The S-1 is Live. You Have 22 Days.
Two days ago, SpaceX filed its S-1.
June 12 is now confirmed. $75 billion. Ticker SPCX. The largest IPO in history.
You will not get shares. The 21-bank syndicate already locked them up.
But the S-1 just exposed the one company Musk cannot operate without.
It's publicly traded. It's still cheap. And in 22 days, the whole world will know its name.
Dylan Jovine is giving it away — free — before the window closes.
Get the ticker before Jiune 12 reprices everything >>
Kelly Maguire
Behind the Markets
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HEADLINES
The Trump admin is expanding the government’s burgeoning investment portfolio, announcing Thursday that it will award grants to nine quantum computing companies in exchange for equity stakes.
The document also revealed how much the world’s largest public offering is underpinned by a founder firmly in control.
Stocks rise, dollar at six-week high as focus remains on US-Iran talks (more)
Retail signals portend trouble for US consumers (more)
Oil prices gain as investors doubt breakthrough in US-Iran peace talks (more)
Gold set for weekly loss on stronger dollar, rate-hike bets (more)
IPO, IPO, it's off to work we go (more)
AMD asking partners to ramp up production (more)
IBM shares soar on US funding for $2 billion quantum push (more)
Walmart shares sink as investors fret about price-conscious shoppers (more)
Spotify soars 13% after announcing AI music deal with UMG (more)
Workday jumps 10% as it bumps up margin forecast (more)
Stellantis rebounds on new 2030 financial targets (more)
Smart ring maker Oura files confidentially for IPO (more)
DEALFLOW
M+A | Investments
Kontoor to sell Lee denim brand to Authentic Brands in up to $1 bln deal
Equity Residential, AvalonBay to merge in mega US real estate deal
MidOcean Energy receives $120M investment from the Arab Energy Fund
ADF Engineering receives investment from Heartland Growth Partners
PteroDynamics receives investment from One Bow River
VC
Hark raises $700M in Series A funding at a $6B Valuation
Mercury, a fintech company developing financial operating systems, raised $200M in Series D funding
Farther, an intelligent wealth management company, raised $150M in Series D funding
Dandelion Health, a clinical intelligence platform, raised $14M in Series A funding
Vêtir, an AI-powered luxury wardrobe operating system, raised $5.5M in Series A funding
Shatterdome Energy, an AI-driven energy trading and intelligence startup, raised $3.5M in pre-Seed funding
Overwatch AI, an aviation tech management platform provider, raised $1.5M in pre-Seed funding
CTC Global Solutions Corp., a market intelligence and technology company, received an undisclosed amount of Pre-Seed funding
CRYPTO
BULLISH BITES
📈 IPO, IPO, it's off to work we go.
🚫 Repeat after me, stocks are not an effective inflation hedge.
🤖 We need a new AI vocabulary.
🤾🏼♀️ The Hacky Sack is cool again.
DAILY SHARES
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