Markets: At the close on May 15: The Dow Jones Industrial Average reclaimed the 50,000-point milestone, while the S&P 500 and Nasdaq Composite indices set new all-time highs. Top 20 U.S. stocks by trading volume on May 15: Broadcom's market capitalization surpassed $2 trillion for the first time. Most popular U.S.-listed Chinese stocks declined on May 15: Bilibili fell 9.04%, and 21Vianet Group dropped 7.36%. Commodities Summary: Crude oil prices were largely unchanged, copper prices retreated, and gold prices fell. European stocks extended gains for a second day, led by strength in ASML and Siemens.
Macro: As conflict in Iran persists, the White House urgently seeks strategies to alleviate pressure on gasoline prices. Former President Trump executed 3,642 stock trades in the first quarter, breaking a decades-long tradition of a confidential blind trust. A U.S. Navy admiral stated that Iran currently retains only a very limited strike capability. Federal Reserve Governor Michelle Bowman announced she will step down when or shortly after Vice Chair for Supervision Michael Barr is sworn in. The U.S. pledged new humanitarian aid to the United Nations, stipulating that the assistance must align with the interests of the Trump administration. A U.S. Senate committee reviewed cryptocurrency legislation, marking a milestone moment for digital assets. The U.S. April import and export price indices indicated persistent inflationary pressures. The Pentagon accelerated plans to withdraw troops from Europe, canceling the deployment of an armored brigade to Poland. Morocco announced an additional $20 billion budget to mitigate the economic impact of the Middle East conflict. The Mayor of Manchester seeks a parliamentary seat, potentially increasing pressure on Labour leader Keir Starmer's leadership. Keir Starmer expressed regret over the resignation of the UK's Health and Social Care Secretary. Russia's Foreign Ministry stated it is open to contacts with Japan but will not insist on them.
Companies: Ford's stock surged 21% over two days as the AI enthusiasm spreads to traditional industries. Sources indicate OpenAI is considering legal action against Apple. Cisco shares posted their best single-day performance since 2011, driven by strong AI demand. Applied Materials' revenue outlook exceeded analyst expectations, boosted by demand for artificial intelligence. Report: SpaceX's IPO prospectus could be released as early as next week. AI chipmaker Cerebras soared 75% on its market debut, following the year's largest IPO. Cracks emerge in the Apple-OpenAI partnership, potentially leading to future litigation. Blackstone's data center fund completed a $1.75 billion IPO, opening flat on its first day of trading on the NYSE. J.P. Morgan Asset Management stated that winners in global equities are not limited to the AI sector. CoreWeave launched its Sandboxes service to enhance secure AI execution environments.
Commentary: U.S. Treasury Market: Government bond prices were mixed, with the yield curve flattening. Private credit turmoil impacts BDC reputations, prompting giants like BlackRock to initiate self-rescue measures. Crude oil futures closed flat as tanker traffic resumed through the Strait of Hormuz, easing supply concerns. Argentina Market Insight: Seasonal inflation slowdown provides some relief. Report: ECB Governing Council member Stournaras suggested the European Central Bank may have to raise interest rates if oil prices remain elevated. Cleveland Fed President Mester emphasized the Federal Reserve's need for independence and accountability. U.S. diesel exports rise against the trend, despite concerns over low inventory levels. The Shiller P/E ratio for U.S. stocks approaches dot-com bubble peak, renewing fears of "irrational exuberance." TD Securities suggested Brent crude could rise to $150 as global inventories decline. The Bank of England's Chief Economist cited significant price pressures from the Iranian energy shock as justification for rate hikes. Germany's 10-year government bond yield edged lower but remained near multi-year highs, weighed down by inflation concerns. Crude oil flows through the Strait of Hormuz saw a slight increase, with more supertankers departing.
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