Morning Preview: May 18, 2026

Early Look

Monday, May 18, 2026

U.S. futures are looking lower to start the week, adding to Friday’s weakness as bond markets extended declines(lifting yields), while oil prices rise further after a drone struck the UAE’s Barakah nuclear power plant, as oil prices hit a two-week high. Nuclear infrastructure targeted for the first time in this conflict. Oil climbed for a third day as President Donald Trump again pressured Iran to come to a deal to end weeks of war and reopen the crucial Strait of Hormuz. Trump expressed frustration with Iran and told it the “clock is ticking,” hours after drones targeted a nuclear power plant in the United Arab Emirates. In Asian markets, The Nikkei Index declined -593 points to 60,815, the Shanghai Index dipped -3 points to 4,131, and the Hang Seng Index dropped -287 points to 25,675. In Europe, the German DAX is up 20 points to 23,970, while the FTSE 100 is up 10 points to 10,205. No major earnings results today, while there are a few high profile Wall Street conferences taking place this week.

Smallcap Russell 2000 fell -2.4% on Friday, its worst one day decline in 6 months. For the week, the S&P 500 gained 0.13%, the Nasdaq declined 0.08%, and the Dow fell 0.17%. That’s now 7 positive weeks in a row for the S&P 500, the first 7-week winning streak since 12/15/2023, while the Nasdaq snapped its 6 week win streak. Oil prices jumped last week as front-month Nymex crude for June delivery jumped 10.5% to $105.42/bbl, and front-month Brent crude for July delivery climbed 7.9% to $109.26/bbl; on Friday alone, Nymex and Brent rose 4.2% and 3.3%, respectively  as the prolonged closure of the Strait of Hormuz deepened concerns about declining global inventories. Gold and silver futures sank Friday, pressured by a stronger dollar which posted its biggest weekly gain ​in two months, while the 10-year Treasury yield jumped to 4.595%, the highest since February 2025 and its biggest one-day jump in more than a year, and the 30-year Treasury yield rose to 5.127%. For the week, front-month gold and silver futures fell 3.5% and 4%, respectively.

• The Dow Jones Industrial Average fell -537.35 points, or 1.07%, to 49,526.11
• The Nasdaq Composite dropped -410.08 points, or 1.54%, to 26,225.15
• The Russell 2000 Index declined -69.79 points, or 2.44% to 2,793.30

• 4:00 PM ET                   Net Long term-TIC Flows for March

• Earnings After the Close: AGYS FATN YALA

• Waste Expo 2026, 5/18 in Washington, DC

• Tesla (TSLA) has increased the prices of its Model Y cars in the U.S. for the first time in two years, has raised the price of its Model Y Premium rear-wheel drive and all-wheel drive by $1,000 each to $45,990 and $49,990, respectively and there will be no impact on entry-level options.
• Xpeng (XPEV) said it had ‌begun mass production of its first ​robotaxi at its Guangzhou headquarters, targeting fully driverless operations by early 2027. The Chinese EV maker is accelerating ‌its shift ⁠toward driverless vehicles and humanoid robotics as competition ⁠intensifies in the world’s largest auto market.

• China’s solar shipments abroad jumped 60% year-on-year in April, customs data showed on Monday. In April, China shipped 60% more solar cells abroad than in the same month last year – and the shipments, valued at $3.12 billion – likely understate actual growth in energy terms since photovoltaic technology advances over time.

• Commerzbank (CRZBY) formally rejected an offer by Italy’s UniCredit to buy the German lender. Commerzbank AG said UniCredit’s plan is vague and entails considerable risks; and significantly underestimates revenue losses, overestimates synergies, and assumes an unrealistic implementation timeline
• Prudential (PRU) has agreed to acquire a 75% stake in Bharti Life Insurance Company, from Bharti Life Ventures and 360 ONE Asset Management, as part of a strategic repositioning of its India operations.

• Bio-Rad Laboratories (BIO) shares rise pre mkt after the WSJ reported activist investor Elliot Management has built a sizeable stake (around $5B vs. company’s market cap f roughly $6.6B) and plans to push the supplier of life-science tools and diagnostics products to boost its underperforming stock price, according to people familiar with the matter. https://tinyurl.com/4hx5r7fe
• Boston Scientific (BSX) announces strategic investment in Mirus LLC, investing $1.5B for 34% stake and to buy Mirus TAVR business for additional $3B.
• Merck (MRK) said on Monday its experimental endometrial cancer drug met the main goals of a late-stage trial.
• Regeneron (REGN) shares tumble after announced a failure in a late-stage trial designed to evaluate a combination therapy involving its anti-PD-1 immunotherapy Libtayo against pembrolizumab, Merck’s (MRK) blockbuster cancer therapy marketed as Keytruda.

• Baidu (BIDU) Q1 revenue fell 1% y/y to RMB $32.08B, and adjusted earnings per ADS for Q1 was RMB 12.06; said expects AI to drive greater value for the company in coming quarters; revenue from AI Cloud Infra rose 79% yr/yr, driven by surging enterprise demand and Baidu’s full-stack AI capabilities.
• CoreWeave (CRWV) downgraded to Neutral from Buy at DA Davidson
• Globalstar (GSAT) said the planned May 17 launch of its HIBLEO-4 replenishment satellites with SpaceX had been postponed to allow more time for satellite launch preparations. The company said a new launch date will be announced once confirmed.
• Nebius (NBIS) downgraded to Neutral from Buy at DA Davidson
• Publicis (PUB) agreed to buy U.S. data collaboration company LiveRamp (RAMP) for a total enterprise value of about $2.2 billion in an all-cash deal as Publicis will pay $38.50 per share for LiveRamp, a 29.8% premium to the May 15 close. Publicis also raised its 2027 and 2028 constant-currency growth targets to 7-8% for net revenue and 8-10% for headline earnings per share, up from 6-7% and 7-9%, respectively.