Weekly Market Recap | May 12 – May 18

IPO’s in the week

• Wen Acquisition Corp. (Nasdaq: WENNU) completed its $261 million IPO on May 16, offering 26.1 million units at $10 each. The fintech-focused SPAC, led by CEO Julian M. Sevillano, is targeting companies enabling digital assets and blockchain integration into traditional finance. Each unit includes one Class A share and half a warrant exercisable at $11.50. The offering was underwritten by Cantor Fitzgerald & Co.
• Columbus Circle Capital Corp. I (Nasdaq: CCCMU) filed to raise $220 million via a 22 million-unit offering. Sponsored by Cohen & Company, the Cayman-incorporated SPAC plans to pursue acquisitions across industries with a focus on capital markets and asset management. The firm is led by CEO Gary Quin and is seeking to leverage its affiliate’s financial services expertise for its future business combination.
• Arrive AI Inc. (Nasdaq: ARAI), a developmental technology company focused on smart mailbox systems for secure, autonomous delivery via drones and robots, completed its IPO this week, raising $372.7 million. The company offered 29,978,212 shares on the Nasdaq Global Market, though a final share price has not yet been disclosed. Founded in 2020 and previously known as Dronedek, Arrive AI is headquartered in Indianapolis, Indiana, and is led by CEO Daniel S. O’Toole. The firm has yet to generate revenue, but plans to commercialize its secure delivery infrastructure for goods, food, and medicine.
• Renatus Tactical Acquisition Corp I (Nasdaq: RTACU), a blank check company targeting U.S.-based businesses in cryptocurrency, blockchain, data security, and dual-use technologies, priced its IPO on May 13, 2025. The company offered 21,000,000 units at $10.00 each, raising $210 million to fund future acquisition efforts. Renatus is incorporated in the Cayman Islands and led by CEO Eric Swider. The IPO is listed on the Nasdaq Global Market.
• Thayer Ventures Acquisition Corp II (Nasdaq: TVAIU), a blank check company targeting businesses in the travel and transportation sectors, priced its IPO on May 15, 2025. The company offered 17,500,000 units at $10.00 each, raising $175 million to fund future acquisition efforts. Thayer Ventures is incorporated in the Cayman Islands and led by co-CEOs Christopher Hemmeter and Mark E. Farrell. The IPO is listed on the Nasdaq Global Market.
• Antalpha Platform Holding Co (Nasdaq: ANTA), a provider of financing and risk management solutions to the digital asset industry, completed its IPO on May 10, 2025. The company offered 3,850,000 shares at $12.80 each, raising $49.28 million to support growth of its Bitcoin mining-focused lending and technology platform, Antalpha Prime. Antalpha is the primary lending partner for Bitmain and targets supply chain financing for Bitcoin miners. The IPO is listed on the Nasdaq Global Market.
• Churchill Capital Corp X/Cayman (Nasdaq: CCCXU), a blank check company founded by veteran dealmaker Michael Klein, completed its IPO on May 10, 2025, offering 36,000,000 units at $10.00 each and raising $360 million. The SPAC, incorporated in the Cayman Islands, aims to pursue mergers across sectors, leveraging Klein’s advisory experience through M. Klein and Company. The IPO is listed on the Nasdaq Global Market.
• eToro Group Ltd. (Nasdaq: ETOR), a global social investing platform known for pioneering retail social trading, completed its IPO on May 10, 2025, by offering 11,923,018 shares at $52.00 each, raising approximately $620 million. The company, which connects users with leading investors and offers a regulated digital trading community, is now listed on the Nasdaq Global Select Market. The offering included 5,961,509 shares from existing shareholders.
• OMS Energy Technologies Inc. (Nasdaq: OMSE), a Singapore-based manufacturer of wellhead systems and tubular goods for the oil and gas industry, completed its IPO on May 10, 2025, offering 3,703,704 shares at $9.00 each, raising $33.3 million. The company serves exploration and production clients in the Asia Pacific and MENA regions with API- and ISO-certified products and is now listed on the Nasdaq Capital Market.
• Perimeter Acquisition Corp. I (Nasdaq: PMTRU), a blank check company focused on acquiring businesses in defense and national security sectors, completed its IPO on May 10, 2025, offering 21,000,000 units at $10.00 each, raising $210 million. Headquartered in Dallas, Texas, the company aims to target opportunities in the U.S. or allied nations and is listed on the Nasdaq Global Market.

Markets this week

1. S&P 500 closed at 5,958.38, up 151.18 points and 2.60%.
2. Russell 1000 ETF closed at 326.72, up 6.59 points and 2.06%.
3. Russell 2000 closed at 2,113.25, up 26.44 points and 1.27%.
4. Russell 3000 closed at 3,390.85, up 83.54 points and 2.53%.
5. CBOE Volatility Index closed at 17.24, down 2.60 points and 13.11%.
6. Dow Jones Industrial Average closed at 42,654.74, up 755.69 points and 1.80%.
7. NASDAQ Composite closed at 19,211.10, up 536.54 points and 2.87%.
8. Bitcoin (USD) closed at $103,489.31, down $617.65 and 0.59% during 5 trading days.
9. Ethereum (USD) closed at $2,536.30, up $26.01 and 1.04% during 5 trading days.
10. XRP (USD) closed at $2.3810, up $0.0145 and 0.61% during 5 trading days.
11. Gold closed at $3,237.10, down $63.60 and 1.93%.
12. Silver closed at $32.158, down $0.427 and 1.31%.
13. WTI (West Texas Intermediate) closed at $62.48, up $1.09 and 1.78%.
14. Brent Crude Oil closed at $65.48, up $1.25 and 1.95%.

• Moody’s downgraded the U.S. to Aa1, citing large deficits and rising interest costs, removing its last triple-A credit rating.
• Moody’s downgraded the U.S. credit rating to Aa1, citing rising debt and interest costs, which pushed Treasury yields higher.
• U.S. shale output is set to decline in 2026, as low oil prices and investor pressure slow drilling activity.
• U.S. consumer sentiment fell to 50.8 in May, its second-lowest level on record, amid rising inflation fears. Tariffs were cited by 75% of respondents, up sharply from April.
• Trade progress and Trump’s Middle East tour boosted markets, with the S&P 500 up 5.3% and all major indexes turning positive for 2025.
• Deutsche Bank is seeking approval for a second share buyback, adding to its €750M program as part of €2.1B in planned shareholder returns.
• Coinbase is cooperating with the SEC on a probe into past user metrics that may have overstated unique customers.
• India is reviewing a U.S. request to lift ethanol import curbs as part of wider trade talks. New Delhi remains cautious to protect domestic producers and energy goals.
• TCW’s David Robbins is betting on distressed bonds from Angola to Senegal, expecting IMF deals to drive recovery. His fund has outperformed most peers this year.
• Banks are preparing a €2.5 billion bond sale to fund Flutter’s acquisition of Playtech’s Italian unit. The deal marks a rebound in junk-debt markets after recent volatility.
• CMA CGM reported a surge in China freight demand after a 90-day U.S. tariff truce, signaling a strong trade rebound. Shipping volumes rose 4.2% in Q1 with $1.12B in profit.
• Druckenmiller cut his Argentina ETF stake by 19% after a record rally. The fund has more than doubled in two years
• Exxon and Adnoc agreed to boost output at the UAE’s Upper Zakum oil field as part of a $150B plan to expand capacity. The UAE targets 5 million barrels a day by year-end.
• Morgan Stanley’s Lisa Shalett says the S&P 500 rally may stall as tech fades, urging a shift to financials, energy, and healthcare.
• The Texas Stock Exchange is challenging New York and Delaware with new laws and a proposed trading tax ban to attract listings and registrations.
• Marfrig jumped 26% on a takeover bid for BRF, with analysts calling the deal favorable. The merger aims to form a global food giant.
• Trump’s SEC will review executive pay rules, citing complexity and potential reform. A roundtable is set for next month.
• Muni bond investors got relief as a draft tax bill preserved the federal tax exemption. With less urgency, issuers may delay bond sales and wait for lower rates.
• Hedge funds raised Brent bullish bets after the U.S.-China trade truce, easing market fears and lifting crude outlook.
• New hedge funds and asset managers are entering the $1.3T CLO market, boosting demand for leveraged loans and pushing prices higher amid easing trade tensions.
• Turkey discovered 75 bcm of natural gas worth $30B in the Black Sea, enough to meet its residential demand for 3.5 years.
• Despite solid Q1 earnings, firms like Walmart and Alibaba issued grim outlooks as tariff disruptions cloud global demand. Profit guidance momentum hit a decade low.
• Coinbase suffered a major data breach, with hackers bribing outsourced staff to access sensitive customer information and demanding a $20M ransom.