Daily Digest — 16 May 2026

Global markets stumbled Friday as technology stocks led a broad selloff, with the Dow losing over 500 points amid rising yields and growing geopolitical tensions. Oil surged 4.2% to $101 as conflicts escalated, while precious metals retreated sharply with silver plunging 9.1% and gold falling 2.6%.

Political drama unfolded across multiple theatres. In the UK, Andy Burnham secured approval to run in a pivotal by-election that could position him for a leadership challenge against the Prime Minister, while far-right activists were barred from entering ahead of a Tommy Robinson rally. Meanwhile, Trump warned Taiwan against declaring independence hours after his China summit, urging both sides to “cool down” tensions.

The crypto sector faced scrutiny as Bhutan disputed claims of selling $1 billion in bitcoin, despite blockchain data showing massive outflows from wallets attributed to the Himalayan kingdom. Bitcoin fell 2.2% to $78,988 amid the confusion. In corporate news, SpaceX accelerated its IPO timeline, targeting June 11 for pricing on the Nasdaq.

Tragedy struck the Democratic Republic of Congo where a rare Ebola strain claimed at least 65 lives in Ituri province, while Israeli airstrikes killed seven Palestinians in Gaza City apartment buildings, underscoring persistent humanitarian crises across multiple regions.