Crypto News: Memorial Day gains and pains

Good morning. Gasoline will be a pain point this Memorial Day weekend. Miami emerges as a World Cup hot spot. And ever get a feeling of déjà vu when you enter a hotel room? Listen to the day’s top stories.

— Angela Cullen

Market Snapshot
S&P 500 Futures	7,475.75	+0.1%
Nasdaq 100 Futures	29,473.00	+0.1%
Bloomberg Dollar Spot Index	1,203.59	+0.2%
Market data as of 07:04 AM ET. Data is subject to provider delays.	Your watchlist

As Americans head into Memorial Day weekend, the S&P 500 is poised for its longest streak of weekly wins since 2023, casting inflation and war worries aside. Signs that neither Iran nor the US is looking to widen their conflict and growing appetite for a broader group of AI beneficiaries have kept volatility low despite often conflicting reports around peace talks. Meanwhile, the AI boom is spurring new winners, but in some cases its promise is still largely aspirational.

That’s not to say consumers aren’t cutting back as the summer driving season kicks off. Gasoline will be a pain point with prices at the pump above $4.50 a gallon for the first time in nearly four years. Economists have raised their inflation estimates and pushed out their timeline for the next Fed rate cut as the price shock triggered by the Iran war starts to spread. That backdrop and political pressure raises the ante for Kevin Warsh, who’ll be sworn in as Fed chair at the White House today.

Will he, won’t he? President Donald Trump did an about-turn on a plan to suspend an Army deployment to Poland. NATO chief Mark Rutte welcomed the announcement, while saying the focus remains on boosting spending to defend European security. Two days ago the Pentagon said it was permanently cutting about 4,000 soldiers from Europe as part of a broader review that’s generated anxiety among US allies on the continent and elsewhere in the world. Meanwhile, Ukraine and its allies are increasingly confident that Russia’s invasion is running out of steam.

The FIFA World Cup is stirring anxiety from New York to Seattle over whether it can deliver the promised economic windfall. Not so in Miami, where nearby resident Lionel Messi is revered. The city is getting a boost from some of the most in-demand games in the early stages of the tournament. But it will cost you. Off the pitch, Argentine superstar Messi has just notched up another milestone, joining Cristiano Ronaldo as a football billionaire.

The Mishal Husain Show: David Dimbleby anchored BBC coverage of 10 UK general elections. With Prime Minister Keir Starmer under pressure, he’s uniquely placed to understand the characters shaping British politics today.

Watch now — The Mishal Husain Show: David Dimbleby anchored BBC coverage of 10 UK general elections. With Prime Minister Keir Starmer under pressure, he’s uniquely placed to understand the characters shaping British politics today.

Bloomberg Tech returns to San Francisco on June 3-4. Led by Emily Chang and Tom Giles, it convenes leading CEOs, investors and innovators driving the industry forward. Register here.

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Deep Dive: Alberta Decides

Danielle Smith, Alberta’s premier, speaks at an event in Calgary on Thursday morning. — Alberta Premier Danielle Smith.

Should they stay or should they go? That’s the question Albertans may soon confront when voters in Canada’s energy heartland decide this fall whether to begin a legal process that could ultimately lead to secession.

Premier Danielle Smith says she’ll hold a referendum on Oct. 19 in a bid to contain independence sentiment within her United Conservative Party, which has governed the province since 2019.
The decision follows a court ruling that blocked an earlier push to petition the government for a secession vote. The judge sided with indigenous groups, whose treaty rights predate Alberta’s creation as a Canadian province in 1905.
Polls show separatism remains a minority view, with especially weak support among women and residents of major cities.
The French-speaking province of Quebec offers a cautionary tale. Rising separatist sentiment there in the 1970s drove many businesses to Toronto from Montreal. Quebec voters ultimately rejected independence in a razor-thin 1995 referendum.

The Big Take

Andrew Bailey, governor of the Bank of England, left, speaks with Scott Bessent, US treasury secretary, during the 'family photo' during the G-7 finance ministers and central bank governors meeting in Paris, France, on Monday, May 18, 2026. While the talks in Paris were meant to dwell onimbalancesranging from the US budget deficit to Chinas weak consumption, ministers and central bankers are preoccupied by a another day of spiking yields, driven by investor concerns about consumer prices. Photographer: Benjamin Girette/Bloomberg — Andrew Bailey, governor of the Bank of England, left, speaks with US Treasury Secretary Scott Bessent.

One inflation spike in the 2020s might be an accident, but two looks like an alarming trend. The $50 trillion-plus market for G7 debt—the safest haven in world finance—is turning volatile as the Mideast conflict sparks an investor rush for inflation protection and pressure on central banks.

Opinion

California Governor Gavin Newsom speaks during the The Center for American Progress (CAP) IDEAS Conference in Washington, DC on May 19, 2026. (Photo by Jim WATSON / AFP via Getty Images) Photographer: JIM WATSON/AFP — California Governor Gavin Newsom

Gavin Newsom is trying to have it both ways on AI as he prepares for a probable presidential bid in 2028, writes Erika D. Smith. It’s a fine line trying to keep one of his state’s most profitable industries happy while navigating a growing national backlash against it.

More Opinions

A building frame under construction at the new QTS Eagle Mountain data center in Eagle Mountain, Utah.

Gautam Mukunda

The Desperation of AI Titans Is an Ominous Sign

A very, very bad idea. Photographer: Helen H. Richardson/MediaNews Group/Denver Post

Michael Bloomberg

The FDA’s About-Face on Flavored Vapes Will Prove Deadly for Kids

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Before You Go

Ever woken up in a hotel room and wonder, “Where am I?” You could blame jet lag, but the reality is they’ve all started to look the same. So much so that it’s getting harder to tell the difference between a $300-a-night room and one costing far more. Take our quiz to see if you can spot the differences.

A Few More