Report published May 19, 2026
Up and Adam: Raymond James Daily Market Update - May 19, 2026
Raymond James · May 19, 2026
While US manufacturing activity hit a 4-year high, global markets face headwinds from rising bond yields and oil prices above $100. Big tech firms are increasing bond issuance globally to finance AI expansion.
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Finvaulta summarizes Raymond James's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.The Empire State Manufacturing Survey rose to 19.6 in May, a four-year high, but rising prices paid indicate significant inflation and margin pressures.
- 2.The Trump-Xi summit resulted in limited commitments for Boeing aircraft and soybean purchases, with no definitive extension of the trade truce.
- 3.Large tech 'Hyperscalers' like Microsoft and Alphabet are aggressively tapping global bond markets, including 100-year bonds, to fund AI infrastructure.
Table of Contents
- Previous Close
- Future
- Today's Events
- Empire State Manufacturing Survey Hits A Four-Year High—But There's No Avoiding Cost Pressures
- After Trump-Xi Meeting, Next Steps On Trade And Iran Remain Murky
- S&P 500's Winning Streak Extends To Seven Weeks—Can The Rally Keep Going?
- Hyperscalers Go On A Global Bond Borrowing Spree
- Global Bond Sell-Off Intensifies—An Early Test For Warsh
Report data
Chart of the Day: Bond Yields Rising
| Metric | Estimate | Context |
|---|---|---|
| Empire State Manufacturing Survey | 19.6 Index Points | Fastest expansion since April 2022. |
| 10-Yr Treasury Yield | 4.59 Percentage | 12-month high. |
| Hyperscaler Bond Issuance | 159 Billion USD | Faster pace than $70b in 4Q25. |
Reports in this series
Up and Adam is shown in chronological order through this edition, published on May 19, 2026.
Part of the Up and Adam series — view all 19 editions
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- May 10Up and Adam
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