From The Trading Desk at Stipelis

Daily Market update for Wednesday, May 20, 2026The May 20 session was defined by rotation rather thandirectional conviction. The combination of falling yields, strong equity performance, and aggressive energy selling reflects a market in transition, where capital is being reallocated in response to evolving macro assumptions.The Russell 2000’s outperformance and crude oil’s declineare not isolated events but rather linked outcomes of the same underlying shift. Markets moved away from inflation-sensitive, commodity-driven exposure and toward assets that benefit from easing financial conditions.This type of environment typically produces sharpdivergences across sectors, as seen in this session. While the broader trend in some markets remains intact, the price action highlights how quickly positioning and expectations can adjust when key inputs, particularly interestrates, begin to move.Follow the Trading Desk at Stipelis for Market CommentaryStipelis Global Trading LLC is registered with the CommodityFutures Trading Commission and is a member of the National Futures Association.Member ID 0474441 The opinions expressed are those of Stipelis Global TradingLLC and are considered market commentary. They are not intended to act as investment recommendations. Individuals should make investment decisions based on their own analysis and with direct consultation with a financial advisor.   THE RISK OF LOSS IN TRADING COMMODITYINTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING ISSUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.