From the Trading Desk at Stipelis

Thursday, May 14, 2026Today’s session reflected a relatively steady but mixed toneacross major asset classes. Equity index futures moved higher across the board, with the S and P, Nasdaq, Dow, and Russell all posting moderate gains. The moves were orderly rather than sharp, suggesting continuation rather than ashift in direction.Energy markets continued to provide support, with crude oilextending higher and trading above the 102 level. This ongoing strength in energy remains a notable feature of the current environment and continues to contrast with other areas of the commodity complex.On the other side, Treasury futures moved lower, indicatingslightly higher yields. This appears to be influencing gold, which declined on the session. The interaction between interest rates and metals remains a key cross-market relationship, particularly in periods where financial conditionsare still relatively tight.The U.S. dollar also moved modestly higher, adding anotherfactor influencing global markets. Despite these underlying dynamics, the VIX declined, reflecting relatively calm equity market conditions at the surface level.Taken together, the session highlights a market driven moreby rotation and cross-asset interplay than by a single dominant trend. Strength in equities and energy is being balanced by weakness in bonds and metals, pointing to a landscape that remains active but uneven.Follow the TradingDesk at Stipelis for ongoing market commentary.    The opinionsexpressed are those of Stipelis Global Trading LLC and are considered marketcommentary. They are not intended to act as investment recommendations.Individuals should make investment decisions based on their own analysis andwith direct consultation with a financial advisor. Stipelis Global Trading LLC is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association. Member ID 0474441 THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING ISSUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.