Wall Street analysts reassessed several key stocks this past week, with Jefferies downgrading Clorox on concerns of a corporate reset and Needham upgrading AXT Inc. following a strong earnings report and outlook.
While analysts expect the AI-led rally to resume, driven by massive demand for memory chips, they also forecast a significant S&P 500 pullback by late 2027 and are downgrading software and service firms facing direct threats from AI adoption.
Flight attendants at Canada's second-largest carrier, WestJet, have walked off the job after contract talks failed, leading to the cancellation of over 300 flights during the peak summer season. The dispute centers on a push for changes to the airline's long-standing compensation structure.
Overnight drone strikes deep inside Russia killed at least two people and damaged a warehouse belonging to e-commerce giant Wildberries, according to Russian regional officials. The attacks are part of a broader Ukrainian strategy to hit Russian economic and energy targets.
The U.S. stock market has repeatedly absorbed the collapse of speculative bubbles, but the growing use of debt to finance the artificial intelligence boom could present a more significant systemic risk, according to a Wall Street Journal report.
Retail investors in South Korea sold a record amount of shares on Friday following a 22% monthly decline in the Kospi index, its worst performance since the global financial crisis, driven by extreme volatility in AI-related stocks.
The financial institution revealed in a court filing that its decision to close over 300 accounts was the result of a review by its AML team, countering a lawsuit that claims the move was politically motivated.
A correction of over 10% in Japan's Topix stock index could spark a significant appreciation in the yen as investors unwind currency hedges, according to an analysis by Citi strategists.
Nike's plan to exit partner-operated online stores in China by 2027 is expected to significantly improve margins but will likely result in a $1 billion revenue hit, according to analysts at Bernstein.
