Good evening and welcome to Markets Desk, your close-of-day read on what's moving markets and the broader economy.
Morgan Stanley raised its S&P five hundred price target Wednesday, telling clients the index doesn't need Federal Reserve rate cuts to push higher. The bank joins the upper tier of Wall Street forecasts, a signal that equity strategists are growing more confident in corporate earnings resilience even as monetary policy stays restrictive.
Shifting to the legal arena, Sam Altman took the stand Wednesday in Elon Musk's lawsuit against him and OpenAI, with scrutiny falling on Altman's personal investment activity. The trial cuts to the heart of whether OpenAI's pivot toward a for-profit structure betrayed its founding mission, and the outcome could reshape governance standards across the entire AI industry.
And on the tariff front, refunds are beginning to flow following the Supreme Court's decision to strike down several Trump-era tariffs. FedEx, UPS, and DHL say they are actively pursuing reimbursements and will pass funds back to customers, though the first phase covers only imports finalized since January thirtieth of this year, leaving many shippers still waiting on clarity.
That's the tape. Markets Desk, signing off the floor.
