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Shorts are back in fashion on Wall Street
Deutsche Bank and Wolfe Research lifted JPMorgan Chase and AT&T, while higher oil and Treasury yields renewed inflation fears across markets.
On Thursday, July 23, 2026, analysts upgraded JPMorgan Chase & Company to Buy with a $375 target and raised AT&T to Outperform with a $29 target price.
Rising oil prices pushed Brent Crude to $94 while the 10-year Treasury yield climbed to 4.66%, reigniting inflation fears across markets on the same day.
Short positions across US and Canadian equities surged 4% in June to a record $2.39 trillion, driven by $98 billion in new short selling, per S3 Partners data.
JPMorgan Chase CEO Jamie Dimon cautioned that it is "getting close to as good as it gets," reflecting skepticism about the AI-fueled rally's sustainability.
Market participants question the sustainability of the heavily concentrated AI rally that has propped up markets for nearly four years, with surging short activity suggesting potential pullback risks.
U.S. stocks are finding some respite in the pre-opening after recording their biggest fall this month. Brent crude falls below $100 a barrel and U.S. Treasury bond yields stopped their rise.
The chip manufacturer presented a revenue forecast that far exceeded Wall Street estimates, as the boom in data center spending drives a long-awaited recovery