Bernstein raises American Airlines (AAL.O) PT to $23 from $20.

Investors will hear Fed chair KEVIN WARSH speak tonight but should not expect new forward guidance—he has signalled he wants to curtail its use and considers it of limited practical value. He may, however, discuss how he assesses the inf outlook and its drivers. Evercore ISI head of strategy and economics Krishna Guha said market attention will be on how Warsh frames the inf outlook, citing drivers such as falling oil, easing inf expectations, other commodities, a stronger dollar and potential AI-related cost pass-through.

Dow Jones Industrial Average pared losses, trading down 0.1%.