Southern Copper Corp

Global markets reach new peaks on AI optimism, but economist Paul Sheard cautions that high valuations and concentration risk a severe correction.

The STB accepted Union Pacific and Norfolk Southern's revised merger filing but paused the case, demanding more information by July 27. Shares fell 4.2% and 5.4%.

Union Pacific may drop its $85 billion Norfolk Southern merger if regulators require major line sales or trackage rights. The STB is reviewing the revised application.

Norfolk Southern reported a 27% drop in Q1 net income to $547 million, weighed by higher fuel costs and merger expenses. Shares slipped 0.5% as investors focused on cost pressures and weak freight volumes.