Wells Fargo cuts S&P 500 target as AI worries mount in tech

Wells Fargo chief equity strategist Ohsung Kwon cut his year-end S&P 500 target by 250 points, to 7,700 from 7,950, citing rising risks in the technology sector. The reduction is notable because Kwon is among the few Wall Street strategists to lower forecasts recently, signaling increased caution toward the tech-led equity market outlook.