Tapestry (TPR) reported fiscal Q3 2026 results on May 7, 2026, with revenue of $1.9 billion, up 21% year over year, and non-GAAP EPS of $1.66, up 62%, topping expectations. The company raised its full-year outlook, projecting revenue of $7.95 billion and EPS of $6.95. Coach sales jumped 31% year over year, serving as the main growth engine. The stock is 7.9% below its 52-week high, but is up 16.8% year to date versus the S&P 500’s 9.2% gain, and analysts’ consensus is “Strong Buy” with a mean target of $166.21, implying 11.4% upside from current levels.

Alimentation Couche-Tard reported fiscal 2024 fourth-quarter results, benefiting from sharp oil-price swings tied to the war in Iran. Its U.S. gasoline gross margin reached 52.44 cents a gallon, up 9.17 cents from a year earlier and the highest level in more than five years. The margin was well above the industry average of 35 cents a gallon for the period. Quarterly net profit doubled year over year to $863.4 million.

Tesla confirmed that its Full Self-Driving (FSD) system was engaged when a fatal crash in Texas occurred, saying the driver pressed the accelerator to 100% and the car hit a home at 73 mph. The National Highway Traffic Safety Administration (NHTSA) has opened a Special Crash Investigation and plans to independently retrieve event data recorder (EDR) data. The incident adds to pressure following a 2024 Florida jury verdict that found Tesla 33% responsible in a deadly Autopilot crash, heightening regulatory risk.

Global technology stocks extended losses for a second session, with the Nasdaq falling more than 2% and the S&P 500 down 1.6%. Micron Technology tumbled more than 11%, while semiconductor shares in South Korea and Japan also sold off sharply. Investors have focused on surging AI-related compute costs and tighter memory-chip supply that has pushed prices higher, alongside hawkish signals from the U.S. Federal Reserve that have revived expectations for two rate hikes this year. A U.S. waiver of sanctions on Iranian oil and petrochemical exports has also stirred concerns about renewed energy-driven inflation, though it has not disrupted supply, according to ANI.

Repeated Ukrainian drone strikes on Russian refineries in recent months have tightened fuel supplies, triggering gasoline shortages, surging prices and long lines at filling stations in several regions. The Moscow Exchange index slid to a three-year low, while the rouble weakened past 75 to the U.S. dollar for the first time since May 6. Russia’s central bank warned that reduced fuel output could push inflation higher. The disruptions amount to a material shock to global oil supply by directly affecting refining.

Trading in South Korea’s KOSPI was suspended, while SpaceX suffered a roughly $400 billion one-day loss in market value, stoking broader concerns that AI-driven valuations are deflating. KOSPI heavyweights such as Samsung Electronics and SK Hynix, which had surged on expectations of booming demand for high-bandwidth memory (HBM) chips for AI servers, also pulled back sharply. Experts cited in the report said market enthusiasm around AI appears to have peaked, drawing comparisons to the 2000 dot-com bubble. The episode was described as a sudden, index-level shock rather than routine market volatility.

The United States and Iran signed a 60-day memorandum to continue nuclear negotiations, and Washington formally waived oil sanctions on Tehran for two months, opening a path for Iran to unlock as much as $10 billion in export revenue. Over the same period, the national average gasoline price slid to $3.93 a gallon, down 14% from a May peak, and Brent crude fell below $80 a barrel. Although later talks broke down and fresh reports emerged of another blockade in the Strait of Hormuz, expectations of near-term supply increases have already weighed on energy prices.

AI chip stocks saw heavy selling globally, with South Korea’s SK Hynix and Samsung Electronics falling more than 12% in a single session, triggering forced liquidations and a wave of leveraged ETF selling. U.S. semiconductors also sank, with the SOXX ETF down more than 7% and SanDisk down more than 12%, Micron off more than 11%, and ARM down more than 7%. A strong U.S. manufacturing PMI print failed to lift sentiment. Markets are focusing on whether AI-related asset valuations can remain sustainable.