The futures were trading lower Tuesday on disappointing China economic data, after a solid start to the trading week that saw all the major indexes finish the day higher. With the inflation index readings out of the way until September, and the final second-quarter earnings on tap for this week with results from big retailers like Walmart and Target and tech giant Cisco, the stock market is likely poised to grind through the final two weeks of the summer with low volumes. One item that could stir the pot this week is the Friday options expiration, which some strategists view as having the potential to ignite selling if we trade through certain levels before Friday.
Treasury yields were modestly higher on Monday as some light selling came into the complex. Some analysts feel that the 30-year long bond could be headed back to highs hit last November. The last trade on Tuesday saw the yield at 4.30%. The 10-year note closed on Monday at 4.20%, while the two-year paper finished the day at 4.97%. While the inversion has narrowed some, many across Wall Street now feel a mild recession is on tap for 2024.
Brent and West Texas Intermediate crude finished Monday modestly higher, as more attention continued to focus on the energy rally, which has pushed the Energy Select Sector SPDR Fund close to a 52-week high. Brent closed at $86.36, while WTI finished Monday’s session at $82.60. Natural gas was last seen at $2.84.
Gold had a lackluster day Monday, and many feel that the precious metal will stay stuck in neutral for the balance of the summer. While many view the $1,950 level of the December contract as support, the environment for the safe-haven bullion is being challenged by short T-bill rates well above the 5% level. Gold closed Monday at $1,937.90. Bitcoin, which has had a so-so summer as well, closed flat Monday at $29,392.
24/7 Wall St. reviews dozens of analyst research reports each weekday with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top Wall Street analyst upgrades, downgrades and initiations seen on Tuesday, August 15, 2023.
Amgen Inc. (NASDAQ: AMGN): Jefferies reiterated a Buy rating on the stock and has a $310 target price. The consensus target is just $252.55, while shares closed on Monday at $260.97.
Berry Petroleum Inc. (NYSE: BRY): Piper Sandler’s downgraded was from Overweight to Neutral with a $9 target price. The consensus target is $9.40. Monday’s closing share price was $8.07.
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BWX Technologies Inc. (NYSE: BWXT): Truist Financial raised its $77 target price on the Buy-rated shares to $83. The consensus target is $78.71. Monday’s close was at $74.
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