Futures traded higher on Wednesday after an up-and-down Tuesday that saw stocks trade higher early, but lose their footing in the afternoon after technology stocks got hit. Analysts cited economic data and interest rates continuing higher as the main cause for the selling that hit the major indexes, each of which closed lower.
While the financial crisis headlines are starting to die down, a very contentious Senate Banking committee meeting took place Tuesday in which three top regulators called for very stringent rules for banks with more than $100 billion in assets. This comes after revelations that the Federal Reserve and the Bank of England voiced concerns on Silicon Valley Bank as early as 2021.
Treasury yields, as mentioned, jumped higher across the curve, with the biggest moves on the shorter end. The two-year crossed the 4% level to close at a 4.08% yield, while the 10-year note closed at 3.56%. The inversion between the two had narrowed dramatically at the height of the financial contagion worries but is widening again. The inversion signals a recession may be on the way.
Brent and West Texas Intermediate crude followed up Monday’s 5% rally by both closing higher Tuesday. Analysts cited a degree of bullishness returning to the sector after the recent price crash that drove benchmark pricing to the lowest level since late 2021 and the ongoing halt of Kurdistan exports as the impetus for recent strength. Natural gas finished lower on the day at $2.03.
Gold finished the day higher, after a 1.5% drop on Monday, closing up close to 1% at $1,974. Bitcoin finished the day down modestly higher at $27,263. Note that the cryptocurrency giant is up a stunning 62% this year.
24/7 Wall St. reviews dozens of analyst research reports each day of the week 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 analyst upgrades, downgrades and initiations seen on Wednesday, March 29, 2023.
Array Technology Inc. (NASDAQ: ARRY): Truist Financial upgraded the stock to Buy from Hold and has a $26 target price. The consensus target is $26.94. The last trade on Tuesday was for $19.62 a share.
Avis Budget Group Inc. (NASDAQ: CAR): With rising earnings estimate revisions, industry dominance and strong enterprise value, the Zacks Bull of the Day could soar, says the analyst. Shares closed at $177.58 on Tuesday, and the $256.25 consensus target signals more than 44% upside.
Blink Charging Co. (NASDAQ: BLNK): Barclays initiated coverage with an Equal Weight rating and an $11 price target. The consensus target is up at $21.57, but the stock closed on Tuesday at $7.41.
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