The futures traded higher after another risk-off day for the stock market on Wednesday that once again saw all the major indexes close lower. Reports indicated that many investors have been taking profits, as there were concerns over July’s consumer price index report, which came in as expected. While Tuesday’s furious selling on the open was met with a midday rally that brought all the indexes off their intraday lows, no such rally appeared Wednesday. Stocks finished close to their worst levels of the day.
Treasury yields were mixed across the curve Wednesday, as buyers once again snapped up the safe-haven government securities. The hedge fund shorting of the long end (and other maturities), which was disclosed in a big way last week, may be helping to spur some of the buying. The 10-year note closed at 4.02%, while the two-year closed at 4.81%. The ongoing inversion still suggests recession is possible.
Brent and West Texas Intermediate crude both surged higher on Wednesday after an inventory build for the week to August 4 of 5.9 million barrels. That compares with the massive 17-million-barrel draw from the week before, (which was the largest in years). China’s report of deflation kept a lid on prices early in the session, but buyers emerged later on Wednesday as Brent closed at $87.40 up 1.23%, while WTI finished the day at $84.40, up 1.78%. Natural gas had a huge day, up 6.6% to close at $2.96.
Gold continued moving lower on the weak China data, falling to a four-week low on the December contract at $1,948.60, down 0.58%. Bitcoin gave back some of Tuesday’s big gains in a big way and finished down 1.18% at $29,419.20.
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 Thursday, August 10, 2023.
Ambac Financial Group Inc. (NASDAQ: AMBC): Compass Point upgraded the stock from Neutral to Buy with an $18 target price. Shares have traded as high as $17.75 in the past year but closed on Wednesday at $14.07.
Bumble Inc. (NASDAQ: BMBL): RBC Capital Markets reiterated an Outperform rating but lowered its $27 target price to $23. The consensus target is $24.43. Wednesday’s $16.61 close was down almost 8% on the day in the wake of lackluster numbers and guidance.
Chart Industries Inc. (NYSE: GTLS): Wells Fargo boosted its Equal Weight rating to Overweight and its $162 target price to $224. The consensus target is $204.12. Wednesday’s close was at $167.03.
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