The futures were trading lower after the first full day of trading for the third quarter got off to a rough start. All the major indexes closed lower on Wednesday. Some on Wall Street continue to point at the softer economic data from China that indicates very tepid growth, in addition to the technology tensions between the United States and China. Plus, after a big June rally, some may be taking profits into a perceived overbought equity landscape. With the June jobs report on deck for Friday, and the June consumer price index report in the queue for next week, there is the potential for some market-moving data points over the next seven trading days.
On Wednesday, Treasury yields were higher across the curve, after a rough week last week that saw all the maturities sink lower, with yields above 5% on every maturity from the one-month to the one-year paper. The two-year note closed the day at 4.95%, while the benchmark 10-year finished the day at 3.95%. With the inversion still in place and the widest in 42 years, the long-awaited and predicted recession could be here by the end of the year.
Brent and West Texas Intermediate crude rebounded from Monday’s slow showing, as more analysts started to factor in the extension of the Saudi Arabia production cut through August and similar cuts from the Russians. Brent finished the day at $76.63, while WTI was up a solid 2% to $71.79. Natural gas closed Wednesday at $2.66, down 1.6%.
Gold finished Wednesday modestly lower at $1,922.70, after a brutal June that saw the bullion hit hard. Geopolitical tensions could put a bid back under gold as the ongoing war between Russia and Ukraine and mounting China worries as a new Cuba alliance surfaces continue to be front-page news. Bitcoin closed lower with the equity markets, down 1% at $30,460.
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 Thursday, July 6, 2023.
Adaptive Biotechnologies Corp. (NASDAQ: ADPT): J.P. Morgan resumed coverage with an Overweight rating and a $15 target price. The consensus target is $12.29, and the stock closed almost 5% lower on Wednesday at $6.37.
Advanced Micro Devices Inc. (NASDAQ: AMD): Northland Capital’s upgrade to Outperform from Market Perform included a target price hike from $81 all the way to $150. The consensus target is $130.40. The stock closed on Wednesday at $113.95.
Alarm.com Holdings Inc. (NASDAQ: ALRM): J.P. Morgan resumed coverage with a Neutral rating and a $55 price target. The consensus target is up at $65.43. The stock closed on Wednesday at $51.30.
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