The futures traded mixed after yet another solid day on Wall Street that saw all the major indexes close the day higher. The same positive data points continue to drive stocks higher: disinflation, as the rate of price increases has fallen from 9% to 3%, the potential for the economy to have a soft landing in lieu of recession, and the hope that the next increase in the federal funds rate, which is likely to come at the end of the July, will be the last. It should be noted that the winning streak for the venerable Dow Jones industrial average, which hit eight straight sessions on Wednesday, is the longest winning streak since 2021.
Treasury yields were modestly lower across the curve Wednesday, as buyers nibbled after a big move over the past 10 days. The benchmark 10-year note closed the day at 3.75%, while the shorter two-year paper closed at 4.77%. The inversion between the two government securities has widened back out to 102 basis points, the biggest gap since 1981.
Brent and West Texas Intermediate crude had another strong day to open the session, but both ended up lower. Brent closed at $79.39 and WTI at $75.26. Top strategists noted that oil traders are starting to become more positive about the Saudi production cuts that were extended through August. Natural gas closed the day flat at $2.62.
Gold finished the day modestly higher at $1,981.30. Traders cited the U.S. housing starts that dropped 8% in June as a positive for the bullion. Strength in the dollar was cited for the lackluster day. Bitcoin, which was mauled earlier this week, finished the day higher at $30,050.80.
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 analyst upgrades, downgrades and initiations seen on Thursday, July 20, 2023.
Airbnb Inc. (NASDAQ: ABNB): Zacks makes the case for its Bull of the Day stock to keep soaring. The shares hit a 52-week high of $147.68 on Wednesday and are up more than 70% since the beginning of the year.
Apple Inc. (NASDAQ: AAPL): BofA Securities reiterated a Neutral rating but lifted its $190 target price to $210. The consensus target is $190.14. Wednesday’s closing share price was $195.76.
Bluebird Bio Inc. (NASDAQ: BLUE): BofA Securities raised its Neutral rating to Buy and its $6 target price to $10. The consensus target is $6.90. The stock closed up almost 18% on Wednesday at $3.71 due to the upgrade and positive commentary.
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