The futures traded lower in what will be a busy week for economic data on Wall Street. The major indexes finished Monday mixed, with the tech-heavy Nasdaq the only loser on the day, and barely one at that. It was down just 0.03% to close at 12,804. Top strategists will be watching closely as the consumer price index numbers and the Federal Open Market Committee minutes drop Wednesday, while the producer price index and initial jobless claims come in Thursday.
The big banks will mark the unofficial kick-off for the first-quarter earnings reporting parade on Friday. While the money center leaders should be able to deliver predictable results, the smaller regional banks will be watched closely, as many lost huge deposits after the collapse of Silicon Valley Bank in March.
One of the flies in the equity market ointment Monday was that interest rates across the Treasury curve jumped sharply higher on Monday, especially on the short end. The two-year note crossed back over 4% to end the day at 4.01%, and the five-year note yield jumped a stunning 16 basis points. The inversion with the 10-year note tightened as the benchmark paper finished the session at 3.42%. The inversion suggests the potential for recession.
After a big week last week, both Brent and West Texas Intermediate crude finished Monday modestly lower. This came despite chatter across Wall Street that energy giant Exxon Mobil was in acquisition discussions with Permian Basin leader Pioneer Natural Resources. This would mark the energy giant’s biggest deal since the merger with Mobil in 1999. Natural gas finished the day at $2.17, up over 8% for the day.
Gold dropped almost 1% on Monday, falling back below the $2,000 level to close at $1,992, after a strong move over the past few weeks. Bitcoin was a winner Monday, closing up over 3% at $29,232.
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 Tuesday, April 11, 2023.
American Homes 4 Rent (NYSE: AMH): Evercore ISI upgraded the stock to Outperform from In Line and has a $36 target price. The consensus target is $34.39. The stock closed on Monday at $31.85.
AvalonBay Communities Inc. (NYSE: AVB): Evercore ISI raised its In Line rating to Outperform with a $194 target price. The consensus target is $184.19, and the stock closed on Monday at $168.62.
Block Inc. (NYSE: SQ): Keefe Bruyette downgraded the stock to Market Perform from Outperform and lowered its $90 target price to $75. The consensus target is $94.75. Monday’s closing share price was $66.36.
Booking Holings Inc. (NASDAQ: BKNG): This travel website operator is the Zacks Bull of the Day stock, with the analyst making the case that it should outperform over the next 6 to 12 months. The shares last closed at $2,572.57 apiece, and the $2,773.85 consensus price target would be an all-time high.
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