The futures were lower after we kicked off the week with some serious selling, as all the major indexes closed down on Monday. Despite the selling, we will finish off a strong January that saw the Dow Jones industrials, the S&P 500 and the Nasdaq all turn in a winning month for beleaguered investors. With the Federal Reserve expected to raise interest rates on Wednesday by at least 25 basis points, traders and investors will focus on the commentary. While rate hikes likely will continue to be lower, more should be in store, and when the federal funds rate peaks at 5.00% to 5.25% or slightly higher, it may stay there until well into 2024.
Treasury yields were higher across the curve Monday, as the bond market will be closely watching and listening to Federal Reserve Chair Jay Powell this week. He is expected to maintain vigilance toward inflation. With energy, copper and other commodity prices edging higher in January, the consumer price index report next month could be a negative surprise.
Brent and West Texas Intermediate crude both closed lower on Monday after a strong move recently. Both major benchmarks finished the day down, even though some domestic production in the Permian Basin is expected to be shut down as the frigid weather moves into the United States from Canada this week. Profit taking also was cited for the selling.
Natural gas was almost 6% lower on the day, despite the coming cold snap, which likely will shut down production for nat gas operators as well. Gold closed flat Monday, while Bitcoin was down over 4%, surrendering some of the strong January gains for the cryptocurrency giant.
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, January 31, 2023.
Advanced Micro Devices Inc. (NASDAQ: AMD): Susquehanna reiterated a Positive rating and lifted its $80 target price to $88. The consensus target is $91.25. The stock closed almost 4% lower on Monday at $72.45.
Amazon.com Inc. (NASDAQ: AMZN): Barclays reiterated an Overweight rating but lowered its $140 target price to $130. The consensus target is $135.81. Monday’s final trade was reported at $100.55.
Colgate-Palmolive Co. (NYSE: CL): Morgan Stanley’s upgrade was from Equal Weight to Overweight with an $82 target price. The consensus target is $80.79. The shares closed Monday at $72.88.
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