The futures traded lower, after a rebound Monday that saw all the major indexes start the week off right, closing higher across the board. While last week was the busiest for earnings reports for the second quarter, this week also has a busy slate of top S&P 500 companies releasing their numbers. With the payroll data for July out of the way, all eyes on Wall Street will turn to the consumer price index (CPI) reading for July on Thursday. Over the weekend, Fed Governor Michelle Bowman said that more interest rate hikes are possible, and with energy prices spiking over the last month, it is possible that we could see an uptick in the CPI reading.
Treasury yields were mixed across the curve on Monday, with most of the light selling on the longer maturities. Bond traders will be closely watching the inflation data on Thursday, as any big spike in the inflation rate could set up the Federal Reserve for a September increase. The 10-year note finished Monday at 4.08%, while the two-year paper closed at 4.78%, keeping the inversion in place.
Brent and West Texas Intermediate both closed the day lower after profit-taking hit both of the oil benchmarks after a furious rally over the past month pushed prices to their highest levels since April. With OPEC and Saudi Arabia determined to put support under pricing with production cuts, it is a good bet that buyers will be using any weakness to add or initiate a position. Brent closed down 1.3% at $85.12, while WTI closed lower by 1.15% at $81.67. Natural gas had a solid start to the week, closing at $2.71, up almost 5%.
Gold was slightly lower to open the week, with the December contract closing the day at $1,969.40. Like all the asset classes, all eyes are focused on the inflation data Thursday. Bitcoin was also lower on the day, as the cryptocurrency giant closed at $28,979.50, down 0.21%.
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 Tuesday, August 8, 2023.
Camping World Holdings Inc. (NYSE: CWH): The Hold rating at Truist Financial was lifted to Buy, and the $28 price target is now $35. The consensus target is $33.11. The stock closed on Monday at $28.29, up almost 4% for the day on the upgrade and positive commentary.
Cloudflare Inc. (NYSE: NET): Guggenheim’s downgrade was from Neutral to Sell with a $50 target price. The consensus target is $63.78. Shares ended Monday trading at $67.79, which was 2% lower on the day.
Curtiss-Wright Corp. (NYSE: CW): Morgan Stanley raised its Equal Weight rating to Overweight and its $188 price target to $229. The consensus target is $206.50. The stock closed almost 3% higher on Monday at $207.50.
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