The futures were trading lower as we hit the middle of the trading week. While all the major indexes closed lower on Tuesday, the focus is increasingly skewed toward the impending debt ceiling default. Market commentators have noted this week that Treasury Secretary Yellen has a line-in-the-sand for June 1 as an “X-date” for the issue to be settled. One thing is for sure, to get a bill through both houses in time to meet the deadline, something likely has to be agreed to on Wednesday.
Treasury yields were modestly lower on Tuesday, after days of some of the biggest selling pressure this year. The two-year note, which has risen by over 30 basis points over just the past few weeks, finished the day unchanged at 4.32%, while the benchmark 10-year note closed at 3.70%. The inversion between the two has widened over the past two weeks, and it indicates the potential for a recession in the future.
Brent and West Texas Intermediate crude both finished the day higher. Analysts cited the Saudi Oil minister’s threats against short sellers, telling them to “watch out” as demand starts to spike with the beginning of the summer driving season in the United States starting with the Memorial Day weekend. Increasing demand also was a tailwind for the two benchmarks on Tuesday. Natural gas closed lower at $2.32.
Gold was modestly higher on Tuesday, despite the continued threat of the debt ceiling debacle. Bitcoin closed up 1.3% at $27,199 on hopes for an agreement to keep paying our bills.
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 Wednesday, May 24, 2023.
Biogen Inc. (NASDAQ: BIIB): Jefferies reiterated a Buy rating and has a $350 target price. The consensus target is lower at $332.26. The stock closed on Tuesday at $303.15 a share.
CCC Intelligent Solutions Inc. (NASDAQ: CCCS): Evercore ISI upgraded the stock to Outperform from In Line and has a $13 target price. The consensus target is $11.38. Tuesday’s close was at $10.00.
Chevron Corp. (NYSE: CVX): HSBC Securities lifted its Hold rating to Buy and has a $189 target price. The consensus target is $189.19. The shares closed on Tuesday at $156.85.
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