The futures were trading up as we reach the end of yet another rollercoaster trading week for the stock market. On Thursday, the S&P 500, the Nasdaq and the Dow Jones industrials all posted solid gains. Positive numbers from Walmart set the tone early, while the potential for a debt ceiling agreement early next week also provided a tailwind for stocks. One fly in the ointment was the threat for President Biden to invoke the 14th amendment, as members of Congress wrangle over a package of budget cuts.
Treasury yields were higher again across the curve on Thursday, and once again the biggest selling was in the shorter-dated maturities. Commentary from Dallas Fed President Logan may have sparked the selling, as he opined that the current inflation data does not justify rate hikes being halted. Toss in the fact that U.S. commercial real estate prices fell for the first time in a decade, and the sellers had all the ammo they needed. The 10-year note closed at 3.65%, while the two-year finished the day at 4.26%, expanding the ongoing inversion, which often signals recession.
Brent and West Texas Intermediate crude both close the day lower, giving back a big chunk of the gains from Wednesday. Once again, worried traders pointed to the ongoing angst over the potential for a default by the government, which trumped some very promising earnings. Natural gas had a big day, closing up almost 10% at $2.59. Hot weather across the United States and the rest of the world triggered some of the buying.
Gold once again faced a barrage of selling, with the bullion finishing the day down another 1.25% at $1960.10. Bitcoin also had a rough go of it, down 2.45% on Thursday to close at $26,738.
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 Friday, May 19, 2023.
Albemarle Corp. (NYSE: ALB): UBS upgraded the stock to Buy from Neutral and raised its $196 price target to $225. The consensus target is up at $261.65. The stock closed on Thursday at $210.14.
Amazon.com Inc. (NASDAQ: AMZN): Jefferies reiterated a Buy rating with a $135 target price. The consensus target is $133.72. Thursday’s close was at $118.15.
Arcellx Inc. (NASDAQ: ACLX): Truist Financial initiated coverage with a Buy rating and a $60 target price. The consensus target is $50.44. Thursday’s final trade was reported at $41.20.
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Array Technologies Inc. (NASDAQ: ARRY): Seaport Research Partners initiated coverage with a Buy rating and a $30 target price. The consensus target is lower at $26.86. The shares closed on Thursday at $22.96.
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