The futures were lower Wednesday, after investors returning from the long weekend hoping for a reversal from three straight down weeks had their hopes dashed early. All the major indexes again closed lower Tuesday. The song remains the same, as the bear market rally narrative has grown across Wall Street. While some feel that the Federal Reserve will increase the federal funds rate by only 50 basis points at the end of the month, the futures still indicate a 75-basis-point increase is on tap. The consumer price index data next week could be key in terms of the final decision.
Interest rates soared across the Treasury curve Tuesday, as sellers came in right from the opening bell. The benchmark 10-year note closed the day at a 3.34% yield, while the two-year climbed back up to 3.51%, the highest level since 2007. While the inversion has narrowed substantially over the past few weeks, it remains in place, and bond traders view it as a recession indicator.
Prices were mixed across the energy complex on Tuesday, as Brent crude closed down over 2% while West Texas Intermediate eked out a small gain. Natural gas prices, which have been trading higher for months, were down over 7% on soaring production. With summer all but over, many energy traders are looking toward winter demand as the next big catalyst. Gold and Bitcoin both closed lower on the day.
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, September 7, 2022.
Amazon.com Inc. (NASDAQ: AMZN): Baird maintained an Outperform rating on the technology behemoth and has a $150 target price. The consensus target is higher at $173.23. The last trade for Tuesday was reported at $126.11.
Boeing Co. (NYSE: BA): Baird reiterated its Outperform rating and has a $245 target price. The consensus target is less than $212 and the stock closed on Tuesday at $152.39.
Carlyle Group Inc. (NASDAQ: CG): BofA Securities downgraded the stock to Underperform from Buy and dropped the $58 price target to $33. The consensus target for the private equity and investment giant is $51.17. Tuesday’s close was at $31.66.
Entergy Corp. (NYSE: ETR): UBS’s downgrade to Neutral from Buy included a price target cut to $128 from $134. The consensus target for the utility company is $129.00. Tuesday’s close was at $115.63.
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