The futures were mixed on Tuesday, after a slow start to the trading week that saw the weakness from Friday carry through and all the major indexes finished the day lower. After a strong rally to start the year, many across Wall Street feel that some profit-taking was likely one of the reasons for the risk-off sentiment. There also was some ongoing dismay after the massive January jobs report from last Friday. Many now feel that any sort of Federal Reserve pivot will not be in play until next year and that the federal funds terminal rate now could be as high as 5.25%.
Treasury yields spiked higher again on Monday, which was another reason the sellers had a tailwind. The 10-year note popped up by double digits again Monday to close at a 3.63% yield, a 25-basis-point jump since the first of February. The two-year note spiked 16 basis points to close at 4.47%, keeping the inversion with 10-year paper firmly in place and at the widest in over 42 years.
Brent and West Texas Intermediate crude were higher on Monday, with the former climbing back over the $80 level, up almost 2%. This comes after an 8% decline last week for the sector. Natural gas closed modestly higher on the day, after India announced the potential for a 500% increase in domestic natural gas demand. Gold closed higher Monday, while Bitcoin started the week lower, with the cryptocurrency back below the $23,000 level.
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, February 7, 2023.
Amgen Inc. (NASDAQ: AMGN): Oppenheimer reiterated an Outperform rating on the biotech heavyweight. Its $294 target price is well above the $262.39 consensus target. The final trade on Monday was for $243.85 a share.
Archer Daniels Midland Co. (NYSE: ADM): Zacks selected this stock as its Bull of the Day, suggesting that the recent pullback offers an opportunity for value investors interested in the agriculture sector. Shares last closed at $82.56, and the $102.92 consensus price target would be an all-time high.
Boeing Co. (NYSE: BA): Jefferies reiterated a Buy rating with a $250 target price. The consensus target is $221.57, and Monday’s close was at $206.81.
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