The futures traded mixed on Thursday, after a rough day across Wall Street that saw all the major indexes close the day lower. Once again, the anxiety over the debt ceiling agreement was the headwind across the day, with Wednesday night’s vote being clouded by some strong opposition from the more conservative freedom caucus. Market pundits also pointed to Friday’s jobs numbers and the pending inflation data for May that comes on June 13. Strong job numbers and continuing 4% to 5% inflation likely could push the Federal Reserve into yet another 25-basis-point hike when it meets again on June 13.
Treasury yields were lower across the curve again on Wednesday as the buyers followed through on Tuesday’s strength. Like the equity markets, bond traders and investors are keeping a close eye on the debt ceiling talks. Mixed economic news hit the tape Wednesday: April job openings were unexpectedly higher, while the Chicago purchasing managers index came in lower than expected.
Brent and West Texas Intermediate crude took another hit, as both closed down big on inventory builds. WTI closed well under $70 at $67.66. Top analysts across Wall Street, including those at Goldman Sachs, think that the rapid decline in benchmark pricing will force OPEC to cut production at their upcoming meeting. Natural gas closed lower as well at $2.26.
Gold rallied for the second day in a row, as the same nagging worries drifted to the bullion markets and safe-haven buyers, and it finished the day up at $1,981.50. Bitcoin was hit hard again, dropping 2.1% to finish the day at $27,117.
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 Thursday, June 1, 2023.
America Movil SAB de C.V. (NYSE: AMX): Goldman Sachs started coverage on the stock with a Neutral rating and a $24 price objective. The consensus target is $21.45, and the last trade on Wednesday was for $21.26 a share.
Warren Buffett Continues to Load Up on Energy: 5 Cheap Global Integrated Oil Mega-Caps With Huge Dividends
Argenx S.E. (NASDAQ: ARGX): UBS initiated coverage with a Buy rating and a $480 target price. The consensus target is lower at $466.21. Wednesday’s closing share price was $388.70.
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