After trading sideways on Thursday, markets are still looking for a direction. The question of the U.S. economy and the direction it is headed is left to economists and speculators. For investors in general it seems to be a stock picker’s market. Hopefully, 24/7 Wall St. can help.
Earlier this week, the ADP employment report came in below expectations, and the second-quarter gross domestic product (GDP) outlook was decreased to 2.1% from 2.4%. At the same time, inventory investment was revised downward, showing it declining at a $1.8 billion pace instead of increasing at the previously reported $9.3 billion rate. Inventories ended up being a small drag to GDP growth instead of adding 0.14% as was estimated last month.
Brent and West Texas Intermediate crude both closed higher on Thursday, after it was noted that more production than thought may have been shut in due to the hurricane in the Gulf of Mexico. Also, the U.S. Energy Information Administration confirmed a huge inventory draw of 10.6 million barrels for the week to August 25. That is versus a draw of 6.1 million barrels the prior week.
Gold pushed slightly lower on Thursday. The potential for a big short squeeze in the bullion is keeping a solid bid under the precious metal after a very slow summer. Bitcoin, which exploded higher Tuesday on hopes for a Bitcoin ETF, gave back a big chunk Wednesday and then again on Thursday, closing the session just over $26,000.
24/7 Wall St. reviews dozens of analyst research reports each weekday 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 Wall Street analyst upgrades, downgrades and initiations seen on Friday, September 1, 2023.
Chewy Inc. (NYSE: CHWY): Evercore ISI downgraded the stock to In-Line from Outperform and cut its $50 price target to $35. The consensus target is $41.86. The stock closed on Thursday at $23.98.
Comfort Systems USA Inc. (NYSE: FIX): Citing its longtime outperformance, Zacks selected this engineering and construction stock as its Bull of the Day. Its shares last closed at $184.57, after hitting an all-time high of $186.71 earlier in the week.
Dick’s Sporting Goods Inc. (NYSE: DKS): Zacks named this as its Bear of the Day stock after shares plummeted post-earnings. In the past year, the shares have traded as high as $152.61, but they closed most recently at $116.34.
24/7 Wall St.Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
