Pre-Market Stock Futures:
Futures are trading lower on Wednesday after an ADP report showing job losses, following a stellar day across Wall Street on Tuesday. All of the major indices finished the day higher, with the technology-heavy NASDAQ leading the way, closing up 0.59% at 23,413. The S&P 500 ended the session at 6,829, up 0.25% and the Dow Jones Industrials were last seen at 47,474, up 0.39%. Traders and investors are still experiencing weekly volatility whiplash, so it’s difficult to determine whether any given day marks the start or end of a trend, up or down. The one consistent tailwind for stocks is the prospect of another Fed funds rate cut next week, now priced in at an 80% probability, up from as low as 20% a month ago. Strength in technology stocks and a cryptocurrency rally helped to drive shares higher on Tuesday.
Treasury Bonds:
Yields were down across the curve as buyers returned, and the song remains the same: The anticipation of a rate cut next week, combined with prospects for economic growth in 2026, seems to be the two factors that are driving yields on any given day. With the smart money leaning on President Trump’s economic advisor, Kevin Hassett, to be the next Federal Reserve Chairman, it’s a good bet that rates could be lowered even more in 2026. The 30-year-long bond closed at a 4.75% yield while the benchmark 10-year note finished the session at 4.09%
Oil and Gas:
In a complete reversal from yesterday, prices were lower across the energy sector, with both major benchmarks and Natural gas closing lower. The same combination of oversupply and changing prospects for ending the Russia-Ukraine war continues to tip the scales one way or another on any given day. Brent Crude closed Tuesday at $62.43, down 1.17%, while West Texas Intermediate was last seen $58.62, down 1.18%. Natural gas completed the trifecta on Tuesday, closing down 1.83% at $4.83.
Gold:
Like the back-up in the energy sector, gold suffered the same fate on Tuesday as the risk-off mood that lifted stocks contributed to the selling in the precious metals. Top sector analysts attributed the move lower to trading accounts taking advantage of the recent moves higher and taking profits. Gold finished the day at $4,226, while Silver was last seen at $57.59.
Crypto:
Cryptocurrencies rallied on Tuesday as recent dovish shifts in the Federal Reserve’s policy and the easing of liquidity pressures boosted risk assets like crypto, while advancements in decentralized applications and generally positive market sentiment also contributed to higher prices. The 30% drop in Bitcoin over the last couple of months was also a factor, as bargain-hunting investors were buyers. Bitcoin was trading at $91,494 at 5 PM EST, while Ethereum was quoted at $2,990.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. 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.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Wednesday, December 3, 2025.
Upgrades:
- American Eagle Outfitters Inc. (NYSE: AEO) was raised to Neutral from Underweight at JPMorgan, which raised the target price on the stock to $20 from $14.
- Equinix Inc. (NASDAQ: EQIX) was raised to Outperform from Market Perform at BMO Capital, which has posted a $900 target price for the stock.
- Garmin Ltd. (NYSE: GRMN) was upgraded to Buy from Neutral at Longbow with a $250 target price.
- Lyft Inc. (NASDAQ: LYFT) was raised to Neutral from Sell at Arete with a $20 target price.
- PennantPark Investment Corp. (NYSE: PNNT) was raised to Neutral from Sell at Compass Point, which trimmed the target price on the shares to $5.50 from $5.75.
- Uber Technologies Inc. (NYSE: UBER) was upgraded to Buy from Neutral at Arete with a $125 target price.
Downgrades:
- Acadia Healthcare Company Inc. (NASDAQ: ACHC) was downgraded to Underperform from Neutral at Bank of America and cut the price target for the stock to $13 from $21.50.
- Biohaven Ltd. (NYSE: BHVN) was downgraded to Neutral from Buy at H.C. Wainwright, which also lowered the target price for the stock to $11 from $30.
- Cognex Corp. (NASDAQ: CGNX) was cut to Underweight from Neutral at JPMorgan, which cut the target price for the shares to $35 from $45.
- Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) was downgraded to Equal Weight from Overweight at Morgan Stanley, which kept the target price for the shares at $767.
- Wayfair Inc. (NYSE: W) was cut to Hold from Buy at Jefferies with a $94 target price.
- Wendy’s Co. (NYSE: WEN) was downgraded to Neutral from Overweight at JPMorgan, which dropped their target price to $9 from $12.
Initiations:
- Compass Therapeutics Inc. (NASDAQ: CMPX) Canaccord started the shares with a Buy rating with a $10 target price.
- DBV Technologies SA (NASDAQ: DBVT) was initiated with a Buy rating at Guggenheim with a $35 target price.
- Honeywell International Inc. (NYSE: HON) was started with a Neutral rating at BNP Paribas, which has a $195 target price objective.
- Linde plc (NASDAQ: LIN) was started with an Outperform rating at tCICC with a $510 target price.
- Palatin Therapeutics Inc. (NYSE: PTN) Alliance Global initiated coverage with a Buy rating and a $50 target price.
- Pitney Bowes Inc. (NYSE: PBI) was started with an Outperform rating at Citizens JMP with a $13 target price.
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