Pre-Market Stock Futures:
Futures are trading mixed on Wednesday, after a rough day for technology stocks and the Nasdaq. The combination of the prospect of a longer struggle with Iran, and higher inflation, which soared to 3.8% annually, the highest since May 2023, while the core number, which is less food and energy, rose to 2.8%, all but assuring that the Federal Reserve will be forced to hold rates higher for longer. Despite outstanding first-quarter earnings results, which are all but over, the market is heavily overbought and likely could use a breather. The Russell 2000 was the big loser on Tuesday, closing down 0.93% at 2,844, while the aforementioned Nasdaq closed down 0.71% at 26,011. The S&P 500 finished at 7,400, down 0.16%, while the only index to finish higher was the Dow Jones Industrial Average, which finished the session at 49,760, up 0.11%.
Treasury Bonds:
The minute the bond market got a whiff of the inflation numbers, the selling came in fast and furious. Savvy traders knew right away that the potential for rate cuts had likely been pushed out to the end of the year, if at all. When the dust settled on Tuesday, the yield on the 30-year-long Treasury bond had jumped to 5.03% while the benchmark 10-year note ended trading at 4.46%.
Oil and Gas:
The energy complex saw prices shoot higher once again, as growing concerns over supply, the collapse of the peace negotiations, and an Iranian proposal that the President deemed as “stupid” all contributed to the ongoing melt-up. When trading closed, Brent Crude ended the session at $107.80, up 3.48%, while West Texas Intermediate was last seen up 4.37% at $102.40. Natural gas actually finished down 2.51% at $2.84.
Gold:
Gold also had a rough day after starting the week strong, but finished way off the lows of the day at $4,713, down 0.45%. ING’s energy strategist predicted that turbulence in precious metals will likely continue in the near term, but they expect gold to reach $5,000 by the end of the year. Silver, which has been on fire, took a breather but closed higher, up 0.66% at $86.64.
Crypto:
On Tuesday, the crypto markets pulled back broadly, with Bitcoin trading in the $80,000–$81,000 range and running into resistance at its 200-day exponential moving average. Ethereum, XRP, Cardano, and other altcoins were similarly under pressure as investors digested the unsettling inflation numbers. At 8 AM EDT, Bitcoin was trading at $80,640, while Ethereum was quoted at $2,305.
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Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Wednesday, May 13, 2026.
Upgrades:
- Akamai Technologies (NASDAQ: AKAM | AKAM Price Prediction) was upgraded to Buy from Neutral at Bank of America, which boosted the target price for the shares to $175 from $130.
- Johnson & Johnson (NYSE: JNJ) was upgraded to Outperform from Market Perform at Leerink, which has a $265 target price for the legacy healthcare giant.
- MasTec (NYSE: MTZ) was raised to Buy from Neutral at Guggenheim, with a $480 target price.
- Venture Global (NYSE: VG) was upgraded to Buy from Neutral at Citigroup, which lifted the target price for the LNG giant to $17 from $12.
- Zebra Technologies (NASDAQ: ZBRA) was upgraded to Overweight from Sector Weight at KeyBanc, with a $305 target price.
Downgrades:
- Advanced Micro Devices (NASDAQ: AMD) was downgraded to Outperform from Buy at Daiwa, which lifted the target price for the chip leader to $500 from $250, citing valuation.
- MercadoLibre (NASDAQ: MELI) was cut to Neutral from Buy at Citigroup, which slashed the price target for the stock to $1,950from $2,200.
- Select Medical Holdings (NYSE: SEM) was downgraded to Neutral from Outperform at Miauho, which trimmed the target price for the stock to $16.50 from $17.
- Snap (NYSE: SNAP) was cut to Hold from Buy at Freedom Capital, without a target price.
- Under Armour (NYSE: UAA) was downgraded to Hold from Buy at Stifel, which cut the target price for the fallen sports apparel shares to $6 from $9.
Initiations:
- Amentum Holdings (NYSE: AMTM) was assumed with an Equal Weight rating at Morgan Stanley, with a $30 target price.
- BIOAGE Labs (NASDAQ: BIOA) was initiated with a Buy rating at BTIG, which has set a $40 target price for the shares.
- HEICO (NYSE: HEI) was initiated with a Buy rating at Rothschild & Co Redburn, which has a $360 target price for the company.
- NRX Pharmaceuticals (NASDAQ: NRXP) was started with a Buy rating at Lucid Capital Markets, with a massive $49 target price.
- Sandisk (NASDAQ: SNDK) was started with a Buy rating at Singular Research, with a massive $2,590 target price objective.
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