Pre-Market Stock Futures:
Futures are trading mixed as we prepare to finish the last full week of the second quarter. We finished a wild holiday-shortened trading week last Thursday, as Friday was the federal Juneteenth holiday, and all major indices rebounded smartly from the Federal Reserve-induced sell-off on Wednesday. Details of the signed memorandum of understanding between the United States and Iran helped push oil prices back to the lowest level since March, and provided a strong tailwind for stocks. When the final bell rang last Thursday, the small-cap Russell 2000 led the way once again. closing up 2.12% at 2,979, while the Nasdaq also posted a strong day, finishing the session at 26,517, up 1.91%. The S&P 500 finished up 1.08% at 7,500, while the Dow Jones Industrials closed out the day at 51,564, up 0.14%.
Treasury Bonds:
Yields were mixed across the curve on Thursday as buyers came in on the long end, while sellers were concentrated on the belly and short end maturities of the curve. By the close, the 30-year-long bond was spotted at 4.90%, and the 10-year benchmark note was last seen at 4.46%. Following the hawkish tone at the Federal Reserve meeting last week, bond traders will be keeping a close eye on incoming economic data. They will closely monitor the 2-year note, which is the most policy-sensitive maturity.
Oil and Gas:
The energy complex, which rallied big last week on the potential for an end to the war with Iran, closed modestly higher to finish off the short trading week. The positive attitude, while encouraging for traders and consumers, is being challenged by some on Wall Street, who have issued warnings this week stating that reopening the Strait of Hormuz is not the same as restoring normal oil flows. That could take some time, so spot oil prices could stay higher than many expect, and may have fallen too fast. Brent Crude closed Thursday at $79.53, down just 0.03%, while West Texas Intermediate was last seen at $75.61, down 0.53%. Natural gas, which had a strong week, closed Thursday at $3.22, up 2.45%.
Gold:
Gold wrapped up the shortened week modestly lower as a strong dollar weighed on the precious metal, despite continued gigantic gold purchases by China. When the smoke cleared on Thursday, Gold was last seen at $4,215, down 0.97%, while Silver closed at $65.93, down 3.12%.
Crypto:
Here are some of the best Wall Street analyst upgrades, downgrades, and initiations seen on Monday, June 22, 2026.
Upgrades:
- APA Corporation (NYSE: APA | APA Price Prediction) was upgraded to Buy from Neutral at Roth Capital, which bumped the target price for the energy giant to $38 from $37.
- BWX Technologies (NYSE: BWXT) was upgraded to Buy from Neutral at Seaport Research, with a $245 target price objective.
- ConocoPhillips (NYSE: COP) was upgraded to Buy from Neutral at Roth Capital, which moved the target price for the integrated energy leader to $130 from $124.
- Incyte (NASDAQ: INCY) was raised to Market Perform from Underperform by BMO Capital, which lifted the target price for the stock to $94 from $75.
- Kimco Realty (NYSE: KIM) was upgraded to Outperform from Peer Perform at Wolfe Research, with a $28 target price. rating
Downgrades:
- Accenture (NYSE: ACN) was downgraded to Hold from Buy at TD Cowen, which slashed the price target for the shares to $150 from $258.
- Apple (NASDAQ: AAPL) was downgraded to Hold from Outperform at KGI Securities, which has a $315 target price for the tech giant.
- Cleveland-Cliffs (NYSE: CLF) was downgraded to Equal Weight from Overweight at Morgan Stanley, which nudged the target price to $12.50 from $12.
- Melco Resorts & Entertainment (NASDAQ: MLCO) was cut to Equal Weight from Overweight at Morgan Stanley, which trimmed the target price for the stock to $6 from $6.30.
- TE Connectivity (NYSE: TEL) was cut to In Line from Outperform at Evercore ISI, which cut the target price for the shares to $230 from $260.
Initiations:
- Boyd Gaming (NYSE: BYD) was initiated with a Buy rating at Benchmark, which has a $100 target price for the stock.
- Credo Technology Group Holding (NASDAQ: CRDO) was started with an Outperform rationg at Evercore ISI, with a $325 target price.
- Estee Lauder Companies (NYSE: EL) was reinstated with a Buy rating at Goldman Sachs, with a $100 target price.
- Hut 8 (NASDAQ: HUT) was initiated with a Buy rating at Lucid Capital, with a $226 target price.
- Space Exploration Technologies (NASDAQ: SPCX) was started with a Sector Weight rating at KeyBanc without a price target.
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