The futures were mixed Thursday, after the Nasdaq finally ended a seven-day losing streak, the longest in six years, closing up 2.14%. All the other major indexes joined in on the bounce and also closed much higher. With no major data to drive buyers, it appears that the very oversold conditions lured some institutional money back into the fray. Some short covering probably played a part too.
One issue investors may face soon is that Wall Street analysts are becoming increasingly negative on third-quarter corporate earnings and have been lowering estimates all summer long. If major companies miss the lowered numbers or offer negative guidance for the fourth quarter, they could be in big trouble as they finish out the year.
Interest rates backed up across the Treasury curve on Wednesday, after big selling on Tuesday, as buyers took advantage of the yield spike. The two-year note garnered a big round of buying for investors after the security traded over 3.50%, while closing at a 3.44% handle, on Wednesday The dreaded inversion remained in place with the 10-year note closing at 3.27%. This inversion is considered a recession warning.
Beleaguered consumers being battered at the fuel pump got some more good news Wednesday as both Brent and West Texas Intermediate crude closed below the $90 level, with WTI down a stunning 4.95% and Brent just over 5%. Natural gas also saw the profit takers come in, and it closed down almost 4% and under the $8 level, after printing $10 just a couple of weeks ago.
Gold and Bitcoin both closed higher on Wednesday, after a lousy stretch for the crypto stocks and the gold miners. While both are well down from their 52-week highs, at this juncture any positive print is likely a relief for investors battered by the selling.
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, September 8, 2022.
AllianceBernstein Holding L.P. (NYSE: AB): BofA Securities resumed coverage on the money management giant with a Neutral rating and a $45 target price. The consensus target is $43.67. The final trade for Wednesday was for $42.55 per share.
Ameriprise Financial Inc. (NYSE: AMP): BofA Securities started coverage with a Buy rating and a $336 target. The consensus target is $303.11. Wednesday’s close was at $276.86 a share.
Apple Inc. (NASDAQ: AAPL): Goldman Sachs reiterated a Neutral rating on the technology giant and has a $139 target price. The consensus target is $184.01. The stock closed on Wednesday at $155.96, after the company rolled out the iPhone 14 and the Apple Watch Series 8.
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