Futures traded higher on Wednesday, following a rise and fall on Tuesday when it looked like many investors and traders were more than ready to take some of July’s 9% gains off the table. All major indices closed lower. Some across Wall Street linked the weakness to House Speaker Nancy Pelosi’s trip to Taiwan and rising tensions with China. With next week’s consumer price index print for July and Friday’s nonfarm payrolls report also looming, investors are also trying to price in a sharp drop in consensus estimates for profits for this year and 2023.
Yields rocketed higher on the Treasury curve on Tuesday as investors who piled into safe havens over the past two weeks drove sellers out in a big way. The yield on the benchmark 10-year note (which had fallen nearly 100 basis points since mid-June) rose 14 basis points, helping to keep the ubiquitous 2-year and 10-year inversion in place. Soon it will be 90-day Treasury bills and 10-year notes that will be even more worrying for the bond market.
Brent crude and West Texas Intermediate crude both traded higher on Tuesday, after being significantly dented on Monday. Natural gas fell 7%, falling back below $8. Gold closed higher, while Bitcoin closed over 2% at 22,762.
24/7 Wall St. reviews dozens of analyst research reports each weekday in an effort to find new insights for investors and traders. Some of these daily analyst calls are covering stocks to buy. Other calls cover stocks to sell or avoid. Remember that no analyst call should ever be used as a basis for buying or selling a stock. Consensus analyst target data comes from Refinitiv.
These are the major analyst upgrades, downgrades, and insiders seen on Wednesday, August 3, 2022.
Bluebird Bio Inc. (NASDAQ: BLUE): Raymond James moved shares from Market Perform to Outperform with a target of $8. The consensus target is $7.33. The stock closed up 8% on Tuesday at $4.05 with no news we could find.
Burlington Stores Inc. (NYSE: BURL): Goldman Sachs has started covering the popular retailer with a buy rating and target price of $183. The consensus target is higher at $206.06. The stock was last seen on Tuesday at $148.05.
Caterpillar Inc. (NYSE: CAT): Bernstein downgraded the heavy equipment giant to Market Perform from Outperform and has a target of $195. The consensus target is $291.88. Shares closed Tuesday at $183.51, down nearly 6% for the day after posting disappointing second-quarter results.
Chesapeake Energy Corp. (NASDAQ: CHK): Benchmark started to hedge with a buy rating and a target price of $137. The consensus target is $129.36. Shares closed Tuesday at $90.25.
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