Wall Street Sees Major Shifts Ahead of Q3 Earnings Season
Key Summary
Big banks are kicking off third-quarter earnings season, and Wall Street analysts are making surprise upgrades, downgrades, and new initiations across top market names. Bitcoin recovered from mid-week losses, and SoFi is offering new investors up to $3,000 in stock. Investors should consider multiple sources before making investment decisions.
Market Wrap
The Dow Jones Industrial Average closed up 0.83% at 51,464, while the Nasdaq finished strong, up 0.64% at 27,366. The S&P 500 last traded at 7,811, up 0.59%, and the Russell 2000 finished at 2,806, up 0.46%.
Geopolitics and Oil Deal
Wall Street pundits cited easing geopolitical tensions and the major oil deal with Russia as positive factors that gave stocks a tailwind on Friday. Yields were mixed across the Treasury curve, with sellers targeting the 3-year to 10-year maturities. The 30-year bond was perched at 5.60%, while the 10-year note traded at 5.24%.
Crypto Market
Crypto staged a quiet comeback on Friday, catching its breath after getting hammered mid-week by macro headwinds and a brutal wave of liquidations. Bitcoin recovered to $83,250, while Ethereum was quoted at $2,541.
Analyst Research
24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. Important reminder: No single analyst report should ever be the sole basis for buying or selling a stock.
Top Analyst Calls
Salesforce scored a rare double upgrade to Buy at Bank of America, while Wells Fargo slashed Adobe to Underweight with a $225 target. Bitcoin recovered to $83,250 after cratering to $80,400 during nearly $1 billion in forced liquidations mid-week. SoFi is giving new Active Invest users up to $3,000 in stock for a limited time, and all it takes is a $50 deposit to get started.