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Futures traded moderately lower on Monday, after investors saw all the big profits since last Thursday evaporate on Friday. This is a very bad way to end April, which has traditionally been one of the best months of the year for the stock market. Wall Street speakers cited Amazon posting disappointing numbers, and while Apple’s quarter was stellar, its forward guidance was relatively weak, citing Chinese lockdowns and the resulting supply-chain headwinds. . This week, the Federal Reserve is likely to deploy its first half-percentage point rate increase since 2000, and it could also begin to reverse large-scale asset purchases used to help stabilize markets during the crisis in COVID-19.
Major indices fell sharply on Friday, and the S&P 500 ended the month down 8.8%, the worst month for a respectable index since March of 2020. Both the Nasdaq and the Russell 2000 did posted 52-week lows, and both are officially in bear market territory, meaning a 20% or more drop from the high.
The oil market is mixed with Brent crude up but West Texas Intermediate is closing lower. Natural gas continued its moonshot higher, closing at $ 7.28, rising a stunning 5.7%. Yields are slightly higher on the Treasury curve, while gold is slightly higher.
24/7 Wall St. reviews. dozens of analyst research reports every day of the week with the goal of finding new ideas for investors and traders. Some of this analyst’s daily calls cover stocks to buy. Other calls cover stocks to be sold or avoided. Note that no single analyst call should be used as the basis for buying or selling a stock. The consensus analyst’s target data is from Refinitiv.
These are the top upgrades, downgrades, and startups the analyst saw on Monday, May 2, 2022.
Amazon.com Inc. (NASDAQ: AMZN): Goldman Sachs reiterated a Buy rating on favorite technology despite too many numbers and guidance. The analyst has a $ 3,700 target price, while the consensus target is up to $ 4,032.39. The shares were last seen on Friday at $ 2,485.63, down a stunning 14% for the day.
Apple Inc. (NASDAQ: AAPL): Goldman Sachs stuck to the Neutral rating on the technology giant, citing weak forward guidance as the main reason for the caution. The company’s $ 157 target price is lower than the $ 192.70 consensus figure. Friday’s closing print of $ 157.65 was down nearly 4% on the day.
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AppLovin Corp. (NASDAQ: APP): Stifel lowered its target price to $ 80 from $ 105 while maintaining a Buy rating on the shares. The posted consensus target is $ 88.86. The stock closed Friday at $ 38.15 per share.