The futures traded lower, after a strong risk-on day to start the final trading week in August. All the major indexes finished the day higher, following through on last Friday\u2019s strength. Despite the gains, the Nasdaq will have its worst August since 2015.<\/p>\n
With a big tranche of economic data due this week, including the PCE inflation reading on Thursday and the ISM manufacturing data on Friday, investors will be watching closely to see if the strength in the economy has been maintained. The August nonfarm payroll report, also on Friday, is expected to come in at 170,000, which would put the three-month average at the lowest level since the beginning of 2021.<\/p>\n
Treasury yields were mixed across the curve on Monday. Buyers gravitated toward the longer end, with buying on the three-year note to the 30-year-long bond, while sellers took some profit on the shorter maturities. The 10-year note closed on Monday at 4.21%, while the two-year paper was last seen at 5.05%. The inversion has widened some as we head toward September, and in the past it has indicated a recession is on the way.<\/p>\n
Brent and West Texas Intermediate crude closed mixed on Monday, after Friday\u2019s solid gains. Brent closed flat at $84.7, while WTI finished Monday\u2019s session at $80.12. Natural gas was a winner on Monday, closing 1.22% higher at $2.57. Supply risks were the driving factor for Monday\u2019s gains.<\/p>\n
Gold was slightly higher on Monday, as traders and analysts stand by for the onslaught of economic data this week. The December contract finished the day modestly higher at $1,947.60. Bitcoin closed down once again on Monday at $25,986.30, as the cryptocurrency giant entered into its longest bear market, trading down a stunning 50% from all-time highs posted in November of 2021.<\/p>\n
24\/7 Wall St. reviews dozens of analyst research reports each weekday 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.<\/p>\n
These are the top Wall Street analyst upgrades, downgrades and initiations seen on Tuesday, August 29, 2023.<\/p>\n
Academy Sports and Outdoors Inc. (NASDAQ: ASO): Gordon Haskett downgraded the stock to Hold from Accumulate and trimmed its target price to $52. The consensus target is up at $68.13. The stock closed on Monday at $49.35.\n\t\t<\/p>\n
\nAtmos Energy Corp. (NYSE: ATO): Wells Fargo cut its Overweight rating to Equal Weight and its $132 target price to $128. The consensus target is $129.20. The shares closed on Monday at $116.82.<\/p>\n
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