Here Are Wednesday’s Top Wall Street Analyst Research Calls: BJ’s Wholesale Club, Centene, Cigna, Crown Castle, ETSY, Franco-Nevada, Humana, Ovintiv, X-Energy, and More Quick Read: – Stocks ended lower for the third straight day, and many across Wall Street think we could be on…
e verge of a very steep decline. – The yield on the 30-year Treasury long bond has risen to the highest level since 2007. – With first-quarter earnings, which were very solid, all but over, the focus will shift to incoming economic data, which could mean trouble ahead. – The analyst who called NVIDIA in 2010 just named his top 10 stocks and BJ’s Wholesale Club wasn’t one of them. Get them here FREE
Pre-Market Stock Futures: Futures are trading higher on the heels of the third straight day of stock declines, and there is growing apprehension that yields will go even higher and that inflation may as well. All of the major indices finished Tuesday lower, and with Q1 earnings all but over and the incoming economic data likely grim, we could be in for a cruel summer. When the final bell rang, the small-cap heavy Russell 2000 took the biggest hit on the day, closing down 1.01% at 2,747, while the tech-heavy Nasdaq finished at 25,870, down 0.82%.
The S&P 500, which has a seven-week winning streak on the line, closed down 0.67% at 7,353, while the Dow Jones Industrial Average wrapped up the losers’ brigade on Tuesday, closing at 49,363, down 0.65%. Treasury Bonds: Yields were higher across the yield curve on Tuesday for the same reasons we have pointed to for weeks now. Inflation, which remains the number one anxiety point for the bond market, followed by proliferating government spending, the ongoing war with Iran, and the mere fact that the next move on interest rates may very well be an increase.