Here Are Wednesday’s Best Wall Street Analyst Research Calls: Devon Energy, Flowserve, Klaviyo, Macerich, Merck, Nucor, Take-Two Interactive Software, Twilio, and More Quick Read – A global semiconductor sell-off dragged the Nasdaq down 2% Tuesday, with end-of-quarter window…
essing expected to add more pressure this week. – Goldman Sachs initiated Buy ratings on Devon Energy (DVN, $54 target) and Twilio (TWLO, $300 target) among Wednesday’s most notable analyst calls. – Gold dropped 2% to $4,112 despite China’s purchases hitting a 26-month high, as hawkish Fed commentary and a strong dollar pressured precious metals. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Merck didn’t make the cut. Grab the names FREE today
Pre-Market Stock Futures: Futures are trading higher this morning, but if you’ve ever heard the old saying, “when the chips are down”, that was the poster child phrase for Tuesday’s session, as technology stocks, and specifically the semiconductor stocks, followed a worldwide sell-off that initially began in Korea and carried around the globe. When it was all said and done, all of the major indices finished the day lower, with the tech-heavy Nasdaq leading the way, dropping 2.22% to close at 25,587, while the S&P 500 dropped 1.44% to close at 7,365. Even the resilient small-cap-loaded Russell 2000, which is still the leading index this year, up almost 20%, closed down 0.96% at 2,975.
The legacy Dow Jones Industrials almost finished the day higher, but succumbed to selling into the close, finishing down just 0.09% at 51,666. With the second quarter coming to an end, we could see more end-of-quarter reallocation and selling as portfolio managers prepare for window dressing. Treasury Bonds: After a dreadful Monday that saw yields rise across all maturities, yields were modestly lower across the curve on Tuesday as safe-haven and end-of-the-month maneuvering brought out buyers.