American Express (NYSE:AXP): RBC Capital upgrades to outperform
from sector perform. PT up 1.5% to $200.
Avalonbay Communities (NYSE:AVB): BMO Capital Markets downgrades
to outperform from market perform. PT down 2.3% to $210.
Biogen Inc (NASDAQ:BIIB): Morgan Stanley maintains an
overweight/attractive rating with a target price raised from $363
to $381.
Canadian National Railway (NYSE:CNI): Wolfe Research maintains
its outperform rating with a raised target price of $143.
Capital One (NYSE:COF): RBC Capital maintains its sector perform
rating with a reduced target price of $113.
Csx Corp (NASDAQ:CSX): Wolfe Research maintains its outperform
rating with a target price raised from $38 to $42.
Discover Financial Services (NYSE:DFS): RBC Capital maintains
its outperform rating with a reduced target price of $120.
Eli Lilly (NYSE:LLY): Berenberg maintains a buy recommendation
with a target price raised from $500 to $600.
Essex Property (NYSE:ESS): BMO Capital Markets downgrades to
underperform from market perform. PT up 2.2% to $235.
Fox Corp (NASDAQ:FOX): Rosenblatt Securities Inc. maintains a
neutral recommendation with a target price raised from $33 to
$34.
Johnson & Johnson (NYSE:JNJ): Guggenheim maintains a neutral
recommendation with a reduced target price of $169.
Keysight Tech (NYSE:KEYS): Goldman Sachs upgrades its
recommendation from neutral to buy, with a target price increase
from $146 to $164.
Lowe’s (NYSE:LOW): Bernstein upgrades its recommendation from
market perform to outperform and raises the target price from $252
to $282.
Lululemon (NASDAQ:LULU): Bernstein upgrades its recommendation
from underperform to market perform. The target price is raised
from $328 to $366.
Mid American Apartment Communities (NYSE:MAA): BMO Capital
Markets maintains its market perform recommendation with a reduced
target price of $158.
Norfolk Southern (NYSE:NSC): Wolfe Research maintains its
outperform rating on the stock with a revised target price of USD
265, up from the previous target of $255.
Oracle Corp (NYSE:ORCL): Barclays upgrades its recommendation
from equalweight to overweight and raises its target price from
$126 to $150.
Spotify (NYSE:SPOT): Canaccord Genuity maintains a buy
recommendation with a target price raised from $170 to $180.
Synchrony Finance (NYSE:SYF): RBC Capital downgrades to sector
perform from outperform. PT reduced from $41 to $37.
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U.S. stock futures started the holiday-shortened week with
marginal declines, retracing some of the strong gains from the
previous week.
As of 06:35 ET (10:35 GMT), the Dow Jones Futures contract
remained mostly unchanged, while S&P 500 Futures edged 5
points, or 0.1%, lower, and Nasdaq 100 Futures dropped 35 points,
or 0.2%.
Last week, Wall Street’s major indices performed well, with the
Dow Jones Industrial Average gaining 1.4%, the Nasdaq Composite
rising 3.3%, and the S&P 500 climbing 2.5%, marking their best
weekly performances since July.
Global data signals economic weakness. However, investor
sentiment has become more fragile as U.S. investors returned from
their long weekend to evidence of a global economic slowdown.
In August, Chinese services sector activity expanded at a
slower-than-expected pace, as indicated by the Caixin services
purchasing managers’ index, which showed its weakest reading in
eight months.
Similar negative news came out of Europe, with data revealing
that the decline in eurozone business activity accelerated faster
than initially estimated last month, leading the bloc’s dominant
services industry to contract.
HCOB’s Composite Purchasing Managers’ Index, a reliable gauge of
overall economic health, dropped to its lowest level since November
2020.
Goldman lowers odds of U.S. recession Later in the session,
factory orders for July are expected to show a 2.5% decline, but
the U.S. economy is still considered a global hopeful.
Goldman Sachs has become more confident that the U.S. economy
will avoid a significant contraction in the near term. The
investment bank reduced the probability of a U.S. recession in the
next 12 months from 20% to 15%, citing positive inflation data and
last week’s labor market report. Goldman highlighted Fed Chair
Jerome Powell’s cautious approach to future rate decisions as an
indicator that a September rate hike is less likely.
Throughout the week, investors will hear from several Fed
speakers, beginning with Dallas Fed President Lorie Logan on
Wednesday.
Tuesday’s Wall Street
Highlights: Goldman Sachs, Airbnb, Tesla, Novo Nordisk, and
more
Disney and Charter dispute in the spotlight: In corporate news,
attention is likely to be on the entertainment sector, as Walt
Disney (NYSE:DIS) encouraged Spectrum cable service customers of
Charter Communications (NASDAQ:CHTR) to consider switching to a
live television option from Hulu. This comes as the media companies
remain at odds over a new distribution deal. Disney expressed hope
for an agreement to restore access to Disney-owned channels that
have been blacked out on Charter’s service since Thursday.
Crude oil drops on weak Chinese economic data: Oil prices
declined on Tuesday due to weak Chinese services activity data,
which indicated further challenges for the world’s second-largest
economy and the largest crude importer.
Despite these losses, expectations that major OPEC+ members
Saudi Arabia and Russia will agree to extend their output cuts this
week have limited the decline, potentially leading to a tighter
market.
As of 06:40 ET, U.S. crude futures traded 0.4% lower at $85.22 a
barrel, close to levels last seen in November, while the Brent
contract fell 0.8% to $88.31, near its highest level since late
January.
Furthermore, gold futures dipped 0.5% to $1,957.55 per ounce,
and the EUR/USD currency pair traded 0.4% lower at 1.0746.
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