Markets are down slightly, taking a breather from a winning streak on hopes for a rate cut in September. At the moment, the Nasdaq is down about 45 points. The Dow is down about 19, with the S&P 500 down about eight points.
The Federal Reserve will remain in focus this week, as central bank members meet in Jackson Hole, Wyoming for their annual symposium. Investors will be listening for any clues about the future path of interest rates.
As noted by Yahoo Finance, “Ahead of Powell’s speech — likely to be his last as Fed chair — markets are placing the probability the Fed will cut rates by at least 0.25% next month at around 85%. Clues from Powell about the speed and depth of the cycle the Fed is about to embark on will be the week’s biggest market-moving event.”
Aside from the central bank, investors are waiting on earnings from Home Depot, Lowe’s, Target, and Walmart. All are under the microscope, with concerns about the strength of the U.S. consumer mounting.
Helping, analysts at Evercore ISI just added Target to its tactical outperform list, noting that Target earnings could be better than expected.
“So, in our view, a relief rally could result, especially if trends into 2H show any BTS (back to school) improvement, with potential mgmt change and stimulus proving hope into 2026. In recent days, much has been made of the Target / Ulta partnership ending, yet we believe Target is hunting for new partners and/or opportunities to scale, for example, with Warby Parker,” as quoted by CNBC.
Stock Upgrades: RBC Capital Just Upgraded Sunrun
RBC Capital analysts just upgraded Sunrun to an outperform rating with a price target of $16 from $12. As a catalyst, the firm pointed to guidance from the Treasury Department on how renewable projects might qualify for tax credits.
“While the act terminates investment and production tax credits for solar and wind projects after 2027, projects that start construction within 12 months of the passage of the act can still claim credits beyond this deadline,” according to CNBC.
Bank of America reiterated a buy rating on Apple, noting, “Services has been, and we expect will continue to be, the leading driver of y/y gross profit dollar growth. Reiterate Buy on stable cash flows, earnings resiliency, and strong capital return program.”
Morgan Stanley reiterated its overweight rating on Nvidia, giving it a $206 price target. The firm noted, “While the near-term bar is higher now, the 12-month picture across demand, supply, and competitive outlook all continue to be very favorable.”
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Author: Ian Cooper
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