Published on 7 Apr 2024 on Insider Monkey via Yahoo Finance
Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks
In this article, we will discuss the 10 stocks whose price targets were recently trimmed by analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts Just Trimmed Price Targets for These 5 Stocks.
Amidst fading expectations of interest rate cuts, the stock market exhibited mixed trends, with some indices experiencing slight declines while others remained relatively stable. Solid economic indicators raised doubts about the pace at which policymakers would ease monetary policy. On Tuesday, US 10-year Treasury yields reached their highest levels of the year, signaling growing concerns among investors about the potential for higher interest rates. This development reflects the market's response to robust economic data and increased prices of commodities. Andrew Slimmon, managing director at Morgan Stanley Investment Management, shared insights into the market's exposure to the technology sector and discussed the potential impact of a patient approach by the Federal Reserve on equity markets. According to Slimmon, a cautious stance by the Fed could benefit equity markets. In Europe, stocks experienced minor fluctuations, with the Stoxx 600 index recording a marginal decrease. Meanwhile, Asian shares saw declines, influenced by the prevailing sentiment surrounding economic indicators and commodity prices. Despite these fluctuations, futures indicated the possibility of further declines in US shares, suggesting continued uncertainty among investors. Treasury bonds traded steadily following the spike in 10-year yields, highlighting the cautious approach adopted by investors in response to evolving market dynamics. On the precious metatls front, gold reached a new all-time high, and silver surged to its highest level in two years as anticipation built around Federal Reserve Chair Jerome Powell's upcoming speech, following remarks from two Fed officials suggesting a potential trio of rate cuts in 2024. The price of gold climbed above $2,288 per ounce to establish a new record (see 13 most profitable gold stocks), while silver surpassed $26 per ounce, marking its highest level in two years. San Francisco Fed President Mary Daly and Cleveland Fed President Loretta Mester, both voting members on policy decisions this year, indicated that they foresee three interest rate reductions in 2024, although they emphasized that there is no immediate rush to implement these cuts. The prospect of lower interest rates is favorable for precious metals like gold and silver, which do not offer yields. This outlook contributed to the upward trajectory of gold and silver prices, reflecting investor sentiment towards safe-haven assets amidst expectations of monetary policy easing by the Federal Reserve.
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