July 10, 2020

July 10, 2020

Stocks opened slightly lower this morning but managed to gain momentum with every major index turning positive. In economic news, U.S. Producer Prices declined 0.2% in June vs. a 0.4% expected gain.

 

Dow Jones +369 at 26,075

S&P 500 +33 at 3,185

NASDAQ +70 at 10,617

 

The 10 Year Treasury closed up 3 basis points yielding 0.63%

Oil prices closed up $0.90 ending at $40.52 a barrel

Gold prices closed down $2 ending at $1,802 an ounce

 

The days’ stock news:

  • Shares of Wells Fargo finished 6% higher after being upgraded at Baird, who said the stock’s decline this year is an opportunity to add bank exposure and that Wells Fargo had a highly attractive valuation.
  • Beyond Meat shares declined 4% after being downgraded at Citigroup, which implied a 12% downside from Thursday’s close of $141.22. Citi expects the meatless meat maker to face long-term pressure from competition.
  • An analyst at Rosenblatt Securities raised their price of the chipmaker Nvidia to $500 per share from $400, saying a secular shift into-data processing units and the company’s entrance into new markets will drive revenue growth for Nvidia in the years ahead.

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