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.