Stocks Finish Wild Week Higher: Tesla Stock Tops Wall Street’s Biggest Upgrades and Downgrades

By Lee Jackson Updated Nov 10, 5:04PM EST · Published Nov 10, 4:00PM EST

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Stocks Finish Wild Week Higher: Tesla Stock Tops Wall Street’s Biggest Upgrades and Downgrades — © seb_ra / iStock via Getty Images

Stocks closed Friday and the week higher after a dreadful risk-off Thursday (that snapped the longest winning streak for the S&P 500 and Nasdaq since 2021), which was driven by the worst 30-year Treasury Bond auction since 2016 and comments from Fed Chairman Powell over the potential for more interest rate increases. Many still feel that the Federal Reserve is done with the 18-month tightening and could start to lower fed funds by the summer of 2024.

Treasury yields:

Closed mixed across the curve as buyers bought the longer maturities, while some sellers were in the shorter-dated notes.
The inversion between the ten-year note and the 2-year paper has tightened recently, but history shows that it signals recession.

Brent Crude and West Texas Intermediate:

Closed higher for the third straight session after diving to a three-month low earlier in the week.
Brent was last seen at $81.66, up over 2%, while WTI closed up 2.17% at $77.38. Natural gas closed at $3.02.

The December Gold contract:

Closed the day lower at $1940.60 after trading near the $2000 mark in late October.

Bitcoin

The crypto behemoth has been on fire over hopes for a crypto exchange-traded fund and was last seen at $37,290, up 1.6%.

This week’s most significant upgrades and downgrades from across Wall Street are here.

Upgrades:

Devon Energy Corp. (NYSE: DVN) Pickering Energy Partners upgrade from Neutral to Outperform; no price target given
HP Inc. (NYSE: HPQ) Edward Jones upgrade from Hold to Buy; no price target given
Synopsys Inc. (NASDAQ: SNPS) Morgan Stanley initiated at Overweight with a price target of $600

Downgrades:

Paramount Global Inc. (NASDAQ: PARA) Bank of America cut rating from Buy to Underperform; the price target of $9 was unchanged
NXP Semiconductors, NV (NASDAQ: NXPI) Citigroup cut from Neutral to Sell; price target slashed from $216 to $150
Tesla Inc. (NASDAQ: TSLA) HSBC initiated coverage with a Reduce rating with a price target of $146

About the Author Lee Jackson →

Lee Jackson has covered Wall Street analysts' equity and debt research and equity strategy daily for 24/7 Wall St. since 2012. His broad and diverse career, which included a stint as the creative services director at the NBC affiliate in Austin, Texas, gives him unique insight into the financial industry and world.

Lee Jackson's journey in the financial industry spans over 30 years, with nearly two decades as an institutional equity salesperson at Bear Stearns, Lehman Brothers, and Morgan Stanley. His career was marked by his presence on the sell side during pivotal Wall Street events, from the dot.com rise and bubble to the Long Term Capital Management debacle, 9/11, and the Great Recession of 2008. This is a testament to his resilience and adaptability in the face of market volatility.

Lee Jackson’s practical financial industry experience, acquired from a career at some of the biggest banks and brokerage firms, is complemented by a lifetime of writing on various platforms. This unique combination allows him to shed light on the intricacies and workings of Wall Street in a way that only someone with deep insider experience and knowledge can. Moreover, his extensive network across Wall Street continues to provide direct access for him and 24/7 Wall St., a privilege few firms enjoy.

Since 2012, Jackson’s work for 24/7 Wall St. has been featured in Barron’s, Yahoo Finance, MarketWatch, Business Insider, TradingView, Real Money, The Street, Seeking Alpha, Benzinga, and other media outlets. He attended the prestigious Cranbrook Schools in Bloomfield Hills, Michigan, and has a degree in broadcasting from the Specs Howard School of Media Arts.