Equity futures were trading mixed after a solid Tuesday kicked off the last trading week for 2023. All major indices finished the day higher, with the Nasdaq leading the way up 0.54% to close at a record high of 15,074.57. The S&P 500 closed on the heels of the Nasdaq, finishing the day at 4796.56, less than 1% from an all-time high. Solid portfolio window dressing for the end of the year and the quarter was cited as the strength. While investors have cheered the massive rally that started after Halloween, many are bracing for what could be a rough January.

Bonds

Treasury yields were mixed across the curve, with buyers grabbing some of the longer-dated debt while sellers pushed the 2-5-year maturities modestly lower. The benchmark 10-year note closed at 3.90%, while the two-year paper was last seen at 4.35%. The inversion looks to stay in place as we finish 2023, which still signals the potential for recession next year.

Commodities

Brent and West Texas Intermediate crude sparkled to start the week as new Red Sea concerns over transport shipping for the black gold produced a strong tailwind for both indices. Brent closed at $80.77, up 2.15%, while WTI finished the session at $75.28, a gain of 2.34%. Natural gas was the loser in the space, closing at $2.57, down 1.69%.

Gold started the week positively as the February futures contract finished the day up 0.44% at $2,078.20 as the bullion also closed in on yet another all-time high. Ongoing geopolitical concerns in the Middle East, end-of-the-year portfolio buying, and more sector positives were behind the move higher. Bitcoin was hammered down 2.84% to close at $42,350.10. This was likely profit-taking after a huge move higher over the last six weeks.

Here are the top Wall Street upgrades and downgrades for Wednesday, December 27, 2023.

Upgrades

Fusion Pharmaceuticals Inc. (NASDAQ: FUSN) from Outperform to Strong Buy with a price target boost from $12 to $15 at Raymond James.

Outlook Therapeutics Inc. (NASDAQ: OTLK) from Equal Weight to Overweight with a price target of $5 at CapitalOne. (Pharmacists want you to know these 20 things.)

Other Analyst Calls

Expedia Group Inc. (NASDAQ: EXPE) has a Buy rating reiterated at BTIG Research, with a price target increase from $150 to $175.

PMV Pharmaceuticals Inc. (NASDAQ: PMVP) initiated with a Buy rating and a $7 price target at Ladenburg Thalmann.

Winnebago Industries Inc. (NYSE: WGO) has a Neutral rating reiterated at D.A. Davidson, with a price target increase from $60 to $64.

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