Pre-Market Stock Futures:
Futures are trading higher after a strong bounce-back Monday, with all major indices ending the day higher, as we started February on a winning note. Investors were able to look past the crypto and precious metals meltdowns, geopolitical hot spots around the world, some big retail and institutional investors’ profit-taking, and a surge of additional issues to power stocks higher on Tuesday. The Dow Jones Industrials led the way on Monday, closing at 49,407, up 1.05%, while the S&P 500 was last seen at 6,976, up 0.54%. The tech-heavy Nasdaq closed at 23,592, up 0.56%, and the small-cap Russell 2000 finished the clean sweep up 0.90% at 2,637.
Treasury Bonds:
Yields were higher across the treasury curve as sellers showed up in full force to start February. Some on Wall Street cited investor anxiety over the nomination of a new Federal Reserve chair, potential government shutdowns, and expectations for upcoming economic data.
Oil and Gas:
The energy complex was hammered on Monday as geopolitical risk premiums eased following signals of potential de-escalation in U.S.-Iran tensions, according to reports in Reuters and Barron’s. President Trump’s comments that Iran was “seriously talking” reduced fears of immediate supply disruptions in the Middle East, while a stronger dollar and weaker demand outlook also pressured prices. Brent Crude finished the day at $66.40, down 4.2%, while West Texas Intermediate closed at $62.26, down 4.52%. Natural gas fell 25% to $ 3.26, hitting a two-week low after a massive run over the last 10 days that saw the price more than double. The price collapse was driven by expectations of warmer weather following a severe Arctic cold snap, which is expected to end by the weekend.
Gold:
The massive selling in precious metals has been the focal point on Wall Street since late last week, and many have attributed the sell-off to numerous factors, not the least of which is profit-taking. That being noted, some feel that initially the selling was prompted by the President’s pick of former Fed Governor Kevin Warsh as the replacement for Jerome Powell, who, in the past, has been very aggressive on keeping inflation contained, and is perhaps less likely to lower rates as fast as some of the other candidates. Gold finished the day at $4,764, down 4.4%, while silver ended trading at $79.36, down 6.7%. While the selling has been dramatic, both rallied off lows on Monday, and many Wall Street pros see the pause in both as healthy. We wrote over the weekend that this could be a pause that refreshes on the way to $10,000.
Crypto:
The cryptocurrency markets experienced significant volatility on Monday, with Bitcoin plunging to a 10-month low early in the day amid a broad selloff. While Bitcoin (BTC) staged a tentative recovery and traded higher in afternoon U.S. trading, it remained under pressure all day. Crypto-related stocks such as Robinhood and Coinbase experienced significant losses. After hitting a low near $74,500 early Monday, Bitcoin rebounded to $78,000 by late afternoon but remained down 10% for the year, pressured by geopolitical concerns and a hawkish Fed outlook. At 8 AM EST, Bitcoin was trading at $78,274, while Ethereum was quoted at $ 2,299.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Tuesday, February 3, 2026.
Upgrades:
- FedEx Corp. (NYSE: FDX | FDX Price Prediction) was upgraded to Overweight from Equal Weight at Wells Fargo, which lifted the target price for the delivery behemoth to $380 from $295.
- JPMorgan Chase & Co. (NYSE: JPM) was raised to Neutral from Underperform at Baird, with a $280 price target for the banking giant.
- Mastercard Inc. (NYSE: MA) was upgraded to Outperform from Neutral at Daiwa, which raised the target price for the credit card giant to $610 from $605.
- Palantir Technologies Inc. (NASDAQ: PLTR) was raised to Outperform from Neutral at Baird, with a $200 target price.
- SoFi Technologies Inc. (NASDAQ: SOFI) was upgraded to Overweight from Neutral at JPMorgan, with a $31 target price objective.
Downgrades:
- Adobe Inc. (NASDAQ: ADBE) was downgraded to Neutral from Overweight at Piper Sandler, which slashed the target price for the stock to $330 from $470.
- Exxon Mobil Corp. (NYSE: XOM) was downgraded to Underperform from Neutral at BNP Paribas, which raised the price target for the integrated energy giant to $125 from $114.
- Lockheed Martin Corp. (NYSE: LMT) was downgraded to Hold from Buy at DZ Bank with a $665 target price objective.
- Stellantis NV (NYSE: STLA) was cut to Equal Weight from Overweight at Morgan Stanley, which bumped the target price for the Jeep maker to $10.90 from $9.60.
- Vertex Inc. (NASDAQ: VERX) was downgraded to Neutral from Overweight at Piper Sandler, with the target price cut to $20 from $32.
Initiations:
- Huntington Bancshares, Inc. (NASDAQ: HBAN) was started with an Overweight rating at Evercore ISIwith a $21 target price.
- Medtronic Plc. (NYSE: MDT) was resumed with a Buy rating at Citigroup with a $117 target price.
- Nebius Goup NV (NASDAQ: NBIS) was initiated with a Buy at Freedom Capital, with a $108 target price.
- Ovintiv Inc. (NYSE: OVV) was initiated with an Equal Weight rating at Stephens with a $44 target price.
- The Walt Disney Company (NYSE: DIS) was resumed in coverage with an Overweight rating at Morgan Stanley, which has a $135 target price for the house of mouse.
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