Pre-Market Stock Futures:
Futures are trading higher as we hit the midweek point. All major indices finished lower on Tuesday as the deadline for the ceasefire approached, amid threats to cancel talks between Iran and the United States. The President extended the ceasefire again, while keeping the blockade in place, this time indefinitely, citing the “fractured government in Iran”; his foes will likely scream TACO once again. The small-cap Russell 2000 led stocks lower, closing down 1% at 2,764, while the S&P 500, which had ripped off its largest winning streak since November of 2024, closed down 0.63% at 7,064. Both the Nasdaq and the Dow Jones Industrial Average closed down 0.59% Tuesday, with the former ending the session at 24,259 and the latter at 49,149.
Treasury Bonds:
Yields were higher across the curve in a move we have seen since the start of the war. When equities trade lower, so do bonds. The song remains the same as rising investor concerns over inflation, hawkish sentiments surrounding Kevin Warsh’s Federal Reserve Chairman confirmation hearings, and uncertainty regarding U.S.-Iran peace talks continue to pressure sovereign and corporate U.S. debt. The 30-year long bond closed Tuesday at 4.91%, while the benchmark 10-year note was last seen at 4.30%.
Oil and Gas:
As expected, with no clear signs of progress in Iran, and while the President did extend the ceasefire, the ongoing disruption to the Middle East supply chains and production capabilities continues to add volatility. Plus, the Iranian strikes on other Middle East countries’ facilities are raising the tension level. Brent Crude closed Tuesday at $99.33, up 4.03%, while West Texas Intermediate closed at $92.13, up 2.81%. Natural gas finished the day at $2.70, up 0.30%.
Gold:
The precious metals complex remains volatile after the huge move off the lows printed in late March, as ongoing geopolitical issues and the reset in pricing after a long, massive rally continue to grind on. Gold closed trading on Tuesday at $4,719, down 2.10%, while Silver finished the day at $76.65, down 3.85%.
Crypto:
The Cryptocurrency markets saw a strong rally to start the day on Tuesday, with Bitcoin surging at one point above $76,000, a hefty 2.7% increase from Monday’s opening price, before reversing later in the day. Ethereum also rose by more than 2% to break above $2,300 before also reversing, as traders reacted to U.S.-Iran peace talks amid rising geopolitical tensions. At 8 AM EDT, Bitcoin was trading at $78,200, while Ethereum was trading at $2,394.
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Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Wednesday, April 22, 2026.
Upgrades:
- Airbnb (NASDAQ: ABNB | ABNB Price Prediction) was upgraded to Overweight from Equal Weight at Wells Fargo, which raised the target price for the shares to $178 from $136.
- Biogen (NASDAQ: BIIB) was upgraded to Buy from Neutral at UBS, which boosted the target price for the legacy biotech stock to $225 from $185.
- DT Midstream (NYSE: DTM) was upgraded to Equal Weight from Underweight at Morgan Stanley, who raised the target price for the shares to $165 fromm $139.
- Halliburton (NYSE: HAL) was raised to Buy from Neutral at Griffin Securities, which has a $47 price target for the oil services giant.
- Seagate Technology Holdings (NASDAQ: STX) was upgraded to Overweight from Equal Weight at Barclays.
Downgrades:
- Abbot Laboratories (NYSE: ABT) was downgraded to Neutral from Outperform at Daiwa, which cut the target price for the stock to $92 from $113.
- Albemarle (NYSE: ALB) was downgraded to Neutral from Buy at Rothschild & Co Redburn, which bumped the target price to $188 from $185.
- Calix (NASDAQ: CALX) was downgraded to Market Perform from Outperform at Northland, with a $52 target price.
- GitLab (NASDAQ: GTLB) was cut to Neutral from Buy at Bank of America, which slashed the target price for the company to $27 from $58.
- Prudential Financial (NYSE: PRU) was downgraded to Underweight from Equal Weight at Barclays, which lowered the target price for the shares to $91 from $110.
Initiations:
- Affirm Holdings (NASDAQ: AFRM) was initiated with an Outperform rating at BMO Capital with a $75 target price.
- Cava Group (NYSE: CAVA) was started with a Buy rating at Roth Capital, with a $106 target price.
- Qualcomm (NASDAQ: QCOM) was reinstated with an Underweight rating at Barclays, which has a $130 target price.
- Shift4 Payments (NYSE: FOUR) was started with a Market Perform rating at BMO Capital, with a $50 target price.
- Toast (NYSE: TOST) was initiated with an Outperform rating at BMO Capital, with a $35 target price objective.
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