Pre-Market Stock Futures:
Futures are trading mixed as we get set to close out a wild week on Wall Street that saw a little bit of everything served with a massive helping of volatility. After a stellar Wednesday that saw both the Nasdaq and the S&P 500 hit new all-time highs, sellers returned on Thursday, as all the major indices finished the day lower. The song remains the same: investors focused on Iran and the bottled-up Strait of Hormuz, as worries about rising inflation and overspending on AI projects were also at the forefront. The Nasdaq led the way lower Thursday, closing at 24,438, down 0.89%, while the Russell 2000, which has led all major indexes in 2026, closed at 2,771, down 0.49%. The S&P 500 finished the session at 7,108, down 0.41%, while the Dow Jones Industrial Average was last seen at 49,310, down 0.36%.
Treasury Bonds:
As has been the case much of this week, yields were higher across the entire Treasury curve on Thursday. The bond sell-off intensified amid the escalating geopolitical tensions in the Middle East, particularly the U.S.-Iran standoff, which has reignited inflation fears, driven oil prices higher, and prompted investors to demand higher risk premiums. Compounding the pressure are growing concerns about a potential “debt doom loop” driven by rising interest payments, along with a marked shift in market expectations toward no Federal Reserve rate cuts this year. The 30-year-long bond closed the day at 4.92%, while the benchmark 10-year note finished the session at 4.33%.
Oil and Gas:
Oil prices jumped again on Thursday as Iran reportedly attacked three ships in the Strait of Hormuz. With supplies tightening and Middle East production slowing, the path of least resistance for the black gold seems higher, at least in the short term. Brent crude was last seen Thursday at $106, up 3.99%, while West Texas Intermediate closed Thursday at $96.56, up 3.87%. Natural Gas closed lower, down 4.81% at $2.59.
Gold:
After a solid week, gold followed the equity markets lower, with analysts citing a stronger U.S. dollar, rising Treasury yields, and falling expectations that the Federal Reserve will lower interest rates anytime soon. Gold closed Thursday at $4,690, down 1.03%, while Silver ended trading at $75.25, down 3%.
Crypto:
The cryptocurrency market opened strongly after solid overnight trading, with Bitcoin holding above $78,000, though prices later retraced from earlier highs amid trader caution and potential profit-taking. At 8 AM EDT, Bitcoin was trading at $78,240, while Ethereum was quoted at $2,331.
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Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Friday, April 24, 2026.
Upgrades:
- Advanced Micro Devices (NASDAQ: AMD | AMD Price Prediction) was upgraded to Buy from Neutral at DA Davidson, which lifted the target price for the shares to $375 from $220.
- International Business Machines (NYSE: IBM) was upgraded to Buy from Hold at DZ Bank, which has a $295 target for the legacy tech company.
- Phillips 66 (NYSE: PSX) was raised to Overweight from Equal Weight at Morgan Stanley, which raised the price target to $174 from $147.
- Southwest Airlines (NYSE: LUV) was upgraded to Hold from Reduce at HSBC, with the target price raised to $36.10 from $24.40.
- Tesla (NASDAQ: TSLA) was upgraded to Hold from Sell at DZ Bank, with a $385 price target for the EV giant.
Downgrades:
- Comcast (NASDAQ: CMCSA) was downgraded to Hold from Buy at Deutsche Bank, which bumped the price target down to $34 from $35.
- DraftKings (NASDAQ: DKNG) was downgraded to Neutral from Buy at MoffettNathanson, which lowered the target price to $27 from $38.
- Flutter Entertainment (NYSE: FLUT) was cut to Neutral from Buy at MoffettNathanson, which slashed the target price for the shares to $127 from $170.
- Insulet (NASDAQ: PODD) was downgraded to Neutral from Buy at Rothschild & Co Redburn, which crushed the target price for the stock to $220 from $380.
- Freeport-McMoRan (NYSE: FCX) was downgraded to Equal Weight from Overweight at Morgan Stanley, which trimmed the target price for the mining giant to $66 from $70.
Initiations:
- Constellation Energy (NYSE: CEG) was resumed with an Outperform rating at Evercore ISI, with a $380 price target.
- Dorian LPG (NYSE: LPG) was started with a Buy rating at Jefferies, with a $29 target price.
- Hims & Hers (NYSE: HIMS) was started with an Overweight rating at JPMorgan, with a $35 target price.
- Oracle (NYSE: ORCL) was initiated with an Outperform rating at Wedbush, with a $225 target price objective.
- Shake Shack (NYSE: SHAK) was initiated with a Buy rating at Guggenheim, which has a $120 target for the popular fast-food restaurant.
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