Pre-Market Stock Futures:
Futures are trading mixed as we get ready to finish off another wild week. What a difference a day makes: after a flat-to-down Wednesday, all the major indices exploded higher on Thursday and closed solidly in the green. Big earnings for members of the Magnificent 7, oil prices falling somewhat, and while the first GDP estimates for the quarter came in lower than expected, and inflation came in higher than expected, an employment report showed that unemployment claims dropped to 189,000, the lowest print for that key economic indicator since 1969. The Russell 2000, which is still the top index for 2026, finished Thursday at 2,799, up 2.2%, while the S&P 500 closed above the 7200 level for the first time at 7,209, up 1.02%, the best month for the index since 2020. The Nasdaq, home for many of the Mag 7, finished the Thursday session at 24,892, up 0.89%, while the venerable Dow Jones Industrial Average came in strong and was last seen at 49,652, up 1.62%.
Treasury Bonds:
For the first time in what seems like forever, yields were lower across the entire Treasury curve, as investors were lured by higher yields that jumped this week. Analysts noted the divided Federal Reserve, which had more Governors dissenting on the decision not to cut rates since 1992, the spike in rates over the last week, and the fact that traders have largely abandoned expectations for rate cuts in 2026, with some beginning to price in the possibility of rate increases in early 2027; so many were ready to grab sovereign U.S. debt at the current tempting yields. The 30-year long bond finished the session at 4.97%, while the benchmark 10-year note closed Thursday at 4.37%.
Oil and Gas:
Oil had another roller-coaster day, with the major indices split by the final bell. While the President expressed his desire to see stronger U.S. production, output, and deliveries, the reality is that current production can’t be ramped up overnight, and most oil companies don’t want to increase capex and spending when they know current pricing levels likely won’t hold. Brent Crude finished the day higher, up 0.93% at $111.50, while West Texas Intermediate closed down 1.01% at $105.80. Natural gas was the big winner Thursday, closing up 4.28% at $2.76, and analysts cited the natural gas trade as a “relief rally” spurred by short-covering, allowing prices to bounce from multi-month lows despite a fundamentally bearish backdrop of high storage levels.
Gold:
After a tough week, Gold also had a big turnaround on Thursday as the buyers returned in a big way. Traders pointed to a weakened U.S. dollar, lower-than-expected weekly jobless claims, and increased safe-haven demand due to ongoing Middle East tensions. Spot gold traded higher, rebounding from a one-month low, as traders monitored potential U.S. military action against Iran, which kept inflationary fears alive, and the very low possibility of rate cuts in 2026. Gold closed the session at $4,621, up 1.73%, while Silver was last seen at $73.63, up 3.41%.
Crypto:
The cryptocurrency market experienced a mix of consolidation and light volatility on Thursday, with Bitcoin trading in a tight range and some assets showing gains or losses amid the ever-changing daily sentiment. The cryptocurrency market as a whole, after the big price drop last fall, has been consolidating and trying to put in a decisive floor so prices can move higher, but the floor is not fully set yet. At 8 AM EDT, Bitcoin was trading at $77,390 while Ethereum was quoted at $2,285.
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 Friday, May 1, 2026.
Upgrades:
- Air Products & Chemicals (NYSE: APD | APD Price Prediction) was upgraded to Outperform from Market Perform at BMO Capital, which raised the target price for the shares to $360 from $325.
- Caterpillar (NYSE: CAT) was raised to Equal Weight from Underweight at Morgan Stanley, which catapulted the target price to $915 from $430.
- Hershey Company (NYSE: HSY) was upgraded to Buy from Hold at TD Cowen, which has a $210 target price for the stock.
- Paramount Skydance (NASDAQ: PSKY) was upgraded to Overweight from Underweight at Morgan Stanley, which bumped the target price to $14 from $11.
- Roblox (NYSE: RBLX) was raised to Hold from Sell at TD Cowen, which trimmed the target price for the shares to $49 from $54.
Downgrades:
- Alaska Air Group (NYSE: ALK) caught a double downgrade to Sell from Buy at Citigroup, with a $32 target price.
- Avis Budget Group (NYSE: CAR) was downgraded to Hold from Buy at Jefferies, which boosted the target price for the shares to $160 from $112. This was the latest meme stock poster boy in April.
- e.l.f. Beauty (NYSE: ELF) was downgraded to Equal Weight from Overweight at Morgan Stanley, with the target price cut to $67 from $80.
- MGM Resorts International (NYSE: MGM) was cut to Hold from Buy at Jefferies, which trimmed the target price for the stock to $44 from $60.
- Truist Financial (NYSE: TFC) was downgraded to Neutral from Outperform at Baird, with a $55 target price for the shares.
Initiations:
- AMC Global Media (NYSE: AMCX) was assumed in coverage with an Underweight rating at Morgan Stanley, which bumped the target price for the former meme stock leader to $7 from $6.
- Celestica (NYSE: CLS) was initiated with a Buy rating at Rothschild Redburn & Co., which has set a $460 target price objective.
- Ciena (NYSE: CIEN) was started with a Neutral rating at Rothschild Redburn & Co., which has a $416 target price for the shares.
- Commvault Systems (NASDAQ: CVLT) was initiated with a Peer Perform rating at Wolfe Research, which sees fair value for the company in a range of $80 to $120.
- Dutch Bros. (NYSE: BROS) was initiated with an Outperform rating at Oppenheimer, with a $72 target price for the stock.
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