Pre-Market Stock Futures:
Futures are trading higher on Tuesday after new highs on Friday turned into a risk-off Monday, triggered by rising oil prices, a report that Iran attacked the UAE, and an additional report that the U.S. sank a boat in the Strait of Hormuz. All of the major indices finished the day lower, with the Dow Jones Industrial Average leading the way, closing down 1.13% at 48,941, while the S&P 500, after reaching record highs on Friday, finished down 0.41% at 7,200. The small-cap heavy Russell 2000, which early in the session printed an all-time high, closed down 0.63% at 2,795, and the Nasdaq was last seen at 25,067, down just 0.19%.
Treasury Bonds:
As many expected, yields across the Treasury curve surged higher as traders absorbed geopolitical news from the Middle East, concerns over rising inflation from higher oil prices, and a lack of catalysts to drive stocks and bonds, as the first quarter results are almost over. The 30-year bond closed Monday at 5.01%, the highest close since May of last year. The benchmark 10-year note finished Monday’s session at 4.43%.
Oil and Gas:
Energy prices surged on the news from the Middle East, especially the attack on the United Arab Emirates, which recently announced it was leaving OPEC+ immediately. Brent Crude closed trading on Monday up a stunning 5.03% at $113.60, while West Texas Intermediate was last seen at $104.90, up 2.89%. Natural gas also participated in the energy rally, closing at $2.85, up 2.59%.
Gold:
Gold continued the trend of following stocks and bonds lower, even though most on Wall Street still see the precious metal as the ultimate hedge for a stock-and-bond portfolio. The same reasons we have listed for weeks were the same culprits on Monday, as inflation concerns, the strong dollar, and the reality that interest rate cuts would likely be postponed until 2027 were among the usual suspects pressuring prices. Gold closed the day down 2.05% at $4.520, while Silver ended the session on Monday at $72,65, down 3.42%.
Crypto:
Cryptocurrency markets initially surged on Monday with Bitcoin briefly crossing the $80,000 threshold for the first time in three months. The crypto giant touched an intraday high of $80,393 in early trading, its strongest level since January, before pulling back to a low of $79,810 later in the day. Cryptocurrencies surged on news of a compromise on the CLARITY Act, and the fact that, compared to major stock indices, crypto is still well off the highs printed in the fall of 2025. At 8 AM EDT, Bitcoin was trading at $81.030, while Ethereum was quoted at $2,382.
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 May, 5, 2026.
Upgrades:
- Cogent Communications Holdings (NASDAQ: CCOI | CCOI Price Prediction) was upgraded to Overweight from Neutral at JPMorgan, which trimmed the target price to $22 from $23.
- Devon Energy (NYSE: DVN) was upgraded to Strong Buy from Outperform at Raymond James, with the price target raised to $72 from $62.
- Grupo Aeroportuario del Pacifico (NYSE: PAC) was upgraded to Outperform from Neutral at Bradesco BBI, with a $285 price target.
- UFP Industries (NASDAQ: UFPI) was raised to Outperform from Market Perform at BMO Capital, which has a $108 target price.
- Ulta Beauty (NASDAQ: ULTA) was raised to Neutral from Buy at Bank of America, which has a $685 target price for the cosmetics retailing giant.
Downgrades:
- Aviat Networks (NASDAQ: AVNW) was cut to Market Perform from Outperform at Northland, which lowered the target price for the stock to $20 from $30.
- Inspire Medical Systems (NYSE: INSP) was downgraded to Neutral from Buy at Bank of America, which chopped the price target for the stock to $53 from $120.
- Lowe’s Companies (NYSE: LOW) was reinstated with a Neutral rating down from a Buy rating at Bank of America, which has a $260 target price for the shares.
- Roblox (NYSE: RBLX) was downgraded to Neutral from Overweight at Piper Sandler, which slashed the target price in half to $50 from $100.
- Tractor Supply (NASDAQ: TSCO) was cut to Neutral from Overweight at Piper Sandler, which dropped the target price for the shares to $36 from $51.
Initiations:
- Applied Materials (NASDAQ: AMAT) was initiated with a Buy rating at Seaport Research, with a $500 target price.
- GoDaddy (NYSE: GDDY) was assumed with a Neutral rating at UBS, which nudged the price target down to $100 from $105.
- Home Depot (NYSE: HD) was reinstated with a Buy rating at Bank of America, with a $374 target price.
- Lam Research (NASDAQ: LRCX) was started with a Buy rating at Seaport Research, with a $300 target price objective.
- Ultra Clean Holdings (NASDAQ: UCTT) was initiated with a Buy rating at UBS, which has set a $130 target price for the shares.
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