Pre-Market Stock Futures:
Futures are trading lower after a wild day on Wall Street, as stocks took off after Treasury Secretary Bessent announced the Treasury would double its current bond buyback, targeting 10- to 20-year and 20- to 30-year maturities. That sparked an initial big rally, which tapered by the close; still, all of the major indices finished the day higher. The Russell 2000 roared back after a rough Tuesday and finished at 3,032, up 0.48%, while the Dow Jones Industrials closed at 53,463, up 0.22%. The tech-heavy Nasdaq closed the day at 26,331, up 0.16%, and the S&P 500 closed at 7,707, up 0.21%.
Treasury Bonds:
An announced bond buyback brought more than just the Treasury into the government-debt buying picture. Yields plunged across the Treasury curve, especially on the long end where the buybacks are concentrated. When it was all said and done on Wednesday, the 30-year long bond yield plunged almost 10 basis points to close at 5.19%, while the benchmark 10-year note was last seen at 4.64%, down almost 7 basis points. Many in the fixed-income complex felt the move was a political ploy, and that with the bond vigilantes ostensibly taking care of some of the Federal Reserve’s inflation problems, it was unnecessary.
Oil and Gas:
Oil closed higher on Wednesday, with both benchmarks ending the session near 4-week highs. Continued geopolitical tension in the Middle East and slow traffic through the Strait of Hormuz remain the biggest obstacles for a sector still trying to stabilize. By the final bell, Brent Crude closed at $91.65, up 0.69%, while West Texas Intermediate was last seen at $84.39, up 0.39%. Natural gas also had a solid day, finishing the session up 1.37% at $2.81.
Gold:
Precious metals had a huge day Wednesday, as bullion surged to close above the critical $4,500 level at $ 4,521, up 4.35%, while Silver joined the party, finishing at $66.89, up 5.83%. Yahoo Finance noted that Wednesday’s rally was driven by a sharp drop in long-term U.S. Treasury yields and a weaker U.S. dollar after the Treasury Department announced plans to double its bond buyback operations.
Crypto:
Cryptocurrencies surged higher on Wednesday, driven by the U.S. Treasury’s decision to double long-term bond buybacks to ease liquidity, a new SEC proposal outlining a crypto regulatory framework, and a high-profile crypto industry summit held at the White House. At 8 AM EDT, Bitcoin was trading at $71,960, while Ethereum was trading at $2,308.
24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. Important reminder: No single analyst report should ever be the sole basis for buying or selling a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations from Thursday, August 20, 2026.
Upgrades:
- Analog Devices (NYSE: ADI | ADI Price Prediction) was upgraded to Outperform from Market Perform at Bernstein, with a $465 target price.
- Crown Castle (NYSE: CCI) was upgraded to Overweight from Equal Weight at Barclays, which trimmed the target price for the shares to $85 from $92.
- Etsy (NYSE: ETSY) was upgraded to Buy from Neutral at Bank of America, which has a $105 target price for the stock.
- EPR Properties (NYSE: EPR) was raised to Overweight from Equal Weight at KeyBanc, with a $70 target price.
- Merck & Co (NYSE: MRK) was upgraded to Overweight from Equal Weight at Morgan Stanley, which lifted the target price for the healthcare giant to $179 from $116.
Downgrades:
- Allstate (NYSE: ALL) was downgraded to Underperform from Market Perform at Keefe Bruyette, which lowered the price target for the insurance giant to $250 from $255.
- Cactus (NYSE: WHD) was downgraded to Neutral from Buy at Citigroup, which has a $75 target price for the shares.
- Coty (NYSE: COTY) was cut to Sector Perform from Outperform at RBC Capital, which lowered the target price to $3 from $8.
- Liberty Latin America (NASDAQ: LILA) was cut to Underweight from Equal Weight at Morgan Stanley, with an unchanged $7 target price.
- TJX Companies (NYSE: TJX) was downgraded to Neutral from Buy at Citigroup, with a $154 target price.
Initiations:
- Alphabet (NASDAQ: GOOGL) was initiated with a Buy rating at Rosenblatt, with a $410 target price.
- eBay (NASDAQ: EBAY) was started with a Buy rating at Rosenblatt, which has a $120 target price for the stock.
- Incyte (NASDAQ: INCY) was started with a Buy rating at Canaccord, with a $152 target price objective.
- Madison Square Garden Entertainment (NYSE: MSG) was initiated with a Neutral rating at Piper Sandler, with an $86 target price.
- Shopify (NASDAQ: SHOP) was initiated with a Buy rating at Rosenblatt, with a $175 target price.
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