Here Are Thursday's Top Wall Street Analyst Research Calls: Commercial Metals, Doximity, Draftkings, Hut 8, Illumina, Lowe's, TeraWulf, Starbucks, Whirlpool, Wix.com, and More

"Another round of disturbing inflation data hit the tape as the Producer Price Index for April came in at 1.4%, the largest move higher in four years, while Producer prices rose by a stunning 6% year-on-year, the largest increase since December of 2022. Analysts cited the soaring cost of goods and services, with much of the increase driven by higher energy prices."

"While yields were mostly lower across the Treasury curve, sellers of the long end didn't take too kindly to the inflation news. Many of the top banks on Wall Street, including Bank of America, have started reporting that, given current and expected inflation data, interest rate cuts may have to wait until the summer or fall of 2027. When it was all said and done, on Wednesday, the 30-year-long bond closed at 5.04%, while the benchmark 10-year note was last seen at 4.48%."

"One bright spot for investors and consumers on Wednesday was a drop in oil pricing across the energy complex. The drop came despite reports that U.S. gas and oil inventories continue to crash due to the conflict with Iran. Oil storage dropped by 4.3 million barrels for the week ending May 8th. Brent Crudue closed the session at $105.70, down 1.92%, while West Texas Intermediate dropped 1.058% to $101.10."

"The rising rate environment pushed mortgage rates to their highest level since March. The 30-year-long bond closed at 5.04%, while the benchmark 10-year note was last seen at 4.48%. Natural gas came out as a winner, ending trading at $2.86, up 0.58%."

Futures rose on Thursday after a volatile Wall Street session with mixed index performance. Producer Price Index inflation increased, with producer prices up 1.4% in April and 6% year over year, driven largely by higher energy costs. The Nasdaq gained 1.32% and the S&P 500 closed at another record high, while the Dow fell slightly and the Russell 2000 edged higher. Treasury yields were mostly lower, but long-end selling intensified after the inflation data. The 30-year bond ended at 5.04% and the 10-year note at 4.48%, while mortgage rates reached the highest level since March. Oil prices declined even as U.S. inventories fell, with Brent and WTI both down, while natural gas rose.

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