Analysts Scramble as Oil Prices Soar and Rates Rise

Wall Street analysts are repositioning in semiconductors, biotech, and other sectors amid rising rates, high oil prices, and geopolitical tensions. The S&P 500 fell 0.48%, while the Nasdaq dropped 0.64%. Treasury yields reached multi-year highs after the Treasury Department announced a smaller-than-expected buyback of long-term debt.

The energy complex surged as Brent Crude rose above $100 per barrel, with oil prices increasing by over 3% on Wednesday. Gold and silver also rebounded, with gold up 1.06% at $4,400.

Crypto traded mixed-to-defensive, with Bitcoin holding steady despite the shaky macro backdrop. Analysts upgraded stocks like Meta Platforms, Novartis, and Yum! Brands, but downgraded companies such as Amgen, AngloGold Ashanti, and Chewy.