Wall Street's top analysts calls, gold continues its record run, and consumers under pressure

Market Overview - Gold continues its record run, trading around $4,300 an ounce, up approximately 60% year-to-date, as investors seek safety amid market volatility [5][90] - The Dow is up around 70 points, while the Nasdaq has also turned positive, indicating a recovery from earlier losses [2][3] - Concerns over fraudulent loans have led to a significant selloff in regional bank stocks, which lost over $100 billion in market value [8][4] Consumer Spending Trends - Discretionary spending has slowed, particularly among lower-income households facing inflation and stagnant wage growth, while higher-income consumers continue to spend robustly [34][36] - American Express reported a 9% increase in card member spending, driven by wealthier customers [34] - The bifurcation in consumer spending is evident, with lower-income consumers visiting more outlets to find better deals [38][39] Banking Sector Insights - Concerns about a broader credit crisis have emerged following reports of losses from regional banks due to alleged fraudulent loans [8][4] - Moody's Analytics chief economist noted that while there are idiosyncratic issues, the banking system does not currently show signs of systemic problems [9][10] - Net interest margins are improving, and credit quality remains generally good despite some weaknesses in consumer finance [10][11] Housing Market Dynamics - Builder confidence has increased, with future sales expectations surpassing 50, indicating optimism despite current challenges [51][53] - Mortgage rates are expected to remain between 6% and 6.5% for the next year, with builders offering discounts to attract buyers [55][57] - Regulatory burdens are cited as a significant challenge for builders, contributing to high costs and delays in housing production [61][62] Analyst Calls and Stock Recommendations - Bank of America raised AMD's price target to $300, citing greater visibility into its AI hardware platform [68] - HSBC upgraded Freeport McMoran to buy, raising its price target to $50, benefiting from current gold market conditions [69] - Deutsche Bank upgraded Intuitive Machines, viewing it as a strong player in the space exploration market [70] Cryptocurrency Market Movements - Bitcoin has fallen to its lowest level since June, with significant outflows from Bitcoin and Ethereum ETFs totaling nearly $600 million [108] - The crypto market is experiencing profit-taking as investors shift towards safer assets like gold [109][110] - The total industry market cap for cryptocurrencies is around $3 trillion, with Bitcoin and Ethereum leading the market [112]