The market fell sharply on Thursday as the Nasdaq Composite dropped 2.6% to 26,008 and the S&P 500 fell 1.21% to 7,553, after Meta reported negative free cash flow for the quarter despite an earnings beat. U.S. 30-year Treasury yields fell 15 basis points to 5.28% in a safe-haven rush, while Brent crude closed at $113 amid tensions related to the war with Iran. Bitcoin fell over 3%, and crypto liquidations topped $431 million. Among upgrades, Hess Midstream (HESM) moved to Outperform from Market Perform at Raymond James with a $32 target, SpaceX (SPCX) was upgraded to Buy from Sell at Phillip Securities with its target raised to $250 from $75, and Skydance (SKYD) was upgraded to Neutral from Underweight at JPMorgan, which lowered its target to $9 from $14. Deckers Outdoor (DECK) was downgraded to Underweight from Neutral at Piper Sandler.
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