Gold Hits $4,602 as Baird Cuts CMG, DPZ to Neutral

Gold climbed to $4,602, up 1.87%, while crypto rallied on U.S. Treasury buyback plans and a White House crypto summit that pushed the Clarity Act forward. The moves came as Monday futures traded lower entering the final week of August, after all major indices closed Friday's session higher.

The Dow Jones Industrials led Friday's advance, closing up 0.98% at 53,277, though the index still posted back-to-back weekly losses. The small-cap Russell 2000 gained 0.85% to 3,017 and remains the year's best performer among major indices, up 21% in 2026. The S&P 500 closed at 7,674, up 0.43%, and the Nasdaq finished at 26,180, up 0.44%.

Treasury yields erased the gains generated by Wednesday's buyback announcement. The 30-year long bond closed Friday at a 5.27% yield, while the 10-year note finished at 4.47%. The reversal marked the second consecutive day of higher yields across the complex.

Oil benchmarks were essentially flat. Brent crude closed at $94.07, up 0.29%, while West Texas Intermediate finished unchanged at $86.82. Geopolitical tensions and slow-moving cargo through the Strait of Hormuz continue to weigh on the sector. Natural gas closed at $2.76, up 0.91%.

Gold's surge past the $4,500 level came on Treasury bond buybacks, technical strength, and momentum. Silver ended trading at $68.86, up 1.32%. Crypto markets rallied on the Treasury's long-term buyback plans and regulatory optimism from the White House summit, with buying driven largely by traders and hedge funds covering short positions, according to our research.

Baird cut Chipotle Mexican Grill (CMG) to Neutral from Outperform, trimming the target to $40 from $44. The firm also downgraded Domino's Pizza (DPZ) to Neutral from Outperform, keeping the target at $350. AlphaScala's proprietary model assigns CMG a score of 51 out of 100, labeled Mixed, and DPZ a score of 39, also Mixed. Both names sit below the threshold where momentum typically picks up.

The same firm upgraded Darden Restaurants (DRI) to Outperform from Neutral, raising the target to $250 from $220, and started Brinker International (EAT) at Outperform with a $325 target. The split decision suggests the caution on Chipotle and Domino's is name-specific rather than sector-wide.

UBS upgraded Celestica (CLS) to Buy from Neutral, lifting the target to $430 from $410. Pareto raised Golar LNG (GLNG) to Buy from Hold with a $70 target. Wolfe Research upgraded Janux Therapeutics (JANX) to Outperform from Peer Perform with a $23 target, and PulteGroup (PHM) to Outperform with a $158 target objective.

Baird downgraded Black Rock Coffee Bar (BRCB) to Neutral from Outperform, trimming the target to $10 from $12. BTG Pactual cut Volaris (VLRS) to Neutral from Buy with a $9 target.

New coverage included AstraZeneca (AZN), initiated at Outperform by CICC with a $198 target. Fortune Brands Innovations (FBIN) started at Overweight from Wells Fargo with a $52 target. Jersey Mike's Subs (JMKE), a recent IPO, received three bullish initiations: Piper Sandler at Overweight with a $29 target, Baird at Overweight with a $27 target, and RBC Capital at Outperform with a $28 target. JPMorgan assumed Roku (ROKU) at Neutral with a $160 target.

For more on the restaurant names, see the CMG stock page and the DPZ stock page.