Apple downgrade and Bank of America earnings beat shift market sentiment

KeyBanc downgraded Apple Inc. (AAPL) to underweight, setting a new price target of $250 amid concerns over slower iPhone production and higher prices. HSBC also lowered its outlook on IBM (IBM), reducing the price target to $191.

Bank of America (NYSE:BAC) shares rose 1.9% after the bank reported quarterly earnings that beat expectations, posting EPS of $1.21 versus the forecast $1.13 and revenue of $8.08 billion. The bank announced a $0.28 quarterly dividend and analysts lifted price targets, with several firms moving their ratings to "overweight" or "buy."