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January 16, 2026 - Third Party

US Pre-Market - Friday, January 16, 2026

Market Trend

US indices are pointing higher ahead of Friday’s open, driven by a rebound in semiconductors and banking stocks:

  • S&P 500: +0.3%
  • Dow Jones: +0.1%
  • Nasdaq: +0.6%

All three indices closed in the green on Thursday, ending a two-day losing streak.

Today's Catalysts

Semiconductors in Force

  • US-Taiwan Trade Agreement: Taiwanese tech companies will invest $250 billion in the US.

  • TSMC: Quarterly results exceeded expectations, outlook is optimistic. +1.1% pre-market.

  • ASML: +1.2%

  • Nvidia (NVDA): +0.9%

Strong Banks

  • Goldman Sachs (GS) and Morgan Stanley (MS) posted Q4 earnings above expectations on Thursday.

    • GS: +0.4% pre-market after +4.6% yesterday
    • MS: +0.5% after +5.8%

  • Expected results this morning: PNC, State Street, M&T Bank, Regions Financial

Macroeconomy

  • Industrial production (December) at 9:15 am (US Eastern)

  • Housing Market Index (January) at 10:00 am

  • Fed members speaking:

    • Michelle Bowman (11:00 am)
    • Susan Collins (10:50 am)
    • Philip Jefferson (3:30 pm)

  • Austan Goolsbee (Chicago Fed) warns of risks to the Fed’s independence.

  • Michael Barr denounces the criminal investigation into Jerome Powell as an attack on the institution.

Commodities & Cryptos

  • WTI: +1.2% at $59.90
  • Gold: -0.4% at $4,605
  • Bitcoin: +0.1% at $95,328

To Watch

Energy

  • Constellation Energy (CEG): +2.4%

    ➤ Gains after White House directive announcement for an emergency energy tender.

Defense

  • AST SpaceMobile (ASTS): +8.1%

    ➤ Selected for the US Missile Defense Agency’s SHIELD program.

Corporate & Markets

  • Micron (MU): +4%

    ➤ Executive purchased shares for $7.8M.

  • Ralph Lauren (RL): +1.7%

    ➤ César Conde (NBCUniversal) appointed to the board of directors.

  • Mosaic (MOS): -6.5%

    ➤ Drop in fertilizer demand in North America for Q4.

  • Goldman Sachs explores prediction markets (Polymarket, Kalshi) and considers venturing into this still minimally regulated universe.

Analyst Recommendations

Downgrades

  • Devon Energy: Scotiabank, target reduced to $41
  • HP: Barclays, target lowered to $18
  • Iridium: Morgan Stanley, target lowered to $24
  • Shift4 Payments: Deutsche Bank, target at $65
  • Tractor Supply: Truist, target at $55

Upgrades / Target increases

  • Rocket Lab: Morgan Stanley, target raised to $105
  • Yeti: KeyBanc, target at $57
  • Analog Devices: Oppenheimer, target at $350
  • Applied Materials: KeyBanc, target at $380
  • Intel: TD Cowen, target at $50
  • Macom: TD Cowen, target at $245
  • MKS Inc.: KeyBanc, target at $250

Other Adjustments

  • Netflix: target reduced to $110
  • Texas Pacific Land: target reduced to $350
  • Fiserv: B Riley, target reduced to $76
  • Penumbra: target raised to $374

Today’s Calendar

9:15 am: Industrial production (Dec.)
10:00 am: Housing Market Index (Jan.)

Fed speakers:

  • Susan Collins (10:50 am)
  • Michelle Bowman (11:00 am)
  • Philip Jefferson (3:30 pm)

To Remember

The markets are rebounding thanks to strong semiconductors and solid banking results. Investors are closely watching today’s macro releases and the many speeches by Fed members.

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