Market Trends

US equity futures are moving in mixed fashion this Friday, ending a week marked by high volatility and mixed earnings releases:

• S&P 500: +0.03%
• Dow Jones: -0.14%
• Nasdaq 100: -0.03%

In the bond market, yields are declining:

• US 10-year: 4.24% (-1 bp)
• US 30-year: 4.83% (-12 bp)

The Dollar Index (DXY) is heading for its largest weekly drop in seven months, while emerging markets continue their rebound at the start of the year.

Macro & Geopolitics

• Trump announces an ongoing deal with NATO guaranteeing "full access" to Greenland, while abandoning his tariff threats against Europe, easing transatlantic tensions.

• Gold briefly topped $4,950/oz, on track for its best week in nearly 6 years.

Notable Pre-Market Movers

Biggest Gainers

• Ericsson (ERIC) +8%
  Strong Q4 results with an improved adjusted gross margin (48% vs 46.3%), free cash flow of SEK 14.9B, and the announcement of a SEK 15B share buyback program. Dividend forecast raised to SEK 3.00 for 2025.

• Intuitive Surgical (ISRG) +3%
  +18% growth in global procedures (da Vinci +17%, Ion +44%) with a sharply rising installed base. 2026 Outlook: procedures growth of 13–15%, non-GAAP gross margin of 67–68% despite tariff impacts.

Biggest Decliners

• Intel (INTC) -13%
  Sank after disappointing Q1 guidance: revenue expected between $11.7B–$12.7B, below consensus. Adjusted gross margin seen at just 32.3%, hurt by a lingering server CPU shortage.

Analyst Recommendations

** Upgrades**

• Applied Materials: Deutsche Bank upgrades to buy (PT $390 vs $275)
• Procter & Gamble: DBS upgrades to buy (PT $167 vs $164)
• Spotify: Goldman Sachs upgrades to buy (PT lowered to $700)
• Regeneron: DBS maintains buy (PT raised to $910)
• Micron: HSBC maintains buy (PT raised to $500)
• KLA, Lam Research, Lumentum: PTs lifted with buy ratings maintained

** Downgrades**

• Intel, Freeport-McMoRan, Confluent: Bernstein downgrades to market perform
• Sherwin-Williams: Deutsche Bank downgrades to hold (PT $380 vs $390)
• Duolingo: Jefferies maintains hold but lowers PT to $166

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To Watch Today

Post-earnings reactions (Intel, Ericsson, ISRG)
Volatility in the dollar and gold
Impact of the NATO-Greenland deal
Monitoring US yields after the weekly pullback

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