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
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
