US PREMARKET ACTIONS: January 12, 2026
Future Indices:
- Dow Futures: -0.62%
- S&P 500 Futures: -0.61%
- Nasdaq 100 Futures: -0.88%
Market Environment
US markets are sinking into the red this Monday morning, weighed down by the announcement of a DOJ criminal investigation targeting Fed Chair Jerome Powell. According to the New York Times, the investigation concerns the renovation of the Fed's headquarters in Washington and possible false statements by Powell before Congress.
In a rare statement, Powell said that “these grand jury subpoenas do not stem from legitimate legal concerns, but are punishment for the Fed's refusal to set interest rates according to Donald Trump's wishes.”
Bond yields are moving in a mixed fashion:
- The 2-year falls to 3.53% (-11bps)
- The 10-year rises to 4.20% (+2.5bps)
- The 30-year climbs to 4.87% (+4.8bps)
On the political front, Donald Trump's comments on capping credit card interest rates at 10% for one year are causing a sharp drop in banking and financial stocks.
Stocks to Watch Today
Synchrony Financial (SYF) -9.7%
Drop after Trump's proposal to cap credit card rates, which would strongly hurt the group’s business model.
Bread Financial (BFH) -12.5%
Heavily exposed to credit cards, the company plunges in reaction to the rate cap proposal.
Abercrombie & Fitch (ANF) -16.5%
Despite solid forecasts for Q4 and the year, the stock tumbles as investors take profits after a strong 2025 performance.
Amicus Therapeutics (FOLD) +30%
Bought by BioMarin for $4.8B, a 33% premium over the last price.
Sun Country Airlines (SNCY) +16.2%
Soars after being acquired by Allegiant Travel for $1.5B.
SunOpta (STKL) +16%
2025 guidance raised with revenue and EBITDA forecasts above expectations.
CoreWeave (CRWV) +11%
Coverage resumed by Citi with a buy rating, highlighting robust demand in AI infrastructure.
Walmart (WMT) +2.5%
Announces strong expansion of drone delivery to 150 new stores, in partnership with Wing (an Alphabet subsidiary).
Recommendation Changes
Upgrades
Airbnb ($ABNB) → B Riley upgrades to Buy vs Neutral, target raised from $140 to $170.
Applied Materials ($AMAT) → Susquehanna upgrades to Positive (vs Neutral), target raised from $180 to $400.
BXP Inc. ($BXP) → Mizuho upgrades to Outperform, target lowered from $115 to $79 (coverage dropped).
Akamai Technologies ($AKAM) → Morgan Stanley upgrades from Underweight to Overweight, target raised from $83 to $115.
Neutral
Amkor Technology ($AMKR) → UBS initiates at Neutral, target at $55.
KLA Corp ($KLAC) → Susquehanna remains Neutral, target raised from $1125 to $1500.
Coinbase ($COIN) → Jefferies maintains Hold, target lowered from $367 to $268.
Costar Group ($CSGP) → KBW maintains Outperform, target lowered from $100 to $75.
Downgrades
Brunswick Corp ($BC) → Texas Capital downgrades to Hold vs Buy, but target raised from $84 to $90.
Onemain Holdings ($OMF) → JPM downgrades to Underweight, target raised from $59 to $65.
SLM Corp ($SLM) → JPM downgrades to Underweight, target reduced from $29 to $25.
Have a good session, everyone.