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U.S. stock-index futures rose on Thursday, as a pullback in the U.S. Treasury yields and upbeat guidance by Micron (MU) provided support to the IT stocks, while Biden's massive infrastructure proposal added to the recovery narrative.

Global Stocks:

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FXStreet reports that Credit Suisse notes that S&P 500 has ended the quarter strongly and at record highs with the spotlight on its two-month channel top at 3994. Support at 3949/43 holding can keep the immediate bias higher for a clear break above here and then the psychological 4000 barrier for a move to the 4070/75 region. 

“Whilst above support from the rising 13-day exponential average and price support at 3949/43 the immediate risk is seen staying higher for a clear break above 3994/4000 to mark an acceleration in the uptrend. We would then see Fibonacci projection resistance at 4008 next, ahead of the top of the weekly Bollinger Band at 4025/27 and eventually our 4070/75 next core objective.” 

“Near-term support moves to 3959. Below 3943 can mark a minor top to raise the prospect of lengthier sideways ranging and a fall back to the price gap from last Friday morning at 3918/10, with fresh buyers expected here.”

Alphabet (GOOG) initiated with an Outperform at Wolfe Research; target $2450

Amazon (AMZN) initiated with an Outperform at Wolfe Research; target $3720

Facebook (FB) initiated with an Outperform at Wolfe Research

Twitter (TWTR) initiated with a Peer Perform at Wolfe Research; target $65

Lyft (LYFT) initiated with a Peer Perform at Wolfe Research; target $54

Uber (UBER) initiated with an Outperform at Wolfe Research; target $73

Uber (UBER) initiated with a Buy at Jefferies; target $75

Netflix (NFLX) initiated with an Overweight at Piper Sandler; target $605

Goldman Sachs (GS) downgraded to Neutral from Buy at UBS; target raised to $340

Micron Technology (MU) reported Q2 FY 2021 earnings of $0.98 per share (versus $0.45 per share in Q2 FY 2020), beating analysts’ consensus estimate of $0.95 per share.

The company’s quarterly revenues amounted to $6.2 bln (+30.0% y/y), in line with analysts’ consensus estimate of $6.2 bln.

The company also issued upside guidance for Q3 FY 2021, projecting EPS of $1.55-$1.69 versus analysts’ consensus estimate of $1.33 and revenues of $6.9-$7.3 bln versus analysts’ consensus estimate of $6.86 bln.

MU rose to $92.75 (+5.15%) in pre-market trading.