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U.S. stock-index futures rose on Friday, as hopes of more economic stimulus in the U.S. heightened following the release of a dire jobs report for December.

Global Stocks:

FXStreet notes that above 3785, S&P 500 reasserts its core bull trend and the Credit Suisse analyst team looks for strength to extend to the core target and “measured triangle objective” at 3900.

“The S&P 500 Index has pushed strongly higher after neutralizing its bearish ‘reversal day’, clearing with ease the cluster of Fibonacci resistances at 3765/85. This should clear the way for strength to extend directly further with resistance seen next at 3812 ahead of 3825/32 and eventually the ‘measured triangle objective’ at 3900.” 

“With a cluster of further Fibonacci projection resistances seen at 3900 and stretching up to 3925/30, we maintain our call to look for a cap here and a fresh and likely we think more protracted consolidation phase. Should strength instead directly extend, we see resistance next at 4000, then 4070/75.” 

(company / ticker / price / change ($/%) / volume)

Walgreens Boots Alliance (WBA) resumed with a Neutral at Credit Suisse; target $42

Chevron (CVX) upgraded to Overweight from Neutral at Piper Sandler; target raised to $113

Micron Technology (MU) reported Q1 FY 2021 earnings of $0.78 per share (versus $0.48 per share in Q1 FY 2020), beating analysts’ consensus estimate of $0.69 per share.

The company’s quarterly revenues amounted to $5.773 bln (+12.2% y/y), beating analysts’ consensus estimate of $5.662 bln.

The company also issued upside guidance for Q2 FY 2021, projecting EPS of $0.68-$0.82 versus analysts’ consensus estimate of $0.64 and revenues of $5.6-$6.0 bln versus analysts’ consensus estimate of $5.52 bln.

MU rose to $82.81 (+4.68%) in pre-market trading.

FXStreet notes that the U.S. stocks rallied a day after violence rocked the US Capitol, with investors firmly focused on Democrats' win of the Senate after the elections in Georgia, shrugging off the storming of the Capitol by supporters of President Donald Trump. Andrew Sheets, Chief Cross-Asset Strategist at Morgan Stanley, explains why a Democrat sweep of Congress and the White House suggests more reflation and rotation in portfolios.

“We're constructive for 2021 and expect solid returns. But a key risk to this story would be that we're underestimating the risks of a new COVID-19 variant or a slow vaccination program and that policymakers don't meet these challenges with further support.”

“We think there's a good chance that the new Congress will push for up to $1 T in additional economic support, including $2000 direct payments, even if the economy doesn't go through a new additional deterioration. That would provide further support to the recovery, and importantly, drive more confidence that inflation can rise from currently depressed levels. We think US growth and inflation will both exceed expectations this year, and our investment preferences are heavily skewed towards areas of the market that would benefit if this came to pass.”

“There's a theory that markets are efficient and immediately move to price in all new available information. But in this case, I really don't think that holds. This was a genuine surprise, and even active political observers saw these races as extremely close.”

“We think the Georgia election results reduce one downside risk to the market and raise the chances for higher growth and higher inflation in 2021. And what are the risks? Higher growth and inflation should, ultimately, drive longer-run interest rates higher, and drive a shift in leadership between assets that benefit from this, and those that do not. We like financials, as an inexpensive sector that offers some diversification against a higher interest rate scenario, and we remain underweight government bonds.”