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U.S. stock-index futures rose on Thursday, as investors weighed better-than-expected jobless claims against a spike in coronavirus cases that could prolong the current economic downturn.

Global Stocks:

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FXStreet reports that according to the Credit Suisse analyst team, S&P 500 is expected to see further consolidation beneath the top of the price gap from early June and downtrend from March at 3184/90, with key near-term support seen at 3119/13.

“The S&P 500 remains in its high-level consolidation range following its expected rejection from our next flagged resistance from the top of the price gap from early June and potential downtrend from March at 3188/90 and the completion of a small bearish ‘reversal day’ on Tuesday is seen adding weight to our view that we should now look for a fresh move lower in the broader high-level consolidation range.”

“Support remains seen at the lower end of the price gap from Monday at 3130/25, then more importantly the 13-day average and 38.2% retracement of the most recent swing higher at 3119/13, with fresh buyers expected here. A closing break can reinforce the view we are set for a much lengthier consolidation phase, with support seen next at 3092.”

“Resistance is seen at 3174 initially, with 3184/90 expected to remain fairly for now. Above though can quickly reassert an upward bias for a look at the 3223/33 June highs.”

“The VIX continues to hold key support from its 200-day average and June low at 26.22/23.54 and we look for a fresh rise from here in line with our corrective view above, with resistance seen initially at 33.20.”

Microsoft (MSFT) target raised to $260 from $220 at Wedbush

Bank of America (BAC) downgraded to Neutral from Buy at DA Davidson; target lowered to $25

Cisco (CSCO) upgraded to Overweight from Equal-Weight at Morgan Stanley; target $54

JPMorgan Chase (JPM) upgraded to Buy from Neutral at DA Davidson; target raised to $117 

Walgreens Boots Alliance (WBA) reported Q3 FY 2020 earnings of $0.83 per share (versus $1.47 per share in Q3 FY 2019), missing analysts’ consensus estimate of $1.22 per share.

The company’s quarterly revenues amounted to $34.631 bln (+0.1% y/y), generally in line with analysts’ consensus estimate of $34.318 bln.

The company also issued downside guidance for FY 2020, projecting EPS of $4.65-4.75 versus analysts’ consensus estimate of $5.49.

WBA fell to $40.36 (-4.56%) in pre-market trading.