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U.S. stock-index futures traded mixed on Wednesday, as investors weighed Nike’s (NKE) solid quarterly results and Johnson & Johnson’s (JNJ) announcement of a late-stage trial for its COVID-19 vaccine candidate against concerns that economic activity might slow further in the wake of a coronavirus resurgence.

Global Stocks:

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

Caterpillar (CAT) resumed with a Mkt Perform at Bernstein; target $156

Cisco (CSCO) resumed with a Neutral at UBS; target $41

Deere (DE) resumed with a Mkt Perform at Bernstein; target $244

IBM (IBM) resumed with a Neutral at UBS

Tesla (TSLA) target raised to $360 from $322 at Robert W. Baird

American Express (AXP) downgraded to Underperform from Neutral at BofA Securities

Apple (AAPL) downgraded to Neutral from Buy at UBS; target raised to $115

NIKE (NKE) upgraded to Buy from Hold at Deutsche Bank; target raised to $151

Twitter (TWTR) upgraded to Buy from Hold at Pivotal Research Group; target raised to $59.75

HP (HPQ) upgraded to Buy from Neutral at UBS; target raised to $25

FXStreet reports that analysts at Credit Suisse note that S&P 500 ideally holds below resistance at 3319/29 to keep its immediate risk lower for a deeper corrective setback with support seen at 3204/00 and potentially the 200-day average at 3105.

“The S&P 500 has rebounded although on slightly decreased volume but still remains capped ahead of its 13-day average, currently seen at 3362 as well as the top of its short-term down channel, seen lower today at 3347.” 

“Support is seen at 3303/01 initially, with a break below 3271 now needed to clear the way for a move back to 3229 and then a cluster of price supports at 3204/3198, which we look to hold at first. A direct break though can expose the 200-day average at 3105.”

“Above 3319/29 would suggest a deeper recovery can be seen back to 3345/47, potentially the 13-day average and 38.2% retracement of the selloff at 3362/70, but with this expected to remain tough resistance.”

FXStreet reports that analysts at Credit Suisse note that Nasdaq 100 has completed a near-term top to maintain the risk for further weakness to the 38.2% retracement of the 2020 rally at 10275.

“The decline has extended further for the completion of a ‘head & shoulders’ as well as a break of the 63-day average and we maintain our view for a deeper corrective setback to the 38.2% retracement of the rally from March at 10275. Whilst we have been looking for an attempt to find a floor here, we note now the risk for an overshoot to the 50% retracement and 200-day average at 9605/9545, where we would then look for more concrete signs of a floor.”

NIKE (NKE) reported Q2 FY 2020 earnings of $0.95 per share (versus $0.86 per share in Q2 FY 2019), solidly beating analysts’ consensus estimate of $0.50 per share.

The company’s quarterly revenues amounted to $10.594 bln (-0.6% y/y), beating analysts’ consensus estimate of $9.148 bln.

NKE rose to $131.83 (+12.80%) in pre-market trading.