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U.S. stock-index futures fell on Thursday, as the heavily-weighted technology stocks remained under pressure amid growing U.S. Treasury yields, while a raft of better-than-expected U.S. economic data helped build confidence in the country's economic recovery.

Global Stocks:

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

AT&T (T) downgraded to Perform from Outperform at Oppenheimer

Verizon (VZ) downgraded to Perform from Outperform at Oppenheimer

NIKE (NKE) upgraded to Buy from Hold at HSBC Securities; target raised to $158

FXStreet reports that the Credit Suisse analyst team notes that the S&P 500 Index is recovering strongly and above 3934 it is expected to see a resumption of the core uptrend back to 3950/51, then 3975 and eventually 4070/75.

“We remain of the view that recent weakness was a temporary and corrective pause only prior to the core uptrend resuming. Above 3930/34 remains needed to add weight to our view to further reinforce the likelihood the core uptrend has indeed resumed for strength back to the 3950/51 highs. 

“Above 3950 in due course should see a move to trend resistance at 3974/75 next, then the 4000 psychological barrier, also the top of the daily Bollinger Band.”

“Support moves to 3908 initially, then 3896, with 3860 now ideally holding further weakness.”

Value and international stocks to be the main beneficiaries of the cyclical recovery - JP Morgan

FXStreet reports that Meera Pandit, Global Market Strategist at JP Morgan, notes that comparing the recoveries of the global financial crisis (GFC) and the pandemic recession is like comparing the tortoise and the hare: the aftermath of the former was slow and steady, while the latter should experience a burst of speed ahead. The difference in the potential strength and speed of the recovery can be attributed to three factors.

“The financial crisis was a demand-driven recession, in which housing and financial market excesses led the economy to overheat and collapse, destroying demand, and therefore growth and employment, in the years that followed. The COVID-19 recession shocked a healthy economy in which demand was still strong, but supply was then reduced. Once that supply returns (activity normalizes in a post-vaccine world), pent-up demand can be realized.”

“Policy support has been swifter and much greater. Credit was tight after the GFC, while lending and access to credit have remained robust throughout the pandemic. Also, this round of quantitative easing (QE4) is now nearly larger than QE1-QE3 combined. Meanwhile, the federal government is set to pass packages for a total price tag of $5.2 trillion and 25% of 2020 nominal GDP, this dwarfs the $831 billion American Recovery and Reinvestment Act of 2009, which was just 5.8% of 2009 nominal GDP.”

“Massive policy support propelled one of the fastest market recoveries on record. S&P 500 valuations have soared to 22.0x currently, compared to 12.9x in the corresponding post-GFC period. Although the improving backdrop should support markets in the months ahead, high valuations may constrain long-term returns. Investors should seek attractive relative valuations and beneficiaries of the cyclical recovery, like in value stocks and international equities.”

NVIDIA Corp. (NVDA) reported Q4 FY 2020 earnings of $3.10 per share (versus $1.89 per share in Q4 FY 2019), solidly beating analysts’ consensus estimate of $1.98 per share.

The company’s quarterly revenues amounted to $5.003 bln (+61.1% y/y), beating analysts’ consensus estimate of $4.819 bln.

The company also issued upside guidance for Q1 FY 2021, projecting Q1 revenues of $5.194-5.406 bln versus analysts’ consensus estimate of $4.53 bln.

NVDA fell to $565.82(-2.44%) in pre-market trading.