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Pre-Market Stock Futures:
The futures are trading higher as we get set to close out the week on a possible winning note, after a massive bounce-back rally on Thursday that saw all the major indices surge higher. The combination of a stiff 2-day sell-off, positive economic data showing inflation steady and trending lower this week, big earnings reports from Goldman Sachs Group (NYSE: GS) and Morgan Stanley (NYSE: MS), which both blew out their fourth-quarter results, and some very positive labor market updates all helped to ignite the big move higher on Thursday. The Dow Jones Industrials led the way higher, closing up 0.60% at 49,442, while the S&P 500 closed at 6,944, up 0.26%. The tech-heavy Nasdaq finished the session up 0.25% at 23,530. The big winner once again was the Russell 2000, which ended the day up 0.86% at 2674. The index that tracks small-cap stocks is now up 7.26% on the year, crushing the other indices.
Treasury Bonds:
Yields were up across the Treasury curve as sellers returned on Thursday. After the positive inflation reports this week, which sparked a buying surge, the labor market news, and the cooling of geopolitical issues around the globe, contributed to selling, as interest rate cuts, which some thought could come in March, may be pushed out to June. The 30-year long bond closed the day at 4.80%, while the benchmark 10-year note was last seen at 4.17%
Oil and Gas:
Prices across the energy complex were hammered on Thursday as both of the primary benchmarks closed down over 4%, ending a five-day winning streak for the black gold. The combination of President Trump dialing back the aggressive military rhetoric towards Iran and the recent return of concerns about oversupply was among the main reasons for the meltdown. The last trade for Brent Crude was reported at $63.78, down 4.12%, while West Texas Intermediate closed at $59.28, down 4.42%. Natural gas eked out a small gain, closing at $3.14, up 0.74%.
Gold:
Gold took a short breather from the inexorable climb higher it’s been over the last year, closing the session down 0.24% at $4,615. Traders largely chalked up the pause to profit-taking, but did cite the cooling of geopolitical tensions as another factor. Silver, which has made its own parabolic move higher over the last year, closed down 0.84% at $92.29. Traders mentioned that Silver will likely not be included on the critical minerals tariff list, at least for now.
Crypto:
The crypto market paused its recent rally on Thursday and experienced a downturn, primarily driven by news that a key US Senate crypto bill was postponed due to a lack of industry support, notably from Coinbase. After a breakout earlier in the week that saw it approach $100,000, Bitcoin fell below $96,000 during U.S. morning trading on Thursday, down over 1%. It has continued to hold key support levels above $94,500. At 8A EST, Bitcoin was trading at $95,357, while Ethereum was quoted at $3,304.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Friday, January 16, 2026.
Upgrades:
- Garmin Ltd. (NYSE: GRMN) was upgraded to Equal Weight from Underweight at Barclays, which bumped the target price to $217 from $208.
- Honeywell International Inc. (NYSE: HON) was upgraded to Overweight from Neutral at JPMorgan, which lifted the target price for the stock to $255 from $218.
- PepsiCo Inc. (NYSE: PEP) was raised to Outperform from Neutral at BNP Paribas with a $179 target price.
- Rocket Lab Corp. (NASDAQ: RKLB) was upgraded to Overweight from Equal Weight at Morgan Stanley, which boosted the target price to $105 from $67.
- Seagate Technology Holdings plc (NASDAQ: STX) was raised to Neutral from Negative at Susquehanna, which raised the target price for the stock to $280 from $150.
Downgrades:
- ConocoPhillips (NYSE: COP) was downgraded to Underperform from Neutral at Bank of America with a $102 target price objective.
- Devon Energy Corp. (NYSE: DVN) was downgraded to Sector Perform from Outperform at Scotiabank with a $41 target price.
- HP Inc. (NYSE: HPQ) was cut to Underweight from Equal Weight at Barclays, which also dropped the target price to $18 from $24.
- Kraft Heinz Co. (NASDAQ: KHC) was downgraded to Underweight from Equal Weight at Morgan Stanley, which trimmed the target price for the shares to $24 from $27.
- MGM Resorts International (NYSE: MGM) Morgan Stanley cut the stock to Underweight from Equal Weight and lowered the target price to $33 from $40.
Initiations:
- Martin Marietta Materials Inc. (NYSE: MLM) was initiated with a Neutral rating at B. Riley with a $700 target price.
- Staar Surgical Co. (NASDAQ: STAA) was resumed in coverage with an Underweight rating at Morgan Stanley with a $13 target price.
- TFS Financial Corp. (NASDAQ: TSFL) was assumed in coverage at Piper Sandler with a Neutral rating and a $15 target price.
- Unity Software Inc. (NYSE: U) was started with a Buy rating at Freeedom Capital with a $52 target price.
- Vulcan Materials Inc. (NYSE: VMC) was initiated with a Buy rating by B. Riley with a $345 target price.