Pre-Market Stock Futures:
The futures are trading lower again after a dreadful risk-off day across Wall Street, where all major indices finished the day solidly lower. The combination of President Trump’s pursuit of Greenland, multiple geopolitical hotspots, both foreign and domestic, and a market that remains very overbought led to the biggest selling day we have seen since last October. With the President threatening to ratchet up the ongoing trade war, U.S. debt and equity assets took a beating, as did the dollar. The Dow Jones Industrial Average closed down 1.76% at 48,488 on Tuesday, while the S&P 500 was last seen down 2.06% at 6,796. The tech-heavy Nasdaq took the biggest hit yesterday, closing down 2.4% at 22,954. Even the resilient Russell 2000, which has been the leading index this year, closed down 1.21% at 2,645.
Treasury Bonds:
Yields across the Treasury curve here and abroad spiked higher on Tuesday, and it’s a good bet that the Danish announcement that it was selling $100 million in U.S. Treasuries fueled some of the selling. While that amount isn’t nearly enought to really move markets, the headline risk for the announcement of the sale is what fueled the proverbial fire. The 30-year long bond closed trading at 4.92%, up 8 basis points, while the benchmark 10-year note closed at 4.29%, with the yield higher by 6 basis points. The global bond sell-off was triggered by a meltdown in Japanese Government Bonds, which saw some yields skyrocket by as much as 27 basis points.
Oil and Gas:
Prices were mixed across the energy complex as a combination of additional tariff threats and the temporary shutdown at Kazakhstan’s Tengizchevroil facilities. Power distribution problems forced the suspension of operations at the enormous Tengiz and Korolev fields. Given that Tengiz ranks among the globe’s largest oil reserves, even brief disruptions create immediate supply constraints in the Caspian Pipeline Consortium network. Brent Crude closed trading at $63.90, down 0.06%, while West Texas Intermediate finished trading at $59.48, up 0.24%. Natural gas exploded higher by a stunning 26% to close at $3.91 as bitter cold weather sweeps down from the Arctic and Canada, likely putting much of the United States in the deep freeze this weekend.
Gold:
As would be expected on a day like yesterday, one bright spot for investors was the precious metals sector. Gold jumped 1.91% on Tuesday and was last seen at $4,759, while Silver was up 0.25% and last seen at $94.45. Everything negative for stocks and bonds turned out to be just what the doctor ordered for Gold. As a hedge of last resort, investors continue to push the price of gold toward $5,000. Analysts at BNP Paribas see Gold hitting $5,000 but expect a sell-off in Silver at $100.
Crypto:
Bitcoin fell below $90,000 Tuesday as cryptocurrency markets retreated amid rising trade tensions between the U.S. and Europe. The risk-off sentiment spread across the crypto sector, pulling down Ethereum, Solana, and other altcoins. However, privacy-focused coins like Dash bucked the trend, attracting investors looking for alternative safe havens. Heavy selling from Asian markets accelerated Bitcoin’s decline, erasing its recent gains. The broader crypto market capitalization contracted as institutional investors mirrored the cautious positioning seen in traditional financial markets. At 8A EST, Bitcoin traded at $88,820, down 2.3%, while Ethereum was quoted at $2,927, down 5.8%.
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 Wednesday, January 21, 2026
Upgrades:
- Alibaba Group Holding Ltd. (NYSE: BABA | BABA Price Prediction) was upgraded to Buy from Neutral at Arete with a $190 target price.
- ARM Holdings plc. (NASDAQ: ARM) was upgraded to Positive from Neutral at Susquehanna with a $150 target price.
- Brinker International Inc. (NYSE: EAT) was upgraded to Outperform from Market Perform at Raymond James with a $195 price target objective.
- OKLO Inc. (NYSE: OKLO) was raised to Buy from Neutral at Bank of America, boosting the target price to $127 from $111.
- Ulta Beauty Inc. (NASDAQ: ULTA) was raised to Strong Buy from Outperform at Raymond James, which lifted the target price for the shares to $790 from $605.
Downgrades:
- Flutter Entertainment plc (NYSE: FLUT) was downgraded to Hold from Buy at Craig-Hallum with a $200 target price.
- FedEx Corp. (NYSE: FDX) was downgraded to Neutral from Buy at Rothschild & Redburn with a $317 price target.
- Kraft Heinz Company (NYSE: KHC) was cut to Underperform from Neutral at BNP Paribas, which has a $22 target price for the stock.
- Southern Copper Inc. (NYSE: SCCO) was downgraded to Sell from Neutral at UBS, which raised the target price to $148 from $143.
- Tetra Technologies Inc. (NYSE: TTI) was downgraded to Hold from Buy at Clear Street, which bumped the target price for the stock to $11 from $10.
Initiations:
- Applied Digital Corp. (NASDAQ: APLD) was initiated with a Buy rating at Texas Capital with a $42 target price objective.
- AMETEK Inc. (NYSE: AME) was started with a Buy rating at Deutsche Bank with a $271 target price.
- Credo Technology Group Holding Ltd. (NASDAQ: CRDO) was initiated with a Neutral rating at Rosenblatt with a $170 price target.
- Pinnacle Financial Partners Inc. (NYSE: PNFP) was started with a Buy rating at Deutsche Bank with a $271 target price.
- Teldyne Technologies Inc. (NYSE: TDY) was assumed with an Equal Weight rating at Morgan Stanley with a $620 price target.
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