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Nasdaq-100 Futures Rebound 1.2% on July 4 Holiday as Banks Raise S&P 500 Targets — Citi Sets 8,100, Goldman Sets 8,000

Nasdaq-100 futures rose 1.2% during abbreviated Independence Day holiday trading as Asian markets staged a 2% recovery after heavy semiconductor profit-taking earlier in the week. Citi raised its S&P 500 target to 8,100 and Goldman Sachs to 8,000, with both citing AI infrastructure earnings as the primary growth driver. The recovery comes after a mid-week slide in which the PHLX Semiconductor Index fell 6.7% in a single session following a near-doubling in Q2.

Micron Technology Surges 10.8% to $1,088 — Bank Upgrades Fuel AI Memory Supercycle Bet Ahead of Q3 2026 Earnings

Micron Technology shares jumped 10.8% to roughly $1,088 after TD Cowen and RBC Capital Markets sharply raised price targets on the memory chipmaker. The rally was reinforced by a U.S.-Iran peace agreement that lifted risk appetite across semiconductors, alongside analyst forecasts that DRAM prices could climb 58% to 63% in the third quarter and HBM pricing could more than double by 2027. Micron reports fiscal third-quarter results on June 24, with revenue guided to a record $33.5 billion.

Goldman Sachs Slashes S&P 500 Year-End Target to 5,800, Raises U.S. Recession Probability to 40%

Goldman Sachs released a sweeping bearish revision to its U.S. equity outlook on Sunday, cutting its year-end S&P 500 target from 6,500 to 5,800 and raising its 12-month recession probability to 40%, citing a historically rare confluence of stagflationary macro forces, geopolitical tail risk, and Federal Reserve policy error, sending S&P 500 futures sharply lower in Sunday evening trading.

Target Upgraded to Outperform by Telsey as Retailer Shows Early Signs of Sales Recovery

Shares of Target Corporation rose for a second consecutive session Wednesday after Telsey Advisory Group upgraded the retailer to Outperform from Market Perform, citing confidence in the company's strategy to recapture its merchandising identity and leverage AI across store operations. The upgrade follows a Tuesday earnings report in which CEO Michael Fiddelke said Target is "out of the gates strong" in 2026 after reporting a February sales increase that marked the company's first monthly gain in several quarters.

Target Beats Q4 Earnings Estimates as Holiday Rebound Fuels Optimism; Best Buy Posts Mixed Results

Target Corporation reported adjusted fourth-quarter earnings of $2.44 per share, handily topping Wall Street's $2.16 consensus, as the retailer pointed to improved sales trends in January as an encouraging milestone on its path to recovery. Best Buy posted a mixed quarter — beating on earnings per share but missing revenue estimates — while raising its quarterly dividend for the thirteenth consecutive year.