Opinion | America’s Team Angers America’s Actor

Stock futures are mixed this morning, reflecting a rotation out of technology names and into more cyclical and defensive sectors. Investors are still digesting news from yesterday's session, where major indexes reached record highs even as technology stocks pulled back on renewed concerns about AI valuations and earnings outlooks.Broader market sentiment has been supported by optimism about the Federal Reserve's rate-cut policy, especially after its recent dovish move and indications that easing could continue into 2026. That has helped drive inflows into equity funds after weeks of net outflows, suggesting investors are increasingly willing to position for further gains even amid pockets of sectoral weakness.Stocks tied closely to AI, including chipmakers and software firms, have shown vulnerability as concerns over profit margins and the pace of future growth have resurfaced following mixed earnings from major industry players. This has weighed on the Nasdaq while more rate-sensitive and value sectors have attracted buying interest.In pre-market trading, S&P 500 futures fell 0.09%, Nasdaq futures fell 0.50% and Dow futures rose 0.18%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Citiup 1% after JPMorgan upgraded the stock to Overweight with a price target of $124, up from $107UP AFTER EARNINGS -Quanexup 27%Lululemonup 10%Johnson Outdoorsup 4%RHup 3%UP AFTEROF POTENTIAL MARIJUANA RECLASSIFICATION -Tilrayup 35%Canopy Growthup 26%Innovative Industrial Propertiesup 5%DOWN AFTER EARNINGS -Broadcomdown 5%Netscopedown 9%Comtechdown 8%Kestra Medicaldown 4%Costcodown 1%

JPMorgan analyst Vivek Juneja upgraded Citi to Overweight from Neutral with a $124 price target.

JPMorgan upgraded Citi to Overweight from Neutral with a price target of $124, up from $107. JPMorgan believes the lager cap banks should benefit from solid economy, strong markets, and favorable regulatory environment in 2026, "which should counter some uncertainty." The firm says Citi will benefit more than peers from a solid economy and strong markets-related activity in 2026. Citi will also benefit from its further transformation and is making progress on consent orders, the analyst tells investors in a research note. JPMorgan thinks Citi's profitability will improve over time with an increase in return on tangible common equity above peers.

Piper Sandler raised the firm's price target on Citi to $120 from $110 and keeps an Overweight rating on the shares after the company presented at an industry conference and touched on several topics. Current CFO Mark Mason was featured, though the incoming CFO made his first public remarks since last month's announcement that he would take over the role in March 2026. He emphasized his philosophies of continuity and stability, delivering results, durability, and approaching old problems in new ways. Otherwise, consumer and corporate customers remain resilient, Piper adds.