After Hours Report

Stocks hit the ground running to start the week, with the S&P 500 (+1.0%), Nasdaq Composite (+1.2%), and DJIA (+0.8%) taking back a meaningful chunk of the previous week's losses. The Nasdaq Composite closed above its 200-day moving average (22,191.85), which it closed below last week. 

The market was supported by some relief in oil prices today after a surge past the $100 per barrel mark weighed heavily on stocks last week. The Wall Street Journal reported that the Trump administration plans to announce a multi-country coalition that will escort ships through the Strait of Hormuz, with the announcement to come as soon as this week. While oil price action was still relatively choppy today, optimism that shipping through the Strait of Hormuz could meaningfully pick up in the near term helped crude oil futures settle today's session $5.26 lower (-5.4%) at $93.35 per barrel. 

Strength was broad throughout the session, with all eleven S&P 500 sectors finishing higher. 

The information technology sector (+1.4%) led the advance, supported by solid gains across semiconductor names. NVIDIA (NVDA 183.19, +2.94, +1.63%) garnered a fair share of attention today as the company's CEO, Jensen Huang, delivered his keynote address at NVIDIA's GTC conference. Notably, Mr. Huang said that last year he saw $500 billion of purchase orders for Blackwell and Rubin by 2026, and he now sees at least $1 trillion by 2027.

Memory storage names such as Sandisk (SNDK 703.63, +42.01, +6.35%) and Western Digital (WDC 286.21, +13.92, +5.11%) finished with even wider gains, with Micron (MU 441.80, +15.67, +3.68%) also trading higher before its earnings release tomorrow after the close. 

The PHLX Semiconductor Index finished 2.0% higher. 

In other AI-related news, Meta Platforms (META 627.45, +13.74, +2.24%) was a mega-cap standout today after Reuters reported the company is planning to lay off up to 20% of its workforce as AI costs rise. The communication services sector posted a gain of 1.0%.

The consumer discretionary sector (+1.3%) was another top mover, also supported by strength in its mega-cap components. Shares of Amazon (AMZN 211.74, +4.07, +1.96%) rose to session highs after NVIDIA CEO Jensen Huang said OpenAI will be brought to AWS.

The Vanguard Mega Cap Growth ETF (+1.2%) notched a solid gain today, though it remains 7.1% lower on a year-to-date basis. 

Elsewhere in the sector, cruise lines such as Norwegian Cruise Line (NCLH 19.84, +0.98, +5.17%) outperformed amid the retreat in oil prices.

Airlines such as United Airlines (UAL 90.28, +3.68, +4.25%) logged similar gains, adding to strength in the industrials sector (+0.9%). 

Meanwhile, Mosaic (MOS 27.67, -1.64, -5.60%) and CF Industries (CF 122.37, -7.20, -5.56%) were the worst-performing S&P 500 names, giving back some of their recent strength as supply chain fears around shipping through the Strait of Hormuz recently sent the stocks surging. 

Food and alcohol stocks were also relative laggards today, keeping the consumer staples sector (+0.1%) near its flatline despite a solid move in Dollar Tree (DLTR 114.36, +6.90, +6.42%) after the company narrowly topped EPS estimates but issued an encouraging comparable sales forecast. 

Outside of the S&P 500, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.7%) notched gains similar to those across the major averages. 

All told, today's session marked a solid rebound from previous weakness that saw the major averages test their 200-day moving averages. While a meaningful retreat in oil prices provided the catalyst for a broad buy-the-dip effort, the war in Iran remains without a clear resolution in sight, which could prompt more volatility in the near term. The market will also navigate the March FOMC decision on Wednesday (along with a plethora of other central banks this week), with investors eager to see the effect that the recent surge in oil prices has on the summary of economic projections and the Fed's expected policy outlook. 

U.S. Treasuries had a good run today, logging most of their gains in the overnight trade as oil prices came down. There was some giveback during the cash session, but ultimately securities across the curve regrouped and settled today near their best levels of the session in terms of price and yield. The 2-year note yield settled down five basis points to 3.68%, and the 10-year note yield settled down seven basis points to 4.22%. 

• S&P Mid Cap 400: +1.8% YTD
• Russell 2000: +0.9% YTD
• S&P 500: -2.1% YTD
• DJIA: -2.3% YTD
• Nasdaq Composite: -3.7% YTD

Reviewing today's data:

• March Empire State Manufacturing -0.2 (Briefing.com consensus 0.5%); Prior 7.1
• February Industrial Production 0.2% (Briefing.com consensus 0.4%); Prior 0.7%, February Capacity Utilization 76.3% (Briefing.com consensus 76.0%); Prior was revised to 76.3% from 76.2%
  
  • The key takeaway from the report is that it marked the fourth straight monthly increase in industrial production, although that streak masks some otherwise tepid output. At 102.6 percent of its 2017 average, total industrial production was just 1.4% above its year-earlier level.
• March NAHB Housing Market Index 38; Prior was revised to 37 from 36

Overseas:

• Europe: DAX +0.5%, FTSE +0.6%, CAC +0.3%
• Asia: Nikkei -0.1%, Hang Seng +1.5%, Shanghai -0.3%

Commodities:

• Crude Oil -5.26 @ 93.35
• Nat Gas -0.10 @ 3.03
• Gold -61.40 @ 5000.30
• Silver -0.42 @ 80.78
• Copper +0.07 @ 5.83

After-Hours Spotlight:

• SEC weighs allowing companies to report earnings semiannually instead of quarterly, according to WSJ
• AeroVironment (AVAV) has acquired Empirical Systems Aerospace for approximately $200 mln... AVAV flat
• Cerus (CERS) announces that Vivek Jayaraman, the company's chief operating officer, will be promoted to president and chief executive officer, effective July 1, 2026... CERS unchanged
• Cisco (CSCO) announces a major expansion of its Secure AI Factory with NVIDIA (NVDA), giving customers a framework for deploying AI across their entire infrastructure – from central data center to local sites where data is created and decisions are made... CSCO -0.1%
• Fortune Brands Innovations (FBIN) CEO Amit Banati to step down in May; CFO Jonathan Baksht has stepped down, effective immediately; co has begin searches for replacements for both positions... FBIN +2.0%
• NVIDIA (NVDA) releases vera Rubin DSX AI factory reference design and omniverse DSX digital twin blueprint with broad industry support; NVIDIA launches space computing, rocketing AI into orbit; teaming with partners to ignite the next era of AI with open source software for autonomous, self-evolving enterprise AI agents... NVDA -0.5%
• Rio Tinto's (RIO) (55%) joint venture with BHP (45%), Resolution Copper, completes a land exchange, unlocking the next phase of one of the world’s largest untapped copper deposits... RIO +0.1%
• Semtech (SMTC) beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs above consensus... SMTC -2.5%

Fair Value for Tuesday, March 17:

• S&P 500: 6,752
• Nasdaq 100: 24,883
• DJIA: 47,262

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Dollar Tree (DLTR) beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line; guides FY27 EPS in-line, revs in-line
  • Hon Hai Precision (HNHPF) reports Q1 results
  • KE Holdings (BEKE) misses by RMB0.12, reports revs in-line
  • Science Applications (SAIC) beats by $0.44, reports revs in-line; guides FY27 EPS in-line, revs below consensus
  • VinFast Auto (VFS) reports Q4 results; beats on revs
  • WaterBridge Infrastructure (WBI) reports Q4 results; beats on revs; provides outlook for 2026
• General News
  • The Trump administration plans to announce a multi-country coalition that will escort ships through the Strait of Hormuz. The announcement could be made this week, according to WSJ
  • President Trump in an interview says Iran is ready to negotiate a ceasefire, but he is not ready to make a deal because "the terms aren't good enough yet." He also said he is working with countries to secure the Strait of Hormuz, according to NBC News
  • Iranian Foreign Minister Abbas Araghchi says he is open to "any regional initiative" to end war, but no specific proposal has been made, according to Bloomberg
  • Iran’s Foreign Minister Abbas Araghchi says ''war must end in such a way that our enemies never again think of repeating these attacks"
  • The U.S. attacked military sites on Iran's Kharg Island, and President Trump warned oil infrastructure on the island will be targeted unless the Strait of Hormuz is reopened. Iran threatened to attack oil facilities in the Middle East if Kharg oil infrastructure is targeted. Pentagon deploying 5,000 additional Marines and sailors to the Middle East, according to NBC News
  • UAE halts oil loadings at a hub following a drone attack, according to Bloomberg
  • Energy Secretary Chris Wright, in an interview, says the Iran war will "certainly come to an end in the next few weeks." He thinks the Strait of Hormuz will be opened in the "not too distant future.", according to ABC News
  • President Trump is considering the seizure of oil depots on Kharg Island, which will likely require boots on the ground, according to Axios
  • Oil companies warned the Trump administration that closure of Strait of Hormuz would continue to push up energy prices, according to WSJ
  • President Trump might delay the summit with Chinese President Xi due to the Iran war, according to FT
  • China and the U.S. to make agreements on agricultural and critical minerals ahead of presidential summit, according to Reuters
  • U.S. carmakers warn Washington on Chinese auto threat ahead of Trump-Xi meeting, according to Bloomberg; possible tickers: GM, F, TSLA, HMC, Bloomberg
  • High gas prices could drive demand for EVs, according to
  • Airlines urge Congress to fund DHS as airport disruptions continue, according to Reuters
  • Cuban protestors attack the Communist Party office, according to Reuters
  • FCC Chair Brendan Carr, in an interview, says broadcast licenses could be revoked over news coverage, according to CBS News
  • The White House is tightening control over HHS policy on vaccines, according to WSJ
  • The Commerce Department plans to withdraw the rule on AI exports, according to Reuters
  • Almonty Industries (ALM) announces the completion of Phase 1 commissioning at its Sangdong Tungsten Mine in Gangwon Province, South Korea –marking the return to production after more than 30 years
  • Amphastar Pharmaceuticals (AMPH) authorized a $50 million increase to its share buyback program
  • Apollo (APO) executive John Zito was critical of private credit, according to WSJ
  • AstraZeneca (AZN) receives EU approval for Imfinzi in early gastric and gastroesophageal cancers
  • AT&T (T) unchanged in after-hours trading as CEO John Stankey visited the White House earlier this week amid $23 bln antitrust review, according to Semafor
  • Bayer AG (BAYRY) reports Phase III results for KERENDIA in non-diabetic kidney disease
  • Boeing (BA) awarded a not-to-exceed $489,306,966 US Navy order
  • Brookfield Business Partners (BBU) received all required approvals to complete the previously announced corporate simplification to convert into one publicly traded Canadian corporation
  • Capital One (COF) reports February card metrics
  • CEA Industries (BNC) acknowledges request tied to activist board takeover attempt
  • Crane Harbor Acquisition Corp (CHAC): Xanadu and TELUS (TU) collaborate to advance quantum data centre infrastructure in Canada
  • CytomX’s (CTMX) Varsetatug Masetecan (EpCAM PROBODY ADC) continues to demonstrate positive data supporting potential as a new treatment option in late-line colorectal cancer
  • Eldorado Gold (EGO) has received from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks its Operating Authorization for the Ormaque deposit at the Lamaque Complex in Val-d’Or, Quebec
  • Eli Lilly's (LLY) EBGLYSS (lebrikizumab-lbkz) is the first and only selective IL-13 inhibitor to deliver positive Phase 3 outcomes in patients aged six months to 18 years with moderate-to-severe atopic dermatitis
  • Enlight Renewable Energy Ltd. (ENLT) announces the financial close for the Crimson Orchard Project
  • Enlight Renewable Energy Ltd. (ENLT) secures $304 mln financing for Idaho solar-plus-storage project
  • Esperion Therapeutics' (ESPR) bempedoic acid receives multiple Class 1 Recommendations in 2026 ACC/AHA Multisociety Guideline for Management of Dyslipidemia
  • Fastenal (FAST) to break ground on new US distribution facility
  • Ford Motor (F) authorizes repurchases of up to 31.7 mln shares to offset dilutive effect of other matters
  • Greenwich LifeSciences (GLSI) announces use of commercially manufactured GP2 in FLAMINGO-01
  • HealthStream (HSTM) approves new share repurchase program for up to $10.0 mln of common stock
  • Helmerich & Payne (HP) announces executive leadership update
  • HIVE Digital Technologies (HIVE) expands Canadian AI data center capacity through BUZZ HPC
  • Infleqtion (INFQ) delivers UK’s first operational 100-qubit quantum system
  • Intuit (INTU) will soon announce accelerated pace of its stock buybacks and end to scheduled stock sales, according to WSJ
  • JD.com (JD) aiming to expand in Europe, according to Bloomberg
  • JPMorgan Chase (JPM) reports February card metrics
  • Meta (META) planning large layoffs amid high costs for artificial intelligence, according to Reuters
  • Monte Rosa Therapeutics (GLUE) has entered into a supply agreement with Johnson & Johnson (JNJ) to evaluate MRT-2359 in combination with ERLEADA for the treatment of patients with metastatic castration-resistant prostate cancer with androgen receptor mutations in a planned Phase 2 study expected to initiate in the third quarter of 2026
  • National Energy Services Reunited (NESR) has secured several, multi-year Cementing contract awards valued at approximately USD $300 mln
  • Nebius Group N.V. (NBIS) signs new AI infrastructure agreement with Meta (META)
  • NeoGenomics' (NEO) PanTracer LBx test has received coverage from the Centers for Medicare & Medicaid Services’ Molecular Diagnostics Services Program
  • NovaBridge Biosciences (NBP) receives FDA alignment on accelerated approval pathway for givastomig
  • Nvidia (NVDA) aiming to introduce a new artificial intelligence "inference" chip at GTC event this week, according to FT
  • Palvella Therapeutics (PLVA) receives European patent for QTORIN rapamycin formulation
  • Relay Therapeutics (RLAY) announces data from Zovegalisib + Fulvestrant at the phase 3 dose of 400mg BID Fed at ESMO targeted anticancer therapies congress 2026
  • Roche Hldg (RHHBY) receives CE mark for Alzheimer’s genetic-risk blood test
  • RTX (RTX) awarded a ceiling $2.01 bln modification to a previously awarded US Air Force contract
  • Sable Offshore Corp. (SOC) resumes oil flow as ordered by the federal DPA with expected gross oil rate of 50,000 bbls/d and expects first sales by April 1, 2026
  • Sable Offshore Corp. (SOC): Secretary of Energy Chris Wright directed Sable Offshore Corp. to restore operations of the Santa Ynez Unit and Santa Ynez Pipeline System to address supply disruption risks caused by California policies that have left the region and U.S. military forces dependent on foreign oil
  • Senseonics (SENS) presents first ever real-world evidence of Eversense 365 Presented at ATTD demonstrates sustained performance and positive impact throughout one-year of wear
  • Structure Therapeutics (GPCR) reports positive topline data from the ACCESS clinical program of aleniglipron for the treatment of people living with obesity and/or overweight with at least one weight related co-morbidity
  • Telix Pharmaceuticals (TLX) resubmits NDA for brain cancer imaging agent Pixclara
  • Tesla (TSLA) CEO Elon Musk says "Terafab Project launches in 7 days"
  • Thomson Reuters (TRI) seeks shareholder approval for $605M capital return and share consolidation
  • TikTok: The Trump administration will receive a $10 billion fee for brokering the TikTok deal, according to WSJ
  • Venture Global (VG): Secretary of Energy Chris Wright authorized an immediate 13% increase in exports at Venture Global’s Plaquemines liquefied natural gas terminal in Louisiana
  • Verizon (VZ) revises its presentation of reporting revenue

• Upgrades:
  • Bayer (BAYRY) upgraded to Buy from Neutral at UBS
  • Carlsberg (CABGY) upgraded to Buy from Hold at Berenberg
  • Circle Internet (CRCL) upgraded to Buy from Hold at Clear Street, tgt $136
  • Ecolab (ECL) upgraded to Buy from Hold at Berenberg, tgt $326
  • Intuit (INTU) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $463
  • LifeMD (LFMD) upgraded to Outperform from Neutral at Mizuho, tgt $8
  • PennyMac Financial (PFSI) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $115
  • Reckitt Benckiser (RBGLY) upgraded to Overweight from Equal Weight at Morgan Stanley
  • Rocket Companies (RKT) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $22
  • SEACOR Marine Holdings (SMHI) upgraded to Buy from Neutral at Clarksons Platou, tgt $10
  • Simply Good Foods (SMPL) upgraded to Buy from Hold at Jefferies, tgt $22
  • The Trade Desk (TTD) upgraded to Neutral from Sell at Arete, tgt $25
  • Upstart (UPST) upgraded to Buy from Neutral at BTIG Research, tgt $43
• Downgrades:
  • Adobe (ADBE) downgraded to Hold from Buy at Argus
  • Alnylam (ALNY) downgraded to Hold from Buy at Jefferies, tgt $330
  • Beiersdorf (BDRFY) downgraded to Underweight from Equal Weight at Morgan Stanley
  • BeOne Medicines (ONC) downgraded to Hold from Buy at Jefferies, tgt $290
  • DiDi Global (DIDIY) downgraded to Neutral from Outperform at Macquarie, tgt $3.90
  • Hain Celestial (HAIN) downgraded to Underweight from Equal Weight at Barclays, tgt $0.50
  • Immunocore (IMCR) downgraded to Hold from Buy at Jefferies, tgt $33
  • Incyte (INCY) downgraded to Hold from Buy at Jefferies, tgt $94
  • KinderCare Learning Companies (KLC) downgraded to Underweight from Equal Weight at Barclays, tgt $2
  • National Grid (NGG) downgraded to Sell from Neutral at UBS
  • NewLake Capital Partners (NLCP) downgraded to Neutral from Buy at Compass Point, tgt $15
  • Qualcomm (QCOM) downgraded to Sell from Neutral at Seaport Research, tgt $100
  • Summit Therapeutics (SMMT) downgraded to Hold from Buy at Jefferies, tgt $15
• Others:
  • Abivax (ABVX) initiated with a Buy at Jefferies, tgt $160
  • Alamo Group (ALG) initiated with an Outperform at William Blair
  • Amalgamated Financial (AMAL) assumed with a Neutral at Piper Sandler, tgt $41
  • Atlassian (TEAM) initiated with an Outperform at BNP Paribas Exane, tgt $95
  • Bar Harbor Bankshares (BHB) assumed with an Overweight at Piper Sandler, tgt $38
  • Beacon Financial (BBT) assumed with an Overweight at Piper Sandler, tgt $33
  • Chain Bridge Bancorp (CBNA) assumed with a Neutral at Piper Sandler, tgt $39
  • Cohu (COHU) initiated with an Outperform at Evercore ISI, tgt $35
  • Columbia Financial (CLBK) assumed with a Neutral at Piper Sandler, tgt $18
  • ConnectOne Bancorp (CNOB) assumed with an Overweight at Piper Sandler, tgt $31
  • Design Therapeutics (DSGN) initiated with a Buy at Jefferies, tgt $15
  • Dime Community (DCOM) assumed with an Overweight at Piper Sandler, tgt $37
  • Eastern Bankshares (EBC) assumed with an Overweight at Piper Sandler, tgt $23
  • Eaton (ETN) reinstated with a Buy at Jefferies, tgt $430
  • Elemental Royalty (ELE) initiated with a Buy at H.C. Wainwright, tgt $32.50
  • Fifth Third Bancorp (FITB) resumed with an Overweight at JPMorgan, tgt $50.50
  • Flagstar Bank (FLG) assumed with an Overweight at Piper Sandler, tgt $16
  • JFrog (FROG) initiated with a Buy at Guggenheim, tgt $60
  • Independent Bank (INDB) assumed with a Neutral at Piper Sandler, tgt $84
  • Lindblad Expeditions (LIND) initiated with an Outperform at Oppenheimer, tgt $25
  • MediciNova (MNOV) initiated with a Buy at H.C. Wainwright, tgt $10
  • NBT Bancorp (NBTB) assumed with an Overweight at Piper Sandler, tgt $50
  • Northeast Bank (NBN) assumed with an Overweight at Piper Sandler, tgt $133
  • Opus Genetics (IRD) initiated with an Outperform at Oppenheimer, tgt $10
  • PayPay (PAYP) initiated with an Outperform at Macquarie, tgt $22.90
  • Peapack-Gladstone Financial (PGC) assumed with an Overweight at Piper Sandler, tgt $39
  • Provident Financial Services (PFS) assumed with an Overweight at Piper Sandler, tgt $25
  • Solid Power (SLDP) initiated with a Buy at H.C. Wainwright, tgt $7
  • Sunbelt Rentals (SUNB) initiated with a Buy at Citigroup, tgt $85
  • Sunbelt Rentals (SUNB) initiated with an Underperform at BofA Securities, tgt $62
  • Washington Trust Bancorp (WASH) assumed with a Neutral at Piper Sandler, tgt $32
  • Western New England Bancorp (WNEB) assumed with a Neutral at Piper Sandler, tgt $14
  • Zevra Therapeutics (ZVRA) initiated with a Buy at BTIG Research, tgt $23

• Econ Data (Tuesday):
  • 10:00 ET: February Pending Home Sales (Briefing.com consensus: -0.8%; prior -0.8%)

• Earnings:
  • Monday (March 16)
    • Pre-Market: DLTR, BEKE, SAIC
    • After-Hours: SMTC
      
    Tuesday (March 17)
    • Pre-Market: ASO, GDS, HUYA, TME
    • After-Hours: BOBS, DOCU, KMTS, LULU, OKLO, TTAM, ZTO
      
  • Wednesday (March 18)
    • Pre-Market: GIS, MOMO, JBL, M, SAIL, WB, WSM
      
    • After-Hours: DLO, FIVE, HTFL, MU
  • Thursday (March 19)
    • Pre-Market: ARX, ACN, BABA, ARCO, AVAH, CAL, CSIQ, DRI, SIG, MWH
    • After-Hours: FDX, PL
  • Friday (March 20)
    • Pre-Market: None
    • After-Hours: None