After Hours Report

The stock market faced some choppy action today, though the S&P 500 (+1.2%), Nasdaq Composite (+1.2%), and DJIA (+1.2%) finished with solid gains that saw them reclaim about half of yesterday's losses. 

Today's action was defined by three distinct market-level moves. The first of these events occurred shortly before the open as investors digested commentary from President Trump at the World Economic Forum. While President Trump reiterated his stance that the U.S. needs to acquire Greenland for national security, he said that the U.S. would not use force as a means of acquisition. Equity futures spiked in response, and the major averages set off on a course of broad-based gains after the open. 

Even after the EU announced a suspension of the Turnberry Deal, which would have suspended tariffs on all US industrial goods and established a tariff-rate quota system for a large number of US agri-food products entering the EU, the major averages continued to chart session highs until just before midday. 

Stocks then faced a sharp intraday retreat without a clear catalyst that narrowed the gains of nearly every corner of the market. Mega-cap names were among the first to show signs of weakness, and the Nasdaq Composite, which had traded over 1.0% higher, briefly entered negative territory. The top-weighted information technology sector (+0.9%) also entered negative territory after trading over 1.0% higher. 

The major averages then drifted through the early afternoon with a portion of their earlier strength before the broader market saw one final sharp intraday move. 

President Trump announced that the framework of a future deal with respect to Greenland and the entire Arctic region has been formed with Mark Rutte, Secretary General of NATO. Additionally, he said he will not impose the tariffs that were set to go into effect February 1.

Stocks rallied in response, with the major averages climbing back to earlier session high levels. 

All eleven S&P 500 sectors finished higher, and seven finished with gains of 1.0% or wider. 

The information technology sector (+1.0%) had the choppiest day but finished with a solid gain. Semiconductor names once again provided strong leadership, with the PHLX Semiconductor Index finishing 3.2% higher.  Intel (INTC 54.25, +5.69, +11.72%) was one of the top-performing S&P 500 names today, posting another monster gain that seats the stock with a 47.0% gain this year. 

Only Moderna (MRNA 49.81, +6.81, +15.84%) finished higher, rallying after the company, along with Merck (MRK 111.09, +1.64, +1.50%), reported encouraging five-year data regarding their melanoma vaccine.  The health care sector (+1.8%) was a top performer and was largely resilient to the broader market swings. 

Improvements across mega-cap names such as Tesla (TSLA 431.44, +12.19, +2.91%) and Alphabet (GOOG 328.38, +6.22, +1.93%) helped the consumer discretionary (+1.6%) and communication services (+1.4%) sectors finish higher as well. The Vanguard Mega Cap Growth ETF finished 0.9% higher after entering negative territory around midday. 

The energy sector (+2.3%) was the top gainer, trading in a stable range since the morning hours. Crude oil futures settled today's session just $0.24 higher (+0.4%) at $60.60 per barrel, but the sector was propped up by natural gas settling $0.98 higher (+25.1%) at $4.88/MMBtu. Additionally, President Trump, in his WEF address, made comments highlighting the future profitability of oil production in Venezuela.  Halliburton (HAL 33.36, +1.30, +4.05%), which has risen in conjunction with developments in Venezuela, posted a solid gain after topping earnings estimates this morning. 

United Airlines (UAL 110.96, +2.39, +2.20%) also traded higher after beating earnings estimates, while Netflix (NFLX 85.36, -1.90, -2.18%) traded lower after topping estimates but issuing soft near-term guidance. 

Outside of the S&P 500, the Russell 2000 (+2.0%) and S&P Mid Cap 400 (+1.8%) followed a similar path to that of the major averages and once again slightly outperformed them. 

While today's intraday volatility reflected lingering sensitivity to geopolitical headlines, stocks ultimately finished with broad gains that helped the S&P 500 reclaim its 50-day moving average (6,832). The market now cautiously proceeds to tomorrow's session that will feature another batch of earnings reports and key inflation data in the form of the PCE Price Index. 

U.S. Treasuries climbed on Wednesday with longer tenors reclaiming roughly half of their losses from Tuesday while the short end turned slightly positive for the week. The 2-year note yield finished unchanged at 3.60%, and the 10-year note yield settled down four basis points to 4.25%.

• Russell 2000: +8.7% YTD
• S&P Mid Cap 400: +6.5% YTD
• DJIA: +2.1% YTD
• S&P 500: +0.4% YTD
• Nasdaq Composite: -0.1% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 14.1%; Prior 28.5%
• September Construction Spending -0.6% (Briefing.com consensus 0.0%); Prior was revised to 0.4% from 0.2%
• December Pending Home Sales -9.3% (Briefing.com consensus 0.7%); Prior 3.3%
• October Construction Spending 0.5% (Briefing.com consensus 0.2%); Prior -0.6%
  • The key takeaway from the report is that the rebound in October was driven by residential spending and specifically private residential improvements.

Overseas:

• Europe: DAX -0.5%, FTSE +0.1%, CAC +0.1%
• Asia: Nikkei -0.4%, Hang Seng +0.4%, Shanghai +0.1%

Commodities:

• Crude Oil +0.24 @ 60.60
• Nat Gas +0.98 @ 4.88
• Gold +70.80 @ 4837.00
• Silver -2.08 @ 92.58
• Copper -0.04 @ 5.77

After-Hours Spotlight:

• CACI Intl (CACI) beats by $0.33, misses on revs; raises FY26 EPS and revenue guidance...CACI +1.2%
• FB Financial (FBK) beats by $0.04...FBK -1.0%
• Fulton Fincl (FULT) beats by $0.06...FULT -2.5%
• Karman Space and Defense (KRMN) guides FY25 and FY26 revenue above consensus...KRMN +7.6%
• Kinder Morgan (KMI) beats by $0.03, beats on revs; guides FY26 EPS slightly below consensus...KMI +1.4%
• Knight-Swift (KNX) misses by $0.04, misses on revs; guides Q1 EPS in line...KNX -2.6%
• RLI Corp (RLI) beats by $0.14, gross premiums written declined 2%...RLI -0.1%

Fair Value for Thursday, January 22:

• S&P 500: 6,907
• Nasdaq 100: 25,462
• DJIA: 49,244

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

• Earnings/Guidance (Full Earnings Calendar):
  • Ally Financial (ALLY) beats by $0.07, reports revs in-line
  • Americas Silver (USAS) reports record Cosalá production in 2025 driving a 52% increase in annual consolidated silver production
  • APA Corp. (APA) provides supplemental financial and operating data for Q4 and discloses that during Q4 it incurred transaction, reorganization and separation expenses totaling $36 mln
  • Bank OZK (OZK) misses by $0.02
  • BankUnited (BKU) beats by $0.01; Expands share repurchase program by additional $200 million and quarterly dividend increase of $0.02
  • BioAge Labs (BIOA) files for $75 mln common stock offering
  • Charles Schwab (SCHW) misses by $0.01, reports revs in-line; total client assets increased 18% yr/yr to a record $11.90 trillion
  • Citizens Financial Group (CFG) beats by $0.03, reports revs in-line
  • Dana Inc (DAN) sees FY25 revs above consensus; provides FY26 outlook
  • Eldorado Gold (EGO) achieves higher-end of 2025 production guidance
  • F.N.B. Corp (FNB) beats by $0.09, Net Interest Income increased 1.7%
  • Genmab (GMAB) announces net sales of DARZALEX for 2025
  • Gibraltar Industries (ROCK) lowers Q4 EPS and revenue guidance
  • Gold Resource (GORO) reports strong preliminary year-end results, highlighting operational turnaround
  • Hancock Whitney (HWC) reports EPS in-line
  • Halliburton (HAL) beats by $0.14, beats on revs
  • Interactive Brokers (IBKR) beats by $0.06, reports revs in-line
  • JinkoSolar (JKS) subsidiary reports preliminary full-year 2025 loss estimates
  • Johnson & Johnson (JNJ) reports EPS in-line, beats on revs; guides FY26 EPS in-line, revs above consensus
  • Karooooo Ltd. (KARO) reports select results for 3Q26; Cartrack’s SaaS annualized recurring revenue growth accelerated to 22% yr/yr
  • Legend Biotech (LEGN) reports CARVYKTI quarterly net trade sales of $555 mln from Janssen (JNJ) collaboration and license agreement
  • Netflix (NFLX) beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY26 revs in-line
  • Old National Bancorp (ONB) beats by $0.03
  • Pan Am Silver (PAAS) provides preliminary production results and Q4 and FY25; issues FY26 production guidance
  • Progress Software (PRGS) beats by $0.20, reports revs in-line; guides Q1 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs in-line
  • Rio Tinto (RIO) releases fourth quarter 2025 production results; Standout production results with +8% CuEq production growth in 2025
  • Simmons First National (SFNC) beats by $0.06, beats on revs
  • Teck Resources (TECK) reports 2025 production update and reaffirms outlook
  • TE Connectivity (TEL) beats by $0.18, beats on revs; guides Q2 EPS above consensus, revs in-line
  • Teledyne Tech (TDY) beats by $0.46, beats on revs; guides Q1 EPS in-line; guides FY26 EPS in-line
  • Travelers (TRV) beats by $2.37, beats on revs; Board of Directors authorizes an additional $5.0 bln of share repurchases
  • Truist (TFC) misses by $0.09, reports revs in-line; guides Q1 revs below consensus; guides FY26 revs in-line
  • United Airlines (UAL) beats by $0.17, reports revs in-line; guides Q1 EPS in-line; guides FY26 EPS in-line
  • Wintrust Fin (WTFC) beats by $0.22
  • Zions Bancorp (ZION) beats by $0.19, NII increased 2%; Provides FY26 outlook, including moderate increase in NII
• General News
  • The Supreme Court will hear a case today on President Trump's efforts to remove Lisa Cook from the Fed, according to CBS News
  • President Trump signed an executive order to make sure that large institutional investors do not buy single-family homes that could otherwise be purchased by families
  • Treasury Secretary Scott Bessent says he is not concerned about the selling in the bond market, according to Reuters
  • Japan finance officials are calling for market calm as the country will hold a snap election on February 8, according to Bloomberg
  • The Pentagon has not been asked to prepare for a Greenland invasion, according to NY Times
  • President Trump is on his way to Davos again after an electrical issue forced Air Force One to return to Washington. He will give a speech this morning, according to CNN
  • Alamos (AGI) extends high-grade mineralization across multiple targets within Mulatos District including PDA, Cerro Pelon, and new discovery at Halcon
  • Amazon (AMZN) planning the largest ever retail store in Orland Park, IL, according to WSJ
  • Apple (AAPL) aiming to develop artificial intelligence wearable pin, according to The Information
  • Apple (AAPL) will turn Siri into an artificial intelligence chatbot later this year, according to Bloomberg
  • BTQ Technologies (BTQ) and the Industrial Technology Research Institute announce a strategic collaboration to validate BTQ's Quantum Compute In Memory chip
  • Bumble (BMBL) Chief Product Officer Michael Affronti departed, according to Business Insider
  • Caledonia Mining (CMCL) outlines funding strategy to advance the Bilboes Gold Project
  • Centerra Gold (CGAU) secures Mount Milligan permit amendments through 2035
  • Collective Mining (CNL) drills high-grade gold and tungsten from surface, including 111.15 Metres at 5.48 g/t gold equivalent at Apollo
  • Credicorp LTD (BAP) announces that Tenpo, its digital banking subsidiary in Chile, has received its operating authorization from Chile’s financial markets regulator
  • CVS Health (CVS): House Judiciary Committee released an interim staff report revealing CVS Health targeted competitors and independent pharmacies
  • Danaos (DAC) announces strategic partnership with Glenfarne Group to advance the Alaska LNG Project
  • Dell (DELL) expands education pc portfolio with AI-ready devices and programs
  • Dover (DOV): Caldera announces the launch of Caldera RIP, a simplified licensing model
  • DuPont (DD) names D.G. Macpherson to its Board of Directors, effective immediately; he is Chairman and CEO of W.W. Grainger
  • Eaton (ETN) mulling strategic options for its vehicle unit, according to Bloomberg
  • Ford Motor (F) is recalling certain 2016-2018 Focus, 2019 Explorer, and 2024 Explorer vehicles due to engine block issue
  • Getty Realty Corp. (GTY) announces management transition with Mark J. Olear, Executive Vice President, Chief Investment Officer and Chief Operating Officer, retiring on February 27, 2026
  • Ionis Pharma (IONS) and Otsuka Pharmaceutical Co. announced that the European Commission has approved DAWNZERA in the European Union for the routine prevention of recurrent attacks of hereditary angioedema in adults and adolescents aged 12 years and older
  • Johnson & Johnson (JNJ): Experts will be allowed to testify about Johnson & Johnson talc cancer links, according to Reuters
  • KKR (KKR) set to surpass $20 bln mark for Americas Buyout Fund, according to Bloomberg
  • Littelfuse (LFUS) acquires Basler Electric Company from GulfStar Group for a cash consideration of approximately $350 mln
  • Lucid Group (LCID): Rockwell Automation (ROK) to support Lucid EV manufacturing in Saudi Arabia
  • Meta's (META) artificial intelligence team delivers models internally, according to Reuters
  • Mosaic (MOS) announces extension of phosphate production curtailments in Brazil
  • Natera (NTRA) publishes clinical validation of Latitude tissue-free MRD test in colorectal cancer
  • Newegg Commerce (NEGG) -16% sharply lower after hours after disclosing that its chairman is being placed under investigation and has been detained
  • New Found Gold Corp. (NFGC) announces 2026 drill program is underway at its 100%-owned Queensway Gold Project
  • NIKE, Inc. (NKE) Announces New Geography Leadership Appointments
  • Nvidia (NVDA) CEO Jensen Huang will travel to China later this month, according to Bloomberg
  • Okeanis Eco Tankers Corp. (ECO) provides corporate update
  • OpenAI secures advertisers, according to The Information
  • Pursuit Attractions and Hospitality (PRSU) announces strategic actions to enhance shareholder value and accelerates focus on iconic attractions and hospitality experiences
  • Seabridge Gold (SA) provides update on Courageous Lake Project spin-out
  • ServiceNow (NOW) enhances global partner program to accelerate AI agent innovation
  • Snap (SNAP) settled a lawsuit for alleged technology addiction, according to NY Times
  • Societe Generale (SCGLY) to eliminate 1800 jobs in France, according to FT
  • Sonoco Products (SON) COO Rodger Fuller to retire on Feb 28; co does not plan to name a replacement
  • Sprott Physical Silver (PSLV) updates its "at-the-market" equity program
  • Tesla (TSLA): Demand for China EVs is outpacing Tesla, according to WSJ
  • TFI International (TFII) provided an update on its substantial and rapidly growing data center and power grid related transportation business
  • Volkswagen AG (VWAGY) generated net cash flow of around €6 billion in the Automotive Division in the 2025 fiscal year
  • WISeKey (WKEY) outlines space-based crypto infrastructure and global space traffic platform at Davos 2026

• Upgrades:
  • Albemarle (ALB) upgraded to Buy from Hold at Truist, tgt $205
    
  • Alliant Energy (LNT) upgraded to Equal Weight from Underweight at Barclays, tgt $67
    
  • Apellis Pharmaceuticals (APLS) upgraded to Buy from Neutral at BofA Securities, tgt $28
    
  • Arm Holdings (ARM) upgraded to Positive from Neutral at Susquehanna, tgt $150
    
  • Biohaven Pharma (BHVN) upgraded to Outperform from Sector Perform at RBC Capital, tgt $22
    
  • Brinker International (EAT) upgraded to Outperform from Market Perform at Raymond James, tgt $195
    
  • Carter's (CRI) upgraded to Buy from Neutral at Citigroup, tgt $50
    
  • Invesco (IVZ) upgraded to Outperform from Sector Perform at RBC Capital, tgt $35
    
  • Oklo (OKLO) upgraded to Buy from Neutral at BofA Securities, tgt $127
    
  • Sally Beauty Holdings (SBH) upgraded to Outperform from Market Perform at Raymond James, tgt $19
    
  • ServisFirst Bancshares (SFBS) upgraded to Strong Buy from Outperform at Raymond James, tgt $95
    
  • Ulta Beauty (ULTA) upgraded to Strong Buy from Outperform at Raymond James, tgt $790
    
  • Watts Water (WTS) upgraded to Overweight from Sector Weight at KeyBanc, tgt $340
• Downgrades:
  • ABM Industries (ABM) downgraded to Hold from Buy at Truist, tgt $47
    
  • Afya (AFYA) downgraded to Neutral from Buy at BTG Pactual
  • APA Corp. (APA) downgraded to Underweight from Equal Weight at Barclays
  • Casey's General (CASY) downgraded to Neutral from Buy at Northcoast
  • Cheesecake Factory (CAKE) downgraded to Market Perform from Outperform at Raymond James
    
  • Darden Restaurants (DRI) downgraded to Market Perform from Outperform at Raymond James
    
  • FedEx (FDX) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $271
    
  • Flutter Entertainment (FLUT) downgraded to Hold from Buy at Craig-Hallum, tgt $200
    
  • Kraft Heinz (KHC) downgraded to Underperform from Neutral at BNP Paribas, tgt $22
    
  • Mercer International (MERC) downgraded to Sell from Hold at TD Cowen, tgt $2.25
    
  • Rapt Therapeutics (RAPT) downgraded to Market Perform from Outperform at Leerink, tgt $58
    
  • Southern Copper (SCCO) downgraded to Sell from Neutral at UBS, tgt $148
    
  • TETRA Technologies (TTI) downgraded to Hold from Buy at Clear Street
    
  • Waste Management (WM) downgraded to Sector Perform from Outperform at Scotiabank, tgt $250
    
  • WillScot Holdings (WSC) downgraded to Neutral from Outperform at Robert W. Baird, tgt $23
• Others:
  • Alumis (ALMS) initiated with a Buy at Chardan, tgt $37
    
  • Amaze Holdings (AMZE) initiated with a Buy at Ladenburg Thalmann; tgt $3
  • Ametek (AME) resumed with a Buy at Deutsche Bank; tgt $271
  • Applied Digital (APLD) initiated with a Buy at Texas Capital, tgt $42
    
  • Century Communities (CCS) initiated with an Outperform at Citizens, tgt $92
    
  • Crescent Biopharma (CBIO) initiated with a Buy at Guggenheim, tgt $35
    
  • Credo Technology (CRDO) initiated with a Neutral at Rosenblatt, tgt $170
    
  • Fermi (FRMI) initiated with a Buy at Texas Capital, tgt $23
    
  • Inhibikase Therapeutics (IKT) initiated with a Buy at BofA Securities, tgt $6
    
  • National Energy Services Reunited (NESR) initiated with a Buy at UBS, tgt $25

• Econ Data (Thursday):
  • 8:30 ET: October Personal Income (Briefing.com consensus 0.3%; prior 0.4%), Personal Spending (Briefing.com consensus 0.1%; prior 0.4%), PCE Price Index (Briefing.com consensus 0.2%; prior 0.3%), an Core PCE Price Index (Briefing.com consensus 0.2%; prior 0.2%), November Personal Income (Briefing.com consensus 0.4%; prior NA), Personal Spending (Briefing.com consensus 0.4%; prior NA), PCE Prices (Briefing.com consensus 0.2%; prior NA), and Core PCE Prices (Briefing.com consensus 0.2%; prior NA), Q3 GDP -- revised (Briefing.com consensus 4.3%; prior 4.3%), Q3 GDP Deflator -- revised (Briefing.com consensus 3.7%; prior 3.8%), weekly Initial Claims (Briefing.com consensus 200,000; prior 198,000), and Continuing Claims (prior 1.884 mln)
  • 10:30 ET: Weekly natural gas inventories (prior -71 bcf)
  • 12:00 ET: Weekly natural gas inventories (prior +3.39 mln)

• Earnings:
  • Monday (Jan 19)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (Jan 20)
    • Pre-Market: MMM DHI FAST FITB FOR KEY USB
    • After-Hours: OZK HWC IBKR NFLX PRGS SFNC UAL WTFC ZION
  • Wednesday (Jan 21)
    • Pre-Market: ALLY BKU SCHW CFG HAL JNJ ONB PLD TEL TDY TRV TFC
      
    • After-Hours: BANC CACI FBK FULT KMI KNX PNFP RLI
  • Thursday (Jan 22)
    • Pre-Market: ABT AUB CADE FCX GE HBAN MKC MBLY NTRS OFG ORI PG TCBI
    • After-Hours: ALK AA ASB COF CATY CNS COLB CSX CUBI EWBC GBCI INTC ISRG CASH SLM SSB
  • Friday (Jan 23)
    • Pre-Market: BAH CMA ERIC SLB WBS
    • After-Hours: None