After Hours Report

The stock market saw another day of strong gains in mega-cap and tech stocks, pushing the S&P 500 (+0.8%) to new intraday (7,026.24) and closing (7,022.95) highs. The tech-heavy Nasdaq Composite (+1.6%) notched an even wider gain, and captured a record closing high of its own.

Meanwhile, weakness in the broader market saw the DJIA (-0.2%) face a modest retreat as gains were largely confined to growth-oriented pockets of the market.

Equities remain supported by an improving geopolitical backdrop, as reports circulated that the U.S. and Iran may soon meet for another round of negotiations aimed at extending the current ceasefire. Importantly, oil prices remain stable, with crude oil futures settling today's session $0.01 lower (-0.01%) at $91.30 per barrel.

Gains were led by the top-weighted information technology sector (+2.1%), which extended its week-to-date gain to 5.6%. Software names led the advance, with Microsoft (MSFT 411.22, +18.11, +4.61%) a notable "magnificent seven" standout and packaged software names such as Datadog (DDOG 121.06, +10.49, +9.49%) and ServiceNow (NOW 94.19, +6.40, +7.29%) posting even wider gains. The iShares GS Software ETF finished 4.4% higher.

Semiconductor names were relative underperformers, though the PHLX Semiconductor Index (+0.2%) eked out a slight gain. Sandisk (SNDK 891.72, -52.74, -5.58%) deepened yesterday's reversal from a record high, while AI-infrastructure stocks such as KLA Corporation (KLAC 1748.11, -47.80, -2.66%) lagged after ASML (ASML 1481.77, -36.53, -2.41%) topped earnings estimates but lowered its Q2 guidance. Broadcom (AVGO 396.72, +15.94, +4.19%) still captured a nice gain after announcing an expanded partnership with Meta Platforms (META 673.10, +10.60, +1.60%) to support the company's rapidly scaling artificial intelligence compute infrastructure.

Meta's gain contributed to strength in the communication services sector (+1.1%), while the consumer discretionary sector (+1.4%) captured a similar gain as Tesla (TSLA 391.95, +27.75, +7.62%) moved sharply higher.

All told, the Vanguard Mega Cap Growth ETF advanced 1.9%, which contributed to the outperformance of the market-weighted S&P 500 (+0.8%) relative to the S&P 500 Equal Weighted Index (flat).

The financials sector (+0.8%) was the only other S&P 500 sector to notch a gain today, supported by a solid gain from Morgan Stanley (MS 191.60, +8.26, +4.51%) after topping earnings estimates and Robinhood Markets (HOOD 87.32, +8.23, +10.41%) finishing as one of the top-performing S&P 500 components after the SEC approved a proposal from FINRA to eliminate the current day trading margin requirements.

As for the broader market, losses were relatively modest in nature, though there were some notable underperformers.

The industrials sector (-1.2%) underperformed, with names such as Caterpillar (CAT 770.17, -24.08, -3.03%) and Carrier Global (CARR 58.55, -6.11, -9.45%) lagging. Recent Fed commentary suggests rates will remain unchanged for some time in response to oil-driven inflation, and the sector is particularly sensitive to higher rates given its capital-intensive nature and the reliance of its customers on financing for large equipment and infrastructure projects.

Elsewhere, the materials (-1.3%) sector saw a continuation of recent weakness, while the defensive utilities (-0.9%), health care (-0.7%), and consumer staples (-0.4%) underperformed amid the strength in growth stocks.

Outside of the S&P 500, the Russell 2000 (+0.3%) managed to capture a modest gain, while the S&P Mid Cap 400 (-0.3%) lagged.

Today's session marked an important milestone for the market as it looks to leave the Iran war in the rearview, with the S&P 500 eclipsing its previous record high from late January. Mega-cap and tech stocks are back in the driver's seat, which is important for index-level growth, especially since the group was off to a relatively subdued start to the year before the conflict in Iran prompted sharp losses. While the full impact of the surge in oil prices on inflation (and, in turn, rate cut expectations) remains to be seen, the market is back on firmer ground as Q1 earnings begin to ramp up.

U.S. Treasuries dipped on Wednesday, giving back the bulk of their Tuesday gains in an otherwise quiet midweek session. The 2-year note yield settled up two basis points to 3.77%, and the 10-year note yield settled up three basis points to 4.28%. 

• Russell 2000: +9.3% YTD
• S&P Mid Cap 400: +8.0% YTD
• Nasdaq Composite: +3.3% YTD
• S&P 500: +2.6% YTD
• DJIA: +0.8% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 1.8%; Prior -0.8%
• April Empire State Manufacturing 11.0 (Briefing.com consensus 0.0); Prior -0.2 March Import Prices 0.8%; Prior was revised to 0.9% from 1.3%
• March Import Prices ex-oil 0.6%; Prior was revised to 0.8% from 1.1%
• March Export Prices 1.6%; Prior was revised to 1.9% from 1.5% March Export Prices ex-ag. 1.7%; Prior was revised to 2.1% from 1.7%
• April NAHB Housing Market Index 34 (Briefing.com consensus 38); Prior 38

Overseas:

• Europe: DAX +0.1%, FTSE -0.5%, CAC -0.6%
• Asia: Nikkei +0.4%, Hang Seng +0.3%, Shanghai +0.0%

Commodities:

• Crude Oil -0.01 @ 91.30
• Nat Gas +0.01 @ 2.61
• Gold -31.10 @ 4823.80
• Silver +0.09 @ 79.64
• Copper unch @ 6.08

After-Hours Spotlight:

• CareDx (CDNA) enters into definitive agreement to divest its Lab Products business to EuroBio Scientific for cash consideration of $170 mln; Also issues upside Q1 revenue guidance...CDNA +13.7%
• Costco (COST) announces increase in its quarterly cash dividend to $1.47/share from $1.30/share, representing annualized yield of 0.6%...COST -0.1%
• Ford Motor (F) establishes new product creation and industrialization organization to scale next-gen vehicles and technology...F -1.0%
• J.B. Hunt Transport (JBHT) beats by $0.05, beats on revs...JBHT +1.2%
• PPG Industries (PPG) issues upside Q1 EPS guidance and announces a global price adjustment across its paints, coatings and specialty products portfolio...PPG +5.8%
• QuidelOrtho (QDEL) guides Q1 revenue below consensus; believes low end of 2026 guidance remains achievable...QDEL -22.8%
• SL Green Realty (SLG) misses by $0.24, beats on revs; reaffirms FY26 FFO guidance...SLG -3.3%

Fair Value for Thursday, April 16:

• S&P 500: 7,061
• Nasdaq 100: 26,366
• DJIA: 48,656

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

• Earnings/Guidance (Full Earnings Calendar):
  • A2Z Cust2Mate Solutions Corp. (AZ) reports order growth and expands global operations
  • APA Corp. (APA) provides supplemental information regarding Q1 financial and operational results
  • ASML (ASML) beats by €0.55, beats on revs; guides Q2 revs below consensus; guides FY26 revs in-line
  • Bank of America (BAC) beats by $0.10, beats on revs
  • Bitdeer Technologies (BTDR) reports March operations data
  • British American Tobacco (BTI) reiterates mid-term growth targets and capital return strategy
  • BRP Inc. (DOO) suspends FY27 outlook citing tariff changes and cost impact
  • EQT Corp. (EQT) discloses in filing that it expects to report a total loss on derivatives of $238 mln for the three months ended March 31, 2026
  • First Horizon (FHN) beats by $0.03, reports revs in-line
  • Freightos (CRGO) reports Q1 platform KPIs
  • Largo Resources (LGO) reports strong production and sales in Q1 2026; files request for authorization to produce and sell copper, platinum group metals, nickel and cobalt; Luis Rendón now serves as sole Chief Operating Officer
  • Mako Mining Corp (MAKO) reports Q1 production results with record production of 13,721 Au oz., revenue of $69 mln, debt free and cash position of $96.1 mln
  • M&T Bank (MTB) beats by $0.11
  • Morgan Stanley (MS) beats by $0.41, beats on revs
  • PNC (PNC) beats by $0.39, misses on revs; guides Q2 revs above consensus; reaffirms FY26 revs guidance
  • Snap (SNAP) sees Q1 (Mar) revs of $1.529 bln vs. $1.52 bln FactSet Consensus and adjusted EBITDA of approximately $233 mln; announces organizational changes impacting 1,000 team members, including 16% of our full time employees
  • Stellantis (STLA) reports Q1 shipments up 12% yr/yr to 1.4 mln units
  • SunPower (SPWR) discloses material errors in prior 2025 quarterly results
  • TeraWulf (WULF) issues downside Q1 revenue guidance; Also received allocations for a revolving credit facility of up to $250 mln
• General News
  • Mediators are getting closer to extending the Iran ceasefire, according to AP
  • President Trump Fox Business interview: The war with Iran is "close to over"
  • President Trump Fox Business interview Part 2: He will have to fire Fed Chairman Jerome Powell if he does not leave
  • President Trump says China has agreed not to send weapons to Iran
  • U.S. Central Command says Navy has "completely halted economic trade going into and out or Iran by sea"
  • Vice President JD Vance says President Trump wants a "grand bargain" with Iran, not a small deal, according to Times of Israel
  • The U.S. sends thousands more troops to the Middle East, according to Washington Post
  • Europe is considering a fallback plan for defense if President Trump pulls out of NATO, according to WSJ
  • Treasury Secretary Scott Bessent believes tariff rates could be restored by July, according to Bloomberg
  • The Trump administration expected to start accepting claims for tariff refunds next week, according to WSJ
  • China mulling restrictions on solar equipment exports to the U.S., according to Reuters
  • Prosecutors made an unannounced visit at the Fed construction site but were turned away, according to WSJ
  • Erica Schwartz could soon be selected to lead the CDC, according to WSJ
  • SEC approves FINRA proposed rule change related to day trading
  • AAR Corp (AIR) awarded $305 mln contract to provide contractor logistics support for the United States Navy and Marine Corps C-40A fleet
  • Alpha Cognition (ACOG) discloses it entered a settlement agreement with Galantos Pharma
  • Amrize (AMRZ) discloses that its board of directors included a proposal for a special one time dividend of $0.44/share
  • Anthropic could be valued at $800 bln, according to Bloomberg
  • Arbutus Biopharma (ABUS): FDA grants Fast Track designation for imdusiran for cHBV
  • ARS Pharmaceuticals (SPRY) announces that Health Canada has granted approval for neffy 2 mg (epinephrine nasal spray) for the emergency treatment of allergic reactions (anaphylaxis) in adults and children who weigh 30 kg or more
  • BlackBerry's (BB) QNX and TKMS collaborate to bring Canadian software innovation to global naval defence programs
  • Blue Owl (OWL): Pimco purchased $400 mln in bonds sold by Blue Owl BDC, according to Bloomberg
  • Broadcom (AVGO) announces extended partnership with Meta (META) to deploy technology to support multi-gigawatts of Meta's customer silicon, MTIA
  • Cabaletta Bio's (CABA) investigational CAR T cell therapy rese-cel has been infused into the first two patients using drug product manufactured on Cellares' Cell Shuttle automated manufacturing platform
  • Comstock (LODE) releases shareholder letter and reminder of AGM registration
  • Dr. Reddy's (RDY) has received final penalty decision on April 13, 2026, from the ‘Interdistrict Inspectorate of the Federal Tax Service of Russia’
  • Evotec SE (EVO) appoints Dr. Ingrid Müller as Chief Operating Officer
  • FinWise Bancorp (FINW) announces BIN sponsorship agreement with Vera
  • F.N.B. Corp (FNB) increases quarterly dividend 8% to $0.13/share and authorizes a new $250 mln share repurchase program
  • GitLab (GTLB) announces expanded collaboration with Google (GOOG) Cloud with Google Cloud customers now powering GitLab Duo Agent Platform with the Vertex AI models
  • Graham (GHM) agrees to sell $50 mln of shares (5%) of common stock to certain accounts advised by T. Rowe Price Investment Management, Inc. at $83.36/share
  • Hamilton Insurance Group, Ltd. (HG) establishes casualty reinsurance sidecar
  • Invesco Mortgage Capital (IVR) announces that President Kevin Collins will assume the role of Chief Executive Officer, effective May 1, 2026
  • Labcorp Holdings Inc. (LH) announces the launch of the Labcorp Fentanyl Urine Visual Test
  • Lightbridge (LTBR) secures European patent allowance for advanced nuclear fuel design
  • Mesoblast (MESO) licenses CAR technology to enhance cell therapy platform
  • MetLife (MET) recommends shareholders reject “mini-tender” offer by Potemkin Limited
  • Navan (NAVN) selected by Opella for global travel and expense management
  • Navigator Holdings (NVGS) signs LOI to sell vessels and exit Unigas joint venture
  • Nestle (NSRGY) Chairman Pablo Isla says volume growth is a priority, according to Reuters
  • NIKE (NKE) Director Apple's (AAPL) Tim Cook discloses the purchase of 25K shares of Class B Common Stock (transaction date 4/10)
  • Nokia (NOK) and Orange (ORANY) advance AI-RAN innovation with NVIDIA (NVDA)
  • Northern Dynasty Minerals (NAK) provided DOJ update
  • Northrop Grumman (NOC) awarded a $475 mln modification to Missile Defense Agency contract
  • Oklo (OKLO) Announces Changes to its Board of Directors and Management Team to Support its Continued Growth
  • OpenAI rolls out cyber model to select group amid competition with Mythos, according to Bloomberg
  • Organon (OGN) announced that VTAMA cream was granted a strong, evidence-based recommendation by the American Academy of Dermatology
  • Parsons (PSN) joint venture with GSI Americas was awarded a $25 mln contract by the United States Coast Guard for program management services
  • POET Technologies (POET) to provide PFIC election support and pursue U.S. redomicile
  • Precision BioSciences (DTIL) expands ELIMINATE-B trial following clinical trial application approval in two European countries
  • Procter & Gamble (PG) increases quarterly dividend to $1.0885/share from $1.0568/share
  • Qiagen (QGEN) expands into syndromic testing for bloodstream infections with the launch of QIAstat-Dx panel
  • Seabridge Gold (SA) reports its first mineral resource estimate for the Snip North deposit at its 100% owned Iskut Project in the Golden Triangle Area
  • Spok (SPOK) announces a strategic realignment designed to reduce costs and sharpen operational focus, including elimination of approximately 10% of its workforce
  • StoneCo (STNE) Board of Directors has approved the payment of an extraordinary cash dividend of $2.53 per share of the company (both Class A and Class B shareholders)
  • Structure Therapeutics (GPCR) appoints Matthew Lang as Chief Operating Officer
  • Telix (TLX) doses first patient in Phase 3 IPAX-BrIGHT trial of TLX101-Tx for Recurrent Glioblastoma
  • Tilray (TLRY) accelerates next phase of global growth and market leadership
  • Tonix Pharmaceuticals (TNXP) announces publication of steady-state Pharmacokinetics of TONMYA after 20 days of daily dosing in the peer-reviewed journal, Clinical Pharmacology in Drug Development
  • Uber (UBER) CTO Praveen Neppalli discusses how Claude Code can impact AI budgets, according to The Information
  • USA Rare Earth (USAR) achieves first commercial yttrium metal production
  • Valens Semiconductor (VLN): CFO Guy Nathanzon has advised comapny of his plan to step down no later than July 13

• Upgrades:
  • Alector (ALEC) upgraded to Overweight from Neutral at Cantor Fitzgerald
    
  • American Tower (AMT) upgraded to Outperform from Neutral at Mizuho, tgt $205
    
  • Atlas Energy Solutions (AESI) upgraded to Buy from Neutral at Citigroup; tgt $18
  • Cloudflare (NET) upgraded to Overweight from Neutral at Piper Sandler, tgt $222
    
  • CRH (CRH) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $135
    
  • ProPetro (PUMP) upgraded to Buy from Neutral at Citigroup; tgt $16
  • Symbotic (SYM) upgraded to Buy from Neutral at DA Davidson, tgt $70
• Downgrades:
  • Adecoagro (AGRO) downgraded to Neutral from Buy at Citigroup, tgt $15
    
  • Autoliv (ALV) downgraded to Hold from Buy at Jefferies, tgt $120
    
  • BRP Inc. (DOO) downgraded to Hold from Buy at TD Cowen
  • Energy Recovery (ERII) downgraded to Neutral from Buy at Northcoast
    
  • Immunic (IMUX) downgraded to Hold from Buy at D. Boral Capital
  • Integra LifeSciences (IART) downgraded to Hold from Buy at Argus
    
  • Janux Therapeutics (JANX) downgraded to Neutral from Buy at UBS, tgt $15
    
  • Parsons (PSN) downgraded to Sector Weight from Overweight at KeyBanc
    
  • Public Service Enterprise Group (PEG) downgraded to Hold from Buy at Jefferies, tgt $89
    
  • Shift4 Payments (FOUR) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • SolarEdge Technologies (SEDG) downgraded to Sell from Neutral at Goldman, tgt $31
• Others:
  • Align Technology (ALGN) initiated with a Buy at Citigroup, tgt $240
    
  • Autodesk (ADSK) initiated with a Buy at Jefferies, tgt $300
    
  • Chime (CHYM) initiated with a Buy at Texas Capital, tgt $28
    
  • Climb Bio (CLYM) initiated with an Outperform at Mizuho, tgt $18
    
  • Dentsply Sirona (XRAY) initiated with a Sell at Citigroup, tgt $10
    
  • Eagle Bancorp (EGBN) initiated with a Strong Buy at Raymond James, tgt $32
    
  • Elanco Animal Health (ELAN) initiated with a Buy at Citigroup, tgt $30
    
  • Elicio Therapeutics (ELTX) initiated with a Buy at Ladenburg, tgt $20
    
  • Envista (NVST) initiated with a Neutral at Citigroup, tgt $29
    
  • Evotec (EVO) assumed with a Buy at H.C. Wainwright, tgt $7
    
  • Henry Schein (HSIC) initiated with a Buy at Citigroup, tgt $100
    
  • IDEXX Laboratories (IDXX) initiated with a Neutral at Citigroup, tgt $650
    
  • John Marshall Bancorp (JMSB) initiated with a Strong Buy at Raymond James, tgt $24
    
  • Kazia Therapeutics (KZIA) initiated with a Buy at Laidlaw, tgt $25
    
  • Minerva Neurosciences (NERV) initiated with an Outperform at Citizens, tgt $14
    
  • Navan (NAVN) initiated with a Buy at TD Cowen, tgt $18
    
  • NervGen Pharma (NGEN) initiated with a Buy at Lucid Capital, tgt $18
    
  • OBOOK Holdings (OWLS) initiated with a Buy at Benchmark, tgt $11
    
  • Phibro Animal Health (PAHC) initiated with a Neutral at Citigroup, tgt $62
    
  • Royal Gold (RGLD) initiated with a Buy at UBS, tgt $325
    
  • SoFi Technologies (SOFI) initiated with a Hold at Argus
    
  • Southside Bancshares (SBSI) assumed with a Neutral at Piper Sandler, tgt $35
    
  • Tyra Biosciences (TYRA) initiated with a Buy at Guggenheim, tgt $54
    
  • XBP Global (XBP) initiated with an Overweight at Cantor Fitzgerald, tgt $5
    
  • Zoetis (ZTS) initiated with a Buy at Citigroup, tgt $145

• Econ Data (Thursday):
  • 8:30 ET: April Philadelphia Fed survey (Briefing.com consensus 12.7; prior 18.1), weekly Initial Claims (Briefing.com consensus 215,000; prior 219,000), and Continuing Claims (prior 1.794 mln)
  • 9:15 ET: March Industrial Production (Briefing.com consensus 0.1%; prior 0.2%) and Capacity Utilization (Briefing.com consensus 76.4%; prior 76.3%)
  • 10:30 ET: Weekly natural gas inventories (prior +50 bcf)

• Earnings:
  • Monday (April 13)
    • Pre-Market: FAST GS
    • After-Hours: FBK
      
    Tuesday (April 14)
    • Pre-Market: ACI BLK KMX C JNJ JPM WFC
    • After-Hours: None
      
  • Wednesday (April 15)
    • Pre-Market: ASML BAC FHN MTB MS PNC PGR
      
    • After-Hours: HOMB JBHT SLG
  • Thursday (April 16)
    • Pre-Market: ABT BK SCHW CFG IIIN KEY MAN MRSH PEP PLD TRV USB
    • After-Hours: AA CNS FNB NFLX SFNC
  • Friday (April 17)
    • Pre-market: ALLY ALV BMI ERIC FITB RF STT TFC
    • After-Hours: None