After Hours Report

The S&P 500 (+0.6%), Nasdaq Composite (+0.8%), and DJIA (+0.6%) saw a meaningful extension of yesterday's gains after shaking off some early apprehension tied to lingering geopolitical uncertainty.

The major averages spent most of the morning in modestly negative territory as reports indicated that the Strait of Hormuz remained largely closed to tanker traffic and that Israel continued strikes against Hezbollah in Lebanon, prompting threats from Iran to abandon the fragile two-week ceasefire reached Tuesday night.

Stocks found their footing shortly before midday following a Reuters report that Israeli Prime Minister Benjamin Netanyahu directed his aides to open direct negotiations with Lebanon. Those talks are set to begin next week, and Israel has stated that it will continue to launch strikes against Hezbollah in the interim, which could lead to further volatility.

Still, the headline prompted a decisive upward move in equities and a considerable drop in oil prices. Crude oil futures settled today's session $3.49 higher (+3.7%) at $97.89 per barrel, well off session highs that saw WTI crude eclipse the $102 per barrel mark.

The energy sector (-1.2%) ceded its earlier gains in turn, finishing firmly lower. On an unrelated note, Texas Pacific Land Trust (TPL 377.97, -70.31, -15.68%) was the worst-performing S&P 500 component today after the sudden death of Murray Stahl, the company's largest shareholder and longtime board member.

The health care sector (-0.2%) was the only other S&P 500 sector to close without a gain, as the other nine sectors moved higher.

After what felt like a weeks-long drought in meaningful corporate news, the recent improvement in the geopolitical backdrop has helped reignite momentum in the AI trade, with several notable headlines involving hyperscalers emerging today.

The consumer discretionary sector (+2.5%) led the advance, supported by a sharp gain in Amazon (AMZN 233.65, +12.40, +5.60%) after CEO Andy Jassy released his annual shareholder letter, reiterating the company's willingness to make significant AI investments. The company also announced plans to invest $25 billion in data centers in Mississippi.

Meta Platforms (META 628.39, +15.97, +2.61%) also captured a solid gain after announcing an expansion of its $21 billion AI infrastructure deal with CoreWeave (CRWV 92.00, +3.10, +3.49%).

Some of those gains also made their way downstream, as stocks set to benefit from the AI data center buildout cycle put up solid performances. Corning (GLW 169.80, +4.70, +2.85%), Caterpillar (CAT 787.07, +15.49, +2.01%), and GE Vernova (GEV 968.02, +31.95, +3.41%) all traded to fresh record highs today, with the latter two names helping the industrials sector (+1.0%) notch a solid gain.

Meanwhile, the information technology (+0.4%) notched a more modest gain. There was some renewed AI enthusiasm, with Sandisk (SNDK 851.57, +70.67, +9.05%) posting another monster gain, while large chip makers such as NVIDIA (NVDA 183.94, +1.86, +1.02%) and Intel (INTC 61.72, +2.77, +4.70%) helped push the PHLX Semiconductor Index 2.1% higher.

However, those gains came at the expense of software stocks such as ServiceNow (NOW 89.81, -7.66, -7.86%) and Palantir Technologies (PLTR 130.54, -10.22, -7.26%), which pushed the iShares GS Software ETF 3.9% lower.

Elsewhere, the consumer staples (+0.9%) and utilities (+0.8%) sectors opened to solid gains amid the geopolitical uncertainty, and maintained the bulk of the gains throughout the session. Outside of the S&P 500, the Russell 2000 (+0.6%) and S&P Mid Cap 400 (+0.3%) followed a similar trajectory to the major averages.

All told, today's session marked another constructive step forward for equities, as improving geopolitical conditions provided a supportive backdrop for a continued rebound in the broader market while enthusiasm for the AI trade began to return. The market will face an important test tomorrow in the form of the March CPI report (Briefing.com consensus 0.3%), which will be the first real test of whether inflation is broadening beyond energy into the core basket.

U.S. Treasuries endured some Thursday volatility that produced a modest loss in the long bond while 5s and shorter tenors eked out slim gains. Today's $22 billion 30-year bond reopening was met with decent, but unimpressive demand. The 2-year note yield settled down one basis point at 3.78%, and the 10-year note yield finished unchanged at 4.29%. 

• S&P Mid Cap 400: +6.9% YTD
• Russell 2000: +6.2% YTD
• DJIA: +0.3% YTD
• S&P 500: -0.3% YTD
• Nasdaq Composite: -1.8% YTD

 Reviewing today's data:

• February Personal Income -0.1% (Briefing.com consensus 0.5%); Prior 0.4%, February Personal Spending 0.5% (Briefing.com consensus 0.6%); Prior was revised to 0.3% from 0.4%, February PCE Prices 0.4% (Briefing.com consensus 0.4%); Prior 0.3%, February PCE Prices - Core 0.4% (Briefing.com consensus 0.3%); Prior 0.4%
  • The key takeaway from the report is that it reflects sticky inflation pressure before the Iran war started, so it won't sway the Fed from sticking with a wait-and-see policy stance.
• Weekly Initial Claims 219K (Briefing.com consensus 215K); Prior was revised to 203K from 202K, Weekly Continuing Claims 1.794 mln; Prior was revised to 1.832 mln from 1.841 mln
  • The key takeaway from the report is that continuing claims hit their lowest level since May 11, 2024.
• Q4 GDP - Third Estimate 0.5% (Briefing.com consensus 0.7%); Prior 0.7%, Q4 GDP Deflator - Third Estimate 3.7% (Briefing.com consensus 3.8%); Prior 3.8%
  • The key takeaway from the report is that it suggests the economy closed last year on a sluggish note; however, it wasn't quite as soft as it appears when taking into account that real final sales to private domestic purchasers were up 1.8%.
• February Wholesale Inventories 0.8% (Briefing.com consensus -0.2%); Prior -0.3%

Overseas:

• Europe: DAX -1.4%, FTSE -0.1%, CAC -0.2%
• Asia: Nikkei -0.7%, Hang Seng -0.5%, Shanghai -0.7%

Commodities:

• Crude Oil +3.49 @ 97.89
• Nat Gas -0.05 @ 2.67
• Gold +40.40 @ 4817.10
• Silver +1.03 @ 76.43
• Copper -0.02 @ 5.76

After-Hours Spotlight:

• Cars.com (CARS) provides update on key business initiatives, including near-term increase to share repurchase plan to $90 mln; Also reaffirms guidance for Q1 and FY26...CARS +3.9%
• Mercedes-Benz Group AG (MGBYY) reports 78,500 retail sales in Q1 2026...MGBYY
• Simulations Plus (SLP) Reports Second Quarter Fiscal 2026 Financial Results...SLP +12.3%
• Tecnoglass (TGLS) reaffirms 2026 revenue guidance; adjusts EBITDA guidance following recent U.S. aluminum tariff update...TGLS -8.1%
• WD-40 (WDFC) beats by $0.09, beats on revs; reaffirms FY26 EPS guidance, revs guidance...WDFC -0.2%

Fair Value for Friday, April 10:

• S&P 500: 6,865
• Nasdaq 100: 25,258
• DJIA: 48,410

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

• Earnings/Guidance (Full Earnings Calendar):
  • Applied Digital (APLD) reports Q3 (Feb) results
  • BlackBerry (BB) beats by $0.02, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY27 EPS in-line, revs above consensus
  • Buckle (BKE) reports March comparable store net sales +7% yr/yr and net sales +8.2% to $118 mln; also appointed Scott A. Werth to the position of Senior Vice President of Stores, effective March 31, 2026
  • Chevron (CVX) sees Q1 headwinds from timing effects, working capital despite higher prices
  • Constellation Brands (STZ) beats by $0.19, beats on revs; guides FY27 EPS below consensus
  • Costco (COST) reports March adjusted comparable sales of +6.2%
  • Delta Air Lines (DAL) discloses in 10-Q filing that it expects 2026 capital spend of about $5.5 bln for aircraft, fleet modifications, and tech enhancements; Also expects fuel consumption for the remainder of 2026 to remain aligned with capacity changes compared to 2025
  • Equinox Gold (EQX) reports Q1 production
  • First Majestic Silver (AG) reports Q1 production results, including 3.5 mln ounces of silver produced
  • Fortuna Silver Mines (FSM) reports Q1 production
  • Infleqtion (INFQ) guides to FY26 revenue of $40 mln
  • Neogen (NEOG) beats by $0.03, beats on revs; raises FY26 revs guidance above consensus
  • Polestar Automotive Holding UK PLC (PSNY) reports highest ever first quarter retail sales of 13,126 in q1 2026
  • PriceSmart (PSMT) beats by $0.05, beats on revs
  • Simply Good Foods (SMPL) beats by $0.05, misses on revs; guides Q3 revs below consensus; guides FY26 revs below consensus
  • STAAR Surgical (STAA) guides Q1 revenue well above consensus
  • Stellantis (STLA) closed the first quarter of 2026 with a 5% increase in sales across the EU30 vehicle market
  • Triple Flag Precious Metals Corp (TFPM) sees Q1 revs above expectations; remains on track for FY guidance
  • Voya Financial (VOYA) discloses in filing that Q1 combined alternative investment income is approximately $35-$45 mln pre-tax; Also entered into an accelerated share repurchase agreement to acquire $150 mln of common stock during 2Q26
• General News
  • GENERAL NEWS HERE

• Upgrades:
  • Alcoa (AA) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $80
    
  • Canadian National Railway (CNI) upgraded to Buy from Neutral at BofA Securities, tgt $122
    
  • Capital One (COF) upgraded to Overweight from Neutral at JPMorgan, tgt $213
    
  • Carter's (CRI) upgraded to Neutral from Sell at Goldman, tgt $38
    
  • Datadog (DDOG) upgraded to Buy from Neutral at Guggenheim, tgt $175
    
  • Dow Inc. (DOW) upgraded to Overweight from Neutral at Alembic Global
    
  • HealthEquity (HQY) upgraded to Outperform from Market Perform at BMO Capital, tgt $105
    
  • LyondellBasell (LYB) upgraded to Overweight from Neutral at Alembic Global
    
  • Marvell (MRVL) upgraded to Overweight from Equal Weight at Barclays, tgt $150
    
  • Nexa Resources (NEXA) upgraded to Equal Weight from Underweight at Morgan Stanley
    
  • RenaissanceRe (RNR) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $340
    
  • Staar Surgical (STAA) upgraded to Buy from Hold at Canaccord, tgt $27
    
  • Texas Instruments (TXN) upgraded to Buy from Hold at Stifel, tgt $250
    
  • United Community (UCB) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $40
• Downgrades:
  • AES Corp. (AES) downgraded to Neutral from Positive at Susquehanna, tgt $15
    
  • Assertio (ASRT) downgraded to Neutral from Buy at H.C. Wainwright, tgt $18
    
  • Bitdeer (BTDR) downgraded to Neutral from Overweight at Cantor Fitzgerald, tgt $10
    
  • Blackstone Secured Lending Fund (BXSL) downgraded to Neutral from Buy at B. Riley Securities; tgt $24.50
  • Bullish (BLSH) downgraded to Neutral from Buy at Rosenblatt, tgt $39
    
  • Circle Internet (CRCL) downgraded to Sell from Neutral at Compass Point, tgt $77
    
  • Conagra Brands (CAG) downgraded to Neutral from Outperform at BNP Paribas, tgt $16
    
  • DiaSorin (DSRLF) downgraded to Neutral from Buy at UBS
    
  • GitLab (GTLB) downgraded to Neutral from Buy at Guggenheim
    
  • Hain Celestial (HAIN) downgraded to Market Perform from Outperform at William Blair
    
  • Hormel Foods (HRL) downgraded to Neutral from Overweight at JPMorgan, tgt $23
    
  • Kosmos (KOS) downgraded to Sell from Neutral at Goldman, tgt $2.25
    
  • Norsk Hydro (NHYDY) downgraded to Neutral from Buy at UBS
    
  • Shore Bancshares (SHBI) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $20
    
  • Telus (TU) downgraded to Hold from Buy at Canaccord
    
  • Tradeweb Markets (TW) downgraded to Hold from Buy at TD Cowen, tgt $129
    
  • Tronox (TROX) downgraded to Hold from Buy at Truist, tgt $9
    
  • Trustmark (TRMK) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $45
    
  • W. R. Berkley (WRB) downgraded to Neutral from Overweight at Cantor Fitzgerald, tgt $71
    
  • Zscaler (ZS) downgraded to Neutral from Buy at BTIG Research
• Others:
  • Ameren (AEE) initiated with a Buy at BTIG Research, tgt $131
    
  • AppLovin (APP) initiated with an Outperform at Macquarie, tgt $710
    
  • ARS Pharmaceuticals (SPRY) initiated with an Outperform at Northland, tgt $25
    
  • Avalo Therapeutics (AVTX) initiated with an Outperform at Wolfe Research, tgt $48
    
  • BridgeBio (BBIO) initiated with an Outperform at RBC Capital, tgt $100
    
  • Brookdale Senior Living (BKD) initiated with an Overweight at Stephens, tgt $18
    
  • Cognizant (CTSH) initiated with a Neutral at Wedbush, tgt $61
    
  • CoreWeave (CRWV) assumed with an Overweight at Cantor Fitzgerald, tgt $149
    
  • Dell Technologies (DELL) initiated with a Peer Perform at Wolfe Research
    
  • Dianthus Therapeutics (DNTH) initiated with an Outperform at Wolfe Research, tgt $98
    
  • Digital Realty (DLR) initiated with an Overweight at Cantor Fitzgerald, tgt $211
    
  • Equinix (EQIX) initiated with an Overweight at Cantor Fitzgerald, tgt $1,173
    
  • Evergy (EVRG) initiated with a Buy at BTIG Resesarch, tgt $99
    
  • Fermi (FRMI) assumed with an Overweight at Cantor Fitzgerald, tgt $8
    
  • Globant (GLOB) initiated with an Outperform at Wedbush, tgt $61
    
  • Hovnanian (HOV) initiated with an Underperform at Citizens, tgt $74
    
  • Nebius (NBIS) initiated with an Overweight at Cantor Fitzgerald, tgt $129
    
  • NovaGold (NG) initiated with an Overweight at Morgan Stanley, tgt $13.80
    
  • Palisade Bio (PALI) initiated with an Outperform at Wolfe Research, tgt $7
    
  • Pharvaris (PHVS) initiated with an Outperform at Wolfe Research, tgt $42
    
  • REalloys (ALOY) initiated with a Buy at Clear Street, tgt $35
    
  • Rithm Capital (RITM) initiated with a Buy at Lucid Capital, tgt $12.50
    
  • SharonAI (SHAZ) initiated with an Overweight at Cantor Fitzgerald, tgt $40
    
  • Shenandoah Telecom (SHEN) initiated with a Buy at Craig Hallum; tgt $29
  • Unitil (UTL) initiated with a Sector Perform at Scotiabank, tgt $57
    
  • WhiteFiber (WYFI) initiated with a Neutral at Cantor Fitzgerald, tgt $13

• Econ Data (Friday):
  • 8:30 ET: March CPI (Briefing.com consensus 0.7%; prior 0.3%) and Core CPI (Briefing.com consensus 0.3%; prior 0.2%)
  • 10:00 ET: February Factory Orders (Briefing.com consensus 0.5%; prior 0.1%) and preliminary April University of Michigan Consumer Sentiment (Briefing.com consensus 52.0; prior 53.3)
  • 14:00 ET: March Treasury Budget (Briefing.com consensus -$160.0 bln; prior -$307.5 bln)

• Earnings:
  • Monday (April 6)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (April 7)
    • Pre-Market: None
    • After-Hours: GBX LEVI PXED
      
  • Wednesday (April 8)
    • Pre-Market: DAL RPM
      
    • After-Hours: APLD STZ PSMT
  • Thursday (April 9)
    • Pre-Market: NEOG SMPL
    • After-Hours: WDFC
  • Friday (April 10)
    • Pre-market: None
    • After-Hours: None