After Hours Report

The stock market had a relatively eventful session, with a slate of noteworthy earnings reports and plenty of oil-driven volatility leading to some choppy action. The S&P 500 (+0.2%), Nasdaq Composite (+0.1%), and DJIA (+0.6%) finished the session modestly higher, with the DJIA notching a record closing high. The Russell 2000 (+0.9%) outperformed, and the S&P Mid Cap 400 (+0.1%) finished flattish.

Stocks opened broadly lower as oil prices and Treasury yields surged following a Reuters report that Iran's Supreme Leader said the country's enriched uranium should remain in Iran. That report was later disputed, allowing oil prices and Treasury yields to stabilize, though stocks remained mostly lower through the morning. Sentiment shifted again shortly after midday, when reports from Middle Eastern sources indicated that a final draft of a mediated peace agreement between the U.S. and Iran could be announced within hours.

Stocks moved broadly higher as yields and oil moved lower, with crude oil futures settling today's session $1.91 lower (-2.0%) at $96.28 per barrel.

Eight S&P 500 sectors finished in positive territory. Unsurprisingly, the energy sector (-1.0%) reversed its early gain amid the intraday retreat in oil prices, while the consumer staples sector (-1.6%) finished sharply lower as Walmart (WMT 121.32, -9.53, -7.29%) disappointed investors with its Q1 earnings report.

The company reported in-line EPS on above-consensus revenue, issued below-consensus EPS guidance for Q2, and reaffirmed its EPS guidance for FY27, ultimately finishing as one of the worst-performing S&P 500 names.

The industrials sector (-0.1%) also faced some post-earnings weakness from Deere (DE 531.41, -29.05, -5.18%) after the company topped estimates and reaffirmed its full-year earnings guidance.

Meanwhile, the top-weighted information technology sector (+0.3%) managed to notch a modest gain despite NVIDIA (NVDA 219.51, -3.96, -1.77%) moving lower after its own eagerly anticipated earnings report.

The company delivered another standout beat-and-raise report, which included a massive jump in revenues and impressive forward guidance. However, the stock struggled to build on recent gains as investors have increasingly come to expect blowout results from NVIDIA, especially with shares entering earnings near record highs after an extended rally tied to AI enthusiasm.

Other semiconductor names faced some choppiness with the broader market, but finished the day as relative outperformers, with the PHLX Semiconductor Index advancing 1.3%.

Elsewhere in the technology sector, shares of IBM (IBM 253.02, +28.02, +12.45%) soared after the company and the U.S. Department of Commerce confirmed plans to build America's first purpose-built quantum foundry, supported by a proposed $1 billion CHIPS award.

Ralph Lauren (RL 374.80, +45.56, +13.84%) captured a similar gain after a strong earnings beat, while Williams-Sonoma (WSM 191.92, +11.68, +6.48%) moved higher after earnings. The stocks led strength in the consumer discretionary sector (+0.8%), which was also supported by strength across oil-sensitive and rate-sensitive names.

The defensive utilities sector (+1.0%) outperformed this morning as the broader market lagged, trading in a steady range throughout the session.

Overall, today's session reflected a market still highly sensitive to shifts in the macro backdrop, with intraday swings in oil prices and Treasury yields driving much of the action. Even so, continued strength across semiconductors and selective post-earnings winners helped support broader participation, while NVIDIA's muted reaction despite another exceptional report underscored how elevated expectations remain across the AI trade.

U.S. Treasuries endured some volatility on Thursday, but longer tenors ultimately reclaimed their early weakness while shorter tenors recovered some of their losses but could not avoid a lower finish. The 2-year note yield settled up five basis points to 4.09%, and the 10-year note yield settled up one basis point to 4.59%.

• Russell 2000: +14.6% YTD
• Nasdaq Composite: +13.1% YTD
• S&P Mid Cap 400: +10.2% YTD
• S&P 500: +8.8% YTD
• DJIA: +4.6% YTD

Reviewing today's data

• April Housing Starts 1.465 mln (Briefing.com consensus 1.420 mln); Prior was revised to 1.507 mln from 1.502 mln, April Building Permits 1.442 mln (Briefing.com consensus 1.380 mln); Prior was revised to 1.363 mln from 1.372 mln
  • The key takeaway from the report is that there was broad-based weakness across all regions for both single-family starts and single-family building permits, underscoring the headwind posed for builders by rising costs for financing, materials, and labor.
• Weekly Initial Claims 209K (Briefing.com consensus 210K); Prior was revised to 212K from 211K, Weekly Continuing Claims 1.782 mln; Prior was revised to 1.776 mln from 1.782 mln
  • The key takeaway from the report is that there is nothing to see here, meaning there is nothing in these latest numbers that would suggest there has been a sea change in a labor market environment that remains characterized by low firing and low hiring activity.
• May Philadelphia Fed Index -0.4 (Briefing.com consensus 15.5); Prior 26.7
• May S&P Global U.S.Manufacturing PMI - Prelim 55.3; Prior 54.5
• May S&P Global U.S. Services PMI - Prelim 50.9; Prior 51.0

Overseas:

• Europe: DAX -0.3%, FTSE +0.1%, CAC -0.4%
• Asia: Nikkei +3.1%, Hang Seng -1.0%, Shanghai -2.0%

Commodities:

• Crude Oil -1.91 @ 96.28
• Nat Gas +0.15 @ 3.15
• Gold +7.90 @ 4543.40
• Silver +0.61 @ 76.72
• Copper -0.04 @ 6.29

After-Hours Spotlight:

• Deckers Outdoor (DECK) beats by $0.13, beats on revs; guides FY27 EPS in-line, revs above consensus, provides multi-year financial framework; Share repurchase authorization increased by an additional $3.5 bln...DECK -1.9%
• Flowers Foods (FLO) beats by $0.03, reports revs in-line; guides FY26 EPS in-line, revs in-line; decreases its quarterly dividend...FLO +1.8%
• Lionsgate Studios (LION) beats by $0.13, beats on revs...LION +5.5%
• Ross Stores (ROST) beats by $0.29, beats on revs; comp sales +17%; guides Q2 EPS above consensus; raises FY27 EPS above consensus...ROST +5.4%
• Webull Corporation (BULL) reports EPS in-line, beats on revs...BULL +1.5%
• Workday (WDAY) beats by $0.15, reports revs in-line; Guides for Q2 subscription revenue of $2.455 bln, reaffirms FY27 subscription revenue guidance...WDAY +10.1%
• Zoom Communications (ZM) beats by $0.13, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY27 EPS above consensus, revs above consensus; Authorized the repurchase of an additional $1.0 bln of common stock...ZM +8.0%

Fair Value for Friday, May 22:

• S&P 500: 7,466
• Nasdaq 100: 29,449
• DJIA: 50,364

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

• Earnings/Guidance (Full Earnings Calendar):
  • Advance Auto (AAP) beats by $0.34, beats on revs; reaffirms FY26 EPS, rev, and comp guidance; Q1 comps +3.5%
  • Anthropic expects its first operating profit in JunQ, with revenue projected to surge about 130% to $10.9 bln, according to WSJ
  • Badger Meter (BMI) says it has confidence its revenue look for the second half of 2026 and beyond
  • Deere (DE) beats by $0.85, beats on revs; provides FY26 outlook
  • e.l.f. Beauty (ELF) beats by $0.03, beats on revs; guides FY27 EPS below consensus, revs in-line
  • Enersys (ENS) beats by $0.20, beats on revs; guides Q1 EPS above consensus, revs above consensus
  • Hamilton Lane (HLNE) beats by $0.06, misses on revs; Increases targeted full-year dividend by 11%, approves increase in stock repurchase program to $100 mln
  • Intuit (INTU) beats by $0.23, reports revs in-line; guides Q4 EPS above consensus, revs above consensus
  • Lightspeed (LSPD) misses by $0.03, beats on revs; guides Q1 revs below consensus; guides FY27 revs below consensus
  • Navios Maritime Partners (NMM) beats by $0.58, beats on revs
  • NetEase (NTES) beats by RMB 2.34, beats on revs
  • NIO (NIO) beats by RMB 0.54, reports revs in-line; guides Q2 revs above consensus
  • Nordson (NDSN) beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY26 EPS in-line, revs in-line
  • NVIDIA (NVDA) beats by $0.12, beats on revs; guides Q2 revs above consensus; increases share repurchase authorization by $80 bln, increases dividend
  • ORIX Corporation (IX) issues Notice Regarding possible impact on ORIX Corporation's consolidated financial results, following Toshiba Corporation's full-year financial results for the fiscal year ended March 31, 2026
  • Raymond James (RJF) reports April operating data
  • Shoe Carnival (SCVL) reports EPS in-line, revs in-line; reaffirms FY27 EPS guidance, revs guidance; Q1 comps -2.1%
  • StepStone Group (STEP) beats by $0.05, beats on revs
  • Timken (TKR) details strategy and announces 2028 financial targets at Investor Day
  • Urban Outfitters (URBN) beats by $0.16, beats on revs, comparable retail segment net sales of +5.6%
  • Vipshop (VIPS) beats by RMB 0.12, reports revs in-line; guides Q2 revs below consensus
  • Walmart (WMT) reports EPS in-line, beats on revs, Walmart U.S. comp sales (ex fuel) of +4.1%; guides Q2 EPS below consensus; reaffirms FY27 EPS guidance
• General News
  • Iran says latest U.S. proposal has "narrowed the gaps to some extent." Iran in the process of issuing a response. Bloomberg
  • Iran's Supreme Leader says enriched uranium must stay in Iran. Reuters
  • President Trump will sign an artificial intelligence and cybersecurity executive order today. Politico
  • The Trump administration will award $2 billion in grants to quantum computing companies and take equity stakes. WSJ
  • EU will remove sanctions on a Chinese semiconductor supplier amid concerns from automakers, according to Bloomberg
  • Iran in talks with Oman for permanent toll system for Strait of Hormuz, according to Bloomberg
  • White House postponed AI executive order signing ceremony that was scheduled for today, according to Axios
  • Pentagon in the process of testing artificial intelligence models to replace Anthropic, according to Bloomberg
  • SpaceX aiming to construct 10 gigawatt solar manufacturing plant near Austin, TX, according to Bloomberg
  • Advanced Micro Devices (AMD) announces more than $10 billion in taiwan ecosystem investments to accelerate AI infrastructure
  • Aecom Tech (ACM) has been awarded the top position on Defence Construction Canada’s National Architecture & Engineering Source List
  • AEVEX Corp. (AVEX) awarded $15.6 mln in contracts by the United States Air Force
  • Airbnb (ABNB) posts blog titled "2026 Summer Release: Now there’s even more to Airbnb....Introducing car rentals, grocery delivery, airport pickups, exclusive FIFA World Cup 2026 Experiences, boutique hotels, and more—making your entire trip even better"
  • Amgen (AMGN): Kissei Pharmaceutical issues release raising awareness for safe use of AMGN's TAVNEOS
  • Applied Digital (APLD) enters into long-term lease agreement with the same U.S. based high investment-grade hyperscaler that previously signed at Delta Forge 1
  • AT&T (T) committing $19 bln of investment in California's fiber and wireless networks by the end of 2030; Reaffirms 2026 and multi-year financial guidance
  • AT&T (T) launches build-a-plan: a fully customizable wireless experience
  • Bayer AG (BAYRY) KERENDIA granted priority review of supplemental new drug application by U.S. FDA for treatment of adults with type 1 diabetes and Chronic Kidney Disease
  • BioMarin (BMRN) announces positive Phase 3 Pivotal Study results for VOXZOGO in children with Hypochondroplasia
  • Birkenstock Holding Plc (BIRK) entered into $250 mln accelerated share repurchase agreement with Goldman on May 20
  • CACI Intl (CACI) advances space superiority with next generation OCT capabilities
  • Cavco Industries (CVCO) to build a state-of-the-art home manufacturing facility in El Mirage, Arizona
  • Choice Hotels (CHH) announces leadership transition with Patrick Pacious stepping down as President and CEO and Dominic Dragisich, Chief Growth & Strategy Officer, appointed as Interim Chief Executive Officer; Also reaffirms FY26 guidance
  • Cognizant Tech (CTSH) launches $500 million accelerated share repurchase
  • Constellation Brands (STZ) announces the election of Morgan Flatley of McDonald’s Corporation (MCD) to serve as new independent Board Directors effective May 20, 2026
  • CrowdStrike (CRWD) integrates Claude Compliance API into Falcon platform for enterprise AI security visibility
  • Diamondback Energy (FANG) discloses that Travis Stice has stepped down as Executive Chairman of the Board and became non-executive Chairman of the Board, as of May 20, 2026
  • D-Wave Quantum (QBTS) confirms LOI for $100 mln of proposed funding under the U.S. CHIPS and Science Act; U.S. government to obtain an equity stake in D-Wave
  • Eli Lilly's (LLY) triple agonist, retatrutide, delivered powerful weight loss in pivotal Phase 3 obesity trial
  • Eni S.p.A. (E) strengthens its global LNG strategy with long-term supply agreements in Indonesia
  • Eos Energy (EOSE): Frontier Power USA announces the signing of a transaction to acquire a 480 MWh portfolio of battery energy storage system development projects from Bimergen Energy Corporation
  • Exxon Mobil (XOM) nearing deal to acquire rights to produce oil in Venezuela, according to NY Times
  • Ford Motor (F) membership interest in BOSK was redeemed; Ford’s requirement to contribute up to $6.6 billion in capital to BOSK over a five-year period ending in 2026 was terminated
  • GlobalFoundries (GFS) launched Quantum Technology Solutions; U.S. Department of Commerce will receive a strategic equity investment
  • Goldman Sachs (GS) to act as lead underwriter in SpaceX IPO
  • H.B. Fuller (FUL) confirmed earlier it submitted an all-cash proposal for Advanced Medical Solutions Group plc
  • Honeywell (HON) awarded a $248.9 mln firm-fixed price Army contract
  • HUTCHMED (HCM) and Innovent Biologics (IVBIY) jointly announce NMPA Approval for TYVYT in combination with ELUNATE for the treatment of patients with locally advanced or metastatic renal cell carcinoma
  • IBM (IBM) and U.S. Department of Commerce confirm America's first purpose-built quantum foundry, supported by proposed $1 billion CHIPS award
  • ICF International (ICFI) launches new accelerator enabled by Salesforce (CRM) and Docusign (DOCU)
  • Idaho Strategic Resources (IDR) announces that one of its participating project proposals submitted to the Department of Energy under Funding Opportunity 3105: Critical Material Innovation, Efficiency, and Alternatives was selected for funding
  • Immix Biopharma (IMMX) announced that all four relapsed/refractory AL Amyloidosis MRD-negative patients presented at ASH 2025 have converted to complete response
  • Infleqtion (INFQ) confirms LOI with the U.S. Department of Commerce’s CHIPS Research and Development Office for $100 mln in proposed funding
  • Intuit (INTU) confirms total workforce reduction of 17%; also receives approval for new $8 bln stock repurchase program and 15% increase to dividend
  • Johnson & Johnson (JNJ): The FDA is aware that Abiomed (JNJ unit) has issued an urgent medical device recall (correction) notice to affected customers recommending updated use instructions for all automated Impella controllers
  • JP Morgan (JPM) CEO Jamie Dimon says the bank will likely hire more artificial intelligence specialists but fewer bankers. Bloomberg
  • Kroger (KR) planning to cut prices to compete with Wal Mart (WMT) and Costco (COST). Bloomberg
  • Lennox Int'l (LII) increases quarterly dividend to $1.36/share from $1.30/share
  • lululemon athletica (LULU) founder and major shareholder Dennis Wilson filed yesterday additional definitive proxy soliciting materials supplement his formal proxy contest
  • Meta (META): Manus mulling options to unwind takeover by Meta. Bloomberg
  • Meta Platforms (META): Texas Attor­ney Gen­er­al Ken Pax­ton files law­suit against Meta and What­sApp for "lying about pri­va­cy mea­sures and deceiv­ing Tex­ans by false­ly claim­ing What­sApp mes­sages are encrypted"
  • Moderna (MRNA): FDA planning advisory hearing on MRNA's flu vaccine, according to Bloomberg
  • Nanobiotix (NBTX) announces the pricing of its previously announced global follow-on offering
  • Nebius Group N.V. (NBIS) and Bloom Energy (BE) announce an agreement to deploy Bloom’s fuel cell technology to help power Nebius’s AI infrastructure build-out
  • Netskope (NTSK) announced a key integration with the Claude Compliance AP
  • Novartis AG (NVS) advances RLT innovation and reinforces leadership in prostate cancer, breast cancer and hematology with new data at ASCO and EHA
  • NVIDIA (NVDA): China doesn't want NVDA's H200 chips, according to NY Times
  • NVIDIA (NVDA) will partner with Kawasaki Heavy (KWHIY) on physical AI, according to Nikkei
  • Oceaneering Intl's (OII) Offshore Projects Group has been awarded an integrated offshore installation contract at the West Delta Deep Marine gas field development project offshore Egypt from Burullus Gas Company
  • Omnicell (OMCL): FDA provides automated compounding system recall update - issue has been classified as a Class I Recall
  • Pacira BioSciences (PCRX): A letter to Pacira Biosciences shareholders from Doma Perpetual Capital Management LLC
  • Palantir Technologies (PLTR) battling Pentagon over an intelligence contract, according to Axios
  • Palvella Therapeutics (PVLA) presents new SELVA and TOIVA data at the 2026 International Society for the Study of Vascular Anomalies World Congress supporting QTORIN Rapamycin as a potential first-in-disease therapy for multiple serious, pare vascular malformations
  • Petrobras (PBR) strengthens strategic partnership with Lightsource bp in renewable energy in Brazil
  • Qiagen (QGEN) launches QIA Agent, connecting AI-driven scientific guidance across Sample to Insight workflows
  • REalloys (ALOY) has entered into a definitive long-term rare earth product offtake agreement with Critical Metals Corp. (CRML) covering 15% of monthly Phase 1 production from CRML's Tanbreez Project in southern Greenland, subject to a ±5% per-delivery operational variance
  • Rigetti Computing (RGTI) announces that it has signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million in funding over three years to accelerate superconducting quantum computing R&D
  • Roche Hldg (RHHBY): Foundation Medicine Inc., a subsidiary of Roche Holdings, receives FDA approval for FoundationOneCDx as a Companion Diagnostic for TEPMETKO (MKKGY) to identify patients with MET Exon 14 skipping alterations in Non-Small Cell Lung Cancer
  • SailPoint (SAIL) unveils Claude Compliance API integration to strengthen AI access governance for enterprises
  • Silvercorp Metals (SVM) announces extension of mining license for the Tulkubash/Kyzyltash Gold Projects, Kyrgyzstan
  • Six Flags Entertainment (FUN) enters into a Cooperation Agreement with H Partners Management, LLC
  • Spotify (SPOT) and Universal Music Group (UMGNF) announce landmark recorded music and music publishing licensing agreements enabling Spotify to launch a new tool allowing fans to create covers and remixes of their favorite songs from participating artists and songwriters
  • Starbucks (SBUX) ends its AI inventory counter after nine months, according to Reuters
  • Stellantis (STLA) unveils €60 bln strategic plan to accelerate growth and profit; unveils STLA One Global Modular Vehicle Architecture
  • StoneX Group (SNEX) continues expansion of its presence in Birmingham, Alabama
  • Teleflex (TFX) showcases new clinical data highlighting patient experience advantages of the UroLift System and long-term toxicity reduction with Barrigel rectal spacer
  • Tiziana Life Sciences (TLSA) announces that patient enrollment has been completed in its randomized, double-blind, placebo-controlled Phase 2a clinical trial evaluating intranasal foralumab in patients with non-active Secondary Progressive Multiple Sclerosis
  • Telus (TU) is investing more than C$8 bln over the next five years to expand and enhance its network infrastructure and operations across Québec
  • Tenable (TENB) announces strategic integration with the Claude Compliance API to provide visibility and governance for enterprise AI usage
  • Teva Pharma (TEVA) announces that the European Medicines Agency has accepted the Marketing Authorization Application for olanzapine long-acting injectable
  • TransUnion (TRU) and Google (GOOG/GOOGL) strengthen YouTube measurement with multi-touch attribution
  • Turtle Beach (TBCH) announces that Andrew Clipsham, Senior Director of Finance, has been appointed interim Chief Financial Officer; Also reaffirms FY26 guidance
  • Varonis Systems (VRNS) announced an integration with the Claude Compliance API
  • Verizon (VZ) shareholders did not approve proposal to adopt mandatory Independent Board Chair policy in prelim count from AGM
  • Vertex Pharma (VRTX) announced that Health Canada has accepted for review a New Drug Submission for suzetrigine for the treatment of moderate-to-severe acute pain in adults
  • Victoria's Secret (VSCO) issues investor presentation highlighting significant transformation, operational momentum and shareholder value creation
  • VinFast Auto (VFS) officially introduced the new-generation VF 8, a D-segment electric SUV featuring a range of upgrades to its technology platform
  • WesBanco Inc (WSBC) authorized a 4.0 mln increase to the 3.2 mln stock repurchase approval by the Board on February 24, 2022

• Upgrades:
  • Ameren (AEE) upgraded to Overweight from Neutral at JPMorgan, tgt $126
    
  • Etsy (ETSY) upgraded to Buy from Hold at Argus; tgt $67
  • Flywire (FLYW) upgraded to Neutral from Underweight at JPMorgan, tgt $16
    
  • GE HealthCare (GEHC) upgraded to Neutral from Sell at UBS, tgt $69
    
  • Gilead Sciences (GILD) upgraded to Buy from Hold at Maxim Group
    
  • Occidental Petroleum (OXY) upgraded to Neutral from Sell at Goldman, tgt $64
    
  • Regional Management (RM) upgraded to Outperform from Market Perform at Citizens, tgt $45
• Downgrades:
  • Kyndryl (KD) downgraded to Neutral from Positive at Susquehanna, tgt $13
    
  • Mobileye (MBLY) downgraded to Hold from Buy at Berenberg, tgt $10.80
    
  • Northern Oil and Gas (NOG) downgraded to Outperform from Strong Buy at Raymond James, tgt $35
    
  • ZoomInfo Technologies (GTM) downgraded to Hold from Buy at Jefferies, tgt $4
• Others:
  • Aligos Therapeutics (ALGS) initiated with an Overweight at Cantor Fitzgerald, tgt $20
    
  • Brown & Brown (BRO) initiated with an Outperform at Citizens, tgt $70
    
  • Connect Biopharma (CNTB) initiated with an Overweight at Cantor Fitzgerald, tgt $4
  • Dynatrace (DT) assumed with an Outperform at William Blair
    
  • Eupraxia Pharmaceuticals (EPRX) initiated with a Buy at Stifel, tgt $25
    
  • FedEx (FDX) resumed with a Buy at Citigroup; tgt $443
  • JBT Marel (JBTM) initiated with an Outperform at Oppenheimer, tgt $175
    
  • MapLight Therapeutics (MPLT) initiated with a Buy at Craig-Hallum, tgt $43
    
  • Medtronic (MDT) reinstated with a Neutral at Goldman, tgt $84
    
  • Oculis (OCS) initiated with a Buy at Guggenheim, tgt $75
    
  • Opus Genetics (IRD) initiated with an Outperform at Leerink, tgt $10
    
  • SailPoint Technologies Holdings (SAIL) initiated with a Buy at Roth Capital, tgt $19
    
  • Tamboran Resources (TBN) initiated with a Buy at Roth Capital, tgt $47

• Econ Data (Friday):
  • 10:00 ET: Final May University of Michigan Consumer Sentiment (Briefing.com consensus 48.2; prior 48.2) and April Leading Index (Briefing.com consensus -0.3%; prior -0.6%)

• Earnings:
  • Monday (May 18)
    • Pre-Market: BIDU BRC
    • After-Hours: AGYS
      
    Tuesday (May 19)
    • Pre-Market: AS BILI EXP HD BEKE
    • After-Hours: CAVA JHX KEYS TOL ZTO
  • Wednesday (May 20)
    • Pre-Market: ADI ARCO LPG GDS HAS IMVT LOW ROIV TGT TJX VFC
      
    • After-Hours: ELF ENS INTU NDSN NVDA STEP URBN
  • Thursday (May 21)
    • Pre-Market: AAP WMS DE HLNE LSPD NTES NIO RL SCVL VIPS WMT
    • After-Hours: CAE CPRT DECK FLO LION RAMP ROST TTWO BULL WDAY ZM
  • Friday (May 22)
    • Pre-market: BJ BAH GSL
    • After-Hours: None