After Hours Report

There were some familiar sightings today. The People's Bank of China provided another piece of policy stimulus, cutting its Medium-Term Lending Facility by 30 basis points to 2.00%, and NVIDIA (NVDA 123.51, +2.64, +2.2%) continued to outperform. Both provided a measure of support for the stock market, yet neither was enough to excite the buying masses.

The major indices trudged through a lackluster session, succumbing to some consolidation interest that had the Dow, S&P 500, and Russell 2000 trading in negative territory for the bulk of today's trade. The Nasdaq for its part kept its ahead above water most of the day, riding on NVDIA's shoulders.

Still, market internals reflected a more cautious-minded tape. Decliners outpaced advancers by a better than 2-to-1 margin at the NYSE and Nasdaq; the equal-weighted S&P 500 declined 0.6%; the Russell 2000 declined 1.2%; and there were only two S&P 500 sectors that escaped with a gain: the utilities sector and information technology sector, both of which advanced 0.5%.

The "market" had the benefit of the information technology sector exhibiting relative strength, yet the broader market passed on rallying around it. 

Nine of the 11 S&P 500 sectors finished with a loss. The energy sector (-1.9%) had the biggest struggle, keeping track with oil prices that slid despite reports of Hezbollah firing a missile at Tel Aviv, which was ultimately intercepted by Israel, and Israel teasing the possibility of moving ground troops into Lebanon. WTI crude futures dropped 2.5% to $69.78/bbl.

The health care sector (-0.9%) was another weak link, hurt by losses in Amgen (AMGN 312.86, -18.06, -5.5%), which reported disappointing data for two drugs, according to CNBC. Other laggards of note included the cyclical materials (-0.6%), financial (-0.6%), and industrials (-0.5%) sectors.

The consumer discretionary sector (-0.4%) was aided by Tesla (TSLA 257.02, +2.75, +1.1%), but its strength was not enough to overcome a pullback in Amazon.com (AMZN 192.53, -1.43, -0.7%), and losses in Ford (F 10.42, -0.45, -4.1%) and General Motors (GM 45.72, -2.35, -4.9%), which were downgraded at Morgan Stanley on concerns about Chinese competition and deteriorating credit quality in the U.S. Morgan Stanley also downgraded Rivian Automotive (RIVN 11.03, -0.81, -6.8%).

Homebuilders also dragged on the consumer discretionary sector even though new home sales in August were stronger than expected. A disappointing earnings report from KB Home (KBH 82.75, -4.68, -5.4%) acted as an offset.

Like the stock market, there wasn't much buying vigor in the Treasury market either. The 2-yr note yield settled the cash session unchanged at 3.55% while the 10-yr note yield jumped five basis points to 3.78% in a continued curve-steepening trade.

The $70 billion 5-yr note auction didn't cause much of a stir. Like the 2-yr note auction yesterday, the 5-yr note auction saw the high yield of 3.519% match the when-issued yield.

• Nasdaq Composite: +20.5%
• S&P 500: +20.0%
• Dow Jones Industrial Average: +11.3%
• S&P Midcap 400: +11.1%
• Russell 2000: +8.4%

Reviewing today's economic data:

• MBA Mortgage Applications Index +11.0% wk/wk with refinance applications +20% and purchase applications +1%
• August New Home Sales 716K (Briefing.com consensus 695K); Prior was revised to 751K from 739K
  • The key takeaway from the report is that new home sales, which are tabulated when contracts are signed, were better than expected in August, aided by lower pricing and sliding mortgage rates. Notably, the South was the only region that saw a pickup in sales month-to-month.

Looking ahead, Thursday's calendar features:

• 08:30 ET: Q2 GDP -- third estimate (Briefing.com consensus 3.0%; prior 3.0%) and Q2 GDP Deflator -- third estimate (Briefing.com consensus 2.5%; prior 2.5%)
• 08:30 ET: August Durable Orders (Briefing.com consensus -2.9%; prior 9.9%) and Durable Orders ex-transportation (Briefing.com consensus 0.1%; prior -0.2%)
• 08:30 ET: Weekly Initial Claims (Briefing.com consensus 224,000; prior 219,000) and Continuing Claims (prior 1.829 mln)
• 10:00 ET: August Pending Home Sales (Briefing.com consensus 1.0%; prior -5.5%)
• 10:30 ET: Weekly natural gas inventories (prior +58 bcf)
• 13:00 ET: $44 bln 7-yr Treasury note auction results

Overseas:

• Europe: DAX -0.4%, FTSE -0.2%, CAC -0.5%
• Asia: Nikkei -0.3%, Hang Seng +0.7%, Shanghai +1.2%

Commodities:

• Crude Oil -1.78 @ 69.78
• Nat Gas +0.02 @ 2.81
• Gold +9.90 @ 2685.80
• Silver -0.26 @ 32.10
• Copper unchanged @ 4.49

After-Hours Spotlight:

• Bath & Body Works (BBWI): Julie Rosen, President, Retail of Bath & Body Works, steps down, position eliminated; reaffirms Q3 and FY25 guidance... BBWI down 0.7%
• Concentrix (CNXC) misses by $0.06, reports revs in-line; guides Q4 EPS below consensus, revs in-line; increases quarterly dividend by 10%; releases iX Hello... CNXC down 14.3%
• H.B. Fuller (FUL) misses by $0.10, misses on revs; guides FY24 EPS below consensus, revs below consensus... FUL down 9.8%
• Micron (MU) beats by $0.07, beats on revs; guides Q1 EPS above consensus, revs above consensus... MU up 13.2%
• Worthington Steel (WS) beats dual estimate by $0.01, beats on revs... WS down 4.3%

Fair Value for Thursday, Sept. 26:

• S&P 500: 5,778
• Nasdaq 100: 20,193
• DJIA: 42,274

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

• Earnings/Guidance (Full Earnings Calendar):
  • Agilysys (AGYS) in Investor Presentation reiterates FY25 (Mar) revenue guidance
  • Blackstone (BX) disclosed preliminary estimate regarding revenue Blackstone expects to record related to realization activity for the period from July 1, 2024 to September 24, 2024
  • Cintas (CTAS) beats by $0.10, reports revs in-line; raises FY25 EPS and revenue guidance
  • Flutter Entertainment (FLUT) provides long-term growth outlook; authorizes $5 bln share repurchase program at investor event
  • Global Payments (GPN) shares updated strategy and medium-term guidance at Investor Conference; anticipates mid- to high-single-digit adjusted revenue growth from 2026-2027
  • KB Home (KBH) misses by $0.02, beats on revs, home gross profit margin, excluding charges, decreased 80 bps yr/yr; Raises FY24 housing revenue guidance, narrows housing gross profit margin guidance
  • Masimo (MASI) appoints Michelle Brennan as interim CEO following Joe Kiani’s decision to resign; reaffirms Q3 guidance
  • Post (POST) affirms outlook for fiscal year 2024 Adjusted EBITDA of $1,370-1,390 mln; also commences private offering of $500.0 mln senior notes due 2034
  • Progress Software (PRGS) beats by $0.12, beats on revs; guides NovQ EPS below consensus, revs above consensus
  • Stitch Fix (SFIX) misses by $0.09, reports revs in-line, reports adjusted EBITDA at the high end of guidance; guides OctQ revs below consensus; guides FY25 revs below consensus
  • Target Hospitality (TH) provides business update - disbands special committee; reaffirms FY24 guidance
  • Worthington Enterprises (WOR) misses on EPS and revs
• General News
  • People's Bank of China cuts medium-term lending facility rate
  • White House releases fact sheet for new investments to protect freshwater resources, enhance drought and climate resilience
  • OECD says global growth remains resilient and inflation has further declined
  • China-linked hackers breach U.S. internet providers in latest cyber espionage campaign, dubbed Salt Typhoon, according to WSJ
  • 2seventy bio (TSVT) and Bristol Myers Squibb (BMY) discontinue enrollment in Phase 3 KarMMa-9 study; provides commercial progress and guidance updates; also provides investor updates in presentation
  • AbbVie (ABBV) reports new analysis demonstrates the efficacy of RINVOQ (upadacitinib) in Atopic Dermatitis with Varying Degrees of Severity in Head and Neck Involvement
  • Air Lease (AL) announces delivery of one new Airbus A220-300 to TAAG Angola Airlines
  • Alvotech (ALVO) Initiates Confirmatory Patient Study for AVT16, a Proposed Biosimilar to Entyvio
  • Amgen (AMGN): Tepezza receives approval in Japan for the treatment of active thyroid eye disease
  • Amgen (AMGN): Kyowa Kirin Announces Top-line Data from Rocatinlimab Phase 3 ROCKET HORIZON Trial
  • AMMO (POWW) retains advisors to support investigation of financial reporting for FY20-23; CFO resigns, names new CFO
  • Anheuser-Busch InBev (BUD) announces a new $16 mln investment in its Los Angeles brewery
  • ANSYS (ANSS) and TSMC (TSM) have expanded their collaboration to leverage AI for advancing 3D-IC design and develop next generation multiphysics solutions for a wider array of advanced semiconductor technologies
  • Arcutis Biotherapeutics (ARQT) presents new data showing ZORYVE (Roflumilast) Cream 0.15% Provided Consistent Improvement of Atopic Dermatitis in Individuals With Diverse Skin Types
  • ARMOUR Residential REIT, Inc. (ARR) Announces Guidance for October 2024 Dividend Rate per Common Share
  • AstraZeneca (AZN): FDA approves osimertinib for locally advanced, unresectable (stage III) non-small cell lung cancer following chemoradiation therapy
  • Asana (ASAN) appointed Sonalee Parekh as CFO, effective September 11; succeeds Tim Wan
  • Avantor (AVTR) enters into a 10-year virtual power purchase agreement through the Energize program, an initiative to increase access to renewable energy for pharmaceutical supply chains
  • Bank of America (BAC) 10% owner Berkshire Hathaway's (BRK.A / BRK.B) Warren Buffett sold 21,561,209 shares at $39.26 - $40.73 worth approx. $862.7 mln
  • BioCryst Pharma (BCRX) awarded $69,388,368.75 HHS contract for RAPIVAB (peramivir injection)
  • Boeing (BA) remains at odds with striking workers, according to Reuters
  • Broadcom (AVGO), Charter Communications (CHTR), and Comcast (CMCSA) announce a joint development of Unified DOCSIS chipsets capable of 25Gbps speeds
  • CACI Intl (CACI) has been awarded a five-year task order valued at up to $314 mln to provide engineering services and technology to the U.S. Navy Naval Undersea Warfare Center
  • Cadence Design (CDNS) is collaborating with TSMC (TSM) to enhance productivity and optimize product performance for AI-driven advanced-node designs and 3D-ICs
  • Caribou Biosciences (CRBU) announces that an abstract has been accepted for a poster presentation at the American College of Rheumatology Convergence 2024, which will be held November 14-19
  • Celldex Therapeutics (CLDX) announces new data demonstrating sustained and deepening disease efficacy and a well tolerated safety profile over a 52 week treatment period for barzolvolimab in chronic spontaneous urticaria, an immune-related condition driven by mast cell activation
  • CommScope (COMM) highlights two new solutions for rural broadband applications
  • Dell (DELL) announces Dell AI for Telecom, a program designed to simplify and accelerate AI deployments for communications service providers
  • DoorDash (DASH): Introducing The DoorDash Commerce Platform for Merchants
  • Eli Lilly (LLY): New data show Lilly's EBGLYSS provided sustained disease control for up to three years in more than 80% of adults and adolescents with moderate-to-severe atopic dermatitis
  • Embraer SA (ERJ) to invest in new MRO facilities for commercial jets in Texas
  • Essent Group Ltd. (ESNT) announces closing of $363.4 million reinsurance transaction and related mortgage insurance-linked notes
  • FibroBiologics (FBLG) entered into a Master Services Agreement with Charles River Laboratories (CRL)
  • Floor & Decor (FND) disclosed litigation update related to putative derivative complaint
  • Fulcrum Therapeutics (FULC) to reduce workforce by 36% as part of a plan to reprioritize research and development activities
  • Generac (GNRC): NHC issues update on Hurricane Helene; says storm is expected to bring life-threatening storm surge, damaging winds, and flooding rains to a large portion of Florida and the southeastern United States
  • General Dynamics (GD) awarded $191 mln U.S. Defense Logistics Agency contract
  • Gogo (GOGO) details Eutelsat OneWeb agreementamendment; Gogo has made a total guaranteed minimum commitment of $52,500,000 over a four-year term
  • Greif (GEF) announces the signing of a virtual power purchase agreement with Endesa’s renewal subsidiarity, Enel Green Power España
  • Grifols, S.A. (GRFS): CNMV opens disciplinary proceedings against Gotham and General Industrial Partners, and Grifols
  • Grifols, S.A. (GRFS) confirms it received CNMV notification of administrative disciplinary proceeding; considers that this sanction is not material
  • Hamilton Beach Brands (HBB) CEO Gregory H. Trepp to retire, effective September 30; R. Scott Tidey named successor
  • Harrow (HROW) announces that is expanding its corporate headquarters in Nashville
  • HashiCorp (HCP) confirms appointment of Werner Schwock to serve as Interim Chief Financial Officer and function as the principal financial and accounting officer for the Company effective September 24, 2024
  • Huntington Ingalls (HII) awarded $5.80 bln U.S. Navy contract for construction of three amphibious transport dock ships; also awarded $3.67 bln U.S. Navy contract modification
  • IBM (IBM) signs European Commission AI Pact
  • Incyte (INCY): Multiple Late-Breaking Data Presentations from Incyte’s Dermatology Portfolio will be Featured at the European Academy of Dermatology and Venereology (EADV) 2024 Congress
  • Infosys (INFY) and Polestar (PSNY) enter strategic collaboration by opening technology hub in Bengaluru, India
  • Intuit (INTU) details agentic AI; to accelerate delivery of agentic AI experiences across its AI-driven expert platform
  • Iridium Communications (IRDM) announces that the 3rd Generation Partnership Project accepted its request to extend the functionality of Narrowband Internet of Things for Non-Terrestrial Networks into the Work Plan for 3GPP Release 19
  • Kymera Therapeutics (KYMR) Presents Preclinical Data for KT-621, a Potent, Selective, First-In-Class, Oral STAT6 Degrader at the EADV Congress
  • Lightwave Logic (LWLG) collaborating with Polariton Technologies to jointly showcase packaged electro-optic polymer modulators
  • Lumen Technologies (LUMN): In filing out overnight LUMN announced it completed early settlement transactions, issuing $788M in new notes to replace existing debt; maturity set for 2032
  • Merck (MRK) receives new approvals in Japan for KEYTRUDA
  • Merck's (MRK) Phase 3 KEYFORM-007 trial evaluating the investigational fixed-dose combination of favezelimab, Merck’s anti-LAG-3 antibody, and pembrolizumab (KEYTRUDA), Merck’s anti-PD-1 therapy, did not meet its primary endpoint
  • Meta Platforms (META), Spotify (SPOT), Ericsson (ERIC), SAP (SAP) representatives, among others, sign open letter 'Europe needs refulatory certainty on AI'
  • Meta Platforms (META) not abiding by EU's voluntary AI safety pledge, according to Bloomberg
  • Meta Platforms' (META) AI products just got smarter and more useful
  • Meta Platforms (META) adds new AI features to Ray-Ban Meta glasses, advances partnerships with Spotify and Amazon Music and adds new ones with Audible and iHeart
  • Meta Platforms (META) unveils Orion AR glasses
  • Microsoft (MSFT) reorganizing AI unit, according to The Information
  • MSC Industrial (MSM) promotes Martina McIsaac to President and COO, effective Sept 23
  • NANO Nuclear Energy (NNE) confirms grant from the U.S. Department of Energy’s Gateway for Accelerated Innovation in Nuclear (GAIN) Nuclear Energy (NE) voucher award for the independent assessment of its novel heat exchanger concept for open-air Brayton cycle in collaboration with the Idaho National Laboratory
  • Nano Dimension (NNDM) and Markforged Holding Corporation (MKFG) jointly announce that they have entered into a definitive agreement pursuant to which Nano Dimension will acquire all outstanding shares of Markforged in an all-cash transaction for $5.00/share (both NNDM and MKFG are halted)
  • Neonode (NEON) announces a new license agreement for an evolution of its licensable Touch Sensor Module technology
  • NexPoint (NXDT) Responds to United Development Funding IV's (UDF IV) Misleading Claims
  • Norfolk Southern (NSC) names Jason A. Zampi as Executive Vice President, Chief Financial Officer and Treasurer, effective immediately
  • Orange (ORAN) intends to voluntarily delist from the NYSE and deregister with the SEC
  • Palantir Technologies (PLTR) and APA Corporation (APA) announce multi-year, multi-million-dollar extension to their enterprise agreement originally signed in 2021
  • PayPal (PYPL) is enabling its U.S. merchants to buy, hold and sell cryptocurrency directly from their PayPal business account
  • Primerica (PRI) appoints Robert H. Peterman Jr. to the role of Executive Vice President and COO, effective October 1
  • PVH (PVH): China to investigate PVH, according to the New York Times
  • Raymond James (RJF) reports August op metrics - Client assets under administration +19% yr/yr and +2% from prior month
  • SAP (SAP) investigated for price fixing, according to Bloomberg
  • Schwab (SCHW) Asset Management announced forward share splits on 20 Schwab ETFs
  • Southwest Airlines (LUV) responds to Elliott Management's shareholder letter and provides update on engagement
  • Sun Communities (SUI): Blue Orca out short on SUI; alleges CEO conflicts of interest, financial manipulation, and governance failures
  • Synopsys (SNPS) and Taiwan Semiconductor Manufacturing (TSM) strengthen collaboration to drive AI innovation with advanced EDA and multi-die chip design solutions
  • Target Hospitality (TH) provides business update - disbands special committee; reaffirms FY24 guidance
  • Tencent (TCEHY): SAG-AFTRA calls a strike against League of Legends video game
  • Thermon Group (THR) appointed Jan L. Schott as the Company’s Senior Vice President and Chief Financial Officer, effective October 14, 2024
  • TikTok confirms TikTok Music will be closing on 28 November 2024
  • TXNM Energy (TXNM) CFO Elisabeth A. Eden announced her intention to retire
  • Uber (UBER) and Google's (GOOG / GOOGL) WeRide announce strategic partnership to bring WeRide’s autonomous vehicles onto the Uber platform, beginning in the United Arab Emirates
  • Uber (UBER) looking to bring competition to Amazon, according to Financial Times
  • Uber (UBER) and DoorDash (DASH): Federal judge declares NYC law requiring food delivery companies to share data with restaurants unconstitutional, according to Reuters
  • UCB SA (UCBJY) presents new 4-year data for BIMZELX
  • U.S. Steel (X): Steelworkers Union rejects arbitration decision in U.S. Steel-Nippon (NPSCY) deal, citing threats to jobs and national security
  • U.S. Steel (X) confirms the Board of Arbitration rules in favor of U. S. Steel, affirming transaction with Nippon Steel; continue to work toward closing the transaction by the end of this year
  • Verint Systems (VRNT) announces the expansion of its contact center suite of business analytics solutions for business leaders, business analysts and IT developers with Verint Genie Bot
  • Walmart (WMT) Canada announces that the company is investing an additional C$92 million in pay increases for eligible supply chain hourly and frontline management, and retail hourly associates
  • Walt Disney's (DIS) Disney+ has expanded its paid sharing program

Ratings Changes (see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Asbury Automotive (ABG) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $240
  • AutoNation (AN) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $200
  • Baker Hughes (BKR) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $42
  • Denison Mines (DNN) upgraded to Outperform from Market Perform at BMO Capital Markets
  • DoorDash (DASH) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $177
  • Group 1 Auto (GPI) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $430
  • Grupo Aeroportuario (OMAB) upgraded to Sector Perform from Sector Underperform at Scotiabank
  • Hewlett Packard Enterprise (HPE) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $24
  • Penske Auto (PAG) upgraded to Overweight from Underweight at Morgan Stanley; tgt raised to $180
  • Petrobras (PBR) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $19
  • Sonic Automotive (SAH) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $58
• Downgrades:
  • Ecopetrol (EC) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $8.50
  • Expedia Group (EXPE) downgraded to Hold from Buy at TD Cowen; tgt raised to $150
  • Ford Motor (F) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $12
  • Fortrea (FTRE) downgraded to Hold from Buy at Jefferies; tgt lowered to $21
  • General Motors (GM) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $42
  • Global Payments (GPN) downgraded to Neutral from Buy at BTIG Research
  • Grupo Aeroportuario del Pacifico (PAC) downgraded to Sector Perform from Sector Outperform at Scotiabank; tgt lowered to $185
  • HBT Financial (HBT) downgraded to Neutral from Buy at DA Davidson; tgt lowered to $24
  • Magna (MGA) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $43
  • Medpace (MEDP) downgraded to Hold from Buy at Jefferies; tgt lowered to $345
  • Miniso Group (MNSO) downgraded to Hold from Buy at DBS Group
  • Miniso Group (MNSO) downgraded to Neutral from Overweight at JP Morgan
  • NOV Inc. (NOV) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $16
  • Old Second Bancorp Inc. (OSBC) downgraded to Neutral from Buy at DA Davidson; tgt lowered to $17
  • PHINIA (PHIN) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $50
  • Rivian Automotive (RIVN) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $13
  • Textron (TXT) downgraded to Hold from Buy at TD Cowen; tgt lowered to $95
  • Tyson Foods (TSN) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $50
  • Union Pacific (UNP) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $247
• Others:
  • Alcoa (AA) resumed with a Neutral at JP Morgan; tgt raised to $36
  • Apollo Global Management (APO) initiated with an Outperform at Wolfe Research; tgt $139
  • Archrock (AROC) initiated with an Outperform at Evercore ISI; tgt $24
  • Cadence Design (CDNS) initiated with an Underperform at Oppenheimer; tgt $225
  • Cipher Mining (CIFR) initiated with an Outperform at Macquarie; tgt $6
  • CleanSpark (CLSK) initiated with an Outperform at Macquarie; tgt $20
  • Core Scientific (CORZ) initiated with an Outperform at Macquarie; tgt $16
  • ICHOR Corporation (ICHR) initiated with a Perform at Oppenheimer
  • KLA Corporation (KLAC) initiated with a Perform at Oppenheimer
  • Marathon Digital Holdings (MARA) initiated with an Outperform at Macquarie; tgt $22
  • Onto Innovation (ONTO) initiated with an Outperform at Oppenheimer; tgt $260
  • Perspective Therapeutics (CATX) initiated with a Buy at Truist; tgt $21
  • Portland Gen Elec (POR) initiated with an Outperform at Evercore ISI; tgt $54
  • Riot Platforms (RIOT) initiated with an Outperform at Macquarie; tgt $15
  • Sallie Mae (SLM) initiated with a Buy at BofA Securities; tgt $27
  • Ultra Clean Holdings (UCTT) initiated with an Outperform at Oppenheimer; tgt $70

• Econ Data (Thursday):
  • 8:30 ET: Q2 GDP -- third estimate (Briefing.com consensus 3.0%; prior 3.0%), Q2 GDP Deflator -- third estimate (Briefing.com consensus 2.5%; prior 2.5%), August Durable Orders (Briefing.com consensus -2.9%; prior 9.9%), Durable Orders ex-transportation (Briefing.com consensus 0.1%; prior -0.2%), weekly Initial Claims (Briefing.com consensus 224,000; prior 219,000), and Continuing Claims (prior 1.829 mln)
  • 10:00 ET: August Pending Home Sales (Briefing.com consensus 1.0%; prior -5.5%) 
  • 10:30 ET: Weekly natural gas inventories (prior +58 bcf)
• Treasury Auctions:
  • 13:00 ET: $44 bln 7-yr Treasury note auction results
• Earnings:
  • Monday (Sept 23)
    • Pre-Market: None
    • After-Hours: AIR
  • Tuesday (Sept 24)
    • Pre-Market: AZO THO
    • After-Hours: KBH PRGS SFIX WOR
  • Wednesday (Sept 25)
    • Pre-Market: CTAS
    • After-Hours: CNXC FUL JEF MU WS
  • Thursday (Sept 26)
    • Pre-Market: ACN KMX JBL SNX
    • After-Hours: BB COST MTN
  • Friday (Sept 27)
    • Pre-Market: None
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike