After Hours Report

The S&P 500 (+1.6%), Nasdaq Composite (+2.2%), and DJIA (+1.3%) recovered roughly half of Friday's losses as the market staged a broad-based advance amid easing trade tensions between the U.S. and China.

The rebound was fueled by remarks from President Trump, who sought to calm concerns after previously threatening a 100% tariff rate on Chinese imports in response to tightened rare earth export controls, saying on Truth Social, "Don't worry about China, it will all be fine!" Treasury Secretary Scott Bessent added to the optimism, telling Fox Business that the U.S. and China were in contact over the weekend and that he still expects President Trump to meet with Chinese President Xi in the near future.

The improvement in sentiment lifted smaller-cap indices as well, with the Russell 2000 (+2.8%) and S&P Mid Cap 400 (+2.0%) outperforming as the market released its defensive posture from Friday. 

Nine S&P 500 sectors finished in positive territory, with some of Friday's laggards driving the index-level advance today. 

The information technology sector (+2.5%) led the way, supported by strength in its chipmaker names that pushed the PHLX Semiconductor Index to a 4.9% gain. 

Broadcom (AVGO 356.70, +32.07, +9.88%) benefitted from what was arguably the most notable stock-specific headline today, trading sharply higher after announcing the company will collaborate with OpenAI on 10 gigawatts of custom AI accelerators. 

NVIDIA (NVDA 188.31, +5.15, +2.81%) also captured a solid gain after announcing that Meta Platforms (META 715.70, +10.40, +1.47%) and Oracle (ORCL 308.01, +15.05, +5.14%) will use NVIDIA Spectrum-X Ethernet networking switches to boost their AI data center networks, though the announcement weighed on Arista Networks (ANET 147.45, -6.65, -4.32%).

Strength across mega-cap names also pushed the consumer discretionary (+2.3%) and communication services (+1.8%) sectors higher, with Tesla (TSLA 435.90, +22.41, +5.42%) leading the "magnificent seven" group. The Vanguard Mega Cap Growth ETF gained 1.9% today, helping the market-weighted S&P 500 (+1.6%) outperform the S&P 500 Equal Weighted Index (+1.0%). 

While the financials sector (+0.9%) finished in the middle of the pack today, several major banking names, such as Goldman Sachs (GS 786.78, +22.42, +2.93%), JPMorgan Chase (JPM 307.97, +7.08, +2.35%), and Citigroup (C 96.10, +2.17, +2.31%), traded higher ahead of their earnings reports tomorrow morning, which will serve as an early barometer of Q3 earnings strength. 

Other strong performances today came from retail names that rely on Chinese imports, such as Best Buy (BBY 77.46, +7.02, +9.97%), Burlington Stores (BURL 276.23, +21.71, +8.53%), and Ross Stores (ROST 154.77, +7.06, +4.78%).

Quantum computing names surged today after IonQ (IONQ 82.11, +11.46, +16.22%) soared to new record highs after announcing a significant advancement in quantum chemistry simulations this morning.  The industry also benefitted from JPMorgan Chase's announcement that the company will make significant investments in companies that it deems crucial to U.S. interests, including quantum computing names. 

Weakness was limited to the consumer staples sector (-0.4%), which traded higher during Friday's retreat, and the health care sector (-0.1%), which faced an outsized loss in its largest component, Eli Lilly (LLY 819.11, -14.38, -1.73%). 

Elsewhere, Fastenal (FAST 42.33, -3.45, -7.54%) was the worst-performing S&P 500 name today after missing EPS expectations by $0.01. 

Today's advance was a near mirror image of Friday's retreat, with gains spanning nearly every corner of the market while small-cap, mega-cap, and semiconductor stocks led the way. The rally was driven by optimism following President Trump's comments assuring a resolution to rising trade tensions with China, but with no economic data releases and the bond market closed for the Columbus Day holiday, there was little to divert attention from the rebound.

With the ongoing government shutdown expected to delay key data releases for the foreseeable future, tomorrow's round of big bank earnings reports will serve as an important early gauge of market sentiment and direction. 

• Nasdaq Composite: +17.5% YTD
• S&P 500: +13.1% YTD
• Russell 2000: +10.4% YTD
• DJIA: +8.3% YTD
• S&P Mid Cap 400: +3.3% YTD

Overseas:

• Europe: DAX +0.6%, FTSE +0.2%, CAC +0.2%
• Asia: Nikkei market closed, Hang Seng -1.5%, Shanghai -0.2%

Commodities:

• Crude Oil +0.50 @ 59.44
• Nat Gas +0.01 @ 3.12
• Gold +132.50 @ 4132.40
• Silver +3.23 @ 50.48
• Copper +0.24 @ 5.13

After-Hours Spotlight:

• Goldman Sachs (GS) announces acquisition of Industry Ventures...GS +0.4%
• Navitas (NVTS) supports 800 VDC power architecture for NVIDIA’s next-generation AI factory computing platforms...NVTS +19.1%
• Orion Engineered Carbons (OEC) lowers FY25 adjusted EBITDA guidance; reflects continued weakness in Western tire industry manufacturing rates...OEC -17.9%
• Polaris Industries (PII) to separate Indian Motorcycle into a Standalone Company, will sell majority stake to Carolwood LP; expected to be accretive to Polaris' adjusted EBITDA margins and adjusted earnings per share...PII +11.4%
• Satellogic (SATL) launches NextGen satellite platform for sovereign, AI-first Earth observation missions...SATL +8.2%

Fair Value for Tuesday, October 14:

• S&P 500: 6,696
• Nasdaq 100: 24,926
• DJIA: 46,286

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

• Earnings/Guidance (Full Earnings Calendar):
  • Fastenal (FAST) misses by $0.01, reports revs in-line
  • Wabash Natl (WNC) guides Q3 EPS and revs below dual-analyst consensus; challenging market conditions persisted through the quarter, driving softer demand
• General News
  • President Trump says US will impose additional 100% tariff on China, according to Trust Social post;  Also on November 1st, the U.S. will impose Export Controls on any and all critical software
  • President Trump said China situation “will all be fine”; also says he could still meet with Chinese President Xi; China urges U.S. to meet them “halfway” and return to negotiations while threatening countermeasures
  • President Trump and VP JD Vance signaled openness to reaching deal with China on trade, but Mr. Vance says U.S. has "more cards" to play against China if they respond aggressively. Bloomberg
  • Treasury Secretary Scott Bessent Fox Business interview: U.S. had communication with China over the weekend
  • President Trump's decision to fire government workers deepened the divide between the two parties on government funding. NY Times
  • Hamas released all living Israeli hostages as part of Gaza ceasefire agreement brokered by United States. President Trump says the Gaza war "is over" and he will address the Israeli Parliament. NY Times
  • President Trump says he might tell Russian President Putin that if he doesn't settle the war, he will give Ukraine tomahawk missiles to fire at Russia. Axios
  • White House launches TrumpRx.gov; says site will connects patients directly with the best prices for medicines, increasing transparency and cutting out costly third-party markups
  • The Pentagon will use $8 bln in funding to pay troops during the shutdown following an order from President Trump. Politico
  • Taiwan doesn't believe chip sector will be impacted by China rare earth restrictions. Reuters
  • Banks considering issuing stablecoins backed by G7 currencies, according to Reuters
  • South Korea in discussions with U.S. on currency swap. Reuters
  • French President Emmanuel Macron re-appoints Sébastien Lecornu as Prime Minister, according to various news reports
  • OPEC releases monthly oil demand/supply forecast: The global oil demand growth forecast for 2025 remains at around 1.3 mb/d, y-o-y, unchanged from last month's assessment
  • President Trump will meet with Ukrainian President Zelensky at the White House on Friday, according to Axios reporter Barak Ravi
  • Government shutdown could last for several more weeks since military pay is no longer a pressure point, according to Politico
  • 4D Molecular Therapeutics (FDMT) announces that the Cystic Fibrosis Foundation will provide up to $11 mln in additional funding, with an initial tranche of $7.5 mln, and technical support to accelerate the development of 4D-710 for the treatment of cystic fibrosis lung disease
  • ABB Ltd (ABBNY) is accelerating the development of gigawatt-scale next-generation data centers in collaboration with NVIDIA (NVDA)
  • AbbVie (ABBV) announces the U.S. FDA approval of a supplemental new drug application that updates the indication statement for RINVOQ for the treatment of adults with moderately to severely active ulcerative colitis and moderately to severely active Crohn's disease
  • AeroVironment (AVAV) announces the release of its newest all-electric vertical takeoff and landing platform–the VAPOR Compact Long Endurance unmanned aircraft system
  • Alpha and Omega Semi (AOSL) announces support for the power requirements of the innovative 800 VDC architecture announced by NVIDIA (NVDA)
  • Alphabet's (GOOG) Google expands Nano Banana AI image editing from Gemini 2.5 Flash to Search and NotebookLM, soon coming to Photos
  • Alphabet (GOOG) is announcing a new $9 billion investment in South Carolina through 2027
  • AMC Networks (AMCX) extends CEO Kristin Dolan employment contract thru end of 2028
  • Apple (AAPL) in discussions to acquire talent and technology from Prompt AI. CNBC
  • AstraZeneca (AZN) confirms agreement with US Government to lower the cost of medicines
  • Beyond Meat (BYND) announces early tender results and early settlement for exchange offer and consent solicitation with respect to existing convertible notes
  • AV (AVAV) unveils next generation of switchblade loitering munitions
  • Bicara Therapeutics' (BCAX) Ficerafusp Alfa receives Breakthrough Therapy Designation by the FDA
  • BigBear.ai (BBAI) announces a strategic partnership with Tsecond, Inc. to deliver AI-enabled edge infrastructure for mission-critical operations
  • Boeing (BA), in partnership with Southwest Airlines (LUV) and Aeroxchange Ltd., has successfully completed the aerospace industry's first parts shipment accompanied by a digital 8130-3 certificate—an electronic version of the FAA-governed 8130-3 Authorized Release Certificate
  • Boeing (BA) and Leonardo are collaborating to pursue the U.S. Army's Flight School Next contractor-owned, contractor-operated service contract
  • Bombardier (BDRBF) announces that Comlux, a leading business aviation company, will take delivery of the industry-defining Global 8000 aircraft in 2026
  • Brookfield Asset Mgmt (BAM) and Bloom Energy (BE) announce $5 billion strategic AI infrastructure partnership
  • Canaan (CAN) announces the launch of a pilot mining project in Calgary, Alberta, Canada, through a joint mining agreement with Aurora AZ Energy Ltd.
  • Core Scientific (CORZ): Two Seas Capital publishes investor presentation describing why it opposes Core Scientific's (CORZ) proposed sale to CoreWeave (CRWV)
  • Eaton (ETN) unveils 800 VDC reference architecture with NVIDIA (NVDA) to power next-gen AI data centers
  • EHang (EH) launches its new-generation long-range pilotless electric vertical take-off and landing aircraft, the "VT35”
  • Eli Lilly (LLY) to present new Verzenio survival data and broad oncology pipeline updates at ESMO 2025
  • Flex (FLEX) announces new AI infrastructure platform to speed deployment by up to 30%
  • Galaxy Digital (GLXY) announces $460 million strategic investment from a leading asset management firm
  • General Dynamics Land Systems (GD) and Parry Labs today announce a strategic teaming agreement to collaborate on advancing digital integration for combat systems
  • General Motors (GM) locks down supplies of rare earth medals. WSJ
  • Grindr (GRND) owners explore taking app private after stock slide, eye $3 bln buyout, according to Semafor
  • Jefferies (JEF): Morgan Stanley asks to pull cash from Point Bonita, according to Bloomberg
  • JPMorgan Chase (JPM) launches $1.5 trillion security and resiliency initiative to boost critical industries
  • LendingTree (TREE) announces that Chaiman and CEO Doug Lebda passed away unexpectedly yesterday in an all-terrain vehicle accident
  • Lloyds Banking (LYG) provides motor finance update
  • Meta Platforms (META) confirmed bringing jobs on Facebook back
  • Moderna (MRNA) presents early data for its investigational cancer antigen therapy at the 2025 ESMO Congress
  • NI Holdings (NODK) CEO Seth Daggett has stepped down, effective immediately; Cindy Launer has been named as new CEO
  • NVIDIA (NVDA) Spectrum-X Ethernet switches speed up networks for Meta and Oracle
  • Oracle (ORCL) and Duality deliver privacy-first AI to government and defense customers
  • Oracle (ORCL) CEO Clay Magouyrk in interview says OpenAI can pay $60 bln/year for cloud infrastructure, according to CNBC
  • Petrobras (PBR) to increase production at Tupi oil field, according to Bloomberg
  • Power Integrations (POWI) outlined the benefits of its PowiGaN gallium-nitride technology for next-generation AI data centers
  • PubMatic (PUBM) and MNTn (MNTN) partner to expand premium CTV market, driving net-new advertiser demand and unlocking a 10% publisher revenue lift
  • Qualcomm (QCOM): China claims Qualcomm admitted to acquiring Autotalks without informing regulators. Reuters
  • Robinhood Markets (HOOD) is open to acquisitions to grow prediction markets business, according to Reuters
  • Salesforce.com (CRM) CEO Marc Benioff says President Trump should send national guard troops into San Francisco to reduce crime. NY Times
  • Softbank (SFTBY): Wayve in discussions with Microsoft (MSFT) and SFTBY to raise $2 bln, according to FT
  • Tesla (TSLA) Shanghai gigafactory starts increasing production for Q4, according to Reuters
  • Tesla (TSLA) CyberTruck sales are falling, according to Business Insider
  • Ur-Energy (URG) announces retirement of CEO John Cash, names President Matthew Gili as successor
  • Vertiv (VRT) announces a milestone in its collaboration with NVIDIA (NVDA) to accelerate the next generation of AI factories, detailing its design maturity for 800 VDC power architectures
  • Vulcan Materials (VMC) provides CEO succession plan
  • Warner Brothers (WBD) rejected Paramount (PSKY) takeover approach. Paramount could take the merger plan directly to shareholders. WSJ
  • Zai Lab (ZLAB)  announces oral presentation of updated data from Global Phase 1 Trial of Zocilurtatug Pelitecan (ZL-1310), a potential first-in-class DLL3-targeted ADC, at 2025 AACR-NCI-EORTC conference
  • Zoetis (ZTS) announces that the Committee for Veterinary Medicinal Products of the European Medicines Agency has adopted a positive opinion recommending the granting of marketing authorization for Lenivia (izenivetmab) for the reduction of pain associated with osteoarthritis in dogs
  • Zoom Communications (ZM) announces a strategic go-to-market partnership with Oracle (ORCL) designed to help organizations transform the experience they deliver to customers through faster resolutions, streamlined omnichannel interactions, and intelligent self-service

• Upgrades:
  • Argan (AGX) upgraded to Overweight from Neutral at JPMorgan, tgt $315
  • Applied Materials (AMAT) upgraded to Buy from Neutral at BofA Securities, tgt $250
  • AMD (AMD) upgraded to Outperform from Neutral at KGI Securities, tgt $260
  • Camtek (CAMT) upgraded to Buy from Neutral at BofA Securities, tgt $135
  • CommVault Systems (CVLT) upgraded to Overweight from Neutral at Piper Sandler, tgt $200
  • Estee Lauder (EL) upgraded to Buy from Neutral at Goldman, tgt $115
  • Global Medical REIT (GMRE) upgraded to Outperform from Market Perform at Citizens JMP, tgt $40
  • Hamilton Lane (HLNE) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $150
  • Intercontinental Exchange (ICE) upgraded to Strong Buy from Outperform at Raymond James, tgt $210
  • Karyopharm Therapeutics (KPTI) upgraded to Buy from Neutral at H.C. Wainwright, tgt $15
  • Kilroy Realty (KRC) upgraded to Buy from Hold at Jefferies, tgt $45
  • Newmont Mining (NEM) upgraded to Buy from Neutral at Goldman, tgt $104.30
  • Palo Alto Networks (PANW) upgraded to Buy from Neutral at BTIG Research, tgt $248
  • Progress Software (PRGS) upgraded to Buy from Neutral at Citigroup, tgt $57
  • Public Storage (PSA) upgraded to Buy from Hold at Deutsche Bank, tgt $325
  • Shake Shack (SHAK) upgraded to Hold from Underperform at Jefferies, tgt $95
  • SL Green Realty (SLG) upgraded to Buy from Hold at Jefferies, tgt $62
  • Sprouts Farmers Market (SFM) upgraded to Outperform from Sector Perform at RBC Capital, tgt $148
  • Yelp (YELP) upgraded to Outperform from In Line at Evercore ISI, tgt $45
• Downgrades:
  • Axcelis Technologies (ACLS) downgraded to Underperform from Neutral at BofA Securities, tgt $90
  • CEMEX (CX) downgraded to Neutral from Buy at Citigroup, tgt $10
  • Cousins Properties (CUZ) downgraded to Hold from Buy at Jefferies, tgt $27
  • Easterly Government Properties (DEA) downgraded to Hold from Buy at Jefferies, tgt $20
  • Eversource Energy (ES) downgraded to Neutral from Buy at Janney
  • Fair Isaac (FICO) downgraded to Perform from Outperform at Oppenheimer
  • GlobalFoundries (GFS) downgraded to Underperform from Neutral at BofA Securities, tgt $35
  • Highwoods Properties (HIW) downgraded to Hold from Buy at Jefferies, tgt $30
  • Intel (INTC) downgraded to Underperform from Neutral at BofA Securities, tgt $34
  • Liberty Energy (LBRT) downgraded to Equal Weight from Overweight at Barclays, tgt $12
  • Marqeta (MQ) downgraded to Sell from Neutral at Goldman, tgt $5
  • Patterson-UTI Energy (PTEN) downgraded to Equal Weight from Overweight at Barclays, tgt $6
  • PayPal (PYPL) downgraded to Sell from Neutral at Goldman, tgt $70
  • Portillo's (PTLO) downgraded to Hold from Buy at Jefferies, tgt $6
  • ProPetro Holding (PUMP) downgraded to Equal Weight from Overweight at Barclays, tgt $5
  • Texas Instruments (TXN) downgraded to Underperform from Neutral at BofA Securities, tgt $190
• Others:
  • Abivax (ABVX) initiated with an Overweight at Barclays, tgt $142
  • AnaptysBio (ANAB) initiated with an Overweight at Barclays, tgt $78
  • atai Life Sciences (ATAI) initiated with a Buy at Needham, tgt $12
  • Aura Minerals (AUGO) initiated with a Buy at Goldman, tgt $46.60
  • Celldex Therapeutics (CLDX) initiated with an Underweight at Barclays, tgt $25
  • Climb Bio (CLYM) initiated with a Buy at H.C. Wainwright, tgt $9
  • Cooper Companies (COO) initiated with an Overweight at Barclays, tgt $85
  • Corvus Pharmaceuticals (CRVS) initiated with an Overweight at Barclays, tgt $16
  • Essential Properties Realty Trust (EPRT) initiated with a Buy at Berenberg, tgt $36
  • eToro Group (ETOR) initiated with a Buy at Compass Point, tgt $66
  • GE HealthCare (GEHC) initiated with an Equal Weight at Barclays, tgt $86
  • GH Research (GHRS) initiated with a Buy at Needham, tgt $19
  • Merck (MRK) resumed with a Neutral at Citigroup, tgt $95
  • MindMed (MNMD) initiated with a Buy at Needham, tgt $28
  • Monopar Therapeutics (MNPR) initiated with an Overweight at Barclays, tgt $125
  • Netskope (NTSK) initiated with a Buy at BTIG Research, tgt $27
  • Netskope (NTSK) initiated with an Overweight at Wells Fargo, tgt $28
  • Netskope (NTSK) initiated with a Buy at TD Cowen, tgt $30
  • Netskope (NTSK) initiated with an Outperform at Mizuho, tgt $25
  • Netskope (NTSK) initiated with an Outperform at RBC Capital, tgt $26
  • Netskope (NTSK) initiated with an Overweight at Piper Sandler, tgt $28
  • Netskope (NTSK) initiated with an Overweight at KeyBanc, tgt $27
  • Netskope (NTSK) initiated with an Outperform at Citizens JMP, tgt $27
  • Netskope (NTSK) initiated with an Overweight at JPMorgan, tgt $26
  • Netskope (NTSK) initiated with an Overweight at Morgan Stanley, tgt $27
  • Netskope (NTSK) initiated with a Buy at Deutsche Bank, tgt $25
  • Netskope (NTSK) initiated with an Outperform at BMO Capital, tgt $26
  • Netstreit (NTST) initiated with a Buy at Berenberg, tgt $22
  • Oruka Therapeutics (ORKA) initiated with an Overweight at Barclays, tgt $48
  • Rapt Therapeutics (RAPT) initiated with an Overweight at Barclays, tgt $35
  • Rimini Street (RMNI) initiated with a Buy at Lucid Capital, tgt $6
  • Select Water Solutions (WTTR) initiated with a Buy at Texas Capital, tgt $18
  • SL Green Realty (SLG) initiated with a Neutral at Ladenburg, tgt $63
  • StubHub Holdings (STUB) initiated with a Buy at BofA Securities, tgt $25
  • StubHub Holdings (STUB) initiated with a Peer Perform at Wolfe Research
  • StubHub Holdings (STUB) initiated with an Overweight at JPMorgan, tgt $24
  • StubHub Holdings (STUB) initiated with an Outperform at Citizens JMP, tgt $24
  • StubHub Holdings (STUB) initiated with an Outperform at Evercore ISI, tgt $29
  • StubHub Holdings (STUB) initiated with an Outperform at BMO Capital, tgt $30
  • StubHub Holdings (STUB) initiated with a Buy at Goldman, tgt $46
  • Tesla (TSLA) initiated with a Buy at Melius Research, tgt $520
  • TransMedics Group (TMDX) initiated with a Buy at Jefferies, tgt $145
  • Tvardi Therapeutics (TVRD) initiated with an Overweight at Barclays, tgt $61
  • WaterBridge Infrastructure (WBI) initiated with an Equal Weight at Wells Fargo, tgt $25
  • WaterBridge Infrastructure (WBI) initiated with a Buy at Stifel, tgt $30
  • WaterBridge Infrastructure (WBI) initiated with an Equal Weight at Morgan Stanley, tgt $32
  • WaterBridge Infrastructure (WBI) initiated with a Neutral at Piper Sandler, tgt $27
  • WaterBridge Infrastructure (WBI) initiated with a Buy at Texas Capital, tgt $32
  • WaterBridge Infrastructure (WBI) initiated with a Neutral at Goldman, tgt $21

• Econ Data (Tuesday):
  • 06:00 ET: September NFIB Small Business Optimism (prior 100.8)

• Earnings:
  • Monday (Oct 13)
    • Pre-Market: FAST
    • After-Hours: None
      
    Tuesday (Oct 14)
    • Pre-Market: ACI BLK C DPZ ERIC FBK GS JNJ JPM WFC
    • After-Hours: HWC
      
  • Wednesday (Oct 15)
    • Pre-Market: ABT ASML BAC CFG FHN MS PNC PGR PLD SYF
      
    • After-Hours: FR HOMB JBHT PNFP REXR SLG SNV TFIN UAL
      
  • Thursday (Oct 16)
    • Pre-Market: BK SCHW CMC IIIN KEY MTB MAN MMC SNA TRV TSM USB
    • After-Hours: OZK CNS CSX FNB GBCI IBKR LBRT SFNC
  • Friday (Oct 17)
    • Pre-Market: ALLY AXP ALV CMA FITB HBAN RF SLB STT TFC WBS
    • After-Hours: None