After Hours Report

The stock market advanced on widespread gains today, driven by a mix of trade, macroeconomic, and corporate developments that lifted the major averages throughout the session.

The S&P 500 (+1.1%), Nasdaq Composite (+1.4%), and DJIA (+1.1%) closed just off of their all-time closing levels, with today's gains placing the major averages back at levels last seen before the sharp pullback on October 10.  Meanwhile, the small-cap Russell 2000 (+2.0%) and S&P Mid Cap 400 (+1.2%) also advanced on today's broad strength.

Nine S&P 500 sectors finished the day in positive territory, all of which closed with gains of 1.0% or wider. 

The information technology sector (+1.1%) paced the early gains, boosted by strength in its chipmaker names that saw the PHLX Semiconductor Index close 1.6% higher. Advanced Micro Devices (AMD 240.56, +7.48, +3.21%) traded to a new all-time high, and Super Micro Computer (SMCI 55.04, +2.86, +5.48%) captured one of the widest gains across the S&P 500. 

Apple (AAPL 262.24, +9.95, +3.94%) provided the sector with strong leadership, moving higher after reports of solid iPhone 17 sales in the U.S. and China. Loop Capital upgraded the stock to Buy from Hold with a $315 target, while Evercore ISI added the stock to its Tactical Outperform list.

The financials sector (+1.2%) was another top performer today. Robinhood Markets (HOOD 135.80, +5.89, +4.53%) traded higher, with CNBC reporting that a handful of large investors increased their stakes.

Regional banking names performed well, with investors seemingly reassured that recent credit quality issues are isolated and not systematic. Zions Bancorp (ZION 51.98, +2.31, +4.65%) traded higher ahead of its earnings report this afternoon, and the KBW Regional Banking ETF gained 2.5%. 

The communication services sector (+1.5%) finished as the best-performing S&P 500 sector. The Trade Desk (TTD 52.50, +2.52, +5.03%) captured the widest gain, while Netflix (NFLX 1238.56, +39.20, +3.27%) moved higher ahead of its earnings release this week. 

Meta Platforms (META 732.17, +15.26, +2.13%) and Alphabet (GOOG 257.02, +3.23, +1.27%) provided strong leadership and contributed to strength across mega-cap names, sending the Vanguard Mega Cap Growth ETF 1.6% higher. 

Only the consumer staples (-0.1%) and utilities (-0.1%) sectors finished slightly lower. 

Though the ongoing government shutdown has had little effect on the path of equities, hints of a potential resolution added to the positive sentiment today, with White House Economic Advisor Kevin Hassett saying the shutdown "is likely to end sometime this week."

The shutdown prevented any data releases today, but rate cut expectations remain firm ahead of Friday's delayed release of the September Consumer Price Index (Briefing.com consensus: 0.4%).

Renewed optimism on U.S.-China trade served as an additional tailwind. President Trump said he expects a fair deal after upcoming talks in South Korea and plans to visit China in early 2026, signaling a more conciliatory approach.

With major averages back near record levels, investors appear confident in continued earnings growth and trade and economic stability heading into the busy reporting week.

U.S. Treasuries had a quiet start to the new week with slight relative strength in the long bond pressuring the 30-year yield past last week's low to a level last seen in early April while the 2-year note underperformed, ending little changed.

The 2-year note yield finished unchanged at 3.46%, the 10-year note yield settled down two basis points to 3.99%, and the 30-year note yield settled down three basis points to 4.58%. 

• Nasdaq Composite: +19.1% YTD
• S&P 500: + 14.5% YTD
• Russell 2000: +12.1% YTD
• DJIA: +9.8% YTD
• S&P Mid Cap 400: +4.5% YTD

Overseas:

• Europe: DAX +1.9%, FTSE +0.5%, CAC +0.4%
• Asia: Nikkei +3.4%, Hang Seng +2.4%, Shanghai +0.6%

Commodities:

• Crude Oil -0.08 @ 57.03
• Nat Gas +0.39 @ 3.40
• Gold +146.40 @ 4359.10
• Silver +1.27 @ 51.38
• Copper +0.06 @ 5.03

After-Hours Spotlight:

• BrightSpring Health Services (BTSG) issues upside Q3 revenue guidance, raises FY25 guidance...BTSG -5.2%
• Crown (CCK) beats by $0.25, beats on revs; guides FY25 EPS above consensus...CCK +7.6%
• Interparfums (IPAR) guides Q3 revs generally in-line; says growth was more moderate than expected...IPAR -1.8%
• Steel Dynamics (STLD) beats by $0.10, beats on revs...STLD -0.3%
• Zions Bancorp (ZION) beats by $0.02; excluding previously disclosed charge-off, co says remaining net charge-offs were very benign at $6 mln...ZION +2.9%

Fair Value for Tuesday, October 21:

• S&P 500: 6,773
• Nasdaq 100: 25,302
• DJIA: 46,904

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

• Earnings/Guidance (Full Earnings Calendar):
  • Americas Silver (USAS) reported strong consolidated silver production of 765,000 ounces for the third quarter of 2025
  • Cleveland-Cliffs (CLF) reports EPS in-line, misses on revs
  • CME Group (CME) reports its metals complex volume hit all-time daily volume record
  • Delcath Systems (DCTH) Announces Preliminary Third Quarter 2025 Financial Results
  • Investar (ISTR) announces 2025 third quarter results and Wichita Falls Bancshares, Inc. transaction update
  • Nutex Health (NUTX) reports corporate update; significant year-over-year growth in patient volume and cash collections
• General News
  • Treasury Secretary Scott Bessent says he will meet with Chinese Vice Premier He Lifeng in Malaysia this week to discuss trade
  • White House confirms 25% tariff on imports of medium-and heavy-duty trucks and truck parts; effective November 1; also extends the import adjustment offset program for automobile manufacturers through 2030Arcus Biosciences (RCUS): Taiho Pharmaceutical Exercises Option for an Exclusive License to Casdatifan in Japan and Certain Territories in Asia
  • President Trump says India tariffs will remain until they stop purchasing Russian oil, according to Reuters
  • President Trump suspends payments and subsides to Columbia due to the country's drug production
  • President Trump decided not to give Ukraine tomahawk missiles to strike Russia and said his priority is now diplomacy, according to Axios
  • Senator Lindsey Graham says President Trump will be announcing major tariffs against the Country of Colombia, today or tomorrow
  • China believes its economic growth goals are in reach, according to Bloomberg
  • China imported zero soybeans from U.S. for first time in seven years, according to Reuters
  • Chinese officials are trying to limit concerns regarding rare earths amid international backlash, according to Bloomberg
  • Chinese technology companies pausing stablecoin plans, according to FT
  • Israel and Hamas reaffirmed their commitment to a ceasefire following an attack that killed two IDF soldiers and Israel's retaliation. VP JD Vance will lead a US delegation to Israel this week, according to CNN
  • The federal court system runs out of money due to government shutdown, but the Supreme Court will continue to hold oral arguments, according to NY Times
  • The Trump administration agrees to provide student loan forgiveness after previously attempting to block it, according to CNBC
  • The cruise industry is seeing increased demand, according to Bloomberg
  • Alto Neuroscience (ANRO) announces that, following a successful outcome from a recent FDA meeting, it plans to accelerate the development of ALTO-207 for people with treatment resistant depression
  • Amazon (AMZN) AWS can confirm significant error rates for requests made to the DynamoDB endpoint in the US-EAST-1 region
  • Amazon (AMZN) AWS says " The underlying DNS issue has been fully mitigated, and most AWS Service operations are succeeding normally now"
  • Amazon (AMZN): Increasing costs are impacting AMZN delivery firms, according to Bloomberg
  • Apple (AAPL) customers in China file antitrust complaint against the company, according to Reuters
  • Apple (AAPL): Counterpoint Research says "The iPhone 17 series have outsold the iPhone 16 series by 14% in its first 10 days of availability in China and the US."
  • AppLovin (APP) will be the subject of a data privacy investigation, according to NY Post
  • Arrow Electonics (ARW) units removed from U.S. blacklist, according to Bloomberg
  • AstraZeneca (AZN): ENHERTU (fam-trastuzumab deruxtecan-nxki) reduced the risk of disease recurrence or death by 53% vs. T-DM1 in patients with high-risk HER2-positive early breast cancer following neoadjuvant therapy in DESTINY-Breast05 Phase III trial
  • AstraZeneca (AZN): ENHERTU (fam-trastuzumab deruxtecan-nxki) followed by THP before surgery resulted in a pathologic complete response in 67% of patients with high-risk HER2-positive early-stage breast cancer in DESTINY-Breast11 Phase III trial
  • AstraZeneca (AZN) receives Positive CHMP opinion for subcutaneous Saphnelo
  • Autolus Therapeutics (AUTL) Announces First Patient Dosed in Phase 1 Trial of Obecabtagene Autoleucel (Obe-Cel) in Patients with Progressive Multiple Sclerosis
  • BeOne Medicines (ONC) presents new data on Tevimbra in Lung Cancer at ESMO 2025
  • BIT Mining (BTCM) announces that effective at the opening of trading on Monday, October 20, 2025, the Company's ADRs will begin trading on the New York Stock Exchange under the new name, "SOLAI Limited," and new ticker symbol, "SLAI."
  • Boeing (BA) cargo plane slid off the runaway in Hong Kong, according to Reuters
  • Celcuity (CELC) Presents Updated Data at the 2025 ESMO Congress from Phase 1 Study Evaluating Gedatolisib Plus Darolutamide in Men with Metastatic Castration Resistant Prostate Cancer
  • Collective Mining (CNL) provides exploration update and announces that visual inspection of new drill core from step-out drilling at the Guayabales Project's Ramp Zone and the San Antonio Project's Pound target indicates that potentially significant mineralization has been intersected
  • Cooper Companies (COO): Jana Partners built a stake in Cooper Companies & wants changes, according to WSJ
  • Corcept (CORT) Presents ESMO 2025 Late-Breaker: Relacorilant Demonstrates Benefit in Patients with Platinum-Resistant Ovarian Cancer with Prior PARP Inhibitor Treatment
  • Delcath Systems (DCTH) Announces Investigator-Initiated CHOPIN Clinical Trial Meets Primary Endpoint
  • Disc Medicine (IRON) provides update on hematology portfolio and outlines near-term business objectives and anticipated milestones
  • Enanta Pharmaceuticals (ENTA) Presents New Data for Zelicapavir, its N-Protein Inhibitor, and EDP-323, its L-Protein Inhibitor, Both in Development for the Treatment of Respiratory Syncytial Virus (RSV) at IDWeek™ 2025
  • Exelixis (EXEL) Announces Results from Subgroup Analysis of CABINET Phase 3 Pivotal Trial Evaluating CABOMETYX® (cabozantinib) in Advanced Lung and Thymic Neuroendocrine Tumors at ESMO 2025
  • Exelixis (EXEL) Announces Detailed Results from Phase 3 STELLAR-303 Pivotal Trial Evaluating Zanzalintinib in Combination with an Immune Checkpoint Inhibitor in Metastatic Colorectal Cancer Presented at ESMO 2025 and Published in The Lancet
  • First Foundation Bank (FFWM) appoints Parham Medhat as Chief Operations Officer effective October 20
  • Fulgent Genetics (FLGT) shares preliminary data from poster presentation at ESMO 2025 Conference
  • Genmab (GMAB) Announces New Data Demonstrating Investigational Rinatabart Sesutecan (Rina-S®) Achieved Anti-Tumor Activity in Heavily Pretreated Patients with Advanced Endometrial Cancer
  • Gilead (GILD): Trodelvy Reduces Risk of Disease Progression or Death by 38% Versus Chemotherapy as First-Line Therapy in Patients With Metastatic Triple-Negative Breast Cancer in ASCENT-03 Study
  • Glaukos (GKOS) receives FDA approval for Epioxa
  • GoldMining (GLDG) Reports Initial Drill Results and Confirms Multiple New Mineralized Targets across São Jorge Project, Brazil
  • GRAIL (GRAL) and University of Oxford to present long-term data from the SYMPLIFY study evaluating the Galleri multi-cancer early detection test in symptomatic individuals at the Early Detection of Cancer Conference
  • IDEAYA Biosciences (IDYA) reports positive median overall survival data from phase 2 trial of the Darovasertib and Crizotinib Combination in first-line metastatic uveal melanoma at the 2025 Society for Melanoma Research Congress
  • Incyte (INCY) Announces Phase 1 Results for its TGFßR2×PD-1 Bispecific Antibody in Advanced Colorectal Cancer and KRAS G12D Inhibitor in Advanced Pancreatic Ductal Adenocarcinoma
  • Johnson & Johnson (JNJ) reports Subcutaneous amivantamab delivers promising 45 percent overall response rate with median duration of 7.2 months in recurrent or metastatic head and neck cancer
  • Keros Therapeutics (KROS) commences issuer tender offer to repurchase up to $194.4 million shares
  • L3Harris (LHX): The Republic of Korea selects L3Harris for Airborne Early Warning and Control Aircraft Program
  • Lineage (LINE) announced the appointment of Robb LeMasters as Chief Financial Officer, effective November 10, 2025
  • Lockheed Martin (LMT): Germany aiming to order 15 F-35 jets, according to Reuters
  • Merck (MRK) breaks ground on $3 billion center of excellence for pharmaceutical manufacturing in Elkton, Virginia
  • Merck (MRK): KEYTRUDA (pembrolizumab) Plus LENVIMA (lenvatinib) Demonstrates Durable 5-Year Survival Benefit Versus Chemotherapy for Patients With Advanced Endometrial Carcinoma Following One Prior Platinum-Based Regimen
  • Merck (MRK): KEYTRUDA (pembrolizumab) Plus Padcev® (enfortumab vedotin-ejfv) Reduced Risk of Event-Free Survival Events by 60% and Risk of Death by 50% for Certain Patients with Muscle-Invasive Bladder Cancer When Given Before and After Surgery
  • Merck (MRK): PADCEV Plus KEYTRUDA, Given Before and After Surgery, Cuts the Risk of Recurrence, Progression or Death by 60% and the Risk of Death by 50% for Certain Patients with Bladder Cancer
  • Merck (MRK): Raludotatug Deruxtecan Demonstrated Clinically Meaningful Response Rates in Patients with Recurrent Platinum-Resistant Ovarian, Primary Peritoneal or Fallopian Tube Cancer in Phase 2 Part of REJOICE-Ovarian01 Phase 2/3 Trial
  • Moderna (MRNA) highlights seasonal flu and H5 Pandemic Flu candidates at IDWeek 2025
  • Natera (NTRA): Successful IMvigor011 Trial Achieves 41% Improvement in Overall Survival for Bladder Cancer Patients
  • Novartis (NVS) reports PSMAddition data shows progression to end-stage prostate cancer
  • Novo Nordisk (NVO) to present new data in oral semaglutide 25 mg (Wegovy in a pill) and obesity pipeline at ObesityWeek
  • NuCana (NCNA) Presents Encouraging Data on NUC-7738 in Combination with PD-1 Inhibitors using Primary Patient-Derived Organoids and Autologous Tumor-Infiltrating Lymphocytes at the ESMO Congress 2025
  • Nuvalent (NUVL) Presents Preliminary Data for Neladalkib in Advanced ALK-positive Solid Tumors Beyond NSCLC at ESMO 2025
  • Nvidia (NVDA) CEO Jensen Huang planning on attending the APEC summit, according to Reuters
  • Paramount (PSKY) to begin layoffs this week, according to Variety
  • Perspective Therapeutics (CATX) Presents Updated Interim Data from its Ongoing Phase 1/2a Clinical Trial of [212Pb]VMT-a-NET at the ESMO Congress 2025
  • Pfizer (PFE): XTANDI Plus Leuprolide Reduced Risk of Death by 40% vs Leuprolide Alone in Men with a Type of Advanced Prostate Cancer
  • Pfizer’s (PFE) BRAFTOVI + MEKTOVI Shows Sustained Long-Term Survival in Patients with Advanced Lung Cancer
  • Replimune (REPL) Highlights Acral Melanoma Data for RP1 plus Nivolumab at the ESMO Congress 2025
  • Replimune (REPL) announces that the FDA accepted the resubmission of the Biologics License Application for RP1 in combination with nivolumab for the treatment of advanced melanoma
  • Roche Hldg (RHHBY): Genentech’s Phase III evERA data showed Giredestrant significantly improved progression-free survival in people with ER-Positive Advanced Breast Cancer
  • Roche Hldg (RHHBY) receives FDA approval for Genentech’s Gazyva
  • Sanofi (SNY) reports high-dose influenza vaccine demonstrates superior protection for older adults against hospitalization vs standard-dose
  • Sanofi (SNY) announces that the FDA has accepted for expedited review the supplemental biologics license application for Tzield to delay the progression of stage 3 type 1 diabetes
  • Summit Therapeutics (SMMT): Ivonescimab with Chemotherapy Reduced the Risk of Disease Progression or Death by 40% Compared to Tislelizumab (PD-1 Inhibitor) Plus Chemotherapy in 1L Treatment of Patients with Squamous NSCLC in the HARMONi-6 Study Conducted by Akeso in China
  • Tesla's (TSLA) compensation plan for CEO Elon Musk facing additional pushback, according to Reuters
  • TripAdvisor (TRIP): Starboard wants changes at TripAdvisor, according to Reuters
  • Verastem Oncology (VSTM) Announces Updated Data from Partner GenFleet Therapeutics’ Phase 1/2 Monotherapy Study in China of GFH375 (VS-7375) in Advanced KRAS G12D Mutant Pancreatic Ductal Adenocarcinoma
  • Viridian Therapeutics (VRDN) announces royalty financing with DRI Healthcare for up to $300 million

• Upgrades:
  • Ally Financial (ALLY) upgraded to Buy from Hold at TD Cowen, tgt $50
    
  • Apple (AAPL) upgraded to Buy from Hold at Loop Capital, tgt $315
    
  • Apollo Commercial Real Estate Finance (ARI) upgraded to Overweight from Neutral at JPMorgan, tgt $10.50
    
  • Darden Restaurants (DRI) upgraded to Buy from Neutral at Goldman, tgt $225
    
  • Digital Realty Trust (DLR) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $194
    
  • Gaming and Leisure (GLPI) upgraded to Overweight from Equal Weight at Barclays, tgt $54
    
  • Healthcare Realty Trust (HR) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $18
    
  • KLA Corporation (KLAC) upgraded to Overweight from Equal Weight at Barclays, tgt, $1,200
    
  • Lululemon Athletica Inc. (LULU) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $146
    
  • Marsh & McLennan (MMC) upgraded to Neutral from Sell at Goldman, tgt $195
    
  • ProLogis (PLD) upgraded to Market Perform from Underperform at BMO Capital, tgt $119
    
  • Sempra Energy (SRE) upgraded to Overweight from Equal Weight at Barclays, tgt $101
    
  • SLB (SLB) upgraded to Overweight from Neutral at Piper Sandler, tgt $42
    
  • Triumph Financial (TFIN) upgraded to Buy from Neutral at B. Riley, tgt $70
• Downgrades:
  • Astera Labs (ALAB) downgraded to Equal Weight from Overweight at Barclays, tgt $155
  • Gildan Activewear (GIL) downgraded to Neutral from Buy at Citigroup, tgt $63
    
  • KKR Real Estate Financial Trust (KREF) downgraded to Neutral from Overweight at JPMorgan, tgt $9
    
  • Lumentum (LITE) downgraded to Equal Weight from Overweight at Barclays, tgt $165
    
  • Marvell (MRVL) downgraded to Equal Weight from Overweight at Barclays, tgt $80
    
  • Progressive Corp. (PGR) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $214
    
  • Qorvo Inc. (QRVO) downgraded to Underperform from Neutral at Mizuho, tgt $75
    
  • Rexford Industrial Realty (REXR) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • Rivian Automotive Inc. (RIVN) downgraded to Underperform from Neutral at Mizuho, tgt $10
    
  • Skyworks Solutions (SWKS) downgraded to Underperform from Neutral at Mizuho, tgt $60
    
  • Texas Instruments (TXN) downgraded to Underperform from Neutral at Mizuho, tgt $150
• Others:
  • Allient Inc. (ALNT) initiated with a Neutral at JPMorgan, tgt $60
  • Allot Ltd. (ALLT) initiated with a Buy at TD Cowen, tgt $13
    
  • American Resources Corp. (AREC) initiated with an Outperform at William Blair
    
  • Armstrong World Industries (AWI) initiated with a Buy at Vertical Research, tgt $238
    
  • Avepoint Inc. (AVPT) initiated with an Overweight at Morgan Stanley
    
  • Bolt Biotherapeutics, Inc. (BOLT) assumed with a Buy at H.C. Wainwright, tgt $7
    
  • Builders FirstSource (BLDR) initiated with a Sell at Vertical Research
    
  • CAVA Group Inc. (CAVA) initiated with a Neutral at Goldman, tgt $74
    
  • Ferguson Plc. (FERG) initiated with a Buy at Vertical Research
    
  • GeneDx (WGS) initiated with a Buy at Canaccord Genuity, tgt $155
    
  • Kodiak AI (KDK) initiated with an Overweight at Cantor Fitzgerald, tgt $13
    
  • NewAmsterdam Pharma Co NV (NAMS) assumed with a Buy at H.C. Wainwright, tgt $52
    
  • NioCorp Developments Ltd. (NB) initiated with an Outperform at William Blair
    
  • Pearson PLC (PSO) assumed with an Equal Weight at Morgan Stanley
    
  • Royalty Management Holding Corp. (RMCO) initiated with an Outperform at William Blair
    
  • Sila Realty Trust Inc. (SILA) initiated with a Peer Perform at Wolfe Research
    
  • SPX Technologies (SPXC) initiated with a Hold at Truist, tgt $209
    
  • United States Antimony Corp. (UAMY) initiated with an Outperform at William Blair
    
  • USA Rare Earth Inc. (USAR) initiated with an Outperform at William Blair
    
  • Veracyte, Inc. (VCYT) initiated with a Hold at Canaccord Genuity, tgt $40
  • Western Midstream (WES) reinstated with a Neutral at Citigroup, tgt $39
  • WillScot Mobile Mini Holdings Corp. (WSC) initiated with a Buy at Citigroup, tgt $28
  • Zoom Communications (ZM) assumed with a Neutral at UBS, tgt $85

• Econ Data (Tuesday):
  • No U.S. economic data of note

• Earnings:
  • Monday (Oct 20)
    • Pre-Market: CLF
    • After-Hours: BOKF CADE CCK RLI STLD WRB WTFC ZION
      
    Tuesday (Oct 21)
    • Pre-Market: MMM BMI BCPC KO CBU DHR ELV EFX GATX GE GM GPC HAL LMT NDAQ NOC PCAR PNR PM PHM DGX RTX VMI
    • After-Hours: ADC COF CATY CB EWBC EQT ISRG FULT MANH MTDR MAT NBHC NFLX OMC CASH PEGA PFSI TXN VICR WAL WFRD
      
  • Wednesday (Oct 22)
    • Pre-Market: APH T AVY BKU BSX CME FRME GEV HCSG HLT LII LAD MHO MCO NTRS OFG ONB PTEN PRG SF TMHC TDY TMO TNL UNF UCB VRT WAB WGO
      
    • After-Hours: AA ASGN BANC CACI CCS CHDN CLB CCI ELS EPRT FAF FE GL GSHD GGG HLX HXL IBM ICLR KALU KMI KNX LRCX LVS LC MEDP MOH ORLY OII PKG PLXS QS RJF RS RBBN RHI SAP SEIC SIGI SON TSLA TCBI URI VKTX WDFC WSBC WH
  • Thursday (Oct 23)
    • Pre-Market: ALLE AB AAL AMBP AUB AN BX BFH BC CRS CBRE CNP DAR DOV DOW EEFT XPRO FBP FCX FCN GTX THRM HAS HON IMAX ITGR IRDM LADR LUV LAZ LNN MRP MBLY MSM NOK ORI PCG POOL BPOP ROP R SMPL SAH STM TMUS FTI TXT TSCO TRU TPH UNP VLO VLY VC WST
    • After-Hours: ALK ASB BKR BYD CYH COUR CUBI DECK DLR EGP ELME ENVA FFBC F DOC HTH INTC KNSL KN MXL MHK MGRC MTX NEM NXT NSC PECO SLM SSNC VRSN WU WKC WSFS
  • Friday (Oct 24)
    • Pre-Market: BAH FHB FLG GD GNTX HCA ITW PG SNY STEL
    • After-Hours: None