After Hours Report

The Nasdaq Composite (+0.7%) eclipsed its record highs from last week as a result of strength in semiconductor and mega-cap names.

The S&P 500 (+0.4%) came within two points of its all-time high and notched a record closing high, while mixed sector strength saw the DJIA (-0.1%) move lower. 

Shares of Advanced Micro Devices (AMD 203.71, +39.04, +23.71%) climbed precipitously this morning after the company announced a deal with OpenAI involving a 6-gigawatt commitment to support OpenAI's next-generation AI infrastructure using multiple generations of AMD Instinct GPUs. As part of the agreement, OpenAI received a warrant for up to 160 million AMD shares, with vesting tied to deployment volume targets and AMD's stock performance. 

The PHLX Semiconductor Index moved higher in response, finishing with a 2.9% gain, though strength was not entirely ubiquitous throughout the industry. NVIDIA (NVDA 185.51, -2.11, -1.12%) moved lower in response, as AMD's partnership potentially threatens NVIDIA's dominant position in AI infrastructure. 

Despite the loss in its largest component, the information technology sector (+0.6%) mounted a solid advance today, supported by a nice gain in its second-largest component, Microsoft (MSFT 528.57, +11.22, +2.17%). 

Strength in mega-cap names also propelled the consumer discretionary (+1.0%) and communication services (+0.9%) sectors higher today. 

Tesla (TSLA 453.25, +23.42, +5.45%) was a notable standout, with shares rising after the company teased a product unveiling for tomorrow on social media. 

The Vanguard Mega Cap Growth ETF closed 0.9% higher, and the market-weighted S&P 500 (+0.4%) outperformed the S&P 500 Equal Weighted Index (-0.1%). 

Elsewhere, the utilities sector (+1.0%) expanded upon its hot start to the quarter, and the energy sector (+0.5%) advanced as crude oil futures settled today's session $0.84 higher (+1.4%) at $61.69 per barrel. OPEC+ announced an output hike of 137,000 barrels per day for November, which was in line with reports from last week. 

Only the real estate (-1.0%), consumer staples (-0.6%), health care (-0.5%), and financials (-0.1%) sectors closed with losses. 

While the market did not have any economic data to digest today, there was a decent amount of corporate news flow.

Fifth Third (FITB 43.79, -0.62, -1.40%) is set to acquire Comerica (CMA 80.19, +9.64, +13.66%) for $10.9 billion in an all-stock transaction that would result in the nation's ninth-largest bank with approximately $288 billion in assets.

Verizon (VZ 41.43, -2.24, -5.13%) weighed on the DJIA after announcing that former PayPal CEO Dan Schulman will become its new Chief Executive Officer, replacing Hans Vestberg.

OpenAI's developer event this afternoon saw several stocks move higher after receiving mentions, including Figma (FIG 57.00, +3.96, +7.47%), HubSpot (HUBS 463.53, +11.66, +2.58%), and Salesforce (CRM 245.78, +5.42, +2.25%). 

Just before the close, shares of AppLovin (APP 587.00, -95.76, -14.03%) fell sharply after Bloomberg reported that the SEC is probing the company's data-collection practices after a whistleblower complaint. 

Despite a lack of macro catalysts, today's action reflects the market's conviction in the AI trade even at record valuations, with mega-caps continuing to drive the index level push into record territory ahead of earnings season. 

U.S. Treasuries started the week on a lower note, adding to their losses from Friday. The 2-year note yield settled up three basis points to 3.60%, and the 10-year note yield settled up four basis points to 4.16%. 

• Nasdaq Composite: +18.8% YTD
• S&P 500: + 14.6% YTD
• Russell 2000: + 11.5% YTD
• DJIA: + 9.8% YTD
• S&P Mid Cap 400: + 5.5% YTD

Overseas:

• Europe: DAX +0.1%, FTSE -0.1%, CAC -1.4%
• Asia: Nikkei +4.8%, Hang Seng -0.7%, Shanghai market closed

Commodities:

• Crude Oil +0.84 @ 61.69
• Nat Gas +0.04 @ 3.36
• Gold +66.80 @ 3975.90
• Silver +0.48 @ 48.43
• Copper -0.07 @ 5.04

After-Hours Spotlight:

• Constellation Brands (STZ) beats by $0.25, beats on revs; reaffirms FY26 EPS guidance...STZ +3.8%
• Lucid Group (LCID) reports Q3 deliveries of 4,078 vehicles and production of 3,891 vehicles, with more than 1,000 additional vehicles built for Saudi Arabia for final assembly...-0.3%
• SANUWAVE Health (SNWV) lowers Q3 and FY25 revenue guidance; Q3 was more challenging than expected...-27.1%
• Trilogy Metals (TMQ) surging in after hours as Trump Administration announces it's taking a 10% stake in the company, with warrants to purchase additional 7.5% of the company, per the White House website...TMQ +150%

Fair Value for Tuesday, October 7:

• S&P 500: 6,787
• Nasdaq 100: 25,178
• DJIA: 46,951

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

• Earnings/Guidance (Full Earnings Calendar):
  • AbbVie (ABBV) expects Q3 reported earnings to include acquired IPR&D and milestones expense of $2.7 bln
  • Datavault AI (DVLT) raises 2026 revenue outlook as it launches four independent data exchanges
  • DeFi Technologies (DEFT) reports September assets under management
  • Hon Hai Precision (HNHPF) reports September sales increased 14.19% yr/yr to ~NT$837.1 bln
  • Kolibri Global Energy (KGEI) revises FY25 revs guidance; provides corporate update
  • LGI Homes (LGIH) reports September and third quarter home closings
  • Niu Technologies (NIU) reports Q3 sales volumes of 465,873 units
  • Regeneron Pharma (REGN) expects in-process research and development charge of approximately $83 million on a pre-tax basis in Q3
• General News
  • Republicans and Democrats remain deadlocked in government funding negotiations. Democrats show no signs of backing down from demands. Senate will vote again on continuing resolution tonight, according to NY Times
  • White House economic advisor Kevin Hassett says federal layoffs will begin if President Trump decides that shutdown talks are "absolutely going nowhere", according to CNBC
  • Hamas agreed to release all of the Israeli hostages held in Gaza, but they want to negotiate other elements of President Trump's peace proposal. President Trump told Israel to stop bombing Gaza, according to NY Times
  • OPEC decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023
  • Conservative lawmaker Sanae Takaichi on track to become Japanese Prime Minister. Mrs. Takaichi promoted easy money policies and stimulus, according to NY Times
  • President Trump will send 300 national guard troops to Illinois despite objections from state leaders, according to WSJ
  • President Trump tells homebuilders to start building homes; says "I’m asking Fannie Mae (FNMA) and Freddie Mac (FMCC) to get big homebuilders going and, by so doing, help restore the American Dream!"
  • French Prime Minister Sebastien Lecornu resigns, according to CNN
  • Bitcoin reached all time high
  • Taylor Swift release earned $30 million in theaters, according to Bloomberg
  • Airlines expanding premium seating, according to Bloomberg
  • President Trump confirms, 'had a very good telephone call with President Lula, of Brazil'
  • President Trump says that tariffs on heavy duty trucks will start on November 1st (prior expected date was October 1)
  • Abivax (ABVX) announces late-breaking presentation of 8-Week ABTECT induction trial results in participants with and without prior inadequate response to advanced therapies
  • Advanced Micro Devices (AMD) and OpenAI announce a 6-gigawatt agreement to power OpenAI’s next-gen AI infrastructure across multiple generations of AMD Instinct GPUs
  • Airbus (EADSY) discussions with other firms to create new satellite manufacturer have hit a snag, according to LA Tribune
  • Alphabet (GOOG) agrees to multi-year deal with podcaster Alex Cooper, according to WSJ
  • Alvotech (ALVO) reports the EMA has accepted a MAA for AVT23
  • Apple (AAPL): John Ternus could be a possible successor to Apple CEO Tim Cook, according to Bloomberg
  • Arvinas (ARVN) presents late breaking, Phase 1 Clinical Data for ARV-102, a PROTAC LRRK2 Degrader, at the 2025 International Congress of Parkinson’s Disease and Movement Disorders
  • AstraZeneca (AZN) reports DATROWAY is the first and only therapy to significantly improve overall survival versus chemotherapy in this patient population
  • AstraZeneca (AZN) aiming to partner with Algen Biotechnologies for AI drug development, according to FT
  • AstraZeneca (AZN) and Daiichi Sankyo’s (DSNKY) DATROWAY improved OS and PFS in TROPION-Breast02
  • Atkore International (ATKR) to cease manufacturing operations at three facilities to reduce costs
  • Better Home & Finance (BETR) CFO Keven Ryan to retire
  • Blackstone (BX) and Lunate confirm strategic partnership to invest in GCC Logistics
  • Boeing (BA) preparing for 737 production increase as soon as this month, according to Bloomberg
  • Braskem SA (BAK) bolsters liquidity with $1 billion stand-by credit draw, lifting cash to $2.3 billion
  • Cboe Global Markets (CBOE) reports trading volume for September 2025
  • Charles Schwab (SCHW) Trading Activity Index increased to 46.12 in September, up from its score of 43.69 in August
  • Coursera (COUR) partners with OpenAI to bring learning capabilities into the first generation of apps in ChatGPT
  • Cresco Labs (CRLBF) filed for mixed securities shelf offering
  • Criteo (CRTO) & DoorDash (DASH) sign multi-year partnership to expand retail media access
  • Critical Metals Corp.(CRML): Trump administration not pursuing stake in CRML after rare-earths deal rumors spike shares, according to Bloomberg
  • EchoStar's (SATS) DISH Research confirms addressable TV unlocks growth in a fragmented market
  • Eli Lilly (LLY) aiming to invest $1 bln to expand manufacturing in India, according to Reuters
  • Franklin Resources (BEN) announces preliminary month-end Assets Under Management
  • Freeport-McMoRan (FCX) issues update on PT Freeport Indonesia operations
  • Galaxy Digital (GLXY) announces launch of GalaxyOne, a fintech platform offering U.S.-based individual investors to access high yields on fiat cash, alongside crypto and equities trading
  • Global Business Travel Group (GBTG) announces that American Express Global Business Travel signed a strategic alliance with SAP Concur
  • Hertz Global (HTZ) promotes Mike Moore to COO, with direct, end-to-end responsibility for all fleet operations
  • Huntington Ingalls (HII), Woods Hole Oceanographic Institution, and the U.S. Navy’s Naval Undersea Warfare Center Division Newport has successfully completed the first recovery of a second-generation REMUS 620 into a Virginia-class submarine torpedo tube and shutterway test fixture at Seneca Lake, New York
  • Insight Molecular Diagnostics (IMDX) reports kidney transplant patient achieved ‘immune reset’ with novel therapy and graftassure monitoring
  • Invivyd (IVVD) announces that the U.S. FDA has cleared the company’s Investigational New Drug application and provided feedback to advance the company’s REVOLUTION clinical program, Invivyd’s development program for VYD2311, a vaccine alternative monoclonal antibody candidate for the prevention of COVID
  • Kaltura (KLTR) CFO to step down; reaffirms guidance
  • KalVista Pharmaceuticals (KALV) announced the appointments of Bilal Arif as Chief Operating Officer and Linea Aspesi as Chief People Officer, effective October 6, 2025
  • MarketAxess (MKTX) reports September trading volume metrics
  • Merck (MRK) expands tulisokibart clinical development program with initiation of Phase 2b Trials in three additional immune-mediated inflammatory diseases
  • Metallus (MTUS) and United Steelworkers Local 1123 reach tentative agreement for new four-year contract
  • Newell Brands (NWL) moved Sharpie production to U.S. without increasing prices, according to WSJ
  • Nova Measuring's (NVMI) ELIPSON materials metrology solution has been selected as Tool of Record by a leading global foundry customer
  • Orla Mining (ORLA) announces major exploration success at the Musselwhite Mine in northwestern Ontario, with drilling confirming a potential two-kilometre extension of the mine's main gold trend beyond current resources
  • Palantir Technologies (PLTR): OneMedNet selects Palantir to advance healthcare AI and data analytics
  • PayPal (PYPL) introduces 5% cash back on buy now pay later purchases this holiday season
  • Pembina Pipeline (PBA) provides update on Greenlight Electricity Centre
  • REGENXBIO (RGNX) announced the completion of enrollment in the ATMOSPHERE and ASCENT pivotal studies
  • Roche Hldg (RHHBY) receives CE Mark for AI-based Kidney Klinrisk Algorithm; launches new comprehensive CKD algorithm panel
  • Sable Offshore Corp. (SOC) provides legal updates
  • Skye Bioscience (SKYE) reports Topline CBeyond phase 2a data from nimacimab monotherapy and combination clinical trial
  • SKYX Platforms (SKYX) disclosed John Campi retired as Co-Chief Executive Officer - will remain a shareholder of the Company, and will continue to assist the Company if needed
  • Sony (SONY) decided to adjust the exercise prices of select series of stock acquisition rights previously issued for the purpose of granting stock options
  • Spotify (SPOT) confirms it is introducing "Spotify in ChatGPT"
  • Starbucks (SBUX) CEO Brian Niccol says recent changes were necessary to build towards growth, according to WSJ
  • Stellantis (STLA) aiming to invest $10 bln in U.S., according to Bloomberg
  • Stoke Therapeutics (STOK) appoints Ian Smith as CEO
  • Sysco (SYY): More than 400 Teamsters at Sysco San Francisco have voted unanimously to authorize a strike if the company refuses to deliver a fair contract
  • Tesla (TSLA) teases event tomorrow in video on social media
  • Tesla (TSLA) September car sales in Germany fell 9.4%, according to Reuters
  • TotalEnergies SE (TTE) and Veolia sign MOU for the energy transition and the circular economy
  • Toyota Motor (TM) disclosed notice concerning progress of the tender offer for own shares
  • Tradeweb Markets (TW) sets new records in September with $63.7 trillion total volume and $2.9 trillion daily average
  • VersaBank (VBNK) enters into an agreement with Thrive Financial., a technology platform for point-of-sale financing of home improvement projects
  • Vimeo (VMEO) appointed Austin Kaplicer to serve as the Company’s Interim Chief Financial Officer, effective immediately
  • Walmart (WMT): Sam’s Club members now get free same-day delivery of refrigerated medications, including GLP-1s
  • Wyndham Hotels & Resorts (WH) announces launch of Dazzler Select, a new franchise designed for independent hoteliers in the economy lifestyle space
  • Zillow (ZG) confirms that its real estate app is available in ChatGPT

• Upgrades:
  • Accelerant (ARX) upgraded to Buy from Neutral at Goldman, tgt $19.50
    
  • Affirm (AFRM) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $101
    
  • Axalta Coating (AXTA) upgraded to Buy from Neutral at Citigroup, tgt $34
    
  • Blackstone Secured Lending Fund (BXSL) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $30
    
  • Blue Owl Technology Finance (OTF) upgraded to Overweight at Wells Fargo, tgt $15
  • Brinker (EAT) upgraded to Buy from Neutral at BofA Securities, tgt $192
    
  • Charles River (CRL) upgraded to Outperform from Market Perform at William Blair
    
  • Fidus Investment (FDUS) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $21.50
    
  • Ford (F) upgraded to Hold from Underperform at Jefferies, tgt $12
    
  • FS KKR Capital (FSK) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $15
    
  • Intellia (NTLA) upgraded to Outperform from Market Perform at Citizens JMP, tgt $33
    
  • Kayne Anderson BDC (KBDC) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $16.50
    
  • Lennox (LII) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $575
    
  • Micron (MU) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $220
    
  • Mobileye (MBLY) upgraded to Buy from Hold at Deutsche Bank, tgt $19
    
  • Morgan Stanley Direct Lending (MSDL) upgraded to Overweight at Wells Fargo, tgt $17
    
  • MSC Income Fund (MSIF) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $16.50
    
  • PennantPark Floating Rate (PFLT) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $10.50
    
  • TPG (TPG) upgraded to Overweight from Neutral at JPMorgan, tgt $78
• Downgrades:
  • Abercrombie & Fitch (ANF) downgraded to Neutral from Overweight at JPMorgan, tgt $103
    
  • AT&T (T) downgraded to Sector Perform from Outperform at Scotiabank, tgt $30.25
    
  • Bath & Body Works (BBWI) downgraded to Neutral from Overweight at JPMorgan, tgt $26
    
  • Boston Beer (SAM) downgraded to Neutral from Buy at Citigroup, tgt $235
    
  • Check Point (CHKP) downgraded to Sector Perform from Outperform at Scotiabank, tgt $205
    
  • Elastic (ESTC) downgraded to Sector Perform from Outperform at Scotiabank, tgt $90
    
  • Emerson (EMR) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $140
    
  • Lithium Americas (LAC) downgraded to Underperform from Sector Perform at Scotiabank, tgt $5
  • OR Royalties (OR) downgraded to Hold from Buy at Jefferies, tgt $40
    
  • Papa John's (PZZA) downgraded to Neutral from Buy at BofA Securities, tgt $50
    
  • Portillo's (PTLO) downgraded to Neutral from Buy at BofA Securities, tgt $7
    
  • Rambus (RMBS) downgraded to Neutral from Positive at Susquehanna, tgt $100
    
  • Shake Shack (SHAK) downgraded to Underperform from Neutral at BofA Securities, tgt $86
    
  • Sociedad Quimica y Minera (SQM) downgraded to Hold from Buy at Jefferies, tgt $50
    
  • Sweetgreen (SG) downgraded to Neutral from Buy at BofA Securities, tgt $9.50
• Others:
  • AvePoint (AVPT) initiated with a Buy at DBS Bank
    
  • Cassava Sciences (SAVA) initiated with a Buy at Lucid Capital, tgt $8
  • Charter (CHTR) resumed with a Buy at Citigroup, tgt $325
    
  • Commerce Bancshares (CBSH) initiated with an Outperform at Hovde Group, tgt $70
    
  • Figure (FIGR) initiated with a Buy at Goldman, tgt $42
    
  • Figure (FIGR) initiated with a Buy at Needham, tgt $51
    
  • Figure (FIGR) initiated with an Outperform at Keefe Bruyette, tgt $48.50
    
  • Figure (FIGR) initiated with an Outperform at Mizuho, tgt $47
    
  • Figure (FIGR) initiated with an Outperform at Bernstein, tgt $54
    
  • Figure (FIGR) initiated with an Overweight at Piper Sandler, tgt $50
    
  • Figure (FIGR) initiated with a Neutral at BofA Securities, tgt $41
    
  • Figure (FIGR) initiated with a Neutral at Autonomous, tgt $41
    
  • Figure (FIGR) initiated with a Hold at Jefferies, tgt $40
    
  • Invivyd (IVVD) initiated with an Overweight at Cantor Fitzgerald, tgt $10
    
  • Klarna (KLAR) initiated with a Buy at Goldman, tgt $55
    
  • Klarna (KLAR) initiated with a Buy at BofA Securities, tgt $51
    
  • Klarna (KLAR) initiated with a Buy at Deutsche Bank, tgt $48
    
  • Klarna (KLAR) initiated with a Buy at Citigroup, tgt $58
    
  • Klarna (KLAR) initiated with a Buy at UBS, tgt $48
    
  • Klarna (KLAR) initiated with an Outperform at Keefe Bruyette, tgt $52
    
  • Klarna (KLAR) initiated with an Outperform at Wolfe Research, tgt $50
    
  • Klarna (KLAR) initiated with an Outperform at Autonomous, tgt $51
    
  • Klarna (KLAR) initiated with an Overweight at JPMorgan, tgt $50
    
  • Klarna (KLAR) initiated with an Equal Weight at Morgan Stanley, tgt $43
    
  • Klarna (KLAR) initiated with a Neutral at Rothschild & Co Redburn, tgt $46
    
  • Klarna (KLAR) initiated with a Neutral at BNP Paribas Exane, tgt $46
    
  • Klarna (KLAR) initiated with a Market Perform at Bernstein, tgt $45
    
  • LB Pharmaceuticals (LBRX) initiated with an Outperform at Leerink, tgt $34
    
  • LB Pharmaceuticals (LBRX) initiated with an Overweight at Piper Sandler, tgt $78
    
  • LB Pharmaceuticals (LBRX) initiated with a Buy at Stifel, tgt $27
    
  • M&T Bank (MTB) assumed with an Overweight at Piper Sandler, tgt $225
    
  • Ondas (ONDS) initiated with a Buy at H.C. Wainwright, tgt $12
    
  • Skyward Specialty Insurance (SKWD) initiated with a Buy at Janney
    
  • TG Therapeutics (TGTX) assumed with a Buy at H.C. Wainwright, tgt $60

• Econ Data (Tuesday):
  • 8:30 ET: August Trade Balance (Briefing.com consensus -$61.0 bln; prior -$60.2 bln) 
  • 15:00 ET: August Consumer Credit (Briefing.com consensus $13.1 bln; prior $16.0 bln)

• Earnings:
  • Monday (Oct 6)
    • Pre-Market: None
    • After-Hours: STZ
      
    Tuesday (Oct 7)
    • Pre-Market: MKC
    • After-Hours: PENG
      
  • Wednesday (Oct 8)
    • Pre-Market: None 
      
    • After-Hours: AZZ
      
  • Thursday (Oct 9)
    • Pre-Market: DAL HELE NEOG PEP
    • After-Hours: APOG APLD LEVI
  • Friday (Oct 10)
    • Pre-Market: None
    • After-Hours: None