After Hours Report

The S&P 500 (+0.6%) and Nasdaq Composite (+1.1%) both notched record intraday and closing highs today, supported by a strong, wire-to-wire performance from the information technology sector (+1.5%).

While the broader market largely advanced as well, certain pockets of weakness in the market saw the DJIA close on its flat line. 

The technology sector was primed for upward momentum before the opening bell, as NVIDIA (NVDA 189.06, +4.02, +2.17%) CEO Jensen Huang joined CNBC, offering generous remarks about the prospects of OpenAI and other AI companies while also stating that the "demand of computing has gone up substantially."

Chipmaker names delivered on the early hype today, with the PHLX Semiconductor Index advancing 3.4% on the day. Advanced Micro Devices' (AMD 235.56, +24.05, +11.37%) impressive gain was the best in the S&P 500, building on momentum from earlier in the week after announcing a partnership with OpenAI. 

Dell (DELL 164.53, +13.66, +9.05%) also expanded upon news catalysts from earlier this week, capturing another sizable gain after announcing an increase to its long-term annual revenue growth expectations yesterday.

While the information technology sector held several of the best-performing S&P 500 names today, it is also home to the biggest laggard in Fair Isaac (FICO 1695.01, -184.54, -9.82%). FICO's recent rally stalled after Equifax (EFX 239.68, +1.69, +0.71%) countered its new Mortgage Direct License Program with a 50% price cut on VantageScore 4.0 and free access for customers purchasing FICO scores through 2026.

In total, six S&P 500 sectors would finish in positive territory, with the industrials (+0.9%), utilities (+0.7%), and consumer discretionary (+0.6%) sectors also capturing nice gains. 

Meanwhile, the energy sector (-0.6%) finished with the widest loss despite crude oil futures settling today's session $0.85 higher (+1.4%) at $62.57 per barrel. 

Major banking names weighed on the financials sector (-0.5%), while the consumer staples sector (-0.5%) gave back some of yesterday's gain, and the real estate sector (-0.5%) continued to slip this week. 

Though breadth figures slightly deteriorated throughout the afternoon as losses widened in the retreating sectors, advancers still held an edge at the close. Advancers outpaced decliners by a roughly 8-to-5 ratio on the NYSE and a nearly 2-to-1 clip on the Nasdaq. 

Smaller cap indices such as the Russell 2000 (+1.0%) and S&P Mid Cap 400 (+1.0%) outperformed today, garnering some buy-the-dip attention after facing pressure this week.

While today's action resulted in strong finishes and record highs for the S&P 500 and Nasdaq Composite, it was relatively quiet from a news flow perspective. 

The release of the September FOMC minutes did little to the standing of the major averages or the market's expectations for further easing this year. 

The minutes showed that most officials believe it will likely be appropriate to ease policy further before year-end, and also highlighted that markets viewed recent data and FOMC communications as signaling little change in the baseline outlook, though downside risks to the labor market were seen as having increased.

Tomorrow's jobless claims data is unlikely to be released amid the ongoing government shutdown, leaving the market lacking in macro developments, though earnings reports will begin to ramp up. 

U.S. Treasuries finished Wednesday on a slightly lower note after retreating from their morning highs. The 2-year note yield settled up one basis point to 3.58%, and the 10-year note yield finished unchanged at 4.13%. 

• Nasdaq Composite: +19.33% YTD
• S&P 500: +14.8% YTD
• Russell 2000: +11.4% YTD
• DJIA: +9.5% YTD
• S&P Mid Cap 400: +5.4% YTD

Reviewing today's economic data:

• The weekly MBA Mortgage Index fell 4.7% to follow last week's 12.7% drop. The Refinance Index was down 7.7% while the Purchase Index was down 1.2%.

Overseas:

• Europe: DAX +1.0%, FTSE +0.7%, CAC +1.1%
• Asia: Nikkei -0.5%, Hang Seng -0.5%, Shanghai market closed

Commodities:

• Crude Oil +0.85 @ 62.57
• Nat Gas -0.17 @ 3.33
• Gold +66.40 @ 4070.40
• Silver +1.47 @ 49.00
• Copper +0.00 @ 5.10

After-Hours Spotlight:

• AZZ (AZZ) misses by $0.02, misses on revs; reaffirms FY26 EPS guidance, revs guidance... AZZ -4.5%
• Bassett (BSET) Reports Fiscal Year 2025 Third Quarter Results... BSET -1.8%
• Costco (COST) reports September adjusted comparable sales growth of +6.0%...COST +2.3%
• HealthStream (HSTM) acquires Virsys12, expanding its credentialing application solution...HSTM +2.0%
• Resources Connection (RGP) Reports Financial Results for First Quarter Fiscal 2026...RGP +9.5%
• Richardson Electronics (RELL) Reports First Quarter Results; Declares Quarterly Cash Dividend...RELL +20.6%

Fair Value for Thursday, October 9:

• S&P 500: 6,800
• Nasdaq 100: 25,336
• DJIA: 46,856

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

• Earnings/Guidance (Full Earnings Calendar):
  • BioMarin Pharmaceutical (BMRN) disclosed estimated third quarter 2025 acquired in-process research and development (IPR&D) charges
  • Bit Digital (BTBT) reports monthly ethereum treasury and staking metrics for September 2025
  • Bullish (BLSH) reports September 2025 monthly metrics
  • Cipher Mining (CIFR) announces September 2025 operational update; mines 251 Bitcoin
  • Daimler Truck Holding AG (DTRUY) reports Q3 unit sales
  • Endeavour Silver (EXK) produces 1,766,926 oz silver and 7,286 oz gold (3.0 million silver equivalent oz) in Q3 2025 and provides an update on Terronera
  • Fortuna Silver Mines (FSM) reports Q3 production of 72,462 gold equivalent ounces
  • Gilead Sciences (GILD) expects $170.4 mln in acquired IPR&D expenses in Q3, representing an approximate $0.11 negative impact to both GAAP and non-GAAP EPS
  • GlaxoSmithKline (GSK) revises its full-year 2025 guidance at constant exchange rates
  • Karyopharm Therapeutics (KPTI) announces strategic financing transactions; sees Q3 revs above consensus
  • Marex Group plc (MRX) issues upside Q3 guidance, Average Clearing Client balances are up 4%
  • Penguin Solutions (PENG) beats by $0.06, misses on revs; guides FY26 EPS in-line, revs in-line; Board approved a $75 mln stock repurchase authorization
  • Teck Resources (TECK) completes comprehensive operational review and updated outlook
  • Terreno Realty (TRNO) reports quarterly operating, investment, and capital markets activity; 96.2% quarter-end occupancy compared to prior quarter of 97.7%
  • Voya Financial (VOYA) reported Q3 combined alternative investment income is estimated to be approximately $55-65 million (pre-tax), before variable and incentive compensation
• General News
  • Investors concerned about government shutdown and U.S. financial stability are driving gold prices above $4000, Bloomberg
  • The government shutdown is creating more air travel delays, Bloomberg
  • Officials from U.S., Israel and Qatar are all optimistic that a deal will be reached this week to end Gaza war, according to Axios
  • Abeona Therapeutics (ABEO) and Children's Hospital Colorado announce activation of Children's Colorado as the newest Qualified Treatment Center for ZEVASKYN gene-modified cellular sheets
  • Acadia Healthcare (ACHC) appoints Todd Young as CFO, effective October 27
  • Airbus (EADSY) reports 73 deliveries in September to 41 customers
  • Alphabet's (GOOG) Google is expanding access to Google Developer Program in China
  • Alphabet (GOOG) is powering Belgium's digital future with a two-year €5 billion investment in AI infrastructure
  • Amazon (AMZN) Launches in-office kiosks to help patients get medications immediately after appointments
  • Amazon (AMZN) to make investments in Belgium, L Echo
  • Biogen (BIIB) and Eisai announce availability of LEQEMBI IQLIK in the US
  • Bit Digital (BTBT) has purchased approximately 31,057 Ethereum using the net proceeds from its recently completed $150 mln convertible notes offering
  • Boeing (BA) awarded a more than $173 million contract by the U.S. Air Force to produce eight more MH-139A Grey Wolf helicopters and provide training and sustainment support services
  • Bombardier (BDRBF) announced the planned opening of a new service centre at Fort Wayne International Airport in Fort Wayne, Indiana; operations expected to start in the second half of 2026
  • Braskem SA (BAK) is not aware of the information contained in Novonor news
  • Campbell Soup (CPB) appoints Todd Cunfer as CFO, effective Oct 20
  • Critical Metals Corp. (CRML) has signed a Letter of Intent for an offtake agreement with REalloys Inc., a private company currently completing an S-4 merger to go public on Nasdaq under the ticker BLBX
  • Dayforce (DAY) expands its collaboration with Microsoft (MSFT) to bring Dayforce AI Agents into everyday workflows
  • Dayforce (DAY) announces Dayforce AI Workspace; a digital workspace where people and AI come together to turn strategy into action
  • Dayforce (DAY): T. Rowe Price discloses 15.5% active stake; sent letter outlining the reasons for its opposition to the proposed acquisition by Thoma Bravo
  • eHealth (EHTH) announces extension of Blue Torch Term Loan; co reaffirms its commitment to enhance capital structure beyond this deal
  • Equifax (EFX) expands mortgage credit offerings to promote credit scoring competition
  • Exxon (XOM) mulls key oil field deal to return to Iraq, according to Bloomberg
  • Faraday Future (FFAI) strengthens global leadership team with three new appointments of industry veterans to drive operational efficiency and strategic growth
  • Ford Motor (F) will pause production at Michigan F-150 Lightning plant next week due to fire, according to Reuters
  • Freshpet (FRPT) CFO to step down, reaffirms FY25 outlook
  • GameStop (GME) announces distribution of warrants to purchase common stock to its shareholders and convertible noteholders
  • General Motors (GM) reverses itself regarding plan to claim EV tax credits prior to expiration, according to Reuters
  • Honeywell (HON) spin-off Solstice Advanced Materials (pending SOLS) previews Investor Day ahead of its planned spin-off
  • IHS Holding Limited (IHS) has signed a New Site agreement with TIM S.A. (TIMB), further extending the two companies’ partnership in the Brazilian market
  • Jefferies (JEF) addresses exposure to First Brands bankruptcy and Point Bonita Portfolio
  • Korro Bio (KRRO) CFO Vineet Agarwal to resign effective October 17, 2025 to pursue another opportunity
  • Kroger (KR): Indiana Kroger workers ratify a new contract
  • Legend Biotech (LEGN) and Janssen Pharmaceuticals enter into a Component and Product Supply Agreement in which Legend Biotech will manufacture and supply to Janssen ciltacabtagene autoleucel for clinical and commercial use worldwide, excluding Greater China
  • Lithium Americas (LAC) finalizes DOE loan amendments and completes $100 mln ATM program
  • McEwen Mining (MUX): Los Azules feasibility study confirms economically robust copper project with leading ESG Performance
  • Medtronic (MDT) announces start of the Embrace Gynecology investigational device exemption U.S. clinical study
  • Meta (META) and Apple (AAPL) nearing settlements with EU on antitrust cases, FT
  • NASDAQ (NDAQ) reports September 2025 volumes and 3Q25 statistics
  • Nature's (NATR) Sunshine announces relaunch of its Power Line suite of products with the addition of the newly launched Power Balance supplement
  • Netflix (NFLX) wants to bid for Champions League broadcast rights, according to UK Times
  • NIQ (NIQ): Questions are being raised about NIQ's business in occupied Ukraine, FT
  • OpenAI considering adding data center capacity for AI in Canada, according to Globe and Mail
  • Philip Morris International (PM) presents evidence to FDA Advisory Panel supporting continued U.S. authorization of IQOS as modified risk tobacco product
  • Primoris Services (PRIM) names Koti Vadlamudi as CEO
  • QuantumScape Corporation (QS) and Murata Manufacturing enter into joint development agreement for manufacturing of ceramic separators for QS's solid-state batteries
  • Regeneron Pharma (REGN) confirms that the U.S. FDA has approved the PD-1 inhibitor Libtayo as an adjuvant treatment for adult patients with cutaneous squamous cell carcinoma at high risk of recurrence after surgery and radiation
  • Rocket Lab USA (RKLB) signs another multi-launch deal with Institute for Q-shu Pioneers of Space – making Rocket Lab the primary launch provider to deploy the company’s commercial Earth-imaging constellation
  • Sapiens Int'l (SPNS) announces a strategic partnership with Linqura; Partnership empowers P&C insurers to profitably scale their business insurance portfolio in all market conditions
  • Salesforce (CRM) says it refuses to pay hackers over data extortion attempts, according to Bloomberg
  • Salesforce (CRM) investing $1 bln in Mexico to boost economic growth and transform businesses into Agentic Enterprises
  • Sanofi (SNY) and Orano Med report AlphaMedix achieved all primary efficacy endpoints in phase 2 study
  • Sarepta Therapeutics (SRPT): New York State recommended that Medicaid drop coverage for Duchenne drug owned by Sarepta Therapeutics, Stat News
  • Scilex Holding (SCLX) appointed Stephen Ma as the Company’s Chief Operating Officer, with such appointment effective as of October 1, 2025
  • Shell plc (SHEL) aiming to restart Sprng Energy sale process, according to Economic Times
  • Spire Global (SPIR) has been awarded a €3 mln contract renewal by EUMETSAT, Europe’s meteorological satellite agency
  • TaskUs, Inc. (TASK) announces results of special meeting of stockholders and expects to terminate proposed take-private transaction
  • TIM S.A. (TIMB) entered into a partnership with IHS Brasil – Cessão de Infraestruturas Ltda. ('IHS Brasil') for the construction and operation of telecommunications towers
  • Toyota Motor & Sumitomo Metal Mining (TM) on mass production of cathode materials for all-solid-state batteries
  • UBS (UBS) fund has 30% exposure to First Brands Group, according to FT
  • U.S. Bancorp (USB) has been selected to serve as the custodian for reserves backing Anchorage Digital Bank’s payment stablecoins
  • Zenas Biopharma (ZBIO) and InnoCare Pharma announce license agreement granting Zenas rights for three autoimmune product candidates; Zenas also announces $120.0 million private placement financing

• Upgrades:
  • Agilent (A) upgraded to Buy from Neutral at UBS, tgt $170
    
  • AMD (AMD) upgraded to Buy from Hold at DBS Bank, tgt $260
    
  • AMD (AMD) upgraded to Buy from Hold at DZ Bank, tgt $250
    
  • ArcBest (ARCB) upgraded to Buy from Neutral at Citigroup, tgt $89
    
  • AXIS Capital (AXS) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $123
    
  • BOK Financial (BOKF) upgraded to Buy from Hold at Jefferies, tgt $135
    
  • Freeport-McMoRan (FCX) upgraded to Buy from Neutral at Citigroup, tgt $48
    
  • Ionis Pharmaceuticals (IONS) upgraded to Overweight from Neutral at JPMorgan, tgt $80
    
  • Kaspi.kz (KSPI) upgraded to Buy from Neutral at Goldman, tgt $107
    
  • Northrop Grumman (NOC) upgraded to Buy from Hold at Deutsche Bank, tgt $700
    
  • Otis Worldwide (OTIS) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $109
    
  • Penumbra (PEN) upgraded to Buy from Hold at Needham, tgt $326
    
  • Southern Copper (SCCO) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $132
    
  • Stifel Financial (SF) upgraded to Buy from Hold at TD Cowen, tgt $131
    
  • Sun Life Financial (SLF) upgraded to Buy from Hold at TD Securities
• Downgrades:
  • C.H. Robinson (CHRW) downgraded to Neutral from Buy at Citigroup, tgt $148
    
  • Danaher (DHR) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $220
    
  • Edwards Lifesciences (EW) downgraded to Perform from Outperform at Oppenheimer
    
  • FedEx (FDX) downgraded to Neutral from Overweight at JPMorgan, tgt $274
    
  • Freshpet (FRPT) downgraded to Neutral from Buy at BofA Securities, tgt $60
    
  • Incyte (INCY) downgraded to Perform from Outperform at Oppenheimer
    
  • Intel (INTC) downgraded to Reduce from Hold at HSBC, tgt $24
    
  • Kratos Defense (KTOS) downgraded to Neutral from Buy at B. Riley, tgt $105
    
  • Lantheus (LNTH) downgraded to Neutral from Buy at Goldman, tgt $77
    
  • MSC Industrial (MSM) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • Plug Power (PLUG) downgraded to Hold from Buy at Clear Street, tgt $3.50
    
  • Shell (SHEL) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • Werner (WERN) downgraded to Hold from Buy at TD Cowen, tgt $24
• Others:
  • Agilent (A) initiated with a Buy at Rothschild & Co Redburn, tgt $165
    
  • Alcoa (AA) initiated with an Overweight at Wells Fargo, tgt $40
    
  • Amphenol (APH) initiated with an Equal Weight at Barclays, tgt $120
    
  • Atlantic Union Bankshares (AUB) initiated with a Buy at Janney
  • Bentley Systems (BSY) initiated with an Equal Weight at Barclays, tgt $57
    
  • Century Aluminum (CENX) initiated with an Overweight at Wells Fargo
    
  • CG Oncology (CGON) initiated with a Buy at Guggenheim, tgt $90
    
  • Central Pacific Financial (CPF) initiated with a Market Perform at Keefe Bruyette, tgt $34
    
  • Cognex (CGNX) initiated with an Overweight at Barclays, tgt $55
    
  • CommVault Systems (CVLT) initiated with a Buy at Truist, tgt $230
    
  • CRH (CRH) initiated with an Overweight at Wells Fargo, tgt $135
    
  • Darling Ingredients (DAR) initiated with a Buy at BofA Securities, tgt $45
    
  • Eagle Materials (EXP) initiated with an Overweight at Wells Fargo, tgt $261
    
  • Equity Bancshares (EQBK) assumed with an Overweight at Piper Sandler, tgt $54
    
  • Fastenal (FAST) initiated with an Equal Weight at Barclays, tgt $49
    
  • FirstEnergy (FE) initiated with a Buy at Citigroup, tgt $53
    
  • Freeport-McMoRan (FCX) initiated with an Overweight at Wells Fargo, tgt $47
    
  • Grainger (GWW) initiated with an Underweight at Barclays, tgt $963
    
  • Healthcare Realty Trust (HR) initiated with a Sector Perform at RBC Capital, tgt $19
    
  • Highwoods Properties (HIW) initiated with an Outperform at Wolfe Research, tgt $38
    
  • Impinj (PI) initiated with an Overweight at Barclays, tgt $200
    
  • Manhattan Associates (MANH) initiated with an Overweight at Barclays, tgt $247
    
  • Martin Marietta Materials (MLM) initiated with an Equal Weight at Wells Fargo, tgt $620
    
  • Millrose Properties (MRP) initiated with an Outperform at Citizens JMP, tgt $40
    
  • Olema Pharmaceuticals (OLMA) initiated with a Buy at Guggenheim, tgt $20
    
  • Pool Corp. (POOL) initiated with a Neutral at Guggenheim
    
  • ScanSource (SCSC) initiated with an Equal Weight at Barclays, tgt $43
    
  • Sensata Technologies (ST) initiated with an Overweight at Barclays, tgt $43
    
  • Six Flags Entertainment (FUN) initiated with a Buy at Texas Capital, tgt $28
    
  • Southern Copper (SCCO) initiated with an Equal Weight at Wells Fargo, tgt $121
    
  • SPX Technologies (SPXC) initiated with a Neutral at BofA Securities, tgt $202
    
  • Symbotic (SYM) initiated with an Underweight at Barclays, tgt $38
    
  • TE Connectivity (TEL) initiated with an Overweight at Barclays, tgt $249
    
  • Teledyne (TDY) initiated with an Equal Weight at Barclays, tgt $606
    
  • Trimble (TRMB) initiated with an Overweight at Barclays, tgt $100
    
  • United Parks & Resorts (PRKS) initiated with a Buy at Texas Capital, tgt $63
    
  • Vulcan Materials (VMC) initiated with an Equal Weight at Wells Fargo, tgt $311
    
  • Waters Corp. (WAT) initiated with a Buy at Rothschild & Co Redburn, tgt $390
    
  • WESCO International (WCC) initiated with an Overweight at Barclays, tgt $258
    
  • Zebra Technologies (ZBRA) assumed with an Overweight at Barclays, tgt $37

• Econ Data (Thursday):
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 233,000; prior NA) and Continuing Claims (prior NA)
  • 10:00 ET: August Wholesale Inventories (Briefing.com consensus -0.2%; prior 0.1%)
  • 10:30 ET: Weekly natural gas inventories (prior +53 bcf)

• 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