After Hours Report

Updated: 29-Dec-25 17:11 ET
Applied Digital to spin out cloud business, proposes business combination with Ekso Bionics

The stock market faced a relatively broad pullback to start the final week of 2025 following a solid rally in equities over the Christmas week. 

The S&P 500 (-0.4%) further retreated from Friday's record high level, while the Nasdaq Composite (-0.4%) and DJIA (-0.5%) faced similar pullbacks. 

Despite a lack of directional drivers, mega-cap names saw a fair share of profit-taking on the heels of last week's strength, sending the Vanguard Mega Cap Growth ETF 0.5% lower. 

NVIDIA (NVDA 188.22, -2.31, -1.21%) and Palantir Technologies (PLTR 184.18, -4.53, -2.40%) were among the AI-related leaders that sent the information technology sector (-0.5%) lower, though Micron (MU 294.37, +9.58, +3.36%) continues to shine after its most recent earnings report, with today's steady climb helping the PHLX Semiconductor Index (-0.4%) shed over half of its earlier losses. 

While the broader technology sector would improve through the afternoon, the consumer discretionary sector (-1.0%) remained pinned to session lows. Tesla (TSLA 459.64, -15.55, -3.27%) provided weak mega-cap leadership, with the vast majority of the sector's other components moving lower as well. 

It is not an easy task for the major averages to post gains when the market's largest names lag. That task becomes nearly impossible when the broader market also skews towards the negative. In total, seven S&P 500 sectors would finish lower, with decliners outpacing advancers by a roughly 2-to-1 ratio on both the NYSE and the Nasdaq. 

The materials sector (-1.0%) tied for the widest loss, moving lower as metal prices slipped from last week's record high levels. Gold settled today's session $205.80 lower (-4.5%) at $4,345.50/ozt
while silver settled today's session $6.69 lower (-8.7%) at $70.52/ozt. 

Newmont Corporation (NEM 99.81, -5.97, -5.64%), which has rallied amid the push to record highs for precious metals, was the worst-performing S&P 500 name today. 

Meanwhile, the energy sector (+1.0%) posted the only real gain of note today, supported by crude oil futures settling today's session $1.42 higher (+2.5%) at $58.10 per barrel.

The defensive utilities (+0.2%) and consumer staples (+0.1%) sectors captured slight gains amid the underperformance in growth names, while the real estate sector (+0.2%) notched a similar gain. 

The market was relatively starved of corporate developments today, though a fair share of geopolitical headlines crossed the wires. 

While White House Press Secretary Karoline Leavitt said that President Trump and Russian President Vladimir Putin had a productive call in regard to ending the war in Ukraine, Bloomberg reported that Putin told President Trump Russia will revise its negotiating position, raising questions over prospects for a peace deal. The situation remains touchy, and the lack of a clear resolution likely contributed to rising oil prices today. 

Meanwhile, Bloomberg also reported that China is conducting military operations around Taiwan.

To top things off, President Trump told reporters that if Iran is building up its nuclear program, the U.S. will have to "knock them down" again.

It is unclear how much today's geopolitical developments contributed to market weakness, as equities appeared due for a pullback following last week's record-high advance that occurred amid a relatively light catalyst backdrop. With little in the way of fresh catalysts to counter profit-taking pressure, the market struggled to find its footing. However, the major averages remain positioned near record-high levels, and there are still several sessions remaining in the historical Santa Claus rally period that has generally been very supportive of equities. 

U.S. Treasuries began the last week of December on a modestly higher, but generally sleepy, note. The 2-year note yield settled down two basis points to 3.46%, and the 10-year note yield settled down two basis points to 4.12%.

  • Nasdaq Composite: +21.6% YTD
  • S&P 500: +17.4% YTD
  • DJIA: +13.9% YTD
  • Russell 2000: +13.0% YTD
  • S&P Mid Cap 400: +7.4% YTD

Reviewing today's data:

  • Pending Home Sales rose 3.3% month-over-month in November (Briefing.com consensus 0.9%) after increasing a revised 2.4% (from 1.9%) in September.

Overseas:

  • Europe: DAX +0.1%, FTSE flat, CAC +0.1%
  • Asia: Nikkei -0.4%, Hang Seng -0.7%, Shanghai flat

Commodities:

  • Crude Oil +1.42 @ 58.10
  • Nat Gas +0.31 @ 4.66
  • Gold -205.80 @ 4345.50
  • Silver -6.69 @ 70.52
  • Copper -0.28 @ 5.57

After-Hours Spotlight:

  • Alerus Financial (ALRS) reinvests $360 mln of securities to improve profitability profile...ALRS flat
  • Applied Digital (APLD) to spin out cloud business, proposes business combination with EKSO to launch ChronoScale...APLD -0.7%
  • Citigroup's (C) Board approves plan to sell AO Citibank, which conducts its remaining operations in Russia...C flat
  • Credicorp LTD (BAP) to acquire Helm Bank USA for US$180 mln...BAP flat
  • Kite Realty (KRG) declares special cash dividend of $0.145/share...KRG flat
  • Royalty Pharma (RPRX) acquires remaining royalty interest in Roche's Evrysdi for $240 mln and potential milestones...RPRX +1.5%
  • Verastem Oncology (VSTM) provides update on RAMP 203 phase 1/2 clinical trial for advanced KRAS G12C mutant non-small cell lung cancer...VSTM -2.2%

Fair Value for Tuesday, December 30:

  • S&P 500: 6,953
  • Nasdaq 100: 25,729
  • DJIA: 48,732
Today's News Summary:

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

  • Earnings/Guidance (Full Earnings Calendar):
    • BGC Group (BGC) reaffirms Q4 guidance for revenue and pre-tax adjusted earnings
    • Compass Diversified (CODI) reports second quarter 2025 financial results; expects to file its Quarterly Report on Form 10-Q for the third quarter of 2025 in the coming weeks
    • iHuman Inc. (IH) announces third quarter 2025 unaudited financial results
  • General News
    • President Trump and Ukrainian President Volodymyr Zelenskyy met and indicated they are close to a deal to end Russia's war with Ukraine. However, President Trump acknowledged there are "one or two very thorny issues" that remain unresolved, according to NBC News
    • Large employers are not planning to hire next year, according to WSJ
    • China began military maneuvers around Taiwan, according to Bloomberg
    • China is aiming to broaden fiscal spending next year, according to Bloomberg
    • New York Governor Kathy Hochul signs legislation to require warning labels on social media platforms
    • China is aiming to issue rules for human-like artificial intelligence systems, according to Bloomberg
    • Flu cases surge nationwide, but doctors are hopeful the peak is close, according to CBS News
    • Thailand and Cambodia declare a ceasefire, according to Bloomberg
    • Pharmacies accused of excessive prescription refilling, according to WSJ
    • Russian Foreign Minister Sergei Lavrov says Ukraine tried to attack Russian President Putin's residence, according to USA Today
    • Major soy traders consider exiting Amazon protection pact amid Mato Grosso tax policy changes, according to Reuters
    • Russian President Putin told President Trump that Russia will revise its negotiating position, raising questions over prospects for peace deal, according to Bloomberg
    • Iran's currency hit a record low, triggering wave of protests. according to Bloomberg
    • 3M (MMM) to debut AI-powered assistant 'Ask 3M' and expanded 3M Digital Materials Hub at CES 2026
    • Adlai Nortye Ltd. (ANL) enters exclusive license agreement with ASK Pharm for Pan-RAS inhibitor AN9025 in greater China
    • Airbus (EADSY) producing airplanes at record pace to close out of 2025, according to Bloomberg
    • Alphabet (GOOG/GOOGL): Waymo outages are raising questions, according to Reuters
    • Amazon (AMZN) stops drone delivery plans for Italy, according to Reuters
    • AMC Entertainment (AMC) announced that its final weekend of 2025 was among the busiest of the year
    • BP (BP): India seeks over $30 billion from Reliance Industries and BP in gas production dispute, according to Reuters
    • Braskem (BAK) disclosed contract signed by Petrobras (PBR) for the sale of ethane and propane to Braskem and the purchase of hydrogen supplied by Braskem to Petrobras; also disclosed execution of contracts
    • CEA Industries (BNC) adopts stockholder rights plan and amended and restated bylaws in response to YZi Labs Group Formation
    • Chevron (CVX): Frontera Energy's (FECCF) Colombian subsidiary has entered into $120 mln prepayment and commercial agreement with Chevron Products Company
    • Coupang (CPNG) plans to implement a 1.685 trillion won customer compensation plan to restore customer trust
    • Dexcom (DXCM) is correcting the Dexcom G6 Continuous Glucose Monitoring System’s G6 and G6 Pro Android US CGM App version 1.15.0 due to an identified bug that can cause the app to terminate unexpectedly
    • Ecopetrol (EC) confirmed that on Friday, December 19, 2025, the Unión Sindical Obrera started the early collective bargaining process with the Company
    • Energy Fuels (UUUU) announced it has exceeded previously disclosed guidance for finished uranium production, mined uranium ore production, and uranium concentrate sales for FY25
    • Fennec Pharmaceuticals (FENC): Southpoint Capital Advisors disposed of beneficial ownership of 1,000,000 common shares of Fennec Pharmaceuticals
    • Google (GOOG, GOOGL) and Verizon (VZ) among the companies being investigated by the DOJ due to diversity hiring practices, according to WSJ
    • Greenwich LifeSciences (GLSI) extends lock-up of directors and officers to September 30, 2026
    • Heritage Financial Corp. (HFWA) has received all regulatory approvals required to complete the previously announced merger of Olympic Bancorp with and into Heritage, and the merger of Kitsap Bank with and into Heritage Bank
    • Kroger (KR) expands food access with launch of Verified Savings Program with discount on fruits and vegetables
    • Lloyds (LYG) aiming to close invoice financing service for small business customers, according to FT
    • lululemon athletica (LULU) founder Chip Wilson starting proxy battle in order to change the company's board, according to WSJ
    • lululemon (LULU) comments on Chip Wilson’s notice to nominate director candidates
    • New Era Energy & Digital (NUAI): Hunterbrook out short on NUAI; calls attention to New Mexico AG suit, seeks to bar operations over alleged fraudulent oil-and-gas scheme
    • Novo Nordisk A/S (NVO) lowers price of Wegovy in some Chinese provinces by 50%, according to Bloomberg
    • Petrobras (PBR): A union rejects Petrobras' plan to end the strike, according to Reuters
    • Porsche (POAHY): HOF Capital & BlueFive Capital in discussions to acquire POAHY's stake in Bugatti brand, according to Bloomberg
    • Portland Gen Elec (POR) provides Public Utility Commission of Oregon updates
    • Rio Tinto (RIO): Arizona Sonoran (ASCUF) provides update on Nuton Option to Joint Venture
    • SK Telecom (SKM) amends future business and management plan
    • Tonix Pharma (TNXP) announced program updates on Phase 2/3-Ready long-acting monoclonal antibody (mAb) designed for seasonal prevention of Lyme disease
    • Unicycive Therapeutics (UNCY) has resubmitted its New Drug Application to the U.S. FDA for oxylanthanum carbonate, its investigational oral phosphate binder for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis
    • Vertical Aerospace Group (EVTL) calls extraordinary general meeting
    • Walmart (WMT): Some Sam's Club stores in China are generating $500 mln in annual income, according to WSJ
    • Zevra Therapeutics (ZVRA) announces that the Company has executed an exclusive expanded access distribution agreement with Uniphar, an Ireland-based pharmaceutical services provider with a proven record of success in global warehousing, distribution and supply chain management
  • Upgrades:
    • There are no upgrades of note
  • Downgrades:
    • Amicus Therapeutics (FOLD) downgraded to Market Perform from Outperform at Leerink Partners; tgt $14.50
  • Others:
    • Fathom Holdings (FTHM) resumed with a Buy at Roth Capital; tgt $2.50
    • Palisade Bio (PALI) initiated with an Overweight at Piper Sandler; tgt $25
    • Turn Therapeutics (TTRX) initiated with a Buy at D. Boral Capital; tgt $8
  • Econ Data (Tuesday):
    • 9:00 ET: October FHFA Housing Price Index (Briefing.com consensus 0.1%; prior 0.0%) and October S&P Case-Shiller Home Price Index (Briefing.com consensus 1.1%; prior 1.4%)
    • 9:45 ET: December Chicago PMI (Briefing.com consensus 40.4; prior 36.3)
    • 10:00 ET: December Consumer Confidence (prior 88.7) and October Job Openings (prior 7.227 mln)
  • Earnings:
    • No earnings of note.
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