After Hours Report

Today's trade featured a positive bias through the entire session, reflecting an ongoing buy-the-dip mentality after the S&P 500 entered correction territory last week. Losses in the mega cap space limited index performance in the early going, but market breadth reflected more buying interest under the index surface. Advancers had a 4-to-1 lead over decliners at the NYSE and a 5-to-2 lead at the Nasdaq.

Buying increased in many areas of the market in the afternoon trade, sending the major indices to session highs. This followed a Bloomberg report indicating that the newly confirmed U.S. Trade Representative Greer aims for a more orderly rollout of reciprocal tariffs on April 2.

The afternoon rebound was also helped by recovery action in a few mega cap names. Apple (AAPL 214.00, +0.51, +0.2%), which traded down as much as 1.6% at its low of the day, and Microsoft (MSFT 388.70, +0.14, +0.04%), which traded down as much as 0.8% at its worst level of the day, were influential winners in that respect. The two stocks combined comprise 13% of the S&P 500 in terms of market-cap.

Market participants were largely unbothered by this morning's economic releases. U.S. retail sales and retail sales, excluding autos, were weaker than expected in February, yet control group sales (excluding auto, gasoline station, building materials, and food services sales) were up a solid 1.0%. The New York Fed's Empire Manufacturing Survey for March showed a contraction in business activity and a pickup in prices paid and prices received.

Ten of the 11 S&P 500 logged gains, led by energy (+1.7%) amid rising oil prices ($67.58/bbl, +0.39, +0.6%).  The move in oil was related to increased geopolitical tensions in the Middle East after President Trump warned Iran after Houthi attacks on US vessels that any further attacks by Houthi rebels will be looked upon as "a shot fired from the weapons and leadership of Iran." Uncertainty in the Middle East translates to higher prices in oil on concerns about supply disruptions.

Elsewhere, selling increased in Treasuries as buying picked up in equities following the pleasing tariff-related headline. The 10-yr yield settled the session unchanged from Friday at 4.31% and the 2-yr yield settled three basis points higher at 4.05%.

• Dow Jones Industrial Average: -1.7% YTD
• S&P 500: -3.5% YTD
• S&P Midcap 400: -4.8% YTD
• Nasdaq Composite: -7.8%
• Russell 2000: -7.3% YTD

Reviewing today's economic data:

• Retail sales increased 0.2% month-over-month in February (Briefing.com consensus 0.7%) following a downwardly revised 1.2% decline (from -0.9%) in January. Excluding autos, retail sales were up 0.3% month-over-month (Briefing.com consensus 0.4%) following a 0.6% decline (from -0.4%) in January.
  • The key takeaway from the report is that control group retail sales, which exclude auto, gasoline station, building materials, and food services sales, jumped 1.0% month-over-month following a downwardly revised 1.0% decline (from -0.8%) in January.
• The New York Fed's Empire Manufacturing Survey for March showed the General Business Conditions Index declining to -20.0 in March from 5.7 in February. A number below 0.0 denotes a contraction in business activity in the New York Fed region. The Prices Paid Index rose five points to 44.9, its highest level in more than two years, while the Prices Received Index jumped three points to 22.4, hitting its highest level since May 2023.
  • The key takeaway from the report is that it plays into some of the stagflation worries that have infiltrated the market.
• January Business Inventories increased 0.3%, as expected, following a 0.2% decline in December.
• The March NAHB Housing Market Index dropped to 39 (Briefing.com consensus 43) from 42 in February.

• 8:30 ET: February Housing Starts (Briefing.com consensus 1.385 mln; prior 1.366 mln), Building Permits (Briefing.com consensus 1.450 mln; prior 1.483 mln), February Import Prices (prior 0.3%), Import Prices ex-oil (prior 0.1%), Export Prices (prior 1.3%), and Export Prices ex-agriculture (prior 1.5%)
• 9:15 ET: February Industrial Production (Briefing.com consensus 0.2%; prior 0.5%) and Capacity Utilization (Briefing.com consensus 77.7%; prior 77.8%)

Overseas:

• Europe: DAX +0.6%, FTSE +0.6%, CAC +0.6%
• Asia: Nikkei +0.9%, Hang Seng +0.8%, Shanghai +0.2%

Commodities:

• Crude Oil +0.39 @ 67.58
• Nat Gas -0.11 @ 4.00
• Gold +5.60 @ 3006.60
• Silver -0.09 @ 34.31
• Copper +0.07 @ 4.97

After-Hours Spotlight:

• Bakkt (BKKT): Bank of America (BAC) and Webull Pay both not renewing commercial agreement with Bakkt; to delay 10-K filing... BKKT down 35.8%
• Entergy (ETR) announces public offering of $1.3 bln common stock with a forward component... ETR down 1.5%
• Getty Images (GETY) beats by $0.01, reports revs in-line; guides FY25 revs in-line; Entered into merger agreement with Shutterstock on January 7... GETY up 1.4%
• QXO, Inc (QXO) raises $830 million in private placement... QXO down 4.9%
• Steel Dynamics (STLD) guides Q1 EPS below consensus... STLD down 0.3%

Fair Value for Tuesday, March 18:

• S&P 500: 5,730
• Nasdaq 100: 20,029
• DJIA: 42,208

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

• Earnings/Guidance (Full Earnings Calendar):
  • Niu Technologies (NIU) Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results
  • Science Applications (SAIC) beats by $0.48, beats on revs; guides FY26 EPS in-line, revs in-line
  • Qifu Technology (QFIN) announces fourth quarter results and raises semi-annual dividend
• General News
  • President Trump says "any further attack or retaliation by the Houthis will be met with great force"; says "Every shot fired by the Houthis will be looked upon, from this point forward, as being a shot fired from the weapons and leadership of Iran"
  • Treasury Secretary Scott Bessent in interview says he is "not worried" about the stock market. He said there are "no guarantees" that a recession will be avoided, according to
  • US Trade Representative Jamieson Greer wants to take charge of upcoming April 2 tariffs to insure more orderly rollout, according to Bloomberg
  • Senate passes bill to fund government through September 30, but it left Democrats deeply divided. The bill did not contain congressional spending directives to prevent President Trump from withholding government funds, according to the Washington Post
  • President Trump considers recognition of Crimea as Russian territory in effort to end war in Ukraine, according to Semafor
  • Democrats begin to lose confidence in Senate Minority Leader Chuck Schumer following government funding debate, according to CNN
  • President Trump will speak with Russian President Putin tomorrow to discuss ending Ukraine war, according to the Wall Street Journal
  • China unveiled plan to increase domestic consumption, according to Financial Times
  • China President Xi to meet with global CEOs, according to Bloomberg
  • International tourists are cancelling travel plans due to tariffs, according to Washington Post
  • EU to launch investigation into aluminum market in order to protect the EU from tariffs, according to FT
  • White House eliminates mandates for electric heat pumps and solar panels and other Biden-era executive orders
  • AbbVie (ABBV) reports ELAHERE shows consistent survival benefit in long-term analysis for certain ovarian cancer patients
  • Acrivon Therapeutics (ACRV) appointed Adam Levy, Ph.D., M.B.A., to the position of Chief Financial Officer, effective as of April 1, 2025
  • AeroVironment (AVAV) secures contract with DIU to accelerate the deployment of autonomous precision munitions
  • AerSale (ASLE) announces definitive agreement to repurchase approximately 6.428 mln shares of common stock from private equity sponsor Leonard Green & Partners, L.P., at a negotiated price of $7.00 per share
  • Affirm (AFRM) confirms Walmart's (WMT) OnePay selected Klarna Group plc, a competitor of Affirm Holdings to offer installment loan financing to customers of OnePay at Walmart beginning later this year
  • Air Lease (AL) announced a rebranding to “Air Lease” or “AL” to align with the company’s NYSE ticker symbol
  • Alphabet's (GOOG) Google Cloud announces AI products, skills initiatives, and startup credits for organisations across the UK
  • American Eagle (AEO) announces $200 million accelerated share repurchase program
  • Apple (AAPL) iPhone 17 Air will likely foreshadow transition to slimmer models, according to Bloomberg
  • ArcelorMittal South Africa (MT) wants cash concessions, according to Times ZA
  • AstraZeneca (AZN) receives approval for Imfinzi as first and only immunotherapy for limited-stage small cell lung cancer in EU
  • AstraZeneca (AZN) reports Eneboparatide Phase III trial met primary endpoint
  • AstraZeneca (AZN) enters license agreement with Alteogen for subcutaneous formulations of multiple oncology assets
  • Avanos Medical (AVNS) appoints David Pacitti as new CEO, effective April 14, 2025
  • Avidity Biosciences (RNA) announces 'positive' topline Del-zota data demonstrating consistent, statistically significant improvements in dystrophin, exon skipping and creatine kinase in people living with DMD amenable to exon 44 skipping in Phase 1/2 EXPLORE44 Trial
  • BAE Systems (BAESY) awarded a $188 mln modification to a previously awarded US Navy contract
  • Banc of California (BANC) announces $150 million stock repurchase program
  • Bayer AG (BAYRY) receives Priority Review for new indication of finerenone from FDA
  • Baidu (BIDU) launches Ernie 4.5 and Ernie X, its new reasoning model, which it says is on par with DeepSeek R1, but at half the price
  • Block (XYZ) announces that eligible Cash App customers will begin to have access to Afterpay’s over time products when shopping online at partner merchant sites
  • Boeing (BA): Transportation Secretary Sean Duffy says Boeing needs additional oversight, according to Reuters
  • Capital One (COF) reports February card metrics
  • Chevron (CVX) purchased 15,380,000 shares of Hess Corporation (HES) common stock between January and March 2025
  • Church & Dwight (CHD) names Lee McChesney as CFO
  • Cidara Therapeutics (CDTX) announces publication of CD388 preclinical data in nature microbiology
  • Collegium (COLL) Announces Updates to its Board of Directors and Executive Leadership Team
  • Daqo New Energy (DQ) subsidiary Xinjiang Daqo provides latest updates on its litigation event; impact on Xinjiang Daqo will be contingent upon the final verdict
  • Discover Financial Services (DFS) reports February operating data
  • DuPont (DD) names CEO and Non-Executive Chair for the Planned Independent Electronics Company
  • Dyne Therapeutics (DYN) Announces New Long-Term Clinical Data from Phase 1/2 DELIVER Trial of DYNE-251 in Duchenne Muscular Dystrophy Demonstrating Unprecedented and Sustained Functional Improvement Through 18 Months
  • Edison (EIX): A decommissioned power line could have been cause of Eaton fires, according to the Wall Street Journal
  • Excelerate Energy (EE) and Petrovietnam Gas Joint Stock Corporation, a subsidiary of Vietnam Oil and Gas Group, sign a Memorandum of Understanding to collaborate on securing a reliable and stable supply of LNG sourced from the United States as early as 2026
  • GE Aerospace (GE) awarded a $5 bln-ceiling US Air Force contract for F110 Foreign Military Sales (FMS) engines
  • Genco Shipping & Trading (GNK) provides update on TCE rate; freight rates in March have increased meaningfully relative to levels seen earlier in Q1
  • Greenwich LifeSciences (GLSI) Provides Update on Open Label Safety Data from FLAMINGO-01
  • HSBC (HSBC) and UBS (UBS) aiming to expand wealth management units in India, according to Financial Times
  • IAC Inc. (IAC) authorized 10 mln share increase in its share repurchase program
  • Incyte (INCY) Announces Positive Topline Results From Two Phase 3 Clinical Trials of Povorcitinib in Patients With Hidradenitis Suppurativa
  • Innovative Industrial Properties (IIPR) details PharmaCann updates; is in continuing discussions with PharmaCann regarding Leases
  • Intel (INTC) discloses compensation plan for CEO Lip-Bu Tan
  • Intel (INTC) planning changes to manufacturing and AI operations, according to Reuters
  • Intevac (IVAC) announces that a one-time special cash dividend of $0.052 per share of common stock will be paid on March 28, 2025, to all stockholders of record as of the close of business on March 24
  • Joby Aviation (JOBY) planning UK air taxi partnership with Virgin Atlantic, according to Bloomberg
  • JPMorgan Chase (JPM) reports February card metrics
  • LivaNova (LIVN) provides Milan litigation updates; Company has determined that it has sufficient resources to cover the liability and will provide further details on its upcoming first-quarter 2025 earnings call
  • Lockheed Martin (LMT) awarded a $123 mln modification to a previously awarded US Air Force contract
  • Lockheed Martin (LMT): Canada reviews F-35 order amid trade tensions, according to Bloomberg
  • Nurix Therapeutics (NRIX) announces FDA orphan drug designation granted to Bexobrutideg for the treatment of waldenström macroglobulinemia
  • Oracle (ORCL): White House accelerating talks with Oracle regarding deal to run TikTok, according to Politico
  • Perspective Therapeutics (CATX) Announces First Patient Dosed with [212Pb]VMT01 in Combination with Nivolumab in a Phase 1/2a Study of MC1R-Positive Metastatic Melanoma
  • Porsche (POAHY) not considering reducing voting stake in Volkswagen (VWAGY), according to Reuters
  • Primoris Services Corporation (PRIM) announces leadership changes
  • Roche Hldg (RHHBY) to share new Evrysdi five-year data from the SUNFISH study at MDA 2025 conference
  • Rocket Lab USA (RKLB) successfully launches second mission for iQPS
  • Rocket Lab USA (RKLB) third Pioneer spacecraft for Varda Space Industries successfully deployed to orbit
  • Sterling Infrastructure (STRL) announces departure of CFO Sharon Villaverde, appoints Ronald Ballschmiede as interim CFO
  • Travere Therapeutics (TVTX) submits sNDA to FDA for approval of FILSPARI for the treatment of FSGS
  • Unisys (UIS) provides update on changes in reporting segments
  • Volkswagen (VWAGY) wants to introduce 11 models in China, according to Bloomberg
  • XP (XP) provides supplementary information regarding short-selling report
  • Zentalis Pharmaceuticals (ZNTL) Presents Updated Clinical Data at the Society of Gynecologic Oncology 2025 Annual Meeting on Women’s Cancer

• Upgrades:
  • Accenture (ACN) upgraded to Outperform from Neutral at Robert W. Baird; tgt $390
  • American Tower (AMT) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $230
  • argenx (ARGX) upgraded to Outperform from Mkt Perform at Bernstein
  • Blackstone (BX) upgraded to Buy from Neutral at UBS; tgt $180
  • Blue Owl Capital (OBDC) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $15
  • Calumet Specialty Products (CLMT) upgraded to Neutral from Sell at UBS; tgt lowered to $12
  • Celanese (CE) upgraded to Overweight from Neutral at Alembic Global Advisors; tgt $70
  • Crown Castle (CCI) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $105
  • Crown Castle (CCI) upgraded to Peer Perform from Underperform at Wolfe Research
  • Flowserve (FLS) upgraded to Outperform from Neutral at Robert W. Baird; tgt $71
  • Formula One Group (FWONA) upgraded to Buy from Neutral at Seaport Research Partners; tgt $96
  • Genesis Energy, L.P. (GEL) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $18
  • Generac (GNRC) upgraded to Neutral from Sell at Guggenheim
  • Monday.com (MNDY) upgraded to Buy from Neutral at DA Davidson; tgt $350
  • National Grid (NGG) upgraded to Outperform from Mkt Perform at Bernstein
  • Netflix (NFLX) upgraded to Buy from Neutral at MoffettNathanson; tgt raised to $1100
  • Norwegian Cruise Line (NCLH) upgraded to Overweight from Neutral at JP Morgan; tgt $30
  • SL Green Realty (SLG) upgraded to Outperform from In-line at Evercore ISI; tgt lowered to $73
  • Sprouts Farmers Market (SFM) upgraded to Buy from Hold at Deutsche Bank; tgt $190
• Downgrades:
  • CION Investment (CION) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $10
  • EastGroup (EGP) downgraded to In-line from Outperform at Evercore ISI; tgt raised to $185
  • Finward Bancorp (FNWD) downgraded to Market Perform from Outperform at Hovde Group
  • FS KKR Capital (FSK) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $19
  • Li Auto (LI) downgraded to Neutral from Outperform at Macquarie
  • RLX Technology (RLX) downgraded to Neutral from Buy at Citigroup; tgt lowered to $2.50
  • TriplePoint Venture Growth (TPVG) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $6.50
• Others:
  • Actuate Therapeutics (ACTU) initiated with a Buy at H.C. Wainwright; tgt $20
  • Alexandria RE (ARE) initiated with a Hold at Jefferies; tgt $100
  • Array Tech (ARRY) initiated with a Sector Perform at RBC Capital Mkts; tgt $7
  • Blueprint Medicines (BPMC) initiated with a Buy at Jefferies; tgt $135
  • Butterfly Network (BFLY) initiated with an Outperform at William Blair
  • BXP, Inc. (BXP) initiated with a Buy at Jefferies; tgt $78
  • COPT Defense Properties (CDP) initiated with a Buy at Jefferies; tgt $31
  • Cousins Prop (CUZ) initiated with a Buy at Jefferies; tgt $35
  • Douglas Emmett (DEI) initiated with a Hold at Jefferies; tgt $16
  • Easterly Government Properties (DEA) initiated with a Buy at Jefferies; tgt $13
  • Emerson (EMR) resumed with a Buy at Citigroup; tgt $132
  • EZCORP (EZPW) initiated with a Buy at ROTH MKM; tgt $16
  • Ferguson plc (FERG) initiated with a Peer Perform at Wolfe Research
  • Highwoods Prop (HIW) initiated with a Buy at Jefferies; tgt $32
  • Hudson Pacific Properties (HPP) initiated with a Hold at Jefferies; tgt $2.70
  • Kilroy Realty (KRC) initiated with a Hold at Jefferies; tgt $34
  • Nextracker (NXT) initiated with an Outperform at RBC Capital Mkts; tgt $55
  • Nurix Therapeutics (NRIX) initiated with a Market Perform at Leerink Partners; tgt $16
  • Nuvectis Pharma (NVCT) initiated with a Buy at Laidlaw; tgt $19
  • Plus Therapeutics (PSTV) initiated with a Buy at D. Boral Capital; tgt $9
  • Reddit (RDDT) initiated with a Sell at Redburn Atlantic; tgt $75
  • Shattuck Labs (STTK) initiated with a Outperform at Leerink Partners; tgt $4
  • SL Green Realty (SLG) initiated with a Hold at Jefferies; tgt $58
  • UP Fintech (TIGR) initiated with a Buy at BofA Securities

• Econ Data (Tuesday):
  • 08:30 ET: February Housing Starts (Briefing.com consensus 1.385 mln; prior 1.366 mln) and Building Permits (Briefing.com consensus 1.450 mln; prior 1.483 mln)
  • 08:30 ET: February Import Prices (prior 0.3%) and Import Prices, excluding fuel (prior 0.1%); February Export Prices (prior 1.3%) and Export Prices, excluding agricultural products (prior 1.5%)
  • 09:15 ET: February Industrial Production (Briefing.com consensus 0.2%; prior 0.5%) and Capacity Utilization (Briefing.com consensus 77.7%; prior 77.8%)
• Earnings:
  • Monday (Mar 17)
    • Pre-Market: SAIC
    • After-Hours: GETY LPRO
  • Tuesday (Mar 18)
    • Pre-Market: HUYA BEKE TME GDS
    • After-Hours: ZTO
  • Wednesday (Mar 19)
    • Pre-Market: GIS KC OLLI SIG SRAD
      
    • After-Hours: FIVE WS
  • Thursday (Mar 20)
    • Pre-Market: ASO ACN CAL CMC DRI DBI FDS JBL PDD SCVL TITN ZK
    • After-Hours: FDX KLC LEN LAZR MU NKE CURV
  • Friday (Mar 21)
    • Pre-Market: NIO
    • After-Hours: CCL
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike