After Hours Report

The stock market logged gains to start the week. An early surge saw the S&P 500 trade up as much as 1.8%, but the index settled 0.8% higher than Friday after briefly turning negative and bouncing off its session low around mid-day. 

Buying interest was rooted in relief that smartphones, laptops, semiconductors, solar cells, and other electronic items will be exempt from the 10% global tariffs and the 125% tariff rate on imports from China. The subsequent deterioration was related in part to the understanding that imports from China are still subject to the 20% fentanyl-related tariff.

Also, Commerce Secretary Lutnick clarified that the exemptions will be temporary and President Trump said that he will soon announce a tariff rate for semiconductors.

The ebb and flow of equities was also driven by choppy action in mega caps. NVIDIA (NVDA 110.71, -0.22, -0.2%) was an influential name in that respect, trading up as much as 3.0% at its high and trading down as much as 1.7% at its low.

Ten of the 11 S&P 500 sectors ultimately closed in the green and seven of them finished more than 1.0% higher, including the financial sector, which was helped by a positive response to above-consensus quarterly results from Goldman Sachs (GS 503.98, +9.54, +1.9%).

The rate-sensitive real estate (+2.2%) and utilities (+1.8%) sectors led the pack as market rates dropped. The 10-yr yield dropped 13 basis points to 4.36% and the 2-yr yield dropped 12 basis points to 3.83%.

There was no notable US economic data today. This week's calendar features March Retail Sales on Wednesday, and March Housing Permits and Building Permits on Thursday. There is also an ECB meeting on Thursday and the central bank is expected to announce a 25-basis point rate cut.

• Dow Jones Industrial Average: -4.8% YTD
• S&P 500: -8.1% YTD
• S&P Midcap 400: -11.7% YTD
• Nasdaq Composite: -12.8% YTD
• Russell 2000: -15.7% YTD

Looking ahead to Tuesday, market participants receive the following data:

• 8:30 ET: April Empire State Manufacturing (Briefing.com consensus -14.8; prior -20.0), March Export Prices (prior 0.1%), Export Prices ex-agriculture (prior 0.1%), Import Prices (prior 0.4%), and Import Prices ex-oil (prior 0.3%)

Overseas:

• Europe: DAX +2.9%, FTSE +2.1%, CAC +2.4%
• Asia: Nikkei +1.2%, Hang Seng +2.4%, Shanghai +0.8%

Commodities:

• Crude Oil +0.04 @ 61.59
• Nat Gas -0.22 @ 3.31
• Gold -18.60 @ 3227.30
• Silver +0.30 @ 32.20
• Copper +0.13 @ 4.64

After-Hours Spotlight:

• Applied Digital (APLD) beats by $0.02, misses on revs... APLD  down 10.8%
• Applied Materials (AMAT) announces the purchase 9% of the outstanding shares of the common stock of BE Semiconductor Industries N.V. (BESIY)... AMAT down 0.1%
• Bristol Myers Squibb (BMY) provides update on Phase 3 ODYSSEY-HCM trial, which did not meet its dual primary endpoints... BMY down 1.6%
• Capital Southwest Corp. (CSWC) guides Q4 adjusted net investment income per share slightly below consensus... CSWC up 0.7%
• FB Financial (FBK) beats by $0.02, reports revs in-line... FBK down 2.9%
• Lowe's (LOW): The Sterling Group agrees to sell Artisan Design Group to Lowe's Companies for $1.325 bln; expected to close in the second quarter of 2025... LOW unchanged
• Netflix (NFLX) aims to double its revenue by 2030 and achieve a $1 trillion market capitalization, according to The Wall Street Journal... NFLX up 1.9%
• onsemi (ON) withdraws proposal to acquire Allegro MicroSystems (ALGM) for $35.10 per share; intends to continue to allocate capital towards authorized share repurchase... ON up 3.3%; ALGM down 11.7%
• US Commerce Dept launching investigation into natural security effects of pharma, semiconductors imports, according to CNBC TV

Fair Value for Tuesday, April 15:

• S&P 500: 5,438
• Nasdaq 100: 18,926
• DJIA: 40,718

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

• Earnings/Guidance (Full Earnings Calendar):
  • DHT (DHT) provides Q1 business update
  • Goldman Sachs (GS) beats by $1.79, beats on revs
  • InMode (INMD) sees Q1 revs below consensus
  • M&T Bank (MTB) misses by $0.08; provides FY25 outlook
  • Orla Mining (ORLA) achieves record quarterly production with contributions from Camino Rojo and Musselwhite
  • WaFd, Inc. (WAFD) beats on top and bottom lines
• General News
  • US and Japan will hold trade talks on Thursday. Japan does not expect to use US Treasury holdings as leverage in talks, according to Bloomberg
  • White House excludes smartphones, laptops, chips, solar cells, and other electronics from current tariffs, but Commerce Secretary Howard Lutnick says those products will be subject to separate tariffs in “a month or two.”
  • The Trump administration is expected to begin trade negotiations with dozens of countries with goals of more energy purchases, lower export tariffs, lower trade deficits, and lower taxes on American technology companies, according to the Washington Post
  • Iran and US had "constructive" meeting and plan further nuclear discussions this week, according to CNN
  • Fed Governor Christopher Waller (voting FOMC member) gives two different tariff scenarios; sees rate cuts in both scenarios
  • President Trump signals imminent tariffs on U.S. pharmaceutical imports, according to Reuters
  • President Trump says he is considering auto part exemptions to give companies more time to setup US plants, according to Bloomberg
  • Auto tariffs could lower sales by millions, according to CNBC
  • President Trump planning executive order that would help US stockpile critical minerals, according to Financial Times
  • Treasury Secretary Scott Bessent priorities for new trade deals include Australia, South Korea, India and Japan, and the UK, according to The Wall Street Journal
  • OPEC says the global oil demand growth forecast for 2025 is revised down slightly to 1.3 mb/d yr/yr
  • Minneapolis Fed President Neel Kashkari (not a voting member) in interview says he expects markets will remain orderly and Fed must keep inflation under control, according to CBS News
  • Officials from the Trump administration have a goal to deport 1 million illegal immigrants this year, according to the Washington Post
  • UK Government cuts price of everyday items and summer essentials
  • NY Fed says "Short-Term inflation expectations increase, labor market expectations deteriorate"
  • Argentina removes most capital controls, according to Bloomberg
  • Taiwan President Lai Ching-te says first part of US trade talks went smoothly, according to Reuters
  • Former Treasury Secretary Janet Yellen says rise in Treasury yields is an expression of loss of confidence in US economic policy -- CNBC interview
  • Italian billionaire Gianluigi Aponte wants to purchase 43 Panama ports, according to Bloomberg
  • Governor Josh Shaprio says "Last night at about 2AM, my family and I woke up to bangs on the door from the Pennsylvania State Police after an arsonist set fire to the Governor’s Residence in Harrisburg"
  • Altice USA's (ATUS) CSC Holdings engaged in negotiations with respect to potential transactions with certain holders of the term loans and notes; did not reach an agreement with respect to a transaction
  • Amgen (AMGN): Sandoz files antitrust litigation against Amgen regarding patient access to etanercept biosimilar in the US
  • Aon (AON) increases quarterly cash dividend 10% to $0.745/share from $0.675/share
  • Apple (AAPL) preparing additional VisionPro headset devices, according to Bloomberg
  • Brookdale Senior Living (BKD) initiates search for new CEO, appoints interim CEO; sees Q1 Adj EBITDA exceeding expectations
  • Concord Medical Services (CCM) appointed of new Chief Financial Officer and new Chief Strategy Officer
  • Crocs (CROX) warned staff that tariffs will increase expenses, according to Bloomberg
  • Danaos (DAC) increases share repurchase authorization by $100 mln to a total of $300 mln
  • DaVita (DVA) became aware of a ransomware incident that has encrypted certain elements of network
  • Ecopetrol (EC) and AES Colombia sign an agreement to build the Jemeiwaa Ka’I wind cluster in La Guajira
  • Edison (EIX) provides initial plan to rebuild impacted electrical distribution infrastructure caused by January wildfires
  • Enlight Renewable Energy Ltd. (ENLT) raises a total of $1.5 billion in project finance following its third U.S. financial close within four months
  • Exact Sciences (EXAS): JAMA Oncology publication strengthens evidence for Oncotype DX test reliability across racial and ethnic groups
  • GCL Global Limited (GCL) discloses departure and appointment of certain officers
  • Google (GOOG, GOOGL) and Nvidia (NVDA) will invest in Safe Superintelligence, according to Reuters
  • Hertz Global (HTZ) tapped advisors for capital structure options, according to Bloomberg
  • Hovnanian (HOV) authorizes a $25 mln increase to its share repurchase program
  • HubSpot (HUBS) Board approved the adoption of an Executive Severance Plan
  • IDEAYA Biosciences (IDYA) announces successful FDA Type D meeting on Phase 3 registrational trial design for darovasertib as neoadjuvant therapy for primary uveal melanoma
  • Intel (INTC) to sell 51% of its Altera business to Silver Lake; expected to close in the second half of 2025
  • Meta (META) antitrust trial begins today with possible breakup on the table, according to Politico
  • Netflix (NFLX) testing new artificial intelligence search features, according to Bloomberg
  • Organogenesis (ORGO) supports the U.S. Centers for Medicare & Medicaid Services’ decision to delay the local coverage determinations for skin substitute grafts/cellular and tissue-based products for the treatment of diabetic foot ulcers and venous leg ulcers to review its coverage policies
  • Pfizer (PFE) reports update on oral GLP-1 receptor agonist Danuglipron
  • ProQR Therapeutics (PRQR) announces appointment of Dennis Horn as CFO and Cristina Lopez Lopez, MD, PhD, as Chief Medical Officer
  • Third Harmonic Bio (THRD) announces plan of liquidation and dissolution; Initial distribution expected in the range between approximately $246.6 million and $255.4 million, or approximately $5.13-5.33/share of common stock
  • USANA (USNA) recently conducted a clinical study on its Celavive Resurfacing Serum to evaluate the efficacy and tolerance of the product
  • Sony (SONY) announces price increases for PlayStation 5 in Europe, Australia and New Zealand
  • Verve Therapeutics (VERV) announces positive initial data from the Heart-2 phase 1b clinical trial of VERVE-102, an in vivo base editing medicine targeting PCSK9

• Upgrades:
  • America Movil (AMX) upgraded to Buy from Hold at HSBC, tgt $17.50
  • Apple (AAPL) upgraded to Sector Weight from Underweight at KeyBanc, tgt $150
  • Atlassian (TEAM) upgraded to Outperform from Neutral at Baird
  • Choice Hotels (CHH) upgraded to Buy from Sell at Goldman, tgt $138
  • DuPont (DD) upgraded to Overweight from Sector Weight at KeyBanc, tgt $81
  • EHang (EH) upgraded to Buy from Hold at Deutsche Bank, tgt $20
  • Element Solutions (ESI) upgraded to Buy from Hold at Truist, tgt $24
  • Infosys (INFY) upgraded to Neutral from Negative at Susquehanna
  • InterContinental (IHG) upgraded to Hold from Sell at Deutsche Bank
  • Neurocrine (NBIX) upgraded to Outperform from Sector Perform at RBC Capital, tgt $137
  • Peloton (PTON) upgraded to Buy from Hold at Deutsche Bank, tgt $6.60
  • Toyota (TM) upgraded to Market Perform at Bernstein
  • YPF (YPF) upgraded to Hold from Reduce at HSBC, tgt $33
• Downgrades:
  • China Eastern Airlines (CEA) downgraded to Neutral at JPMorgan
  • Comcast (CMCSA) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $31
    
  • Flywire (FLYW) downgraded to Underweight from Neutral at JPMorgan, tgt $9
  • Full Truck Alliance (YMM) downgraded to Neutral from Overweight at JPMorgan, tgt $10
  • Hilton (HLT) downgraded to Neutral from Buy at Goldman, tgt $235
  • Hyatt (H) downgraded to Sell from Neutral at Goldman, tgt $110
  • Icon (ICLR) downgraded to Hold from Buy at TD Cowen, tgt $157
    
  • Lightspeed (LSPD) downgraded to Underweight from Neutral at JPMorgan, tgt C$13
  • Marriott (MAR) downgraded to Neutral from Buy at Goldman, tgt $245
  • Medpace (MEDP) downgraded to Hold from Buy at TD Cowen, tgt $328
  • Stellantis (STLA) downgraded to Neutral from Buy at UBS
  • TPG (TPG) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $47
  • Wayfair (W) downgraded to Hold from Buy at Deutsche Bank, tgt $25
• Others:
  • Ametek (AME) initiated with an Equal Weight at Morgan Stanley, tgt $170
  • CytomX Therapeutics (CTMX) assumed with an Overweight at Piper Sandler
  • Dover (DOV) initiated with an Equal Weight at Morgan Stanley, tgt $185
  • Establishment Labs (ESTA) initiated with a Hold at Needham
  • FinWise Bancorp (FINW) initiated with an Outperform at Hovde Group, tgt $19
  • Honda (HMC) initiated with a Market Perform at Bernstein
  • Hut 8 (HUT) initiated with a Buy at BTIG Research, tgt $18
  • JPMorgan (JPM) initiated with a Hold at KGI Securities, tgt $260
  • Lenz Therapeutics (LENZ) assumed with an Overweight at Piper Sandler
  • Marti Technologies (MRT) initiated with a Buy at Litchfield Hills
  • Millrose Properties (MRP) initiated with a Buy at Citigroup, tgt $30
  • SailPoint (SAIL) initiated with an Equal Weight at Wells Fargo, tgt $16
  • Watsco (WSO) initiated with an Equal Weight at Morgan Stanley, tgt $515

• Econ Data (Tuesday):
  • 08:30 ET: April Empire State Manufacturing (Briefing.com consensus -14.8; prior -20.0)
  • 08:30 ET: March Import Price Index (prior 0.4%) and Export Price Index (prior 0.1%)
• Earnings:
  • Monday (Apr 14)
    • Pre-Market: GS MTB
    • After-Hours: APLD FBK PNFP
  • Tuesday (April 15)
    • Pre-Market: ACI BAC C ERIC JNJ PNC
    • After-Hours: FLUT HWC IBKR JBHT OMC UAL
  • Wednesday (April 16)
    • Pre-Market: ABT ASML ALV CFG FHN PLD PGR TRV USB
      
    • After-Hours: AA OZK CNS CSX FNB FR HOMB KMI LBRT REXR SFNC SLG SNV TFIN
  • Thursday (April 17)
    • Pre-Market: ALLY AXP BMI SCHW DHI FITB HBAN IIIN KEY MAN MMC RF SNA STT TCBI TFC TSM UNH
    • After-Hours: NFLX
  • Friday (Apr 18)
    • Pre-Market: None
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike