After Hours Report

The stock market headed higher at the open, yet closed with modest declines at the index level. The S&P 500 was 0.2% lower, the Nasdaq Composite registered a 0.1% decline, and the Dow Jones Industrial Average settled 0.4% lower. Moves in either direction were limited as investors continue to weigh the potential impact of tariffs after a slate of trade-related headlines.

Comments from President Trump suggested there may be tariff adjustments for the auto sector, a Bloomberg report suggested that the EU and US have made little progress on trade talks, and the Department of Commerce launched Section 232 investigations into imports of semiconductors, semiconductor manufacturing equipment, pharmaceuticals, and pharmaceutical ingredients, piquing concerns about tariff increases.

Market participants were also digesting earnings news from Bank of America (BAC 37.99, +1.32, +3.6%) and Citigroup (C 64.33, +1.11, +1.8%), which received positive responses and boosted the overall equity market. Breadth was positive despite the slightly negative finish for major indices. Advancers had a 3-to-2 lead at the NYSE and a 4-to-3 lead at the Nasdaq. 

Moves in the S&P 500 sectors were also limited. The technology sector led the pack, closing 0.3% higher, while the consumer discretionary sector brought up the rear, closing 0.8% lower.

Treasuries settled higher, building on yesterday's gains. The 10-yr yield dropped four basis points to 4.32%, and the 2-yr yield was unchanged at 3.83%.

• Dow Jones Industrial Average: -5.1% YTD
• S&P 500: -8.3% YTD
• S&P Midcap 400: -11.8% YTD
• Nasdaq Composite: -12.9% YTD
• Russell 2000: -15.6% YTD

Reviewing today's economic data:

• April Empire State Manufacturing -8.1 (Briefing.com consensus -14.8); Prior -20.0
• March Export Prices 0.0%; Prior was revised to 0.5% from 0.1%
• March Export Prices ex-ag. -0.1%; Prior was revised to 0.5% from 0.1%
• March Import Prices -0.1%; Prior was revised to 0.2% from 0.4%
• March Import Prices ex-oil 0.1%; Prior was revised to 0.1% from 0.3%

There's a big slate of data to get through on Wednesday, including:

• 7:00 ET: Weekly MBA Mortgage Index (prior 20.0%)
• 8:30 ET: March Retail Sales (Briefing.com consensus 1.3%; prior 0.2%), Retail Sales ex-auto (Briefing.com consensus 0.2%; prior 0.3%)
• 9:15 ET: March Industrial Production (Briefing.com consensus -0.3%; prior 0.7%) and Capacity Utilization (Briefing.com consensus 77.9%; prior 78.2%)
• 10:00 ET: February Business Inventories (Briefing.com consensus 0.3%; prior 0.3%) and April NAHB Housing Market Index (Briefing.com consensus 39; prior 39)
• 10:30 ET: Weekly crude oil inventories (prior +2.55 mln)
• 16:00 ET: February Net Long-Term TIC Flows (prior -$45.2 bln)

Overseas:

• Europe: DAX +1.3%, FTSE +1.4%, CAC +0.9%
• Asia: Nikkei +0.8%, Hang Seng +0.2%, Shanghai +0.2%

Commodities:

• Crude Oil -0.26 @ 61.33
• Nat Gas -0.08 @ 3.23
• Gold +14.30 @ 3241.60
• Silver +0.11 @ 32.31
• Copper -0.02 @ 4.62

After-Hours Spotlight:

• Interactive Brokers (IBKR) misses by $0.04, beats on revs; raises quarterly dividend; announces a four-for-one forward split of its common stock... IBKR down 3.5%
• J.B. Hunt Transport (JBHT) beats by $0.02, reports revs in-line, intermodal volumes up 8%... JBHT down 6.0%
• Omnicom (OMC) beats by $0.05, reports revs in-line... OMC down 3.7%
• United Airlines (UAL) beats by $0.17, reports revs in-line, TRASM up 0.5%, premium cabin revenue up 9.2%; issues in-line Q2 EPS guidance and provides two sets of EPS guidance for FY25, stating that it's "impossible to predict the macro environment this year with any degree of confidence"; Also is removing 4 ppts of scheduled domestic capacity... UAL up 6.9%

Fair Value for Wednesday, April 16:

• S&P 500: 5,430
• Nasdaq 100: 18,965
• DJIA: 40,572

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

• Earnings/Guidance (Full Earnings Calendar):
  • Albertsons (ACI) beats by $0.05, reports revs in-line comps +2.3%; guides FY26 EPS below consensus
  • Applied Digital (APLD) beats by $0.02, misses on revs
  • Bank of America (BAC) beats by $0.08, beats on revs
  • Capital Southwest Corp. (CSWC) guides Q4 adjusted net investment income per share slightly below consensus
  • Citigroup (C) beats by $0.11, beats on revs; reaffirms FY25 revenue guidance
  • Ericsson (ERIC) misses on the top and bottom line
  • FB Financial (FBK) beats by $0.02, reports revs in-line
  • Freightos Limited (CRGO) reports preliminary business indicators for 1Q25, including transaction growth of 25% to 371,000
  • Genmab (GMAB) announces net sales of DARZALEX in the first quarter of 2025 totaled $3.237 bln
  • Johnson & Johnson (JNJ) beats by $0.19, beats on revs; reaffirms FY25 EPS guidance, guides FY25 revs above consensus
  • Legend Biotech (LEGN) announced that CARVYKTI generated approximately $369 million in net trade sales during the quarter ended March 31, 2025
  • Pinnacle Finl (PNFP) beats by $0.10, NII increased 14.6% yr/yr
  • PNC (PNC) beats by $0.13, reports revs in-line; guides Q2 revs below consensus; reaffirms FY25 revs guidance
  • Prudential's (PRU) PGIM assets under management were $1.39 trillion as of March 31, 2025
  • TotalEnergies SE (TTE) provides Q1 trading statement
• General News
  • Small businesses file lawsuit against the Trump administration to block tariffs, according to CNBC
  • Taiwan wants talks with US over impact on tariffs on semiconductor industry, according to Reuters
  • Treasury Secretary Scott Bessent interviewed on Bloomberg TV
  • US Commerce Dept launching investigation into natural security effects of pharma, semiconductors imports, according to CNBC TV
  • Department of Commerce launches 232 investigation into imports of semiconductors and semiconductor manufacturing equipment, which could lead to tariffs on the sector
  • IEA releases April oil market report
  • CDC committee will meet today and tomorrow to discuss new COVID-19 vaccines
  • Advanced Micro Devices (AMD) announced its next-generation AMD EPYC processor, codenamed “Venice,” is the first HPC product in the industry to be taped out and brought up on the TSMC (TSM) advanced 2nm process technology
  • Canada announces new support for Canadian businesses affected by U.S. tariffs
  • President Trump signaled support for new higher tax bracket for people making $1 mln or more, according to Bloomberg
  • White House Press Secretary Karoline Leavitt says trade team is currently considering 15 trade deals and expects first deals will be announced "very soon"; says President Trump wants to sign off on all trade deals
  • President Trump wants China to reach out to him to begin trade talks, according to Bloomberg
  • Alphabet's (GOOG) Waymo says its coming to Atlanta soon; launches interest list in the Uber (UBER) application
  • American Express (AXP) reports March card metrics
  • Apple (AAPL) airlifted $2 bln worth of iPhones from India ahead of tariffs, according to Reuters
  • Apple (AAPL) folding iPhone could cost $2000, according to Apple Insider
  • Applied Materials (AMAT) announces the purchase 9% of the outstanding shares of the common stock of BE Semiconductor Industries N.V. (BESIY)
  • Bank of America (BAC) also reported March card metrics
  • Barrick (GOLD) confirms that it has continued to engage in good faith with the Government of Mali to finalise an agreement that was fully negotiated and accepted by the Ministry of Finance in February 2025
  • Biogen (BIIB) and Eisai (ESAIY) provided update on regulatory review of lecanemab for early Alzheimer’s disease by the European Commission
  • Blend Labs (BLND) announces an expanded partnership with Alloy, a leading identity and fraud prevention platform provider
  • Boeing (BA): China orders that airlines stop accepting Boeing (BA) deliveries in response to trade tensions, according to Bloomberg
  • Bristol Myers Squibb (BMY) provides update on Phase 3 ODYSSEY-HCM trial
  • Caledonia Mining (CMCL) announced Blanket Mine gold production for the quarter
  • Caterpillar (CAT) Chairman and CEO D. James Umpleby III will become Executive Chairman of the Board effective May 1
  • CGI Group (GIB) announced an expansion of the Universal Virtual Flight Data Recorder initiative
  • Citigroup (C) reports March card metrics
  • CleanSpark (CLSK) expands capital strategy with $200 mln Bitcoin-Backed Credit Facility from Coinbase (COIN) Prime; shifts to self-funded operations
  • Coca-Cola (KO): Arkansas will eliminate candy and soda from food stamp eligible products, according to WSJ
  • Comcast (CMCSA) is introducing the option to choose a five-year price guarantee when customers sign up for a new Xfinity Internet package
  • Conduent (CNDT) provides update on recent cybersecurity incident
  • CoreWeave (CRWV) announces Cohere, IBM and Mistral AI are the first customers to gain access to NVIDIA GB200 NVL72 rack-scale systems and CoreWeave's full stack of cloud services — a combination designed to advance AI model development and deployment
  • Corporación América Airports (CAAP) reports a 10.5% year-on-year increase in passenger traffic in March 2025
  • DHT (DHT) announces the sale of two VLCCs
  • DTE Energy (DTE) broke ground this morning on a 100-megawatt solar array near Coldwater, MI
  • Eisai (ESAIY): EC confirms that it granted EU authorisation for a medicine to treat mild cognitive impairment in the early stages of Alzheimer’s disease, under strict conditions
  • enCore Energy Corp. (EU) announces appointment of Mr. Nathan Tewalt as Director of the Board, who previously served on the company's Board of Directors from 2017 to 2022
  • Funko (FNKO) announces first licensed store in Southeast Asia to launch in the Philippines in June 2025
  • Galapagos (GLPG) CFO/COO to depart for personal reasons Aug 1
  • GlaxoSmithKline (GSK): PMCPA says GSK "has breached the ABPI code of practice for the pharmaceutical industry"
  • Gold Fields (GFI) provides Damang Main Mining updates
  • Green Plains (GPRE) advances refreshment of Board of Directors; Reaches cooperation agreement with long-term shareholder Ancora
  • H & R Block (HRB) and OpenAI announce a joint effort to develop a generative artificial intelligence solution enabling H&R Block’s vast network of more than 60,000 tax professionals to deliver tailored insights, faster, to the millions of clients served each year virtually or at one of its 9,000 locations nationwide
  • Halliburton (HAL) and Nabors Industries (NBR) achieved the first fully automated surface and subsurface execution of rotary and slide drilling operations in Oman
  • H.B. Fuller (FUL) increases quarterly cash dividend 5.6% to $0.235/share from $0.2225/share
  • Hewlett Packard Enterprise (HPE) follow up to report that Elliott has purchased a $1.5 bln stake in HPE
  • Honda Motor (HMC) is developing plan to relocate production to US from Mexico/Canada due to tariffs, according to Nikkei
  • Honda Motor (HMC) issues statement on production status
  • Howard Hughes (HHH) extends previously announced standstill agreement with Pershing Square to April 30
  • IperionX (IPX) – March 2025 quarterly report
  • Ivanhoe Electric (IE) receives indication for up to $825 million in financing from export-import bank of the United States for Santa Cruz Copper Project
  • Johnson & Johnson (JNJ) announces that its Board of Directors has declared a 4.8% increase in the quarterly dividend, from $1.24/share to $1.30/share
  • JPMorgan Chase (JPM) reports March card metrics
  • KKR (KKR) nearing deal to acquire Datagroup, according to Bloomberg
  • LENZ Therapeutics (LENZ) discloses its cash, cash equivalents and marketable securities were approximately $194 million as of March 31, 2025 (Commercial Day is today)
  • Matthews International Corporation (MATW) announces clearance of remaining foreign anti-trust regulatory requirements
  • MaxCyte (MXCT) proposes cancellation of admission of its common stock to trading on AIM and Continued Listing of its Common Stock on Nasdaq
  • Meta (META) CEO Mark Zuckerberg tells court that his company competes against a broad array of online competitors, according to the Washington Post
  • MindMed (MNMD) announces that the first patient has been dosed in its Phase 3 Emerge study evaluating MM120 ODT, a proprietary, pharmaceutically optimized form of LSD for the treatment of MDD
  • Netflix aims to double its revenue by 2030 and achieve a $1 trillion market capitalization, according to the Wall Street Journal
  • NeuroPace (NPCE) provides update on Tariff Status; Minimal expected impact to operations and financial results
  • Nissan (NSANY) will lower Japanese production of Rogue SUV due to tariffs, according to Reuters
  • Nomura Holdings (NMR) wants to scale back China wealth unit, according to Bloomberg
  • NorthWestern Energy (NWE) Announces Settlement Agreements in Montana Electric and Natural Gas Regulatory Rate Review
  • Novavax (NVAX): SHIELD-Utah Study Shows Novavax's COVID-19 Vaccine Induces Lower Reactogenicity Symptoms Compared to mRNA
  • Parkland Fuel (PKIUF): Simpson Oil Limited published a presentation outlining its plan to restore performance, accountability, and long-term value at Parkland
  • Peabody Energy (BTU) is holding off refinancing of $2.1 bln loan, according to Bloomberg
  • Peabody Energy (BTU) to provide seven to 8 mln tons of coal per year to Associated Electric Cooperative for at least the next 7 year
  • Penguin Solutions (PENG): SMART Modular expands CXL offerings with addition of E3.S 2T 128GB CMM to CXL Consortium's Integrator List
  • Pershing Square Holdings (PSHZF) extends the term of its standstill agreement with Howard Hughes Holdings (HHH) to facilitate ongoing discussions regarding the proposal previously announced by Pershing Square on February 18, 2025 and potential alternatives
  • QIAGEN (QGEN) Advancing Plans to Launch Three New Sample Preparation Instruments by 2026 to Improve Lab Automation
  • Rexford Industrial Realty (REXR) announces that Chairman Richard Ziman will retire from his role and the Board of Directors following the company's Annual Meeting of Stockholders on June 3, 2025
  • Rocket Lab USA (RKLB) elected to provide hypersonic test launch capability with its HASTE launch vehicle, engineering expertise, and other services through its participation in two multi-billion dollar government development programs for the United States and the United Kingdom
  • RTX (RTX): The State Department has made a determination approving a possible Foreign Military Sale to the Kingdom of Morocco of FIM-92K Stinger Block I missiles and related equipment for an estimated cost of $825 million
  • Sanofi (SNY) shares new progress from its mid- to late-stage respiratory pipeline
  • Satellogic (SATL) entered into a securities purchase agreement on April 15
  • ServiceTitan announces strategic partnership with Cobalt Service Partners
  • SmartStop Self Storage REIT (SMA) provides investor updates in presentation
  • South Bow Corporation (SOBO): PHMSA has confirmed South Bow restarted the Keystone pipeline on April 14 at a reduced pressure
  • Stellantis (STLA) considering five candidates for CEO position, according to Reuters
  • Telix Pharmaceuticals' (TLX) Illuccix Prostate Cancer PSMA-PET Imaging Agent receives approval in Sweden
  • Tevogen Bio (TVGN) announces the commission of Databricks with an aim to accelerate the development of PredicTcell, the Company’s proprietary AI-driven target prediction model for precision immunotherapy
  • trivago (TRVG) elected Dr. Wolf Schmuhl to succeed Robin Harries as Managing Director and Chief Financial Officer of the Company effective as of June 1, 2025
  • U.S. GoldMining Inc. (USGO) Announces Plans to Commence an Initial Economic Assessment At Whistler Gold-Copper Project, Alaska
  • Venture Global (VG) commences commercial operations at Calcasieu Pass
  • Visa (V): Court approves motion to end industry group lawsuit and CFPB ended late feel cap on credit cards, according to Bloomberg

• Upgrades:
  • Archer Daniels Midland (ADM) upgraded to Neutral from Underperform at BofA Securities
  • Autoliv (ALV) upgraded to Overweight from Equal Weight at Barclays
  • Church & Dwight (CHD) upgraded to Buy from Neutral at BofA Securities
  • DuPont (DD) upgraded to Neutral from Underperform at BofA Securities
  • Element Solutions (ESI) upgraded to Buy from Neutral at BofA Securities
  • Expand Energy (EXE) upgraded to Overweight from Equal Weight at Barclays, tgt $122
  • Hormel Foods (HRL) upgraded to Neutral from Underperform at BofA Securities
  • HubSpot (HUBS) upgraded to Buy from Neutral at UBS
  • KKR (KKR) upgraded to Buy from Hold at HSBC, tgt $119
  • Neurocrine (NBIX) upgraded to Buy from Hold at Needham, tgt $138
  • TotalEnergies (TTE) upgraded to Outperform from Neutral at Exane BNP Paribas
  • Triumph Group (TGI) upgraded to Neutral from Underweight at JPMorgan, tgt $26
  • Verve Therapeutics (VERV) upgraded to Overweight from Neutral at Cantor Fitzgerald
  • Victory Capital (VCTR) upgraded to Buy from Neutral at B. Riley Securities, tgt $70
  • Westlake (WLK) upgraded to Buy from Neutral at BofA Securities, tgt $75
• Downgrades:
  • Air Products (APD) downgraded to Underperform from Neutral at BofA Securities
  • Ameresco (AMRC) downgraded to Neutral from Outperform at Robert W. Baird
  • Aptiv (APTV) downgraded to Equal Weight from Overweight at Barclays
  • Cemex (CX) downgraded to Neutral from Outperform at Bradesco BBI, tgt $7.50
  • Chevron (CVX) downgraded to Neutral from Outperform at Exane BNP Paribas, tgt $140
  • Church & Dwight (CHD) downgraded to Buy from Neutral at BofA Securities
  • Coty (COTY) downgraded to Underperform from Buy at BofA Securities, tgt $4.50
  • Daqo New Energy (DQ) downgraded to Neutral from Buy at Goldman
  • Dentsply Sirona (XRAY) downgraded to Equal Weight from Overweight at Morgan Stanley
  • Dow Inc. (DOW) downgraded to Underperform from Buy at BofA Securities
  • Elevance Health (ELV) downgraded to Neutral from Outperform at Robert W. Baird
  • Exelon (EXC) downgraded to In Line from Outperform at Evercore ISI
  • General Motors (GM) downgraded to Equal Weight from Overweight at Barclays
  • Green Plains (GPRE) downgraded to Neutral from Buy at BofA Securities
  • HCA Healthcare (HCA) downgraded to Neutral from Outperform at Robert W. Baird
  • Howmet Aerospace (HWM) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $118
  • Hexcel (HXL) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $55
    
  • Huntsman (HUN) downgraded to Neutral from Buy at BofA Securities
  • Ironwood (IRWD) downgraded to Hold from Buy at Jefferies, tgt $0.70
  • Ironwood (IRWD) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $1
  • Littelfuse (LFUS) downgraded to Neutral from Outperform at Robert W. Baird
  • Mobileye (MBLY) downgraded to Equal Weight from Overweight at Barclays
  • Molina Healthcare (MOH) downgraded to Neutral from Outperform at Robert W. Baird
  • Paramount Group (PGRE) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $3.25
  • PepsiCo (PEP) downgraded to Neutral from Buy at BofA Securities, tgt $155
  • PPG (PPG) downgraded to Neutral from Buy at BofA Securities
  • Rallybio (RLYB) downgraded to Hold from Buy at JonesResearch
  • Tenet Healthcare (THC) downgraded to Neutral from Outperform at Robert W. Baird
  • Universal Health (UHS) downgraded to Neutral from Outperform at Robert W. Baird
  • Visteon (VC) downgraded to Equal Weight from Overweight at Barclays
• Others:
  • Amentum (AMTM) initiated with a Buy at BTIG Research, tgt $30
  • Arm (ARM) initiated with a Neutral at KGI Securities, tgt $130
  • Aurora Innovation (AUR) initiated with a Buy at Needham, tgt $10
  • Heico (HEI) initiated with an Equal Weight at Wells Fargo, tgt $244
  • MercadoLibre (MELI) initiated with a Buy at The Benchmark Company, tgt $2,500
  • Nike (NKE) initiated with a Hold at Berenberg, tgt $58
  • RedCloud (RCT) initiated with a Buy at Clear Street, tgt $7
  • RedCloud (RCT) initiated with a Buy at Roth Capital, tgt $5
  • RxSight (RXST) initiated with a Neutral at Piper Sandler, tgt $18
  • SiriusPoint (SPNT) initiated with a Hold at Jefferies, tgt $17

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior 20.0%)
  • 8:30 ET: March Retail Sales (Briefing.com consensus 1.3%; prior 0.2%), Retail Sales ex-auto (Briefing.com consensus 0.2%; prior 0.3%)
  • 9:15 ET: March Industrial Production (Briefing.com consensus -0.3%; prior 0.7%) and Capacity Utilization (Briefing.com consensus 77.9%; prior 78.2%)
  • 10:00 ET: February Business Inventories (Briefing.com consensus 0.3%; prior 0.3%) and April NAHB Housing Market Index (Briefing.com consensus 39; prior 39)
  • 10:30 ET: Weekly crude oil inventories (prior +2.55 mln)
  • 16:00 ET: February Net Long-Term TIC Flows (prior -$45.2 bln)
• Treasury Auctions:
  • 13:00 ET: $13 bln 20-yr Treasury bond reopening results
• Earnings:
  • Monday (April 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 (April 18)
    • Pre-Market: None
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike