After Hours Report

The stock market scored some big gains on Tuesday, but there was no follow-through on that effort today. The major indices trudged their way through Wednesday's session, weighed down by a lack of concerted leadership and a pervasive sense of wait-and-see in front of NVIDIA's (NVDA 134.81, -0.69, -0.5%) earnings report after the close.

In effect, it was a consolidation trade influenced by rising Treasury yields, an FT report that the Trump administration told semiconductor software design companies to stop selling to customers in China, and some festering valuation concerns.

All 11 S&P 500 sectors ended the day in negative territory. The biggest losers were the utilities (-1.4%), energy (-1.3%), and materials (-1.3%) sectors.

Small-cap stocks and the value factor also underperformed in a move that could be attributed in part to growth concerns, but to be fair, trading volume was relatively light on a day that saw the market cap-weighted S&P 500 break below 5,900 in late trading and close near its lows for the session.

There were some outliers in today's trade, namely Abercrombie & Fitch (ANF 88.47, +11.32, +14.7%) and Fair Isaac Corp. (FICO 1618.62, +115.01, +7.7%). The former reported better-than-expected earnings results, and the latter was upgraded to Outperform from Neutral at Robert W. Baird.

The tale of the tape, though, was one of weakness. Decliners led advancers by a 3-to-1 margin at the NYSE and by a 2-to-1 margin at the Nasdaq.

There was no U.S. economic data of note today, but it was reported before the open that the Mortgage Bankers Association's Mortgage Applications Index declined 1.2% week-over-week, with purchase applications up 2% and refinance applications down 7%.

Treasuries drew some buying interest after the report, but they eventually reversed course, with the 10-yr note yield scraping 4.50% and the 30-yr bond yield kissing 5.01% at their highs before backing down. The 10-yr note yield settled at 4.48%, while the 30-yr bond yield settled at 4.98%.

The Treasury market didn't react much to a $70 billion 5-yr note auction that was met with decent demand nor to the FOMC Minutes for the May 6-7 meeting, which conveyed increased uncertainty about the outlook and the potential for a difficult trade-off if inflation proves to be more persistent and the outlooks for growth and employment weaken. Those observations were interpreted largely by the market as being known and dated.

• S&P 500: +0.1% YTD
• Nasdaq: -1.1% YTD
• DJIA: -1.1% YTD
• S&P 400: -3.7% YTD
• Russell 2000: -7.3% YTD

Overseas:

• Europe: DAX -0.8%, FTSE -0.6%, CAC -0.5%
• Asia: Nikkei flat, Hang Seng -0.5%, Shanghai flat

Commodities:

• Crude Oil +0.63 @ 61.84
• Nat Gas -0.08 @ 3.56
• Gold -0.40 @ 3294.70
• Silver -0.04 @ 33.17
• Copper -0.01 @ 4.67

After-Hours Spotlight:

• Agilent (A) beats by $0.05, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY25 EPS in-line, revs in-line... A up 6.7%
• C3.ai (AI) beats by $0.04, reports revs in-line; guides Q1 revs in-line; guides FY26 revs in-line... AI up 14.9%
• e.l.f. Beauty (ELF) announces definitive agreement to acquire rhode in $1 billion deal; beats by $0.06, beats on revs; Not providing FY26 outlook due to wide range of potential outcomes related to tariffs... ELF down 2.9%
• HP Inc. (HPQ) misses by $0.09, reports revs in-line; guides Q3 EPS below consensus; guides FY25 EPS below consensus... HPQ down 14.7%
• nCino (NCNO) reports EPS in-line, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY26 EPS in-line, revs above consensus... NCNO up 1.6%
• Nordson (NDSN) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line... NDSN up 3.2%
• Nutanix (NTNX) beats by $0.04, beats on revs; guides Q4 revs in-line; guides FY25 revs above consensus... NTNX up 0.7%
• NVIDIA (NVDA) beats by $0.08, beats on revs; guides Q2 revs to $44.1-45.9 bln... NVDA up 5.1%
• Pure Storage (PSTG) beats by $0.04, beats on revs; guides Q2 revs above consensus; reaffirms FY26 revs guidance; CFO to step down... PSTG down 2.6%
• Salesforce (CRM) beats by $0.03, reports revs in-line; guides Q2 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus... CRM up 1.6%
• SentinelOne (S) reports EPS in-line, revs in-line; guides Q2 revs below consensus; guides FY26 revs below consensus... S down 11.3%
• Synopsys (SNPS) beats by $0.28, reports revs in-line; guides Q3 EPS below consensus, revs in-line; guides FY25 EPS above consensus, revs in-line... SNPS up 1.0%
• Veeva Systems (VEEV) beats by $0.23, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus... VEEV up 16.2%

Fair Value for Thursday, May 29:

• S&P 500: 5,901
• Nasdaq 100: 21,371
• DJIA: 42,161

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

• Earnings/Guidance (Full Earnings Calendar):
  • Abercrombie & Fitch (ANF) beats by $0.23, beats on revs; guides Q2 EPS below consensus, revs in-line; lowers FY26 EPS guidance, raises high end of revenue growth guidance
  • Bank of Montreal (BMO) beats by CAD0.09, reports revs in-line; raises dividend
  • Box (BOX) beats by $0.04, reports revs in-line; guides Q2 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • Capri Holdings (CPRI) reports Q4 (Mar) results, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY26 EPS above consensus, revs below consensus
  • Columbus McKinnon (CMCO) beats by $0.03, misses on revs
  • Dick's Sporting Goods (DKS) reports EPS in-line, slightly beats on revs, comps of +4.5%; Reaffirms FY26 guidance
  • Elevance Health (ELV) to reaffirm earnings guidance for full year 2025 with investors this week
  • HEICO (HEI) beats by $0.09, beats on revs
  • Macy's (M) beats by $0.01, beats on revs; reaffirms FY26 EPS guidance, revs guidance
  • Monro Muffler (MNRO) misses by $0.08, beats on revs
  • NorthWestern (NWE) reaffirms longer-term guidance in presentation; 2025 EPS guidance still expected to be provided following outcome of Montana rate review
  • Okta (OKTA) beats by $0.09, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, reaffirms FY26 revs guidance
  • Performance Food Group (PFGC) reaffirms FY25 guidance at Investor Day; authorizes buyback
  • Photronics (PLAB) misses by $0.08, reports revs in-line; guides Q3 EPS below two analyst estimate, revs below two analyst estimate
  • Phreesia (PHR) beats by $0.05, reports revs in-line; reaffirms FY26 revs guidance
  • Semtech (SMTC) beats by $0.01, reports revs in-line; guides Q2 EPS in-line, revs in-line
  • Sociedad Quimica y Minera (SQM) misses by $0.10, beats on revs
• General News
  • FOMC Minutes for May 6-7 meeting convey increased uncertainty about the outlook and the potential for a difficult trade-off if inflation proves to be more persistent and the outlooks for growth and employment weaken
  • Canadian Prime Minister Mark Carney says Canada and U.S. in discussions regarding new economic and security deal, according to the Wall Street Journal
  • Trump admin. tells semiconductor design companies to stop selling to customers in China, according to FT
  • Japanese bond auction demand was the lowest since July of last year, according to Reuters
  • Elon Musk in an interview says he is disappointed that the large reconciliation bill does not contain more spending cuts, according to CBS News
  • OPEC reaffirms the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until 31 December 2026
  • Russian President Putin wants a pledge to halt NATO enlargement in exchange for a peace deal, according to Reuters
  • Vice President JD Vance reaffirms President Trump's support for the cryptocurrency industry during speech at bitcoin conference, according to CBS News
  • Alvotech (ALVO) & and Advanz Pharma extend strategic partnership to commercialize three additional biosimilars in Europe
  • Apple (AAPL) planning a dedicated app for video games, according to Bloomberg
  • Apple (AAPL) launches self service repair for iPad, expands repair programs
  • Bank of Nova Scotia (BNS) receives approval to repurchase up to 20 million of its common shares
  • Becton Dickinson (BDX) plans to initiate a patient data registry for the Rotarex Atherectomy System to measure real-world outcomes for patients with peripheral artery disease
  • Bristol-Myers (BMY) receives European Commission approval for the subcutaneous formulation of Opdivo (nivolumab) across multiple solid tumor indications
  • CenterPoint Energy (CNP) has restored 90% of the 167,000 outages experienced overnight across Greater Houston
  • Elanco Animal Health (ELAN) announces the appointment of Robert VanHimbergen as Executive Vice President and Chief Financial Officer, effective July 7, 2025
  • Entrada Therapeutics (TRDA) receives EU authorization to initiate ELEVATE-45-201
  • Evolus (EOLS) announces resignation of CFO Sandra Beaver, effective June 13; co initiates a search to identify her successor and will provide updates as appropriate
  • Exact Sciences (EXAS) announces expanded clinical validation of the Oncodetect test and molecular residual disease innovation roadmap
  • Fannie Mae (FNMA): President Trump says he is working to take FNMA and Freddie Mac (FMCC) public, but he says U.S. government will keep its implicit guarantees
  • Faraday Future Intelligent Electric (FFAI) Co-CEO and Global President enter Into 10b5-1 stock purchase plans
  • First Majestic Silver (AG) announces second gold-silver discovery within a year at Santa Elena
  • Fortive (FTV) announces share repurchase authorizations; increases common stock authorized under its general share repurchase program by approximately 15.63 million additional shares
  • GameStop (GME) announced that it has purchased 4,710 Bitcoin
  • General Mills (GIS) approved a multi-year global transformation initiative to drive increased productivity by enhancing business processes; Expects to record approximately $70 mln in total anticipated charges in 4Q25 related to initiatives
  • General Motors (GM) plans to invest at least $800 mln for engine production at New York Facility, according to Reuters
  • Gevo (GEVO) announces appointment of Leke Agiri as CFO, effective May 21, 2025
  • Guardant Health (GH) Introduces Nearly a Dozen Groundbreaking Smart Liquid Biopsy Applications for Guardant360 Liquid Test
  • HIVE Digital Technologies (HIVE) surpasses 10 EH/s of Bitcoin hashrate as expansion in Paraguay Accelerates
  • Honeywell (HON) expected to add Elliott Management executive to Board of Directors, according to the Wall Street Journal
  • Huntsman (HUN) completes strategic review of its European Maleic Anhydride business
  • InflaRx (IFRX) reports IDMC recommends interim analysis for Vilobelimab Phase 3 Trial be stopped due futility
  • Infosys (INFY) Launches Agentic AI Foundry, Part of Infosys Topaz, to Accelerate Enterprise AI Journey
  • J.M. Smucker (SJM) announces plans to close its Indianapolis, Indiana manufacturing facility, which manufactures products from the Hostess brand
  • Lennox Int'l (LII) and Ariston Group announce joint venture to launch water heaters in North America
  • Match Group (MTCH) trying to change reputation at Tinder, according to the Wall Street Journal
  • Merck KGaA (MKKGY) reports pimicotinib demonstrated best-in-class potential with significant efficacy and clinically meaningful improvements in patients with tenosynovial giant cell tumor
  • Nissan (NSANY) aiming to raise $7 bln, according to Bloomberg
  • Novavax (NVAX) eliminates the position of COO and terminates John Trizzino, effective June 20
  • NVIDIA's (NVDA) suppliers are ramping up production of Blackwell AI server racks, according to Financial Times
  • PG&E (PCG) is seeing a huge jump in the amount of electricity needed for new data centers
  • Restaurant Brands Int'l (QSR) announces that Firehouse Subs and Foodplay enter into development agreement with plans to open 100 restaurants in Monterrey and other major cities in the next five years
  • Rio Tinto (RIO) Board and CEO Jakob Stausholm agree to part ways, according to Reuters
  • Simply Good Foods (SMPL) appointed Christopher J. Bealer as the Company’s Chief Financial Officer effective July 3, 2025
  • Stellantis (STLA) names Antonio Filosa as new CEO
  • Stellantis (STLA) in car software deal with Amazon (AMZN) is fading, according to Reuters
  • Taiwan Semiconductor Manufacturing (TSM) announced adjustment to cash dividend per share
  • Tenaris (TS) announces share buyback program of up to $1.2 billion
  • Teva Pharma (TEVA) announces that the U.S FDA granted Fast Track designation for investigational TEV-53408, an anti-IL-15 antibody, for the treatment of people with celiac disease on a gluten-free diet
  • Toyota Motor (TM) announces view on ISS’s voting recommendation regarding the election of the Board of Directors who are audit and supervisory committee member
  • TransAlta (TAC) renews normal course issuer bid; co may repurcahse up to 14 mln shares
  • Vail Resorts (MTN) announces that Rob Katz, current Executive Chairperson, has been appointed CEO; Company also expects Resort Reported EBITDA for FY25 to be in lower half of prior guidance range
  • Vertiv (VRT) announces CFO retirement; reaffirms second quarter and full year 2025 guidance
  • Xometry (XMTR) COO Peter Goguen to step down on June 30

• Upgrades:
  • Barings BDC (BBDC) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $9.50
  • Fair Isaac (FICO) upgraded to Outperform from Neutral at Robert W. Baird, tgt $1,900
  • Noble Corporation (NE) upgraded to Overweight from Neutral at JPMorgan, tgt $30
  • State Street (STT) upgraded to Buy from Hold at Truist, tgt $112
  • Vail Resorts (MTN) upgraded to Neutral from Underweight at JPMorgan, tgt $167
• Downgrades:
  • Bank of New York Mellon (BK) downgraded to Hold from Buy at Truist, tgt $97
  • Booz Allen Hamilton (BAH) downgraded to Sell from Neutral at Goldman, tgt $94
  • Boundless Bio (BOLD) downgraded to Market Perform from Outperform at Leerink, tgt $3
  • Freshpet (FRPT) downgraded to Hold from Buy at TD Cowen, tgt $96
  • National Grid (NGG) downgraded to Sector Perform from Outperform at RBC Capital
  • Par Pacific Holdings (PARR) downgraded to Neutral from Buy at Goldman, tgt $19
  • Pinduoduo Inc. (PDD) downgraded to Hold from Buy at China Renaissance, tgt $107
  • Pinduoduo Inc. (PDD) downgraded to Hold from Buy at Deutsche Bank, tgt $112
  • Prothena Corp (PRTA) downgraded to Underperform from Neutral at BofA Securities, tgt $4
  • Rocket Pharmaceuticals (RCKT) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $7
  • Rocket Pharmaceuticals (RCKT) downgraded to Hold from Buy at Jefferies, tgt $2.50
  • Rocket Pharmaceuticals (RCKT) downgraded to Market Perform from Outperform at Leerink, tgt $8
  • Runway Growth Finance Corp. (RWAY) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $9.50
  • Skechers USA (SKX) downgraded to Hold from Buy at TD Cowen, tgt $63
  • Vigil Neuroscience Inc (VIGL) downgraded to Hold from Buy at Stifel, tgt $8
• Others:
  • Aclaris Therapeutics (ACRS) initiated with an Outperform at Wedbush, tgt $8
  • Alkermes (ALKS) initiated with a Buy at Needham, tgt $45
  • Arcturus Therapeutics (ARCT) initiated with a Sector Outperform at Scotiabank; tgt $32
  • Arista Networks (ANET) initiated with a Buy at Redburn Atlantic, tgt $112
  • Aura Biosciences (AURA) assumed with a Buy at H.C. Wainwright, tgt $22
  • Broadcom Limited (AVGO) initiated with a Buy at Redburn Atlantic, tgt $301
  • BWX Technologies (BWXT) initiated with an Outperform at William Blair
  • Centessa Pharmaceuticals (CNTA) initiated with a Buy at Needham, tgt $35
  • Centrus Energy Corp. (LEU) initiated with an Outperform at William Blair
  • Genesco (GCO) initiated with a Hold at Truist, tgt $23
  • I-Mab (IMAB) initiated with a Buy at Lucid Capital
  • Immatics (IMTX) initiated with a Buy at Deutsche Bank, tgt $10
  • Marvell (MRVL) initiated with a Neutral at Redburn Atlantic, tgt $67
  • NeuroPace Inc (NPCE) initiated with a Buy at H.C. Wainwright, tgt $18
  • Oklo (OKLO) initiated with an Outperform at William Blair
  • Oxford Industries (OXM) initiated with a Hold at Truist, tgt $56
  • Primo Brands Corp. (PRMB) initiated with a Buy at BofA Securities, tgt $42
  • Sonic Automotive (SAH) initiated with a Buy at Benchmark, tgt $76
  • Teva Pharma (TEVA) initiated with a Buy at Truist, tgt $25
  • Trevi Therapeutics (TRVI) initiated with a Buy at H.C. Wainwright, tgt $21
  • Ultragenyx Pharma (RARE) initiated with an Outperform at William Blair
  • Washington Trust Bancorp (WASH) initiated with a Neutral at BofA Securities, tgt $28

• Econ Data (Thursday):
  • 08:30 ET: Q1 GDP - Second Estimate (Briefing.com consensus -0.3%; prior -0.3%) and Q1 GDP Deflator - Second Estimate (Briefing.com consensus 3.7%; prior 3.7%)
  • 08:30 ET: Initial Jobless Claims (Briefing.com consensus 230K; prior 227K) and Continuing Jobless Claims (prior 1903K)
  • 10:00 ET: April Pending Home Sales (Briefing.com consensus -1.1%; prior 6.1%)
• Earnings:
  • Monday (May 19)
    • Pre-Market: TH
    • After-Hours: AEGHT AGYS TRNS TCOM
  • Tuesday (May 20)
    • Pre-Market: AS BILI EXP GDS HD HOV VIK VIPS
    • After-Hours: JHX KEYS MOD PANW SKY TOL VSAT ZTO
  • Wednesday (May 21)
    • Pre-Market: BIDU GOOS DY LOW MDT TGT TJX VFC WB WIX
      
    • After-Hours: DOMO ENS RAMP SNOW URBN ZM
  • Thursday (May 22)
    • Pre-Market: AAP ADI BJ LSPD RL TD
    • After-Hours: ADSK CPRT DECK INTU LGF.A ROST STEP WDAY
  • Friday (May 23)
    • Pre-Market: BAH BKE
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike