After Hours Report

The stock market traded with a positive bias throughout today's session, driven by the following catalysts:

• President Trump's announcement of a ceasefire between Israel and Iran.
• A continued drop in oil prices. WTI crude futures, which topped $78.00/bbl yesterday, fell another 6.1% today to $64.46/bbl.
• A drop in Treasury yields following a consumer confidence report for June that was weaker than expected and showed a drop in average 12-month inflation expectations.
  • The 2-yr note yield settled down two basis points at 3.81%, and the 10-yr note yield settled down two basis points at 4.30%.
• An encouraging full-year outlook from cruise line operator Carnival (CCL 25.70, +1.66, +6.88%).
• A drive by Senate leadership to get the reconciliation bill passed and on the president's desk to sign by July 4.

Separately, Fed Chair Powell appeared before the House Financial Services Committee to deliver his semiannual monetary policy report. He expressed his belief that tariff increases will likely push up prices this year and impact economic activity but also showed an open mind on future policy action. The Fed Chair conceded that many paths are possible, one of which is that inflation could be cooler than expected, which would suggest the Fed could cut sooner.

Mr. Powell has inferred as much in the past, but his even-keeled demeanor and open-mindedness today provided some added comfort food for a market already feeling a good bit of relief that the Israel-Iran conflict has de-escalated.

There was broad-based buying interest that took the S&P 500 as high as 6,101.76 shortly before today's close. The mega-cap stocks and semiconductor stocks steered that move, but the prevalent bullish bias also manifested itself in the outperformance of high-beta stocks and small-cap stocks, which are one in the same in some instances.

The information technology sector (+1.6%), underpinned by some hefty gains in its semiconductor components, including NVIDIA (NVDA 147.82, +3.65, +2.53%), paced today's advance, along with the financials (+1.5%), communication services (+1.4%), and health care (+1.2%) sectors. The Philadelphia Semiconductor Index surged 3.8%, leaving it up 27.4% for the quarter.

The energy sector (-1.5%), which fell in sympathy with oil prices, and the defensive-oriented consumer staples sector (-0.03%) were the only sectors to lose ground.

Advancers led decliners by a nearly 3-to-1 margin at the NYSE and by a better than 3-to-1 margin at Nasdaq. Trading volume was above average at the NYSE but below average at the Nasdaq.

• S&P 500: +3.6% YTD
• Nasdaq: +3.1% YTD
• DJIA: +1.3% YTD
• S&P 400: -1.3% YTD
• Russell 2000: -3.1% YTD

Reviewing today's data:

• The Q1 Current Account Deficit widened to $450.2 billion from a downwardly revised $312.0 billion (from -$303.9 billion) in the fourth quarter.
• April FHFA Housing Price Index (Actual -0.4%; Briefing.com consensus 0.0%; prior revised to 0.0% from -0.1%).
• April S&P Case-Shiller Home Price Index (Actual 3.4%; Briefing.com consensus 4.1%; prior 4.1%)
• The Conference Board's Consumer Confidence Index slumped to 93.0 in June (Briefing.com consensus 99.0) from an upwardly revised 98.4 (from 98.0) in May. In the same period a year ago, the index stood at 97.8.
  • The key takeaway from the report is that consumers were less positive about business conditions and job availability, which is a perception that could lead to reduced discretionary spending activity.

Overseas:

• Europe: DAX +1.6%, FTSE  flat, CAC +1.0%
• Asia: Nikkei +1.1%, Hang Seng +2.1%, Shanghai +1.2%

Commodities:

• Crude Oil -4.17 @ 64.46
• Nat Gas -0.17 @ 3.53
• Gold -60.40 @ 3334.70
• Silver -0.44 @ 35.74
• Copper +0.02 @ 4.87

After-Hours Spotlight:

• AeroVironment (AVAV) beats by $0.23, beats on revs; provides FY26 guidance... AVAV down 3.5%
• Allot Comms (ALLT) files for share ordinary share offering... ALLT down 7.4%
• BlackBerry (BB) reports EPS in-line, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY26 EPS in-line, revs in-line... BB up 5.3%
• FedEx (FDX) beats by $0.22, beats on revs; guides Q1 EPS below consensus, revs in-line... FDX down 4.6%
• First Solar (FSLR) agrees to sell $311.86 mln worth of production tax credits for $296.27 mln... FSLR up 0.1%
• NetApp (NTAP) hires former Zscaler, Salesforce and Microsoft executive Syam Nair as its new Chief Product Officer, effective July 7... NTAP unchanged
• Worthington Enterprises (WOR) beats by $0.23, beats on revs... WOR up 9.3%

Fair Value for Wednesday, June 25:

• S&P 500: 6,144
• Nasdaq 100: 22,410
• DJIA: 43,402

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

• Earnings/Guidance (Full Earnings Calendar):
  • Carnival (CCL) beats by $0.10, beats on revs; guides Q3 EPS below consensus; raises FY25 EPS above consensus
  • CF Industries (CF) provides presentation at Investor Day
  • KB Home (KBH) beats by $0.04, beats on revs; Lowers FY25 housing revenue, average selling price, and housing gross profit margin guidance; guides for Q3 housing revenue on the call
  • Keurig Dr Pepper (KDP) is reaffirming its previously announced 2025 guidance for constant currency net sales growth in a mid-single-digit range and Adjusted diluted EPS growth in a high-single-digit range
  • Kingstone (KINS) finalized catastrophe reinsurance program for the period July 1, 2025 through June 30, 2026; savings will positively impact projected diluted EPS
  • MetLife (MET) estimates that its variable investment income will be approximately $175 - 225 million (pre-tax)
  • Murphy Oil (MUR) provided investor updates in presentation with Q2 and 2025 guidance; expects Q2 production volume 177,000-185,000 BOEPD excl. NCI
  • NextNRG (NXXT) announces preliminary unaudited financial results for May 2025; May revenue of $6.6 mln, up 148% yr/yr
  • TD Synnex (SNX) beats by $0.28, beats on revs; guides Q3 EPS in-line, revs in-line
  • Veradigm (MDRX) issues downside Q2 revenue guidance (two estimates), reaffirms FY25 revenue guidance
  • Vital Energy (VTLE) reaffirms 2025 outlook in presentation; expects capital investments of $835-915 mln, total production 135.3 - 139.8 MBOE/d
  • Waste Mgmt (WM) releases Investor Day presentation with longer-term outlook; 2027 growth for revs of $28.5-29.25 bln, adj op EBITDA $8.85-9.15 bln
• General News
  • Israel and Iran initially agree to ceasefire, but Israel Defense Force says "In light of the severe violation of the ceasefire carried out by the Iranian regime, we will respond with force."
  • President Trump speaking with reporters on his way to NATO summit says Israel and Iran both violated ceasefire; says he is going to call them from Air Force One to see if he get ceasefire back on track
  • President Trump says "Israel is not going to attack Iran. All planes will turn around and head home, while doing a friendly “Plane Wave” to Iran. Nobody will be hurt, the ceasefire is in effect! Thank you for your attention to this matter!"
  • IAEA Director General Rafael Mariano Grossi says "Given the explosive payload utilized, and the extreme vibration-sensitive nature of centrifuges, very significant damage is expected to have occurred" at Iran nuclear sites
  • U.S. struggling to secure trade agreements with various partners ahead of July 9 deadline, according to Bloomberg
  • Senate nearing agreement with House on $40,000 state and local tax deduction cap with lower income threshold, according to Axios
  • Atlanta Fed President Raphael Bostic (not a voting FOMC member) in an interview says Fed should wait to lower rates, according to Reuters
  • Central banks considering more gold, euro, and yuan reserves, according to Reuters
  • Senate will hold hearing today titled "Exploring bipartisan legislative frameworks for digital asset market structure"
  • Supreme Court allows the Trump administration to deport illegal immigrants to countries where they are not citizens, according to the Washington Post
  • NYC will hold a Democratic Party primary for NYC Mayor today with Andrew Cuomo and democratic socialist Zohran Mamdani locked in a tight race, according to NY Times
  • Texas Governor Greg Abbott vetoed bill that would have banned THC products, according to CBS News
  • NATO aiming to spend more to increase defenses against drones and hacking, according to WSJ
  • President Trump will meet with Ukrainian President Volodymyr Zelenskyy tomorrow at NATO summit, according to Politico
  • Israel/Iran ceasefire appears to be holding, according to NY Times
  • Early intelligence shows that Iran strikes did not destroy nuclear sites and set the Iranian nuclear program back by months; White House says this assessment "is flat-out wrong", according to CNN
  • Republican Senator Kevin Cramer says rooftop solar tax credits could be changed in reconciliation bill, according to Bloomberg
  • Abeona Therapeutics (ABEO) announces publication in The Lancet of Phase 3 VIITAL study data in recessive dystrophic epidermolysis bullosa
  • Acacia Research (ACTG) announces the appointment of Michael Zambito as Chief Financial Officer, effective June 24, 2025
  • Advanced Micro Devices (AMD) and HCLTech forge strategic alliance to develop future-ready solutions across AI, digital and cloud
  • Alamos (AGI) intersects additional high-grade mineralization across the island gold deposit and adjacent to multiple nearby past-producing mines
  • Alphabet (GOOG): UK CMA is proposing to designate Google with 'strategic market status' in general search and search advertising
  • Alphabet (GOOG): Australia regulator and YouTube debate social media ban for kids under 16, according to Reuters
  • Amarin (AMRN) signs exclusive license and supply agreement with Recordati to commercialize VAZKEPA in Europe
  • Amazon (AMZN) announces plans to invest GBP 40 billion in the UK
  • AstraZeneca (AZN) reports Datroway approved in US for EGFRm lung cancer
  • Atea Pharmaceuticals (AVIR) announces continued advancement of global Phase 3 HCV Program with Dosing of First Patient in C-FORWARD Outside North America
  • Banco Bilbao Vizcaya Argentaria (BBVA) confirmed Sabadell (BNDSF) deal was approved but subject to additional conditions
  • Brighthouse Financial (BHF): TPG and Aquarian Holdings looking to bid for BHF, according to FT
  • Bruker (BRKR) announces shipment and installation of the 15th InSight WLI 3D optical metrology system to a leading semiconductor manufacturer
  • BTQ Technologies (BTQQF) unveils framework to protect stablecoin platforms from emerging cybersecurity risks
  • Castellum (CTM) announces creation of new subsidiary to focus on advanced technology products
  • Cerus (CERS) chair of the board Daniel N. Swisher notified the Company of his intent to retire effective immediately
  • Cheniere Energy (LNG) announces positive final investment decision on the Corpus Christi midscale trains 8 & 9 project and updated company outlook through 2030
  • Cipher Mining (CIFR) announces the successful energization and commencement of hashing at its Black Pearl site
  • Corcept (CORT) presents data from treatment Phase of CATALYST Trial at American Diabetes Association’s 85th Scientific sessions with simultaneous publication in diabetes care
  • CoStar (CSGP): 9th Circuit Court of Appeals has revived claims against CoStar, according to Law.com
  • CVS Health (CVS): Louisiana Attorney General Liz Murrill announces major legal action against CVS
  • Daiichi Sankyo (DSNKY): VANFLYTA is now approved in Canada specifically for adult patients with newly diagnosed FLT3-ITD positive AML
  • DHI Group (DHX) announces organizational restructuring intended to reduce operating costs of its Dice brand; includes 25% workforce reduction
  • Diversified Energy Company plc (DEC) and global investment firm Carlyle (CG) announce a strategic partnership to invest in up to $2 billion in existing proved developed producing natural gas and oil assets across the United States
  • DTE Energy (DTE) board elects Joi Harris as CEO; Jerry Norcia elected executive board chairman
  • Eli Lilly (LLY): FDA issues orphan drug designation for treatment of KRAS G12C-mutant NSCLC
  • GE HealthCare (GEHC): FDA approves expanded indications for GE HealthCare’s Vizamyl PET imaging agent for beta amyloid detection, enabling more precise care for alzheimer’s patients
  • General Dynamics (GD) awarded a $621 mln modification to US Army contract
  • Granite Constr (GVA) announces the formation of Southern Nevada Construction Partners, which has been selected to deliver the preconstruction phase of the Paradise Hills Construction Manager at Risk Project
  • KalVista Pharmaceuticals (KALV): FDA Commissioner Marty Makary wants rejection of KALV's rare disease drug, according to End Points
  • Kingstone (KINS) finalized catastrophe reinsurance program for the period July 1, 2025 through June 30, 2026; savings will positively impact projected diluted EPS
  • Lexeo Therapeutics (LXEO) enters partnership to advance novel cardiac RNA therapeutics
  • Liminatus Pharma (LIMN) provides investor updates in presentation; is already in discussions with academic consortia to design expansion cohorts
  • Liminatus Pharma (LIMN)  discloses it charts dual-front attack on cancer with IBA101
  • Liquidia Technologies (LQDA) announces receipt of an additional $50.0 mln under its sixth amendment to its financing agreement with Healthcare Royalty
  • LPL Financial (LPLA) reports monthly activity for May 2025; Total advisory and brokerage assets at the end of May were $1.85 trillion, an increase of $66.6 bln, or 3.7%, compared to the end of April 2025
  • Mastercard (MA) is deepening its partnership with Fiserv (FI) to integrate its new FIUSD token across a range of Mastercard products and services
  • Nektar Therapeutics (NKTR): REZOLVE-AD Phase 2b Study of Rezpegaldesleukin Meets Primary and Key Secondary Endpoints in Patients with Moderate-to-Severe Atopic Dermatitis
  • Northwest Natural (NWN) and parties filed a stipulation with the OPUC which addresses certain issues in the Rate Case
  • Novo Nordisk A/S (NVO): CagriSema 2.4 mg / 2.4 mg demonstrated 22.7% mean weight reduction in adults with overweight or obesity in REDEFINE 1, published in NEJM
  • Nuvalent (NUVL) Announces Positive Pivotal Data from ARROS-1 Clinical Trial of Zidesamtinib for TKI Pre-treated Patients with Advanced ROS1-positive NSCLC
  • Nuvation Bio (NUVB) announces that taletrectinib has been added as a Preferred Agent in the latest National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology for Non-Small Cell Lung Cancers, updated on June 20
  • Oceaneering Intl's (OII) Aerospace and Defense Technologies segment awarded a contract to manufacture Virginia Class Submarine support equipment for Naval Surface Warfare Center Philadelphia Division
  • Oportun Financial Corp (OPRT): Findell Capital Issues Rebuttal Presentation on Oportun Financial and Notes Support of Oportun Founder and Former CEO James Gutierrez
  • POET Technologies (POET) has signed a Master Agreement, Module Purchase Agreement and a Deed of Consignment with NationGate Solutions Sdn. Bhd, to manufacture optical engine assemblies for POET in Penang, Malaysia
  • Revolution Medicines (RVMD) enters $2 bln flexible funding agreement with Royalty Pharma (RPRX) to support global development and commercialization of RAS(ON) Inhibitor Portfolio
  • Rio Tinto (RIO) and Hancock Prospecting to invest $1.6 billion to develop the Hope Downs 2 project in Western Australia’s Pilbara
  • Royalty Pharma (RPRX) announces a $2 bln funding arrangement with Revolution Medicines, consisting of a synthetic royalty of up to $1.25 bln on daraxonrasib and a senior secured loan of up to $750 mln
  • Samsung (SSNLF) to introduce new smartphone on July 9
  • Samsung (SSNLF) moving back plans to build a 1.4nm test production line, according to Digitimes
  • SEALSQ Corp (LAES) and WISeSat.Space launch new satellite with SpaceX
  • SK Telecom (SKM) is resuming the marketing and processing of new subscriptions of mobile phone services
  • Syndax (SNDX) announces FDA priority review of sNDA for Revuforj (revumenib) in relapsed or refractory mNPM1 acute myeloid leukemia
  • Terns Pharmaceuticals (TERN) Presents Positive Data from Phase 1 Study of TERN-601 Once-daily Oral GLP-1R Agonist for Treatment of Obesity at 85th Annual American Diabetes Association Scientific Sessions
  • Tesla (TSLA): Regulators aiming to investigate Tesla Robotaxi incidents, according to Bloomberg
  • Thor Industries (THO) announces re-authorization of $400 million share buyback
  • Trip.com Group (TCOM) and MakeMyTrip Limited (MMYT) amended and restated share repurchase agreement on June 23
  • Uber and Waymo (GOOG, GOOGL) aiming to introduce self driving ride hailing service in Atlanta, GA, according to Bloomberg
  • UDR (UDR) appoints Dave Bragg as CFO
  • UnitedHealth (UNH) recommends shareholders reject "mini-tender" offer by tutanota
  • Verastem Oncology (VSTM) Announces First Patient Dosed with VS-7375, an Oral KRAS G12D (ON/OFF) Inhibitor, in a U.S. Phase 1/2a Trial in KRAS G12D Advanced Solid Tumors
  • Verizon (VZ) launches AI Powered Customer Experience Innovations

• Upgrades:
  • Capital Southwest (CSWC) upgraded to Outperform from Market Perform at Citizens JMP, tgt $25
  • Electronic Arts (EA) upgraded to Buy from Neutral at Roth Capital, tgt $185
  • Essex Property Trust (ESS) upgraded to Outperform from Market Perform at Raymond James, tgt $315
  • Exelixis (EXEL) upgraded to Overweight from Equal Weight at Stephens, tgt $60
  • Lyft (LYFT) upgraded to Buy from Hold at TD Cowen, tgt $21
  • MakeMyTrip (MMYT) upgraded to Outperform from Neutral at Macquarie, tgt $110
  • NextDecade (NEXT) upgraded to Buy from Hold at TD Cowen, tgt $11
• Downgrades:
  • Advance Auto Parts (AAP) downgraded to Sell from Neutral at Goldman, tgt $46
  • Alibaba (BABA) downgraded to Neutral from Buy at Arete, tgt $153
  • Dollar General (DG) downgraded to Neutral from Buy at Goldman, tgt $116
  • JD.com (JD) downgraded to Neutral from Buy at Arete, tgt $45
  • MAA (MAA) downgraded to Market Perform from Outperform at Raymond James
  • Ollie's Bargain Outlet (OLLI) downgraded to Hold from Buy at Loop Capital, tgt $130
  • Oscar Health (OSCR) downgraded to Market Perform from Outperform at Raymond James
  • RH (RH) downgraded to Sell from Neutral at Goldman, tgt $179
  • SM Energy (SM) downgraded to Underperform from Outperform at Raymond James
  • Vital Energy (VTLE) downgraded to Underperform from Outperform at Raymond James
• Others:
  • AeroVironment (AVAV) initiated with a Buy at Stifel, tgt $240
  • Allegion (ALLE) initiated with an Overweight at JPMorgan, tgt $170
  • Amylyx (AMLX) initiated with a Buy at Guggenheim, tgt $17
  • Amrize (AMRZ) initiated with a Buy at Truist, tgt $60
  • Amrize (AMRZ) initiated with a Neutral at UBS, tgt $53
  • Amrize (AMRZ) initiated with an Outperform at RBC Capital, tgt $61
  • Amrize (AMRZ) initiated with an Overweight at Morgan Stanley, tgt $62
  • A.O. Smith (AOS) initiated with a Neutral at JPMorgan, tgt $70
  • APi Group (APG) assumed with a Neutral at JPMorgan, tgt $46
  • Armstrong World (AWI) initiated with an Overweight at JPMorgan, tgt $200
  • Avidity Biosciences (RNA) initiated with an Outperform at Bernstein, tgt $50
  • Backblaze (BLZE) initiated with an Outperform at Citizens JMP, tgt $7
  • Booz Allen (BAH) resumed with a Hold at Stifel, tgt $112
  • CACI (CACI) resumed with a Buy at Stifel, tgt $576
  • Cardiff Oncology (CRDF) initiated with a Hold at Jefferies, tgt $3.50
  • Carlisle (CSL) initiated with Overweight, named top pick at JPMorgan, tgt $500
  • Ceribell (CBLL) initiated with a Buy at BTIG Research, tgt $30
  • Circle (CRCL) initiated with a Neutral at Compass Point, tgt $205
  • Dyne Therapeutics (DYN) initiated with a Market Perform at Bernstein, tgt $13
  • EQT Corporation (EQT) initiated with a Buy at Roth Capital, tgt $69
  • Group 1 Automotive (GPI) initiated with a Hold at Benchmark
  • Heico (HEI) resumed with a Buy at Stifel, tgt $352
  • Kratos Defense (KTOS) initiated with a Buy at Stifel, tgt $52
  • Leidos (LDOS) resumed with a Buy at Stifel, tgt $178
  • Medpace (MEDP) initiated with an Equal Weight at Barclays, tgt $300
  • Mettler-Toledo (MTD) initiated with an Overweight at Barclays, tgt $1,325
  • Montrose Environmental (MEG) initiated with a Buy at Clear Street, tgt $34
  • Parsons (PSN) resumed with a Buy at Stifel, tgt $81
  • Qiagen (QGEN) initiated with an Overweight at Barclays, tgt $55
  • Repligen (RGEN) initiated with an Overweight at Barclays, tgt $150
  • SAIC (SAIC) resumed with a Buy at Stifel, tgt $130
  • Snowflake (SNOW) assumed with an Overweight at Morgan Stanley, tgt $262
  • Teledyne (TDY) initiated with a Buy at Stifel, tgt $626
  • TransDigm (TDG) resumed with a Buy at Stifel, tgt $1,710
  • V2X (VVX) resumed with a Buy at Stifel, tgt $55
  • West Pharmaceutical (WST) initiated with an Equal Weight at Barclays, tgt $245

• Econ Data (Wednesday):
  • 07:00 ET: MBA Mortgage Applications Index (prior -2.6%)
  • 10:00 ET: May New Home Sales (Briefing.com consensus: 700K; prior 743K)
  • 10:00 ET: Fed Chair Powell's Semiannual Monetary Policy Report before Senate Banking Committee
  • 10:30 ET: EIA Crude Oil Inventories (prior -11.47M)
• Earnings:
  • Monday (June 23)
    • Pre-Market: CMC FDS
    • After-Hours: KBH
    Tuesday (June 24)
    • Pre-Market: CCL SNX
    • After-Hours: AVAV BB FDX WOR
      
  • Wednesday (June 25)
    • Pre-Market: GIS PAYX WGO
      
    • After-Hours: FUL JEF MU MLKN SCS WS
  • Thursday (June 26)
    • Pre-Market: AYI LNN MKC WBA
    • After-Hours: CNXC NKE
  • Friday (June 27)
    • Pre-Market: APOG
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike