After Hours Report

The S&P 500 started today's session 0.9% from its all-time high, and after six-and-a-half hours of trading, that's where it remained. There was no real push today to hit a new record, as most stocks fell prone to some profit-taking interest. Nonetheless, because a handful of key stocks did not, the market cap-weighted S&P 500 and Nasdaq Composite stood their ground.

That would include NVIDIA (NVDA 154.31, +6.41, +4.33%), Alphabet (GOOG 171.49, +3.75, +2.24%), Apple (AAPL 201.56, +1.26, +0.63%), and Microsoft (MSFT 492.27, +2.16, +0.44%). Collectively, those four stocks have a market cap of approximately $12.2 trillion, which was weighty enough at the index level to offset the loss in FedEx (FDX 222.00, -7.51, -3.27%), which has a market cap of just $55 billion, following its earnings report and disappointing outlook.

It was even enough to cancel out the weakness in Tesla (TSLA 327.55, -12.92, -3.79%), which dropped on a report that its European car sales declined 27.9% yr/yr in May. Market breadth, though, told the real story of today's trade. Decliners led advancers by a better than 2-to-1 margin at the NYSE and by a 7-to-4 margin at the Nasdaq.

The Russell 2000 was down 1.2%; the S&P Midcap 400 was down 0.8%; the equal-weighted S&P 500 was down 0.7%; and eight of the 11 S&P 500 sectors finished lower with losses ranging from 0.4% (financials) to 2.5% (real estate). Today's session was, more or less, a day of attrition, but it still ended with the Nasdaq 100 extending its reach into record territory.

It did so on the leadership of the aforementioned mega-cap stocks, which propped up the information technology (+1.2%) and communication services (+0.5%) sectors. The health care sector (+0.1%) was the only other sector to record a gain. Separately, the Philadelphia Semiconductor Index gained 1.0%, leaving it up 28.6% for the quarter.

There weren't a lot of "new" news drivers to jumpstart the market. Fed Chair Powell didn't say anything consequential on the rate cut front before the Senate Banking Committee today, NATO confirmed its commitment to a 5% defense spending target, and things were relatively quiet on the Israel-Iran front. 

There was news in the Fed's proposal to lower the supplemental leverage ratio for GSIBs, as had been speculated. That news lent support to the Treasury market, which had been digesting a much weaker-than-expected new home sales report for May and a $70 billion 5-yr note auction that was met with okay, but not strong, demand.

The 2-yr note yield settled the session down three basis points at 3.78%, while the 10-yr note yield dropped one basis point to 4.29% after skimming 4.33% earlier in the day.

• S&P 500: +3.6% YTD
• Nasdaq: +3.4% YTD
• DJIA: +1.0% YTD
• S&P 400: -2.1% YTD
• Russell 2000: -4.2% YTD

Reviewing today's data:

• New home sales declined 13.7% month-over-month in May to a seasonally adjusted annual rate of 623,000 units (Briefing.com consensus 700,000) from a downwardly revised 722,000 (from 743,000) in April. That was the weakest pace of sales since October 2024. On a year-over-year basis, new home sales were down 6.3%.
  • The key takeaway from the report is that there is an ample supply of new homes for sale, yet overall sales were weak in May, with high prices and high mortgage rates crimping demand.
• MBA Mortgage Applications Index +1.1% wk/wk, with refinance applications up 3% and purchase applications down 0.4%.

Overseas:

• Europe: DAX -0.6%, FTSE  -0.5%, CAC -0.8%
• Asia: Nikkei +0.4%, Hang Seng +1.2%, Shanghai +1.0%

Commodities:

• Crude Oil +0.42@ 64.88
• Nat Gas -0.13 @ 3.40
• Gold -8.10 @ 3342.80
• Silver +0.38 @ 36.12
• Copper +0.10 @ 4.97

After-Hours Spotlight:

• Asana (ASAN) names Dan Rogers as CEO, effective July 21, 2025... ASAN up 0.5%
• H.B. Fuller (FUL) beats by $0.10, reports revs in-line; raises FY25 EPS and revenue guidance... FUL up 7.8%
• Jefferies (JEF) misses by $0.04, beats on revs, Investment Banking net revenues up 6% yr/yr... JEF down 2.3%
• Kymera Therapeutics (KYMR) announces proposed public offering of $250 mln of shares of common stock... KYMR down 3.9%
• Micron (MU) beats by $0.31, beats on revs; guides Q4 EPS above consensus, revs above consensus... MU up 3.6%
• MillerKnoll (MLKN) beats by $0.16, beats on revs; guides Q1 EPS in-line, revs above consensus... MLKN up 10.4%
• Nature's Sunshine (NATR) announces launch of secondary public offering of up to 2,854,607 shares common stock... NATR down 2.3%
• Steelcase (SCS) beats by $0.06, beats on revs; guides Q2 EPS below consensus, revs in-line... SC down 3.9%
• Trex (TREX) reaffirms Q2 and FY25 revenue outlook... TREX up 1.3%
• Worthington Steel (WS) beats dual estimate by $0.23, beats on revs... WS up 15.5%

Fair Value for Thursday, June 26:

• S&P 500: 6,144
• Nasdaq 100: 22,458
• DJIA: 43,296

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

• Earnings/Guidance (Full Earnings Calendar):
  • AeroVironment (AVAV) beats by $0.23, beats on revs; provides FY26 guidance
  • 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
  • Blackstone (BX) announced intra-quarter realization update relating to the second quarter
  • Bumble Inc. (BMBL) raises Q2 revs above consensus; approves a reduction in the company's global workforce by approximately 240 roles
  • FedEx (FDX) beats by $0.22, beats on revs; guides Q1 EPS below consensus, revs in-line
  • General Mills (GIS) beats by $0.03, reports revs in-line; Issues FY26 Outlook, sees organic net sales of down 1% to up 1%, adjusted EPS down 10-15% in constant currency, Also raises quarterly dividend by 2%
  • JBS SA (JBS) releases today's Investor Day presentation with longer term estimates
  • NovaGold Resources (NG) files second quarter 2025 report; provided an update on Donlin Gold project
  • Paychex (PAYX) reports EPS in-line, misses on revs; guides FY26 EPS above consensus, revs below consensus
  • SKYX (SKYX) provides corporate update - including official addition to Russell 2000 and expected deployment of 500,000 Plug & Play smart home technologies units to Miami’s new $3 bln urban smart city
  • Sprinklr (CXM) announced that Scott Harvey, the Company’s Chief Customer Officer, will leave the Company on July 7, 2025; reiterates its financial guidance for the second quarter and full year fiscal 2026
  • Ulta Beauty (ULTA) announces CFO transition process; reaffirms guidance
  • Valneva SE (VALN) shareholders approved all resolutions recommended by the Board at the Annual General Meeting; reaffirmed 2025 financial guidance
  • Winnebago (WGO) beats by $0.02, reports revs in-line; guides FY25 EPS below consensus, revs in-line
  • Worthington Enterprises (WOR) beats by $0.23, beats on revs
• General News
  • Some House conservatives are against the Senate's version of the reconciliation bill because they want larger spending cuts, according to NY Times
  • Israeli intelligence says U.S. strikes caused "very significant" damage to Iran's nuclear facilities and are perplexed by leaked reports that suggested otherwise, according to Axios
  • President Trump will likely include tariffs in any trade deal with Canada, according to WSJ
  • Israel and Iran both claim victory as the ceasefire holds, according to Bloomberg
  • President Trump says he is with NATO "all the way" as leaders finalize his plan to spend 5% of GDP on defense, according to Bloomberg
  • U.S. and Mexico consider import quotas related to the steel trade deal, according to Bloomberg
  • The Iran conflict made China reconsider the Siberia 2 Russian gas pipeline, according to WSJ
  • Andrew Cuomo concedes the Democratic New York mayoral primary election to Zohran Mamdani, a democratic socialist who promised rent freezes, city-owned grocery stores, and free city buses. Mr Mamdani wants his candidacy to be a model for the future of the Democratic Party, according to NBC News
  • Andrew Cuomo could still run as an independent in NYC mayoral general election in November, along with the already declared Mayor Eric Adams, according to NY Times
  • U.S. withdraws support for HIV drug in Africa, according to NY Times
  • FHFA Director Bill Pulte says agency is considering adding bitcoin requirement to long-term lending product 
  • NIH halting further termination of grants, according to Stat News
  • 3D Systems (DDD) announces significant strengthening of balance sheet
  • Alphabet's (GOOG) introduces Gemini CLI: an open-source AI agent
  • Alvotech (ALVO) reports top line results from confirmatory efficacy study for proposed biosimilar to Xolair (omalizumab)
  • American Water Works (AWK): Pennsylvania American Water completes acquisition of Manwalamink Water and Sewer Company Systems
  • Amicus Therapeutics (FOLD) announces approval of Pombiliti + Opfolda in Japan
  • Arbutus Biopharma (ABUS) terminates partnership with Qilu Pharma; reacquires Greater China rights to Imdusiran
  • Baytex Energy (BTE) announces renewal of Normal Course Issuer Bid
  • BeOne Medicines (ONC) receives positive CHMP opinion for tablet formulation of BRUKINSA
  • Best Buy (BBY) unit Current Health is once again an independent business
  • BioCryst Pharma (BCRX): FDA extended the PDUFA goal date for the use of once-daily ORLADEYO
  • Centrus Energy's (LEU) American Centrifuge Operating produced and delivered 900 kilograms of High-Assay, Low-Enriched Uranium (HALEU) to the U.S. Department of Energy
  • Collective Mining (CNL) discovers a new copper-silver rich sub-zone in Apollo, intersecting 114.40 metres at 4.14 g/t gold equivalent
  • ECARX Holdings (ECX) secures non-automotive customer for its Lidar Solution
  • eHealth (EHTH) is continuing its search for a successor chief executive officer; Soistman has agreed to continue serving as chief executive officer in light of the extended search period
  • Eli Lilly (LLY): Data shows that patients stay on Wegovy & Zepbound after one year, according to Reuters
  • Eli Lilly (LLY): FDA approves updated label for Lilly’s Amyvid to support diagnosis of Alzheimer’s disease in patients
  • First Financial Bancorp (FFBC): KBRA comments on First Financial Bancorp's proposed acquisition of Westfield Bancorp
  • First Solar (FSLR) agrees to sell $311.86 mln worth of production tax credits for $296.27 mln
  • Gilead Sciences (GILD) and Kymera Therapeutics (KYMR) enter into exclusive option and license agreement to develop novel oral molecular glue CDK2 degraders
  • HIVE Digital Technologies' (HIVE) BUZZ HPC launches another NVIDIA (NVDA) Hopper GPU Cluster in Quebec
  • Ionis Pharma's (IONS) partner, Biogen (BIIB), shared positive topline results from the Phase 1 study of salanersen
  • Jack In The Box (JACK) announces return of Shannon McKinney as senior vice president, COO and new member of the executive leadership team
  • Kolibri Global Energy (KGEI) receives 30% bank line increase; provides operations update
  • Kymera Therapeutics (KYMR) announces an update to its IRAK4 partnership with Sanofi (SNY)
  • Mirion Technologies (MIR) and Westinghouse Electric Company announce partnership to provide digital ex-core nuclear instrumentation systems
  • NetApp (NTAP) hires former Zscaler, Salesforce and Microsoft executive Syam Nair as its new Chief Product Officer, effective July 7
  • Netflix (NFLX) Board rejected Jay Hoag’s resignation
  • NeuroPace (NPCE) appoints Patrick Williams as CFO, effective since June 20
  • NVIDIA (NVDA) CEO Jensen Huang sees robotics as second largest opportunity besides AI, according to CNBC
  • OUTFRONT Media (OUT) announces restructuring and reduction in force plan; includes reduction of workforce by 120 employees and costs of $18.6 mln
  • QuantumScape Corporation's (QS) Cobra separator process enters baseline production
  • Regeneron Pharma (REGN): FTC posts transactions granted early termination of the HSR waiting period by the FTC and DOJ on June 24 - includes Regeneron / Abeona (ABEO)
  • ReNew (RNW) has received proceeds from the solar and transmission project sale it had announced on June 9, 2025
  • Replimune (REPL) released its presentation from yesterday's Investor Day highlighting anticipated future milestones
  • Roblox (RBLX) will introduce Creator Rewards
  • Rocket Lab USA (RKLB) announces Electron's launch from its Complex 1 in two days
  • Roivant Sciences (ROIV) authorized $500 mln common share repurchase program
  • Sanofi (SNY) reports Riliprubart earns orphan drug designation in the US for antibody-mediated rejection in solid organ transplantation
  • STAAR Surgical (STAA) appointed Deborah Andrews as Chief Financial Officer of the Company, effective June 25, 2025
  • Syndax (SNDX) announces FDA priority review of sNDA for Revuforj (revumenib) in relapsed or refractory mNPM1 acute myeloid leukemia
  • Tesla (TSLA) European car sales fall 27.9% in May, according to Reuters
  • 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) wins multisite private 5G contract
  • Viking Therapeutics (VIK) announces the initiation of the VANQUISH Phase 3 clinical program for VK2735, the company's dual agonist of the glucagon-like peptide 1 and glucose-dependent insulinotropic polypeptid receeptors
  • Walmart (WMT) considers opening "dark stores" closed to the public to speed up delivery, according to Bloomberg

• Upgrades:
  • Ameren (AEE) upgraded to Neutral from Sell at Goldman, tgt $100
  • Duke Energy (DUK) upgraded to Buy from Neutral at Goldman, tgt $132
  • Kraft Heinz (KHC) upgraded to Neutral from Sell at Goldman, tgt $27
  • Metalla Royalty (MTA) upgraded to Outperform from Market Perform at BMO Capital
  • Metals Company (TMC) upgraded to Outperform from Neutral at Wedbush, tgt $11
  • Stellantis (STLA) upgraded to Buy from Hold at Jefferies, tgt $13.20
  • Yum! Brands (YUM) upgraded to Overweight from Neutral at JPMorgan, tgt $162
• Downgrades:
  • Graphic Packaging (GPK) downgraded to Neutral from Outperform at BNP Paribas Exane
  • Honda (HMC) downgraded to Neutral from Outperform at Macquarie
  • Interpublic Group (IPG) downgraded to Equal Weight from Overweight at Barclays, tgt $27.50
  • NuScale Power (SMR) downgraded to Neutral from Buy at BTIG Research
  • Omnicom (OMC) downgraded to Equal Weight from Overweight at Barclays, tgt $80
  • ProFrac Holding (ACDC) downgraded to Underperform from Neutral at BofA Securities, tgt $6.50
  • Triple Flag (TFPM) downgraded to Market Perform from Outperform at BMO Capital
  • WEC Energy (WEC) downgraded to Sell from Neutral at Goldman, tgt $100
  • WPP (WPP) downgraded to Underweight from Equal Weight at Barclays
• Others:
  • ArriVent Biopharma (AVBP) initiated with a Buy at Clear Street, tgt $32
  • Autoliv (ALV) initiated with an Outperform at RBC Capital, tgt $133
  • BioXcel Therapeutics (BTAI) initiated with a Buy at Lucid Capital, tgt $66
  • Crescent Biopharma (CBIO) initiated with a Buy at Stifel, tgt $28
  • Circle (CRCL) initiated with a Hold at US Tiger, tgt $200
  • CoreWeave (CRWV) initiated with a Neutral at H.C. Wainwright
  • Duolingo (DUOL) initiated with a Buy at Argus, tgt $575
  • Flutter Entertainment (FLUT) initiated with a Buy at Canaccord, tgt $330
  • Nextdoor (KIND) initiated with a Neutral at B. Riley Securities, tgt $2
  • O-I Glass (OI) initiated with an Outperform at BNP Paribas Exane, tgt $18
  • Real Brokerage (REAX) initiated with a Buy at B. Riley Securities, tgt $7
  • ServiceNow (NOW) initiated with a Buy at DA Davidson, tgt $1,150
  • Symbotic (SYM) initiated with a Buy at Arete, tgt $50
  • Waystar (WAY) initiated with a Buy at Citigroup, tgt $45

• Econ Data (Thursday):
  • 08:30 ET: Q1 GDP - Third Estimate (Briefing.com consensus -0.2%; prior -0.2%) and Q1 GDP Deflator - Third Estimate (Briefing.com consensus 3.7%; prior 3.7%)
  • 08:30 ET: May Durable Goods Orders (Briefing.com consensus 6.6%; prior -6.3%) and Durable Goods, Ex-Transportation (Briefing.com consensus 0.1%; prior 0.2%)
  • 08:30 ET: Initial Jobless Claims (Briefing.com consensus 247K; prior 245K) and COntinuing Jobless Claims (prior 1945K)
  • 08:30 ET: May Adv. Intl. Trade in Goods (prior -$87.6B), Retail Inventories (prior -0.1%), and Wholesale Inventories (prior 0.0%)
  • 09:00 ET: Cleveland Fed President Beth Hammack (non-FOMC voter)
  • 10:00 ET: May Pending Home Sales (Briefing.com consensus 0.4%; prior -6.3%)
  • 10:30 ET: EIA Natural Gas Inventories (prior +95 bcf)
  • 13:00 ET: $44 bln 7-yr note auction
• 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