After Hours Report

The stock market was encouraged by some key economic data releases and earnings reports before the open that prompted a day of broad-based gains, ultimately propelling the S&P 500 (0.5%) and Nasdaq Composite (+0.7%) to new all-time highs.

Travelers (TRV 261.81, +9.62, +3.81%), PepsiCo (PEP 145.44, +10.09, +7.5%), Citizens Financial Group (CFG 48.82, +1.85, +3.9%), Snap-On (SNA 337.80, +24.79, +7.92%), and Taiwan Semiconductor Manufacturing (TSM 245.60, +8.04, +3.38%) were among the more notable companies to report better-than-expected earnings and to trade higher after their reports.

Notably, equity futures were little changed following these encouraging earnings reports, but that changed after the 8:30 ET release of the retail sales and initial jobless claims reports triggered a positive opening that got extended over the entirety of the session.

Total retail sales rose 0.6% month-over-month in June after two consecutive months of decline, and initial jobless claims for the previous week decreased by 7,000 to 221,000.

The increase in retail sales and the surprisingly low level of layoffs conveyed an upbeat message about consumer spending and consumer spending potential that was reflected in the pro-cyclical advance by the stock market.

Broad-based buying interest saw nine sectors finish in positive territory, with sector strength and breadth figures improving throughout the session.

The information technology sector (+0.9%) was among the top performers, with chipmakers displaying strength after Taiwan Semi's report. The PHLX Semiconductor Index finished with a gain of 0.7%. The strength in tech stocks contributed to the Nasdaq Composite (+0.7%) reaching a new all-time high of 20,911.83.

Large tech names were not the only beneficiaries of today's risk-on move, as strength was seen across stocks of all sizes.

In fact, small-cap stocks outperformed the broader market, evidenced by a 1.2% gain in the Russell 2000. Mid-caps performed similarly, with the S&P Mid Cap 400 finishing up 1.1%.

Mega-caps, for their part, did not underperform; smaller caps simply fared better today, with economic growth optimism contributing to their outperformance.

The Vanguard Mega Cap Growth ETF closed with a gain of 0.6%, a slight edge over the S&P 500 (+0.5%).

The Treasury market got stymied by the positive economic news and some remarks from New York Fed President Williams (FOMC voter) and Fed Governor Kugler (FOMC voter). Both Fed officials indicated that the current policy rate is appropriate for the conditions they see in front of them, which includes the possibility of tariff-driven inflation in coming months. Treasuries, however, suffered only modest losses, with shorter-dated securities faring worse than longer-dated securities in a curve-flattening trade.

The 2-year note yield finished up 3 basis points at 3.92%, and the 10-year note yield finished up one basis point at 4.47%. The U.S. Dollar Index increased 0.3% to 98.68.

• Nasdaq Composite +8.15% YTD
• S&P 500 +7.1% YTD
• DJIA: +4.6% YTD
• S&P 400: +1.7% YTD
• Russell 2000: +1.1% YTD

Reviewing today's data:

• Total retail sales increased 0.6% month-over-month in June (Briefing.com consensus: 0.2%) following a 0.9% decline in May. Excluding autos, retail sales rose 0.5% month-over-month (Briefing.com consensus: 0.3%) following an upwardly revised 0.2% decline (from -0.3%) in May.
  • The key takeaway from the report is that the sales pickup was fairly broad-based across retail businesses following declines in April and May. Importantly, the June report also conveyed increases in discretionary spending activity, captured in areas like autos (+1.2%), apparel (+0.9%), building materials and garden equipment supplies (+0.9%), and food services and drinking places (+0.6%).
• Initial jobless claims for the week ending July 12 decreased by 7,000 to 221,000 (Briefing.com consensus: 230,000). Continuing jobless claims for the week ending July 5 increased by 2,000 to 1.956 million.
  • The key takeaway from the report is the remarkably low level of initial jobless claims, which connotes limited layoff activity that fits hand-in-hand with good business conditions and a good outlook.
• The Philadelphia Fed Index jumped to 15.9 in July (Briefing.com consensus: -0.2) from -4.0 in June, led by increases in the indexes for new orders, shipments, and the number of employees. However, there were also increases registered in the indexes for prices paid and prices received. The dividing line between expansion and contraction is 0.0.
• Import prices in June were up 0.1%, as were nonfuel import prices. Export prices, meanwhile, jumped 0.5% month-over-month, as did non-agricultural export prices. On a year-over-year basis, import prices were down 0.2%, nonfuel import prices were up 1.2%, export prices increased 2.8%, and nonagricultural export prices jumped 2.9%.
• July NAHB Housing Market Index (Actual 33; Briefing.com consensus: 32; prior 32)
• May Business Inventories (Actual 0.0%; Briefing.com consensus -0.1%; prior 0.0%)

Overseas:

• Europe: DAX +1.5%, FTSE +0.5%, CAC +1.3%
• Asia: Nikkei +0.6%, Hang Seng -0.1%, Shanghai +0.4%

Commodities:

• Crude Oil -0.11 @ 66.25
• Nat Gas -0.01 @ 3.58
• Gold -14.00 @ 3345.50
• Silver +0.20 @ 38.31
• Copper -0.02 @ 5.51

After-Hours Spotlight:

• Bank OZK (OZK) misses by $0.06, NII decreased 0.6% yr/yr... OZK +1.3%
• Cohen & Steers (CNS) misses by $0.03 (two estimates), reports revs in-line... CNS -0.7%
• Interactive Brokers (IBKR) beats by $0.04, beats on revs... IBKR +3.9%
• Jabil (JBL) announces $1 billion share repurchase authorization... JBL +1.3%
• Netflix (NFLX) beats by $0.12, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY25 revs above consensus... NFLX -1.0%
• Norfolk Southern (NSC): Union Pacific (UNP) is holding talks to acquire NSC, according to The Wall Street Journal... NSC +4.2%
• Western Alliance Bancorp (WAL) beats by $0.05, Net Interest Income increased 7.2% yr/yr... WAL +1.1%

Fair Value for Friday, July 18:

• S&P 500: 6,304
• Nasdaq 100: 23,077
• DJIA: 44,469

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

• Earnings/Guidance (Full Earnings Calendar):
  • AAR Corp (AIR) beats by $0.16, beats on revs
  • Abbott Labs (ABT) beats by $0.01, reports revs in-line; guides Q3 EPS below consensus; guides FY25 EPS in-line
  • Alcoa (AA) beats by $0.07, beats on revs; Continues to expect 2025 Alumina segment production and shipments of 9.5-9.7 mln metric tons and 13.1-13.3 mln metric tons, respectively
  • BW LPG Ltd (BWLP) provides update on BW LPG’s Product Services Q2 Segment Performance
  • Citizens Financial Group (CFG) beats by $0.04, beats on revs; provides Q3 and FY25 guidance
  • Cintas (CTAS) beats by $0.02, beats on revs; guides FY26 EPS below consensus, revs in-line
  • Elevance Health (ELV) misses by $0.07, beats on revs; guides FY25 EPS below consensus
  • Fifth Third (FITB) beats by $0.01
  • First Industrial Realty (FR) beats by $0.03, beats on revs; guides FY25 FFO in-line
  • GE Aerospace (GE) beats by $0.23, beats on revs; raises FY25 guidance
  • Home Bancshares (HOMB) beats by $0.01, beats on revs
  • Insteel Industries (IIIN) beats by $0.09, beats on revs
  • Kinder Morgan (KMI) reports EPS in-line, beats on revs; guides FY25 EPS in-line
  • Main Street Capital (MAIN) issues in-line Q2 EPS guidance
  • Manpower (MAN) beats by $0.10, beats on revs
  • Marsh McLennan (MMC) beats by $0.05, reports revs in-line
  • Novartis AG (NVS) beats by $0.07, reports revs in-line; reaffirms sales guidance; raises core operating income guidance; CFO to retire; initiates $10 bln share buyback
  • OFG Bancorp (OFG) beats by $0.10, reports revs in-line
  • PepsiCo (PEP) beats by $0.09, beats on revs; provides FY25 guidance
  • Rexford Industrial Realty (REXR) beats by $0.01, beats on revs; guides FY25 FFO in-line
  • SL Green Realty (SLG) reports Q2 results; guides FY25 FFO above consensus
  • Snap-On (SNA) beats by $0.09, beats on revs
  • Synovus (SNV) beats by $0.22, net interest income grew 6% yr/yr; Issues FY25 guidance, including period end loan growth of 3-5%
  • Taiwan Semiconductor Manufacturing (TSM) beats by $0.08, reports revs in-line; guides Q3 revs above consensus
  • Texas Capital (TCBI) beats by $0.34
  • Travelers (TRV) beats by $2.86, beats on revs
  • Triumph Financial (TFIN) beats by $0.09
  • United Airlines (UAL) beats by $0.06, misses on revs, TRASM down 4.0%; guides FY25 EPS in-line, beginning in July, UAL has seen sequential 6-point acceleration in demand
  • U.S. Bancorp (USB) beats by $0.04, reports revs in-line; guides FY25 revs above consensus
  • Webster Financial (WBS) beats by $0.09, reports revs in-line
• General News
  • President Trump considering 10-15% tariff rates for 150 nations, according to Bloomberg
  • The Senate passes a bill to eliminate $9 bln in spending on foreign aid and public broadcasting. The House will vote on the bill later today, according to Washington Post
  • EU preparing retaliatory tariffs on US tariffs and export controls, according to FT
  • U.S. government tells automakers they'll face no fines for economy rules for models dating back to 2022, according to Reuters
  • House votes to advance stablecoin legislation to a full House vote which is expected today, according to Politico
  • National security concerns impacting White House chip deal with U.A.E., according to WSJ
  • Theater chains are considering offering larger screens to compete with Imax, according to Bloomberg
  • Japan and EU considering joint rare earths procurement, according to Nikkei
  • U.S. will soon impose 93.5% tariff on imports of battery material from China, according to Bloomberg
  • President Trump asks Supreme Court to end lower court challenge to tariffs, according to Bloomberg
  • Aldeyra Therapeutics (ALDX) announces that the U.S. FDA has accepted for review the resubmitted New Drug Application for topical ocular reproxalap, a first-in-class investigational new drug candidate, for the treatment of the signs and symptoms of dry eye disease
  • Altria (MO): Juul Labs will soon secure approval for its e-cigarettes to remain in U.S. markets, according to WSJ
  • Amazon's (AMZN) AWS will eliminate jobs from cloud computing business, according to Reuters
  • Ambac (AMBC) confirms that the Wisconsin Office of the Commissioner of Insurance scheduled a hearing on the sale of Ambac Assurance Corporation
  • Archer Aviation (ACHR) CEO Adam Goldstein gives more color on acquisition in social media post
  • Bayer AG (BAYRY) receives FDA orphan designation for treatment of gastrointestinal infections caused by hookworm (Necator americanus)
  • BlackRock (BLK): An investment group that includes BLK will invest $10 bln in Aramco Jafurah infrastructure deal, according to Reuters
  • Blaize Holdings (BZAI) details Strategic Partnership with Starshine
  • Blue Gold Limited (BGL): Triple Bolt Technology announces plan for the implementation of the Blue Gold Token - a digital asset backed by legally binding, long-term futures contracts on physical gold
  • Boeing (BA): Senior pilot now focus of Air India crash investigation, according to WSJ
  • Booking Holdings (BKNG) announces that KAYAK for Business signs a strategic partnership with HQ
  • Bristol-Myers (BMY) and Pfizer (PFE) will sell Eliquis directly to patients at a discounted cash price, according to WSJ
  • BW LPG Ltd (BWLP) closes two key financing facilities
  • Cango (CANG) announces results of second extraordinary general meeting
  • Chevron (CVX) execs believe Permian operations can produce $5 bln in annual free cash flow by FY27, according to Bloomberg
  • Coca-Cola (KO): President Trump says Coke to use real sugar
  • Comcast's (CMCSA) Peacock will increase prices by $3/month, according to Variety
  • Criteo (CRTO) and Mirakl Ads announced a global integration to unlock untapped opportunity of retailers' mid-to-long-tail advertisers
  • Cybin (CYBN) receives UK MHRA approval to commence EMBRACE
  • Denison Mines (DNN): Orano Canada and Denison announce SABRE 1st production at McClean Lake
  • Digi Power X Inc. (DGXX) announces the execution of a definitive purchase order with Super Micro Computer (SMCI) to supply NVIDIA B200-powered systems for the launch of NeoCloud, Digi Power X’s Tier 3 modular artificial intelligence infrastructure platform
  • Dollar General (DG): CFO Kelly Dilts to step down
  • Energy Fuels (UUUU) commenced producing heavy rare earth element oxides at its White Mesa Mill at pilot scale
  • Faraday X (FFAI) Announces Final User Experience Scenario in Its 7-Day Countdown on the Eve of the Global Initial Launch of the FX Super One MPV Taking Place on July 17
  • Fulgent Genetics (FLGT) received CE certification under the EU’s In Vitro Diagnostic Regulation 2017/746 (IVDR) for its germline next-generation sequencing system
  • Genius Group (GNS) provides details on direct registration of shares
  • GlaxoSmithKline's (GSK) Shingrix Fully Liquid receives FDA approval
  • GlaxoSmithKline (GSK): FDA advisory panel votes 5-3 against Blenrep in combination with bortezomib and dexamethasone
  • Goldman (GS) aiming to purchase EUR 460 mln in Santander (SAN) loans, according to Bloomberg
  • Granite Constr (GVA) awarded a $17 million contract by the Utah Department of Transportation for a bridge replacement project in Riverdale, Utah
  • Greif's (GEF) Virtual Power Purchase Agreement through Enel X Global Retail team and with Enel Green Power España, started on July 1, 2025
  • Harrow (HROW) partners with Samsung Bioepis for Commercialization of Ophthalmology Biosimilars Portfolio in the US
  • Keysight (KEYS) introduces an enhanced electromagnetic interference test receiver with real-time, Gapless 1 GHz measurement bandwidth
  • Knightscope (KNSP) signs a two-year agreement with Palantir Technologies (PLTR), joining Palantir’s FedStart program to accelerate the Company’s entry into the U.S. federal marketplace
  • L3Harris (LHX) and Arkansas Gov. Sarah Huckabee Sanders announce plans to construct an extensive large solid rocket motor production campus at the company’s site in Camden
  • L3Harris (LHX) plans to build more than 20 new manufacturing facilities in Calhoun County, Arkansas, that will produce large solid rocket motors
  • L3Harris (LHX) debuted a pack of launched effects vehicles, demonstrating the company’s ability to respond to the U.S. Department of Defense’s urgent need for advanced, capable and affordable munitions it can employ across services and domains
  • Lyft (LYFT) supercharges Alaska Airlines (ALK) partnership with enhanced mileage rewards
  • Metropolitan Bank (MCB) announces initial cash dividend and new share repurchase program (halted)
  • Newsmax (NMAX) expands carriage partnership with FuboTV
  • Nippon Steel Corporation (NPSCY): S&P lowers Nippon Steel to BBB with a negative outlook versus prior rating of BBB+
  • OceanFirst Finl (OCFC) authorizes stock repurchase program for up 3 mln shares
  • Popular (BPOP) increases quarterly cash dividend to $0.75/share from $0.70/share and announces $500 million common stock repurchase program
  • PPG Industries (PPG) increases quarterly dividend to $0.71/share from $0.68/share
  • Rezolve AI Limited (RZLV) reaffirms commitment to $1 bln Bitcoin treasury strategy and governance-led execution
  • Rivian Automotive (RIVN) to resume Georgia factory prep in August after $6.6B federal loan, eyes 2026 construction start, according to TechCrunch
  • Rivian (RIVN) confirms plans to open East Coast headquarters in Atlanta
  • Rocket Pharmaceuticals (RCKT) receives FDA regenerative medicine advanced therapy designation for RP-A601 gene therapy for PKP2-arrhythmogenic cardiomyopathy
  • Samsung (SSNLF) Chairman Lee Jae-Yong was acquitted by South Korea's Supreme Court, according to WSJ
  • Sarepta Therapeutics (SRPT) Announces Strategic Restructuring and Pipeline Prioritization Plan to Maintain Long-term, Sustainable Growth and Provides Update on ELEVIDYS Label
  • SEALSQ Corp (LAES) announces the successful completion of the cryptographic toolbox validation stage for its QS7001 post-quantum hardware platform, a critical step as quantum computing advances rapidly
  • ServiceNow (NOW) acquisition of Moveworks getting reviewed by antitrust officials, according to Bloomberg
  • Spirit Aerosystems (SPR): Airbus agrees to provide an additional $94 mln support package
  • Transocean (RIG) issues a quarterly Fleet Status Report; aggregate incremental backlog associated with these fixtures is approximately $199 million
  • Verisk Analytics (VRSK) has signed a definitive agreement to acquire SuranceBay, a leading provider of producer licensing, onboarding, appointment and compliance solutions for the life and annuity industry, for $162.5 mln in cash
  • Vertical Aerospace Group (EVTL) completed the world’s first airport-to-airport piloted flight by a full-scale, winged tilt-rotor eVTOL designed for commercial service
  • Wal Mart (WMT) eliminated hundreds of support and training jobs, according to Bloomberg
  • WeRide (WRD) launches Southeast Asia’s first fully driverless Robobus in Singapore

• Upgrades:
  • Amicus Therapeutics (FOLD) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $108
  • Brixmor Property (BRX) upgraded to Outperform from Neutral at Mizuho, tgt $29
  • Cars.com (CARS) upgraded to Overweight from Neutral at JPMorgan, tgt $14
  • Citigroup (C) upgraded to Buy from Hold at DBS Bank, tgt $100
  • Elanco Animal Health (ELAN) upgraded to Outperform from Market Perform at Leerink, tgt $18
  • Mondelez International (MDLZ) upgraded to Buy from Hold at Jefferies, tgt $78
  • Monarch Casino & Resort (MCRI) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $89
  • PepsiCo (PEP) upgraded to Equal Weight from Overweight at Barclays
  • Steven Madden (SHOO) upgraded to Buy from Neutral at Citi, tgt $32
  • Wells Fargo (WFC) upgraded to Buy from Hold at DBS Bank, tgt $89
• Downgrades:
  • Asbury Automotive (ABG) downgraded to Underweight from Neutral at JPMorgan, tgt $225
  • Crown Holdings (CCK) downgraded to Neutral from Outperform at Robert W. Baird, tgt $105
  • Group 1 Automotive (GPI) downgraded to Neutral from Overweight at JPMorgan, tgt $415
  • Progressive Corp. (PGR) downgraded to In Line from Outperform at Evercore ISI, tgt $275
  • Quanta Services (PWR) downgraded to Market Perform from Outperform at BMO Capital, tgt $400
  • Shake Shack (SHAK) downgraded to Underperform from Hold at Jefferies, tgt $120
  • Sonic Automotive (SAH) downgraded to Equal Weight from Overweight at Stephens, tgt $8
  • Starbucks (SBUX) downgraded to Underperform from Hold at Jefferies, tgt $76
  • Teradyne (TER) downgraded to Neutral from Overweight at JPMorgan, tgt $102
  • Zoetis Inc. (ZTS) downgraded to Market Perform from Outperform at Leerink, tgt $155
• Others:
  • Accenture (ACN) initiated with an Outperform at Evercore ISI, tgt $330
  • Affirm Holdings Inc. (AFRM) resumed with a Buy at Deutsche Bank, tgt $78
  • Beyond Air (XAIR) initiated with a Buy at D. Boral Capital, tgt $11
  • Bill.com Holdings Inc. (BILL) resumed with a Hold at Deutsche Bank, tgt $49
  • Carlyle Secured Lending (CGBD) initiated with a Market Perform at Raymond James
  • CoreWeave (CRWV) initiated with a Reduce at HSBC, tgt $32
  • Cognizant Technology Solutions (CTSH) initiated with an Outperform at Evercore ISI, tgt $100
  • CrowdStrike Holdings (CRWD) initiated with a Neutral at Macquarie, tgt $465
  • Eagle Point Income Company (EIC) initiated with a Buy at Lucid Capital, tgt $15
  • Futu Holdings Limited (FUTU) initiated with an Overweight at Barclays, tgt $176
  • Harmony Gold (HMY) initiated with a Market Perform at BMO Capital, tgt $16
  • HP Enterprise (HPE) resumed with an Overweight at JPMorgan, tgt $30
  • NewAmsterdam Pharma Co NV (NAMS) initiated with a Neutral at Goldman, tgt $27
  • Oracle (ORCL) initiated with an Outperform at Scotiabank, tgt $300
  • PayPal (PYPL) resumed with a Hold at Deutsche Bank, tgt $75
  • Safe Pro Group Inc. (SPAI) initiated with a Buy at Litchfield Hills, tgt $8
  • SBA Communications (SBAC) initiated with a Sector Perform at Scotiabank, tgt $252
  • Scholar Rock (SRRK) initiated with an Overweight at Cantor Fitzgerald
  • Shift4 Payments (FOUR) resumed with a Buy at Deutsche Bank, tgt $120
  • The RealReal Inc. (REAL) initiated with a Buy at B. Riley, tgt $8
  • Toast Inc. (TOST) resumed with a Buy at Deutsche Bank, tgt $54
  • Vertical Aerospace Ltd. (EVTL) initiated with a Buy at Needham, tgt $9

• Econ Data (Friday):
  • 08:30 ET: June Housing Starts (Briefing.com consensus: 1300K; prior 1256K) and Building Permits (Briefing.com consensus: 1383K; prior 1393K)
  • 10:00 ET: Preliminary July Univ. of Michigan Consumer Sentiment (Briefing.com consensus: 61.5; prior 60.7)

• Earnings:
  • Monday (July 14)
    • Pre-Market: FAST
    • After-Hours: FBK SLP
    Tuesday (July 15)
    • Pre-Market: ACI ANGO BLK BK C ERIC JPM STT WFC
    • After-Hours: FULT HWC JBHT OMC PNFP
      
  • Wednesday (July 16)
    • Pre-Market: ASML BAC CBSH FHN GS JNJ MTB MS PNC PGR PLD
      
    • After-Hours:  AIR AA FR HOMB KBI REXR SLG SNV TFIN UAL
  • Thursday (July 17)
    • Pre-Market:  ABT CTAS CFG ELV FITB FOR GE IIIN MAN MMC NVS OFG PEP SNA TCBI TSM TRV USB WBS
    • After-Hours:  OZK CNS FNB IBKR NFLX SFNC WAL
  • Friday (July 18)
    • Pre-Market: MMM ALLY AXP ALV SCHW CMA HBAN RF SLB TFC
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike