After Hours Report

Updated: 07-Jul-25 17:31 ET

Vistra gets approval to extend operation of Perry Nuclear Power Plant

The stock market went into the holiday weekend enjoying a fireworks show featuring better-than-expected employment conditions in June, some excitement about the passage of the "One Big, Beautiful Bill," and record highs for the S&P 500 and Nasdaq Composite. Today, however, those fireworks fizzled on some typical consolidation interest following a big run, as trade news offered a convenient excuse to do some selling.

Specifically, President Trump began sending out letters to a select group of countries that will face higher tariff rates, starting August 1, if better trade terms for the U.S. cannot be worked out before then. The EU was not part of that group. Japan and South Korea were the most prominent members in today's batch, and each will face a 25% tariff rate.

That should not have been construed as a shock, given the reporting leading up to today. Nevertheless, it served as an ostensible catalyst for today's losses, which were broad-based and unfolded in an orderly fashion.

The S&P 500 traded down to the 6,200 area before paring its losses over the last 90 minutes of trading. The Philadelphia Semiconductor Index (-1.9%) and Russell 2000 (-1.6%), which have been among the biggest gainers of late, were among today's biggest losers.

An advance-decline line that favored decliners over advancers by a nearly 4-to-1 margin at the NYSE and by a nearly 3-to-1 margin at the Nasdaq showed that there were plenty of losers to go around. Nine of the 11 S&P 500 sectors ended in negative territory.

The two exceptions were the defensive-oriented utilities (+0.2%) and consumer staples (+0.1%) sectors. The consumer discretionary sector (-1.3%) was today's weakest link, pressured by an outsized loss in Tesla (TSLA 294.11, -21.24, -6.74%). That loss was tied to concerns about Elon Musk getting distracted with his plan to start a new political party, the "America Party," and The Wall Street Journal's report that Tesla is facing increased competition in China.

Other sectors underperforming today included the materials (-1.0%), energy (-1.0%), financials (-1.0%), communication services (-0.9%), and health care (-0.9%) sectors. Energy stocks were dealing with some disappointing Q2 guidance from Shell plc (SHEL 69.84, -2.08, -2.89%) and an OPEC+ decision to raise its output in August by 548,000 barrels per day, up from 411,000 barrels per day in July. WTI crude futures, though, settled the day up 1.5% at $67.96 per barrel.

Separately, Treasuries settled their session with losses across the curve. Longer-dated maturities saw the biggest losses, resulting in a curve-steepening trade that some will attribute to worries about inflation sticking at higher levels and the Fed holding off on a rate cut. The 2-yr note yield was up one basis point to 3.89%, while the 10-yr note yield rose four basis points to 4.39%.

There was no U.S. economic data of note today.

S&P 500: +5.9% YTD
Nasdaq: +5.7% YTD
DJIA: +4.5% YTD
S&P 400: +1.2% YTD
Russell 2000: -0.7% YTD

Overseas:

Europe: DAX +1.1%, FTSE -0.2%, CAC +0.4%
Asia: Nikkei -0.6%, Hang Seng -0.1%, Shanghai flat

Commodities:

Crude Oil +1.02 @ 67.96
Nat Gas -0.03 @ 3.43
Gold +3.60 @ 3342.20
Silver -0.10 @ 36.90
Copper -0.12 @ 5.02

After-Hours Spotlight:

Biogen (BIIB) discloses in filing that it expects GAAP and non-GAAP 2Q25 results will include acquired in-process research and development, upfront and milestone expense of approximately $46 mln on a pre-tax basis... BIIB unchanged
Business First Bancshares (BFST) to acquire Progressive Bancorp... BFST unchanged
DTE Energy (DTE) in presentation slides issues inline FY25 EPS guidance, capex guidance... DTE unchanged
Exxon Mobil (XOM) provides items that it expects to impact 2Q25 results relative to 1Q25 results; $7.7 bln in non-GAAP earnings compared to 1Q25... XOM down 0.1%
Merit Medical (MMSI) names Martha Aronson as CEO; also guides Q2 revs above consensus... MSI up 4.8%
Tectonic Therapeutic (TECX) files for $400 mln mixed securities shelf offering... TECX up 1.9%
The Bancorp (TBBK) increases buyback program by $500 mln... TBBK unchanged
Vistra Corp. (VST) receives approval from the Nuclear Regulatory Commission to extend the operation of its 1,268-megawatt Perry Nuclear Power Plant through 2046, an additional 20 years beyond its original license... VST down 0.1%

Fair Value for Tuesday, July 8:

S&P 500: 6,276
Nasdaq 100: 22,882
DJIA: 44,680

Today's News Summary:

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

Earnings/Guidance (Full E arnings Calendar):
- Daimler Truck Holding AG (DTRUY) reports unit sales Q2 2025: 106,715 units (Q2 2024: 112,195 units)
- Franklin Resources (BEN) announces preliminary month-end assets under management
- Haleon plc (HLN) provides update on historic proforma category financial performance
- Hon Hai Precision (HNHPF) reports June 2025 revenue
- IREN Limited (IREN) publishes its monthly update for June 2025
- LGI Homes (LGIH) announced it closed 457 homes in June 2025 and closed 1,323 homes in the second quarter of 2025
- MarketAxess (MKTX) announces trading volume statistics for June and Second Quarter 2025
- Molina Healthcare (MOH) sees Q2 EPS below consensus; lowers FY25 guidance
- Niu Technologies (NIU) provides second quarter 2025 sales volume update
- OR Royalties (OR) reports preliminary Q2 2025 GEO deliveries along with record quarterly revenue & cash margin
- Shell plc (SHEL) provides Q2 production update; sees Q2 upstream production of 1,660 - 1,760 kboe/d; provides adjusted EBITDA guidance metrics
- Tradeweb Markets (TW) reports total trading volume for the month of June 2025 of $52.0 trillion
- United Micro (UMC) reports June 2025 sales +7.3% yr/yr to $18.8 bln
General News
- Congress passes and President Trump signs “One Big Beautiful Bill.” The bill includes extension of 2017 tax cuts, spending cuts (Medicaid and green energy spending), deregulation, energy reform, immigration reform, and a debt ceiling increase of $5 trillion
- Treasury Secretary Scott Bessent in an interview, says countries that do not make trade deals by August 1 will see tariff rates go back to April levels. He expects "several big announcements" on trade deals over the next few days, according to CNN
- President Trump says "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an additional 10% tariff. There will be no exceptions to this policy"
- E.U. nearing deal with U.S. that will maintain tariff rate at 10%, as President Trump says he will soon notify trading partners of tariff rates between 10-70% effective August 1st, according to WSJ
- E.U. talking with U.S. about tariff offset for automakers, according to Bloomberg
- Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability; eight participating countries will implement a production adjustment of 548 thousand barrels per day
- Republican leadership promised fiscal hawks a second reconciliation bill to further cut deficits, according to Politico
- The Trump administration planning artificial intelligence chip restrictions on Thailand, according to Bloomberg
- The Trump administration plans to take action to constrict wind or solar projects, according to Politico
- Hamas ready to negotiate truce and responded favorably to 60-day ceasefire proposal, according to NY Times
- June class 5-8 truck orders fell 39% yr/yr, according to Act Research
- Medical societies file lawsuit against HHS over COVID-19 vaccine policies, according to NY Times
- President Trump sends letter to Kazakhstan, informing them that they will be subject to 25% tariff, effective August 1st
- Department of Energy says "Retirements plus load growth increase risk of power outages 100 times in 2030"
- EU seeks tariff relief as U.S. skips formal notice on August 1 hikes, according to Reuters
- Alphabet's (GOOG) Waymo begins robotaxi testing in New York City & Philadelphia, according to Tech Crunch
- Amazon (AMZN): Judge allows Alexa privacy lawsuit to proceed as nationwide class action against Amazon, according to Reuters
- Anheuser-Busch InBev's (BUD) Michelob Ultra seeing increased sales, according to WSJ
- Apogee Therapeutics (APGE) announces positive 16-week data from phase 2 APEX clinical trial of APG777, its potentially best-in-class Anti-IL-13 antibody, in moderate-to-severe atopic dermatitis
- Apple (AAPL) aiming to challenge EU fine in court, according to Reuters
- AstraZeneca (AZN): Imfinzi approved in the EU as first and only perioperative immunotherapy for muscle-invasive bladder cancer
- AT&T (T) to accelerate fiber network expansion following passage of the One Big Beautiful Bill Act
- BioCryst Pharma (BCRX) announces appointment of Babar Ghias as CFO and head of corporate development
- Birkenstock Holding Plc (BIRK): Inspections being held on units selling fake Birkenstock sandals, according to Reuters
- Boston Scientific (BSX) receives FDA approval for expanded labeling of FARAPULSE™ Pulsed Field Ablation System
- Cogent Biosciences (COGT) announces "positive" top-line results from the registration-directed Part 2 of the SUMMIT clinical trial of bezuclastinib in patients with non-advanced systemic mastocytosis demonstrating clinically meaningful and highly statistically significant improvements across the primary and all key secondary endpoints, including patient-reported symptoms and objective measures of mast cell burden
- Daimler Truck Holding AG (DTRUY) announces EUR 2 bln share buyback program
- Donaldson (DCI): Mighty Distributing System of America has expanded its heavy duty product offering through a strategic partnership with Donaldson Company
- Dow (DOW) will shut down three upstream European assets in response to structural challenges in the region
- Emeren Group (SOL) announces north america management change and preliminary Q2 2025 operating results
- Exxon Mobil (XOM) among companies who signed memorandum of understanding with Indonesia, according to Reuters
- GE Aerospace (GE) announces that it has reached a multi-year service agreement with China Airlines that covers the maintenance, repair, and overhaul of GE9X engines for the airline’s 14 new Boeing (BA) 777X aircraft
- GE Aerospace (GE) can resume engine shipments to China's COMAC, according to Reuters
- GlaxoSmithKline (GSK) announced the completion of its previously announced acquisition of efimosfermin alfa from Boston Pharmaceuticals
- Globant (GLOB) announces a reinvention partnership with Suntory Global Spirits to build and deploy a generative AI-powered Commercial Insights Agent
- Google's (GOOG, GOOGL) AI Overviews subject of latest EU antitrust complaint, according to Reuters
- Gray Media (GTN) and The E.W. Scripps Company (SSP) have entered into agreements to swap television stations across five mid-sized and small markets, resulting in the creation of new duopolies for each group
- Grupo Aeroportuario del Pacifico (PAC) reports a passenger traffic increase in June 2025 of 0.6% compared to 2024
- Ingram Micro Holding Corp. (INGM) issues statement regarding cybersecurity incident
- Jasper Therapeutics (JSPR) Reports Clinical Data Update from Briquilimab Studies in Chronic Spontaneous Urticaria
- KalVista Pharmaceuticals (KALV) announces FDA approval of EKTERLY, first and only oral on-demand treatment for hereditary angioedema
- Lemonade (LMND) launches continues U.S. expansion with launch of car insurance in Indiana
- Lexeo Therapeutics (LXEO) announces that the U.S. Food and Drug administration has granted Breakthrough Therapy designation to LX2006 based on clinical evidence generated on both cardiac and neurologic measures of Friedreich ataxia
- MAG Silver (MAG) reminds shareholders to vote “for” the arrangement with Pan American Silver (PAAS)
- Mastercard (MA) expands Small Business Navigator with penny rental offer for Fiserv’s (FI) Clover
- Microsoft (MSFT) introducing Azure accelerate: Fueling transformation with experts and investments across your cloud and AI journey
- Natera (NTRA) announces data from a colorectal cancer study of its tissue-free Latitude™ MRD assay, which were presented at the 2025 European Society for Medical Oncology GI Congress
- Nurix Therapeutics (NRIX) announces that the European Medicines Agency has granted Orphan Drug Designation to bexobrutideg for the treatment of lymphoplasmacytic lymphoma
- NWTN Inc. (NWTN) announces Mr. Adrian Wong as Chief Financial Officer and Mr. John Xie as Chief Operating Officer; Both appointments effective July 3, 2025
- Oracle (ORCL) will lower cost of cloud services for federal government, according to WSJ
- Organon (OGN) announces that VTAMA cream, 1%, was granted a strong recommendation by the American Academy of Dermatology in their 2025 focused guideline update for the management of adults with moderate to severe atopic dermatitis
- Osisko Development (ODV) announces positive bulk tonnage ore sorting results for the Cariboo Gold Project
- Petrobras (PBR) releases report on the Brazilian Corporate Governance Code
- Tesla (TSLA) CEO Elon Musk creates "America Party"
- Tesla (TSLA) seeing increased competition in China, according to WSJ
- Tesla (TSLA) UK sales increased in June, according to NY Post
- TikTok aiming to create new version of its application ahead of possible U.S. sale, according to The Information
- Tonix Pharma (TNXP) announces that Sina Bavari, PhD, Executive Vice President of Infectious Disease Research and Development at Tonix Pharmaceuticals, will present new data on TNX-801 at the upcoming Vaccine Congress 2025
- TSMC (TSM) to delay Japanese plant and prioritize U.S. expansion due to tariffs, according to WSJ

Upgrades:
- Alliant Energy (LNT) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $68
- Autodesk (ADSK) upgraded to Buy from Neutral at DA Davidson, tgt $375
- CACI (CACI) upgraded to Outperform from Market Perform at William Blair
- Constellation Brands (STZ) upgraded to Buy from Hold at Jefferies, tgt $205
- Equity Residential (EQR) upgraded to Outperform from In Line at Evercore ISI, tgt $75
- Phibro Animal Health (PAHC) upgraded to Overweight from Neutral at JPMorgan, tgt $35
- PSEG (PEG) upgraded to Buy from Neutral at UBS, tgt $97
- POSCO (PKX) upgraded to Overweight from Equal Weight at Morgan Stanley
- RenaissanceRe (RNR) upgraded to Equal Weight from Underweight at Barclays, tgt $256
- Sunrun (RUN) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $21
- Shoals Technologies (SHLS) upgraded to Buy from Hold at Jefferies, tgt $7.20
- T-Mobile (TMUS) upgraded to Neutral from Sell at Rothschild & Co Redburn, tgt $228
- UDR (UDR) upgraded to Outperform from In Line at Evercore ISI, tgt $46
- U.S. Bancorp (USB) upgraded to Strong Buy from Outperform at Raymond James, tgt $57
Downgrades:
- Applied Materials (AMAT) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $200
- ASGN (ASGN) downgraded to Underperform from Hold at Jefferies, tgt $42
- BAE Systems (BAESY) downgraded to Reduce from Hold at Kepler Cheuvreux
- Chubb (CB) downgraded to Equal Weight from Overweight at Barclays, tgt $298
- CrowdStrike (CRWD) downgraded to Neutral from Overweight at Piper Sandler
- Essent Group (ESNT) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $67
- MP Materials (MP) downgraded to Hold from Buy at Jefferies, tgt $33
- Netflix (NFLX) downgraded to Neutral from Buy at Seaport Research, tgt $1,400
- NMI Holdings (NMIH) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $43
- Olo (OLO) downgraded to Sector Perform from Outperform at RBC Capital, tgt $10.25
- Progressive (PGR) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $290
- SK Telecom (SKM) downgraded to Sell from Neutral at Goldman Sachs
- Stellantis (STLA) downgraded to Neutral from Buy at BofA, tgt $11.75
- Sun Life Financial (SLF) downgraded to Underweight from Equal Weight at Barclays
- Tesla (TSLA) downgraded to Market Perform from Outperform at William Blair
- Travelers (TRV) downgraded to Equal Weight from Overweight at Barclays, tgt $274
- Wells Fargo (WFC) downgraded to Market Perform from Strong Buy at Raymond James
Others:
- AbCellera (ABCL) assumed with an Outperform at Leerink, tgt $5
- Aethlon Medical (AEMD) assumed with a Neutral at H.C. Wainwright, tgt $1.50
- Alaska Air (ALK) assumed with a Neutral at UBS, tgt $49
- Allegiant Travel (ALGT) assumed with a Neutral at UBS, tgt $59
- Ategrity Specialty (ASIC) initiated with a Neutral at Citigroup, tgt $26
- Ategrity Specialty (ASIC) initiated with an Overweight at Wells Fargo, tgt $29
- Ategrity Specialty (ASIC) initiated with an Overweight at Barclays, tgt $30
- Ategrity Specialty (ASIC) initiated with an Overweight at JPMorgan, tgt $26
- AT&T (T) reinstated with a Buy at BofA Securities, tgt $32
- Benitec Biopharma (BNTC) initiated with a Buy at TD Cowen
- Bioventus (BVS) initiated with an Overweight at Cantor Fitzgerald, tgt $12
- Caesars (CZR) initiated with a Buy at Goldman, tgt $36
- Chime (CHYM) initiated with an Outperform at Evercore ISI, tgt $38
- Chime (CHYM) initiated with a Buy at Canaccord, tgt $40
- Chime (CHYM) initiated with an Outperform at William Blair
- Chime (CHYM) initiated with an Overweight at Barclays, tgt $40
- Chime (CHYM) initiated with an Outperform at Wolfe Research, tgt $38
- Chime (CHYM) initiated with an Overweight at Piper Sandler, tgt $40
- Chime (CHYM) initiated with a Neutral at UBS, tgt $35
- Chime (CHYM) initiated with an Overweight at JPMorgan, tgt $40
- Chime (CHYM) initiated with an Overweight at Morgan Stanley, tgt $39
- Chime (CHYM) initiated with a Neutral at Goldman, tgt $34
- CNX Resources (CNX) initiated with an Equal Weight at Barclays, tgt $33
- Energy Transfer LP (ET) initiated with a Buy at TD Cowen, tgt $22
- Enterprise Products (EPD) initiated with a Hold at TD Cowen, tgt $33
- EQT Corporation (EQT) initiated with an Overweight at Barclays, tgt $65
- Frontier Group (ULCC) assumed with a Neutral at UBS, tgt $4
- GE Vernova (GEV) initiated with a Buy at UBS, tgt $614
- JetBlue (JBLU) assumed with a Sell at UBS, tgt $3
- Kinder Morgan (KMI) initiated with a Buy at TD Cowen, tgt $34
- LendingClub (LC) initiated with a Market Perform at Citizens JMP
- Las Vegas Sands (LVS) initiated with a Neutral at Goldman, tgt $52
- MGM Resorts (MGM) initiated with a Sell at Goldman, tgt $34
- Monopar Therapeutics (MNPR) initiated with an Overweight at Cantor Fitzgerald, tgt $74
- Okta (OKTA) initiated with a Sell at Arete, tgt $83
- ONEOK (OKE) initiated with a Hold at TD Cowen, tgt $91
- Rockwell Automation (ROK) initiated with an Outperform at CICC, tgt $381
- Rhythm Pharmaceuticals (RYTM) initiated with an Outperform at Leerink, tgt $88
- SailPoint (SAIL) initiated with a Sell at Arete, tgt $16
- SanDisk (SNDK) initiated with a Buy at Jefferies
- T-Mobile (TMUS) reinstated with a Neutral at BofA Securities, tgt $255
- Targa Resources (TRGP) initiated with a Hold at TD Securities, tgt $192
- Verizon (VZ) reinstated with a Neutral at BofA Securities, tgt $45
- Voyager Technologies (VOYG) initiated with a Buy at BofA Securities, tgt $50
- Voyager Technologies (VOYG) initiated with an Overweight at JPMorgan, tgt $52
- Voyager Technologies (VOYG) initiated with an Equal Weight at Morgan Stanley, tgt $46
- Voyager Technologies (VOYG) initiated with an Equal Weight at Barclays, tgt $45
- Voyager Technologies (VOYG) initiated with an Overweight at KeyBanc
- Voyager Technologies (VOYG) initiated with a Buy at Jefferies, tgt $50
- Williams (WMB) initiated with a Buy at TD Cowen, tgt $67
- Wynn Resorts (WYNN) initiated with a Buy at Goldman, tgt $122

Econ Data (Tuesday):
- 06:00 ET: June NFIB SMall Business Optimism (prior 98.8)
- 15:00 ET: May Consumer Credit (Briefing.com consensus $12.2B; prior $17.9B)
Earnings:Monday (July 7)
Pre-Market: None
After-Hours: None
Tuesday (July 8)
Pre-Market: None
After-Hours: PENG
Wednesday (July 9)
Pre-Market: AZZ
After-Hours: None
Thursday (July 10)
Pre-Market: CAG DAL HELE SMPL
After-Hours: LEVI PSMT WDFC
Friday (July 11)
Pre-Market: None
After-Hours: None