After Hours Report
The stock market's early gains quickly propelled the Nasdaq Composite (-0.3%) to new all-time high levels, but a lack of conviction in the market saw the early gains negated, ultimately leading the major averages to finish with modest losses.
At its peak just after 12:00 PM ET, the Nasdaq Composite notched a record high level of 21,549.73. The S&P 500 (-0.3%) traded above its record closing high at the same time, but the gains did not hold throughout the afternoon. The DJIA (-0.5%) spent the vast majority of the session in negative territory.
While the noncommittal nature of today's trade is not surprising considering the market will receive July CPI data tomorrow, there was certainly no lack of headlines for the market to digest, despite an empty economic calendar. Tariff extensions, rate cut expectations, geopolitical summits, and semiconductor policy provided a multitude of talking points, though the markets were not swayed too far in any direction.
The market digested Vice Fed Chair Michelle Bowman's (FOMC voting member) Saturday comments in which she stated that three rate cuts could be appropriate this year, citing a recent softening in the labor market as a motivating factor. Later in the afternoon, Bloomberg reported that Bowman, Fed Vice Chair Phillip Jefferson, and Dallas Fed President Lorie Logan were added to the Trump administration's list of possible Fed Chair nominees, which also includes James Bullard, Marc Summerlin, Kevin Hasset, Christopher Waller, and Kevin Warsh.
Shares of NVIDIA (NVDA 182.15, -0.55, -0.30%) and Advanced Micro Devices (AMD 172.28, -0.48, -0.28%) traded lower before the open today, following a report from Financial Times that the companies will cede 15% of their AI chip sales in China to the U.S. government in exchange for export licenses.
Upside Q4 (Aug) EPS and revenue guidance from Micron (MU 123.76, +4.86, +4.09%), and headlines of a visit between President Trump and Intel (INTC 20.68, +0.73, +3.66%) CEO Lip-Bu Tan buoyed the PHLX Semiconductor Index as high as 1.5%, though the index ultimately closed with a loss of 0.1%
The information technology sector (-0.7%) spent time among the best-performing S&P 500 sectors today before finishing among the worst. Other laggards included the energy (-0.8%), real estate (-0.7%), and utilities (-0.4%) sectors.
Several S&P 500 sectors spent time oscillating between positive and negative territory before a late-session sell-off eroded sector strength and saw eight sectors close with losses. The selling activity led to the major averages closing near session lows.
Only the consumer staples (+0.2%), consumer discretionary (+0.1%), and health care (+0.1%) sectors finished with modest gains.
Stocks of all sizes retreated today. The Vanguard Mega Cap Growth ETF closed with a loss of 0.2%, with Tesla (TSLA 339.13, +9.48, +2.87%) preventing further losses following a CNBC report that the company submitted a formal license request to become an electricity provider in the U.K. Meanwhile, the S&P Mid Cap 400 finished with a loss of 0.4%, and the Russell 2000 slightly outperformed, closing on its flatline.
On the trade front, Treasury Secretary Bessent said in an interview with Nikkei that tariff rates may be subject to reduction for countries in which the U.S. sees a decreased trade deficit and that he expects trade issues to be largely sorted out by the end of October.
Separately, President Trump signed an executive order this afternoon extending the tariff truce with China for an additional 90 days.
The president is set to meet with Russian President Vladimir Putin in Alaska on Friday to discuss an end to the war in Ukraine. The Telegraph reported that Ukrainian President Volodymyr Zelenskyy told other European leaders he is not willing to concede any territory that is currently held by Ukraine, but territory that Russia currently occupies could be negotiated as part of a ceasefire deal.
Longer-dated Treasuries started the week on a modestly higher note, while the 2-year note lagged slightly, spending the session near its unchanged level. The 2-year note yield settled down one basis point to 3.75%, and the 10-year note yield also settled down one basis point to 4.27%.
- Russell 2000: UNCH WTD
- S&P 500: -0.3% WTD
- Nasdaq Composite: -0.3% WTD
- DJIA: -0.5% WTD
Overseas:
- Europe: DAX -0.4%, FTSE +0.4%, CAC -0.6%
- Asia: Nikkei market closed, Hang Seng +0.2%, Shanghai +0.3%
Commodities:
- Crude Oil +0.12 @ 64.00
- Nat Gas -0.04 @ 2.95
- Gold -86.30 @ 3404.90
- Silver -0.74 @ 37.80
- Copper -0.03 @ 4.44
After-Hours Spotlight:
- ACV Auctions (ACVA) misses by $0.12, misses on revs; guides Q3 revs below consensus; guides FY25 revs in-line... ACVA -10.6%
- BigBear.ai (BBAI) misses by $0.65, misses on revs; guides FY25 revs below estimate...BBAI -28.6%
- Celanese (CE) beats by $0.04, beats on revs; guides Q3 EPS below consensus...CE -13.1%
- Getty Images (GETY) beats by $0.03, reports revs in-line; On January 7, 2025 company entered into merger agreement with Shutterstock...GETY -1.7%
- Green Dot (GDOT) beats by $0.22, beats on revs; raises FY25 EPS guidance above consensus, reaffirms FY25 revs guidance...GDOT +21.1%
- Mercury (MRCY) beats by $0.25, beats on revs...MRCY +7.3%
- Repay Holdings (RPAY) reports EPS in-line, beats on revs; Reiterates outlook for FY25, including for sequential quarterly acceleration of normalized gross profit growth...RPAY +2.8%
- ZipRecruiter (ZIP) beats by $0.03, reports revs in-line; guides Q3 revs in-line...ZIP +11.6%
Fair Value for Tuesday, August 12:
- S&P 500: 6,396
- Nasdaq 100: 23,625
- DJIA: 44,0062
For a full rundown of today's market and after hours developments, see Live In Play
- Earnings/Guidance (Full Earnings Calendar):
- AAON (AAON) misses by $0.11, misses on revs; lowers outlook
- AMC Entertainment (AMC) beats by $0.07, beats on revs
- ASE Technology (ASX) reports July revs declined 0.1% yr/yr to ~NT$51.54 bln
- Barrick Mining (B) beats by $0.01, reports revs in-line
- C3.ai (AI) sees Q1 revs below consensus; Restructures sales and services organizations
- Ceva (CEVA) beats by $0.02, beats on revs
- Core Scientific (CORZ) beats by $0.03, misses on revs
- Dole plc (DOLE) beats by $0.04, beats on revs
- Excelerate Energy (EE) beats by $0.04, misses on revs
- Franco-Nevada (FNV) beats by $0.12, reports revs in-line
- Immunovant Sciences (IMVT) misses by $0.03
- Kymera Therapeutics (KYMR) misses by $0.14, misses on revs
- Legend Biotech (LEGN) beats by $0.15, beats on revs
- Monday.com (MNDY) beats by $0.23, beats on revs; guides Q3 revs in-line; guides FY25 revs above consensus
- Owens & Minor (OMI) reports Q2 (Jun) results, misses on revs
- RadNet (RDNT) beats by $0.15, beats on revs; raises revs guidance
- Rumble (RUM) misses by $0.05, misses on revs
- Skechers USA (SKX) beats by $0.30, beats on revs
- Sphere Entertainment Co. (SPHR) beats by $4.82, misses on revs
- Telephone & Data (TDS) misses by $0.06 (two analyst estimate), reports revs in-line
- General News
- Fed Vice Chair of Supervision (voting FOMC member) Michelle Bowman supports three rate cuts this year
- China wants the Trump administration to ease chip export controls as part of trade deal ahead of a summit with President Trump and Chinese President Xi, according to FT
- Ukraine President Volodymyr Zelenskyy rejected peace proposal that includes swapping of territories. President Trump will meet with Russian President Putin on Friday in Alaska and suggested swapping of territories could be part of a peace deal, according to NY Times
- Europe and Ukraine issue a counterproposal to end the war in Ukraine, according to WSJ
- President Trump is considering inviting Ukraine President Volodymyr Zelenskyy to Alaska, according to ABC News
- Treasury Secretary Scott Bessent says trade tariffs could go down as trade balances improve and most trade talks could be done by October, according to Nikkei
- New York state warns about the largest budget deficit since the 2009 financial crisis, according to Bloomberg
- The Trump administration is considering E.J. Antoni to lead BLS, who was critical of the agency, according to WSJ
- Executive Director of the White House Crypto Council Bo Hines resigns to return to the private sector
- President Trump mulling reclassifying marijuana as less dangerous drug, according to WSJ
- Dr. Vinay Prasad will return to the FDA, according to NY Times
- USPS blocking shipments of illicit vaping products, according to Reuters
- Mexico sets minimum tomato export prices, Bloomberg
- President Trump will speak with European leaders on Wednesday ahead of his summit with Russian President Putin on Friday, according to Politico
- Tariffs on Chinese imports will go up tomorrow if trade truce does not get extended, according to NY Times
- President Trump at press conference confirms he is considering reclassifying marijuana as less dangerous drug; says decision should be made within a week or two
- Ukraine prepared to cede territory to Russia as part of European peace plan (President Trump and Russian President Putin will meet on Friday)
- President Trump says gold will not be subject to tariffs
- Michelle Bowman, Philip Jefferson, and Lorie Logan being considered for Fed Chair; final decision expected this fall, according to Bloomberg
- President Trump will sign executive order extending China trade truce for 90 days - CNBC, citing White House official
- Aeluma (ALMU) appointed Christopher Stewart as its full time Chief Financial Officer (CFO)/Principal Accounting Officer, taking over for Mr. James Seo who was serving as interim CFO/Principal Accounting Officer.
- Anbio Biotechnology (NNNN) responds to global outbreaks with Chikungunya rapid test and new 15-minute ultra-fast PCR system
- Apogee Therapeutics (APGE) provides pipeline progress and reports second quarter 2025 financial results
- Apple (AAPL) expected to introduce artificial intelligence voice control, according to Bloomberg
- Arvinas (ARVN) announces FDA acceptance of the New Drug Application for Vepdegestrant for the treatment of ESR1m, ER+/HER2- advanced breast cancer
- Avantor (AVTR): Engine Capital confirms sent letter to Avantor’s Board regarding opportunities to improve governance and unlock shareholder value
- Banco Bilbao Vizcaya Argentaria (BBVA) confirms it decided not to withdraw the Banco de Sabadell (BNDSF) offer
- BioCryst Pharma (BCRX) announced that Helen Thackray, chief research and development officer, will leave the company September 1, 2025 and transition into an advisory role through the end of the year
- Biogen (BIIB) and Stoke Therapeutics (STOK) announce first patient dosed in Phase 3 EMPEROR Study of Zorevunersen, a potential disease-modifying treatment for Dravet syndrome
- BioNTech (BNTX) disclosed settlement with with CureVac (CVAC) and GlaxoSmithKline (GSK) involving intellectual property relating to the Company’s and Pfizer’s (PFE) COVID-19 vaccines
- Bitmine Immersion Technologies (BMNR) ETH holdings exceed 1.15 million tokens, valued in excess of $4.96 billion
- BridgeBio Pharma (BBIO): Nasdaq notice says business combination of Helix Acquisition Corp. II (HLXB) & BridgeBio is expected to close today, August 11, 2025
- CATL will suspend operations at key lithium mine, according to Reuters
- Citigroup (C) oversaw $1 bln of sanctioned transactions, according to Bloomberg
- CleanSpark (CLSK) has named Matt Schultz, co-founder, executive chairman and former CEO of CleanSpark as CEO, effective immediately following the resignation of Zachary Bradford as an officer and director of the Company
- Curtiss-Wright (CW) announces a $200 million expansion of its 2025 share repurchase program, which is now expected to result in annual share repurchases of $266 million in 2025
- Dell AI (DELL) data platform gets a boost with NVIDIA (NVDA) and elastic
- Elbit Systems (ESLT) receives two contracts in an aggregate amount of ~$260 million for the Supply of Advanced Airborne Munitions to the Israel Ministry of Defense
- Electronic Arts (EA) announces a new partnership with the National Hockey League to integrate official NHL EDGE data directly into EA SPORTS NHL 26, marking a new era for authenticity in sports gaming and entertainment
- Equinox (EQX) Gold's Castle Mountain accepted into FAST-41 permitting program
- Exodus Movement (EXOD) announced a major integration agreement with MetaMask
- Fannie Mae (FNMA): Bill Ackman said "One way to reduce mortgage rates would be to merge Fannie and Freddie (FMCC). A merger would enable them to achieve huge synergies both in their operations and in the trading price and spreads of their MBS, savings which could be passed along to consumers in the form of reduced mortgage rates. A merger would also reduce the cost and risks of government oversight as there would be only one institution that would require FHFA oversight."
- Fluor (FLR) acknowledges court decision on Santos’ Gladstone LNG Project
- Ford Motor (F) is investing approximately $5 billion and creating or securing nearly 4,000 jobs across Louisville Assembly Plant and BlueOval Battery Park Michigan to deliver a new pickup and produce advanced prismatic LFP batteries
- Fox Corporation's (FOXA) wholly-owned direct to consumer streaming service, FOX One, and ESPN's upcoming direct-to-consumer service announce an agreement that will give consumers the opportunity to purchase the two services bundled together starting October 2 for $39.99 per month
- Fresenius Medical (FMS) announces first tranche of its share buyback program of up to EUR 600 million as part of its new capital allocation framework
- General Motors (GM) starting renewed push to develop driverless car, according to Bloomberg
- GlaxoSmithKline (GSK) reports Gepotidacin accepted for priority review by the FDA
- HPE (HPE) helps enterprises drive agentic and physical AI innovation with systems accelerated by NVIDIA Blackwell and the latest NVIDIA AI models
- Huntington Ingalls (HII) awarded a $276.1 mln modification to a previously awarded US Navy contract
- I-Mab (IMAB) announces that enrollment in the planned Phase 1b dose expansion cohorts evaluating givastomig, a bispecific Claudin 18.2 x 4-1BB antibody, in combination with nivolumab and mFOLFOX6, has been completed ahead of expectations
- Intel (INTC) CEO Lip-Bu Tan will visit the White House today, according to WSJ
- KalVista Pharmaceuticals (KALV) announces that the Committee for Orphan Medicinal Products of the European Medicines Agency confirmed maintenance of orphan designation for sebetralstat, underscoring the critical unmet need that sebetralstat addresses in the European Union
- Kenon Holdings' (KEN) subsidiary OPC Energy announces plan for construction of power plant in Hadera
- Kinross Gold (KGC): Asante Gold (ASGOF) entered into the key definitive agreements for the Company’s previously announced financing plans, and a restructuring agreement with Kinross Gold Corporation
- Mosaic (MOS): President Trumps says "China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China’s trade deficit with the USA. Rapid service will be provided. Thank you President XI.
- Nexxen International (NEXN) announced the renewal and expansion of its long-term strategic partnership with VIDAA
- Nippon Steel Corporation (NPSCY): One person died in US Steel plant explosion, according to Reuters
- Nippon Steel Corporation (NPSCY): Multiple people were injured following explosion at US Steel plant, according to Reuters
- Novartis (NVS) announces both ianalumab Phase III clinical trials met primary endpoint in patients with Sjögren's disease
- Nvidia (NVDA) & ADM (ADM) will give 15% of China chip sale revenue to U.S. government, according to FT
- NVIDIA (NVDA) opens portals to world of robotics with new omniverse libraries, cosmos physical AI models and AI computing infrastructure
- NVIDIA (NVDA) RTX PRO servers with blackwell coming to world’s most popular enterprise systems
- NWTN Inc. (NWTN) executed an asset contribution and share issuance agreement with Pakistan's prominent industrial group JW Corporation
- Nyxoah (NYXH) receives FDA approval for Genio system
- Open Text (OTEX) announced the appointment of James McGourlay, currently Executive Vice President, International Sales at OpenText, as Interim Chief Executive Officer, effective immediately
- Roche (RHHBY): Switzerland spoke to Roche & Novartis (NVS) about tariffs, according to Bloomberg
- T-Mobile US (TMUS): Softbank (SFTBY) disclosed that it ceased to have beneficial ownership of greater than five percent of the number of shares of Common Stock outstanding on August 6, 2025
- Wix.com (WIX) announces $200 million increase to share repurchase program
- Xcel Energy (XEL) discloses Public Service Commission of Wisconsin Staff recommended an electric base rate increase of $115 mln or 14.4% over the two-year period
- Upgrades:
- Airbnb (ABNB) upgraded to Neutral from Reduce at Phillip Securities, tgt $127
- Aveanna Healthcare Holdings (AVAH) upgraded to Outperform from Market Perform at Raymond James, tgt $9
- BCE Inc. (BCE) upgraded to Neutral from Underweight at JPMorgan, tgt C$33
- Cummins (CMI) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $480
- e.l.f. Beauty (ELF) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $134
- Freeport-McMoRan (FCX) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $48
- Generac Holdings (GNRC) upgraded to Hold from Underperform at Jefferies, tgt $200
- Nutrien (NTR) upgraded to Overweight from Neutral at JPMorgan, tgt $72
- Sabre Corporation (SABR) upgraded to Outperform from Market Perform at Bernstein, tgt $3
- SoundHound AI (SOUN) upgraded to Buy from Neutral at Ladenburg Thalmann, tgt $16
- The Bancorp (TBBK) upgraded to Strong Buy from Outperform at Raymond James, tgt $76
- Varonis Systems (VRNS) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $70
- Downgrades:
- Adobe (ADBE) downgraded to Sell from Hold at Melius Research, tgt $310
- Aspen Aerogels (ASPN) downgraded to Underweight from Equal Weight at Barclays, tgt $6
- C3.ai (AI) downgraded to Underperform from Neutral at DA Davidson, tgt $13
- Haemonetics (HAE) downgraded to Outperform from Strong Buy at Raymond James, tgt $78
- Lineage Inc. (LINE) downgraded to Underperform from Buy at BofA Securities, tgt $42
- MaxCyte Inc. (MXCT) downgraded to Neutral from Buy at BTIG
- Orion Engineered Carbons S.A. (OEC) downgraded to Underweight from Neutral at JPMorgan, tgt $9
- Quanterix Corp. (QTRX) downgraded to Hold from Buy at Canaccord Genuity, tgt $5
- The Trade Desk (TTD) downgraded to Hold from Buy at HSBC, tgt $56
- The Trade Desk (TTD) downgraded to Hold from Buy at Jefferies, tgt $50
- Universal Electronics (UEIC) downgraded to Neutral from Buy at B. Riley, tgt $5
- Wheaton Precious Metals (WPM) downgraded to Neutral from Buy at UBS, tgt $106
- Others:
- Advanced Drainage Systems (WMS) initiated at Outperform at RBC Capital, tgt $159
- Almonty Industries (ALM) initiated at Outperform at Oppenheimer, tgt $7
- Arm Holdings (ARM) initiated at Buy at Seaport Research Partners, tgt $150
- Catalyst Biosciences (CBIO) initiated at Buy at H.C. Wainwright, tgt $25
- Collegium Pharmaceutical (COLL) assumed at Buy at H.C. Wainwright, tgt $44
- Inova Technology (INVA) initiated at Outperform at Oppenheimer, tgt $45
- JD.com Inc. (JD) resumed at Buy at Citi, tgt $42
- Kratos Defense & Security (KTOS) initiated at Buy at Canaccord Genuity, tgt $74
- Leonardo DRS (DRS) initiated at Buy at Canaccord Genuity, tgt $50
- Mirum Pharmaceuticals (MIRM) resumed at Buy at Stifel, tgt $89
- Sagimet Biosciences (SGMT) initiated at Outperform at Wedbush, tgt $28
- Urban Edge Properties (UE) initiated at Buy at BTIG, tgt $23
- Econ Data (Tuesday):
- 6:00 ET: July NFIB Small Business Optimism Index (prior 98.6)
- 8:30 ET: July CPI (Briefing.com consensus 0.2%; prior 0.3%) and Core CPI (Briefing.com consensus 0.1%; prior 0.3%)
- 14:00 ET: July Treasury Budget (Briefing.com consensus -$140.0 bln; prior $27.0 bln)
- Earnings:
- Monday (Aug 11)
- Pre-Market: AAON B CEVA DOLE EE FNV GPRE KYMR LEGN MNDY OMI RDNT ROIV RUM TDS
- After-Hours: ACVA AMC BBAI CNNE CE CMP FLNC FWRD GETY GDOT HPK HI MAC MRCY MLNK OKLO PUBM RPAY XENE ZIP
- Pre-Market: CAH CRCL ETOR HUYA MSGS ONON PSFE SE SFD TTGT TME
- After-Hours: CAE CAVA IMOS CRWV ECG HRB INTA KLC LITE LAZR WBTN
- Wednesday (Aug 13)
- Pre-Market: ARCO EAT GLBE HBM LOAR MRX PFGC SPNS SSYS
- After-Hours: CSCO COHR DLO EQX IBTA SARO
- Pre-Market: ARCO EAT GLBE HBM LOAR MRX PFGC SPNS SSYS
- Thursday (Aug 14)
- Pre-Market: AAP AMCR AIT BIRK CLBT DE AG JD NTES NICE TPR VIPS WB
- After-Hours: AMAT GAMB GLOB SNDK STRZ
- Friday (Aug 15)
- Pre-Market: FLO
- After-Hours:None
- Monday (Aug 11)
