After Hours Report

The stock market's first full session after yesterday's FOMC meeting saw the S&P 500 (+0.5%), Nasdaq Composite (+1.0%), and DJIA (+0.3%) capture record intraday and closing highs on relatively broad strength and big tech outperformance. 

Perhaps even more notably, optimism around further policy easing from the Fed also propelled the Russell 2000 (+2.5%) past its record intraday high from November 2024 and its record closing high from November 2021. The S&P Mid Cap 400 +1.3% also notched a healthy gain.

Market participants were presumably enthused by heightened probabilities of additional rate cuts in October and December. According to the CME FedWatch Tool, the probability of a 25 basis point cut to 3.75-4.00% at the October FOMC meeting is 91.9%, versus 78.2% shortly before yesterday's announcement, while the probability of another 25 basis point cut to 3.50-3.75% at the December FOMC meeting is 82.3%, versus 72.8% shortly before yesterday's announcement.

Mega-cap tech helped pace the broader advance after rebounding from yesterday's drag on index-level performance. NVIDIA (NVDA 176.24, +5.95, +3.49%) reclaimed its 50-day moving average (175.28), while Intel (INTC 32.07, +7.17, +28.79%) surged after announcing that NVIDIA will take a $5 billion equity stake in the company as part of a multi-year collaboration to co-develop custom data center and PC products.

The PHLX Semiconductor Index ended the day with a 3.6% gain, while the broader information technology sector (+1.3%) finished as the top-performing S&P 500 sector. 

The industrials sector (+1.1%) also outperformed, while five other sectors finished with more modest gains.

Sector performance fluctuated through the session, but losses were limited, with only consumer staples (-1.0%) and consumer discretionary (-0.5%) finishing with losses of 0.5% or wider.

Broader market strength saw the S&P 500 Equal Weighted Index (+0.7%) outperform the market-weighted S&P 500 (+0.5%), though mega-cap names still contributed to today's advance, with the Vanguard Mega Cap Growth ETF closing with a 0.5% gain. 

Advancers outpaced decliners by a nearly 2-to-1 ratio on the NYSE and a roughly 8-to-3 clip on the Nasdaq. 

Companies that reported earnings this morning were among the names in decline, with Darden Restaurants (DRI 192.74, -16.05, -7.69%) and Cracker Barrel's (CBRL 45.80, -3.79, -7.64%) earnings misses weighing on other fast casual dining names, while FactSet (FDS 301.05, -34.99, -10.41%) dragged down its peer S&P Global (SPGI 507.84, -36.26, -6.67%) with a miss of its own. 

U.S. Treasuries followed yesterday's post-FOMC retreat with a modestly higher start that faced resistance immediately after the open with solid economic data contributing to the early selling. Weekly Initial Claims dropped from their highest level since mid-2023, while the Philadelphia Fed Survey (23.2; Briefing.com consensus 3.0) showed an acceleration in manufacturing activity. 

The 2-year note yield settled up two basis points to 3.57%, and the 10-year note yield settled up three basis points to 4.10%. 

• Nasdaq Composite: +16.4% YTD
• S&P 500: +12.8% YTD
• Russell 2000: +10.7% YTD
• DJIA: +8.5% YTD
• S&P Mid Cap 400: +6.0% YTD

Reviewing today's data:

• Initial jobless claims for the week ending September 13 decreased by 33,000 to 231,000 (Briefing.com consensus: 245,000) following an upwardly revised 264,000 (from 263,000) in the prior week. Continuing jobless claims for the week ending September 6 decreased by 7,000 to 1.920 million.
  • The key takeaway from the report is that initial claims settled back from what appeared to be an aberrantly high level in the prior week, returning to an area that is more consistent with a job market where layoff activity is relatively low.
• The Philadelphia Fed Index surged to 23.2 for September (Briefing.com consensus: 3.0) from -0.3 in August, with the new orders index climbing to 12.4 from -1.9 and the prices paid index dropping to 46.8 from 66.8. The dividing line between expansion and contraction for this report is 0.0, so the September reading represents an acceleration in manufacturing activity in the Philadelphia Fed region.
  • The key takeaway from the report is found in the welcome combination of stronger growth and fading prices.
• Conference Board's Leading Economic Index was down 0.5% in August (Briefing.com consensus -0.1%) after a revised 0.1% increase (from -0.1%) in July.

Overseas:

• Europe: DAX +1.3%, FTSE +0.2%, CAC +0.9%
• Asia: Nikkei +1.2%, Hang Seng -1.4%, Shanghai -1.2%

Commodities:

• Crude Oil -0.79 @ 63.27
• Nat Gas -0.16 @ 2.94
• Gold -39.60 @ 3678.40
• Silver -0.06 @ 42.13
• Copper -0.03 @ 4.60

After-Hours Spotlight:

• FedEx (FDX) beats by $0.22, beats on revs; guides FY26 EPS in-line, revs above consensus...FDX +5.3%
• Hess Midstream Partners (HESM) announces updated guidance for remainder of 2025...HESM -2.1%
• Scholastic (SCHL) Reports Fiscal 2026 First Quarter Results...SCHL -11.8%

Fair Value for Friday, September 19:

• S&P 500: 6,692
• Nasdaq 100: 24,705
• DJIA: 46,504

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

• Earnings/Guidance (Full Earnings Calendar):
  • Amer Sports (AS) raises Q3 guidance; reiterates long-term financial algorithm
  • Bullish (BLSH) reports Q2 results
  • Cracker Barrel (CBRL) misses by $0.11, reports revs in-line; guides FY26 revs below consensus; $100 mln share repurchase authorization
  • Darden Restaurants () misses by $0.03, reports revs in-line, blended same-restaurant sales of +4.7%; guides FY26 revs in-line
  • DuPont (DD) revises guidance; outlines value creation strategy and financial framework
  • FactSet (FDS) misses by $0.08, reports revs in-line; guides FY26 EPS below consensus, revs below consensus
  • NRG Energy (NRG) raises FY25 EPS guidance, reflecting strength in company's platform
  • Nucor (NUE) guides Q3 EPS below consensus
  • Super Group (SGHC) raises FY25 revenue and adjusted EBITDA guidance
  • WhiteFiber (WYFI) reports Q2 results, slightly beats on revenue
• General News
  • The House passes a procedural measure to fund the government through November 21. The final vote is expected Friday, according to Politico
  • SEC approves generic listing standards for commodity-based trust shares
  • BOE maintains rates at 4% in a 7-2 decision
  • Pentagon finalizes Golden Dome plans, withholds details on costs, according to Bloomberg
  • EU planning to phase out Russian LNG faster after request from President Trump, according to Bloomberg
  • President Trump asks Supreme Court to let him remove Fed Governor Lisa Cook amid firing dispute, according to Bloomberg
  • White House confirms technology prosperity deal with UK
  • Albertsons (ACI) announces that Jim Donald, Chair of the Board, has decided to retire from his role and from the Board; Kim Fennebresque has been elected as the new Chair
  • Alphabet (GOOG) adds AI features to Chrome
  • Amazon (AMZN): Judge rules that Amazon violated online shopper protection law, according to Reuters
  • Anterios (ANTE) announces name change to Yueda Digital Holding, ticker symbol change to (YDKG), effective September 19
  • Apple (AAPL) explores possibility of building a test production line for a foldable iPhone in Taiwan, according to Nikkei
  • Apple (AAPL) and Citigroup (C) executives joined President Trump at UK state dinner, according to Bloomberg
  • Arvinas (ARVN) provides update on collaboration with Pfizer; Strategic Plan and Cost Optimization Measures; 15% workforce reduction; $100 mln share repurchase authorization
  • AstraZeneca (AZN) reports AIRSUPRA (albuterol/budesonide) US prescribing information updated to reflect the statistically significant severe exacerbation risk reduction in patients with mild asthma compared with albuterol
  • AXIS Capital (AXS) approves a new share repurchase program, authorizing the Company to purchase up to an aggregate $400 million of the Company’s common share
  • Bank of Montreal (BMO) announces the upcoming retirement of its CFO Tayfun Tuzun and the appointment of Rahul Nalgirkar to the role
  • Bayer AG (BAYRY) reports NDA for gadoquatrane accepted for review in China
  • Biogen (BIIB) announces that the European Commission has granted marketing authorization for ZURZUVAE (zuranolone) to treat post-partum depression
  • Blue Gold Limited (BGL) signs purchase agreement for gold & copper mining lease
  • Brunswick (BC) announces strategic consolidation of fiberglass boat manufacturing operations
  • Cadeler (CDLR) signs firm contract with Ocean Winds for WTG installation at the BC-Wind Offshore Wind Farm in Poland
  • Clearwater Analytics (CWAN) enhances alternative assets solution
  • Coherent (COHR) unveils next-gen WaveAnalyzer and WaveShaper to accelerate optical network testing
  • Cooper (COO) announces a $1 billion increase in its share repurchase program
  • CrowdStrike (CRWD) announces new innovations in Falcon Next-Gen Identity Security, expanding unified protection for every identity – human, non-human, and AI agent – across the full hybrid identity lifecycle
  • CrowdStrike (CRWD) announces new Falcon Data Protection innovations that deliver real-time, unified security built for how data moves in the AI era
  • DeFi Technologies (DEFT) announces that Valour Digital Securities Limited has launched the world's first physically-backed Bitcoin Staking exchange traded product
  • Dover (DOV) announces completion of a certified integration between its Bulloch POS system and Intevacon Fleet Card Solutions; Integration enables private label fleet card processing through Bulloch POS, offering retailers a turnkey solution
  • FEMSA (FMX) provides leadership succession plan; Jose Antonio Fernández Garza-Lagüera to become FEMSA’s CEO
  • Fluor (FLR) awarded a $2.05 bln modification to previously awarded Navy contract
  • Flutter Entertainment (FLUT): FanDuel and Delaware North announce a new market access partnership for online sports betting and igaming in the state of West Virginia through Delaware North's Mardi Gras Casino & Resort
  • Fresenius Medical (FMS) announces several important developments in its Value-Based Care operating segment, reinforcing its commitment to delivering high-quality, cost-effective care for patients with kidney disease
  • Google (GOOG): China ends Google antitrust investigation, according to FT
  • Gorilla Technology Group (GRRR) signs $1.4 billion contract with Freyr Singapore to build southeast Asia’s AI data centre backbone
  • Green Plains (GPRE) enters into an agreement with an affiliate of Freepoint Commodities to sell Clean Fuel Production Credits, also known as 45Z tax credits, generated in 2025 under the Inflation Reduction Act
  • Guaranty Bancshares (GNTY) declares a special cash dividend on its common stock in the amount of $2.30 per share of common stock; Announces Approval of Merger Agreement, expected to occur on Oct 1
  • Huawei announces "Groundbreaking SuperPoD Interconnect"
  • Intellia Therapeutics (NTLA) completes enrollment in the global Phase 3 HAELO Study of Lonvoguran Ziclumeran (lonvo-z) for Hereditary Angioedema
  • InterDigital (IDCC) increases quarterly dividend to $0.70/share from $0.60/share
  • IonQ (IONQ) signs MOU with U.S. Department of Energy to advance the development and deployment of quantum technologies in space
  • KKR (KKR): Onex Partners to acquire Integrated Specialty Coverages from KKR, financial terms were not disclosed
  • Launch One Acquisition Corp (LPAA): Minovia Therapeutics receives FDA Fast Track Designation for MNV-201
  • Lilly's (LLY) Mounjaro (tirzepatide), a GIP/GLP-1 dual receptor agonist, reduced A1C by an average of 2.2% in a Phase 3 trial of children and adolescents with type 2 diabetes
  • Lionsgate Studios (LION) cuts 5% of workforce, bringing total 2025 layoffs to 13%, according to Deadline
  • Mallinckrodt plc (MNK) announces publication of findings on treatment patterns and outcomes in patients with two types of arthritis treated with Acthar Gel (repository corticotropin injection)
  • Meta Platforms (META) introduces Meta Ray-Ban Display: AI glasses With an EMG wristband
  • Meta (META) talking to companies about AI licensing deals, according to WSJ
  • Nanobiotix (NBTX) announces new results from a phase 1 study evaluating JNJ-1900 (NBTXR3)
  • Novo Nordisk's (NVO) oral semaglutide 25 mg (Wegovy in a pill*) delivered 16.6% weight loss in people with obesity in a newly published study
  • Novo Nordisk (NVO) reports Ozempic reduces the risk of heart attack, stroke and death by 23% compared to dulaglutide in the first head-to-head real-world study
  • Novo Nordisk A/S (NVO) eliminated employees in the obesity education team, according to Reuters
  • Novo Nordisk A/S (NVO) Canada and Pocketpills announce collaboration to provide enhanced online pharmacy and prescription services and support for Ozempic and Wegovy
  • NVIDIA (NVDA) and Intel (INTC) to develop AI infrastructure and personal computing products; NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28/share
  • NVIDIA (NVDA) announces £2 billion investment in the United Kingdom AI startup ecosystem
  • Ocugen (OCGN) discloses termination of a material definitive agreement
  • Palantir Technologies (PLTR): UK announces new strategic partnership to unlock billions and boost military AI and innovation
  • Pangea Logistics Solutions (PANL) announces that CEO Mark Filanowsk will retire and step-down from the Board of Directors; COO Mads Petersen to succeed Mr. Filanowski as President and CEO, effective January 1, 2026
  • Radware (RDWR) announces the discovery of a previously unknown zero-click vulnerability affecting the ChatGPT Deep Research agent
  • Redwire (RDW) announces contract to deliver Stalker UAS to another European NATO ally
  • Sagimet Biosciences (SGMT): Ascletis presented Phase III study results of first-in-class FASN inhibitor denifanstat (ASC40)
  • Standard BioTools (LAB) commences a restructuring plan, including a reduction-in-force of approximately 15% of its total global workforce
  • Strata Critical Medical (STRA): OrganOx metra receives FDA approval for operation during air transport, expanding access to life-saving liver perfusion technology
  • Streamex Exchange Corporation (STEX) signs a letter of intent with Simplify Asset Management, an exchange-traded fund manager with more than $10 billion in assets under management
  • Teledyne Tech's (TDY) subsidiary, Teledyne Energy Systems, launches its Hydrogen Electrical Power System fuel cell aboard Blue Origin’s New Shepard rocket through NASA’s Tipping Point opportunity
  • TELUS Digital (TIXT) files management information circular and announces receipt of interim order in respect of arrangement with TELUS Corporation
  • Tesla (TSLA) plans to redesign door handles that have drawn scrutiny over safety issues, according to Bloomberg
  • Utz Brands (UTZ) announces a multi-phase project aimed at upgrading facilities across the Utz Hanover, Pennsylvania campus
  • Walt Disney (DIS): ABC removes "Jimmy Kimmel Live" from its lineup indefinitely following Jimmy Kimmel's comments about Charlie Kirk, according to WSJ
  • Zeta Global (ZETA) announces its Generative Engine Optimization solution, a new capability built into the Zeta Marketing Platform to help brands stay visible, accurate, and competitive as consumers shift from traditional search to AI-generated answers

• Upgrades:
  • Amicus Therapeutics (FOLD) upgraded to Buy from Hold at Needham, tgt $14
  • Aveanna Healthcare (AVAH) upgraded to Neutral from Underweight at JPMorgan, tgt $10
    
  • CSX (CSX) upgraded to Outperform from Sector Perform at RBC Capital, tgt $39
    
  • Hamilton Lane (HLNE) upgraded to Neutral from Sell at Goldman, tgt $162
    
  • Nike (NKE) upgraded to Outperform from Sector Perform at RBC Capital, tgt $90
    
  • PG&E (PCG) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $20
    
  • Slide Insurance (SLDE) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $19
    
  • StepStone Group (STEP) upgraded to Buy from Neutral at Goldman, tgt $83
    
  • Vale (VALE) upgraded to Outperform from Sector Perform at Scotiabank, tgt $14
• Downgrades:
  • Innate Pharma (IPHA) downgraded to Market Perform from Outperform at Leerink
    
  • Progressive (PGR) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $265
    
  • Tradeweb Markets (TW) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $129
• Others:
  • Abercrombie & Fitch (ANF) initiated with a Buy at BTIG Research, tgt $120
    
  • Advance Auto Parts (AAP) assumed with a Peer Perform at Wolfe Research
    
  • Adtran (ADTN) initiated with a Buy at B. Riley, tgt $16
    
  • American Eagle Outfitters (AEO) initiated with a Neutral at BTIG Research
    
  • AutoZone (AZO) assumed with an Outperform at Wolfe Research, tgt $4,741
    
  • BeOne Medicines (ONC) initiated with an Overweight at Barclays, tgt $385
    
  • Box (BOX) assumed with Neutral from Buy at UBS, tgt $36
    
  • Concentra (CON) assumed with an Overweight at JPMorgan, tgt $31
    
  • Context Therapeutics (CNTX) initiated with a Buy at Guggenheim, tgt $5
    
  • Costco (COST) assumed with a Peer Perform at Wolfe Research
    
  • Coupang (CPNG) initiated with a Buy at Arete, tgt $40
    
  • Credo Technology (CRDO) initiated with an Outperform at William Blair
    
  • Crispr Therapeutics (CRSP) initiated with an Overweight at JPMorgan, tgt $70
    
  • Deckers Outdoor (DECK) initiated with an Underperform at Bernstein, tgt $100
    
  • Dollar General (DG) assumed with an Outperform at Wolfe Research, tgt $139
    
  • Dollar Tree (DLTR) assumed with a Peer Perform at Wolfe Research
    
  • Dorman Products (DORM) initiated with an Outperform at BMO Capital, tgt $180
    
  • Dropbox (DBX) assumed with Sell from Neutral at UBS, tgt $27
    
  • Five Below (FIVE) assumed with an Outperform at Wolfe Research, tgt $187
    
  • Floor & Decor (FND) assumed with Underperform from Outperform at Wolfe Research, tgt $76
    
  • GrabAGun Digital (PEW) initiated with a Buy at Roth Capital, tgt $8.25
    
  • Home Depot (HD) assumed with an Outperform at Wolfe Research, tgt $497
    
  • Ideaya Biosciences (IDYA) initiated with a Buy at Guggenheim, tgt $50
    
  • Immatics (IMTX) initiated with a Buy at Guggenheim, tgt $16
    
  • Immunocore (IMCR) assumed with a Neutral at Guggenheim
    
  • InnovAge (INNV) assumed with an Underweight at JPMorgan, tgt $5
    
  • O'Reilly Automotive (ORLY) assumed with Outperform at Wolfe Research, tgt $121
    
  • Praxis Precision (PRAX) initiated with a Buy at JonesResearch, tgt $83
    
  • ResMed (RMD) initiated with a Buy at Citigroup, tgt $330
    
  • Stryker (SYK) initiated with a Neutral at Rothschild & Co Redburn, tgt $420
    
  • Surgery Partners (SGRY) assumed with a Neutral at JPMorgan, tgt $27
    
  • Target (TGT) initiated with an Underperform at Wolfe Research, tgt $80
    
  • Telix Pharmaceuticals (TLX) initiated with a Buy at Citigroup, tgt $22
    
  • Tower Semiconductor (TSEM) initiated with an Equal Weight at Barclays, tgt $74
    
  • Tractor Supply (TSCO) assumed with an Outperform at Wolfe Research, tgt $70
    
  • U.S. Physical Therapy (USPH) assumed with an Overweight at JPMorgan, tgt $110
    
  • Walmart (WMT) assumed with an Outperform at Wolfe Research, tgt $129
    
  • Waystar (WAY) initiated with an Outperform at Citizens JMP, tgt $48
    
  • Zimmer Biomet (ZBH) initiated with a Buy at Rothschild & Co Redburn, tgt $130

• Econ Data (Friday):
  • There is no U.S. economic data of note

• Earnings:
  • Monday (Sep 15)
    • Pre-Market: HAIN
    • After-Hours: PLAY
      
    Tuesday (Sep 16)
    • Pre-Market: FERG
    • After-Hours: None
      
  • Wednesday (Sep 17)
    • Pre-Market: CBRL GIS
      
    • After-Hours: None
      
  • Thursday (Sep 18)
    • Pre-Market: DRI FDS
    • After-Hours:  FDX LEN
  • Friday (Sep 19)
    • Pre-Market: None
    • After-Hours: None