After Hours Report

The stock market traded in a stable range today, which stands as a sharp contrast to yesterday's geopolitical headline-fueled volatility. What was similar between the two sessions, however, was that major averages advanced with relatively broad support. 

The S&P 500 (+0.6%), Nasdaq Composite (+0.9%), and DJIA (+0.6%) advanced in an orderly fashion as stocks continued yesterday's relief rally. The market showed little reaction to the Personal Income/Outlays report for October and November, which showed that the Core PCE Price Index (the Fed's preferred inflation measure) was at 2.8% year-over-year in November, up slightly from October but unchanged from September. The data should not materially affect the Fed's policy outlook, which added to today's more even-keeled backdrop. 

Some late-session profit-taking saw the major averages cede a chunk of their earlier gains, but even with the late pressure, all three indices closed above their respective 50-day moving averages. 

Sector strength was somewhat eroded by the late pressure, but still tilted positive with seven S&P 500 sectors closing at or above their baselines. 

The communication services sector (+1.6%) led the advance, supported by strong mega-cap leadership from Meta Platforms (META 647.63, +34.67, +5.66%) that masked continued post-earnings weakness from Netflix (NFLX 83.53, -1.83, -2.14%). 

The consumer discretionary sector (+1.2%) finished with a similar gain, as Tesla (TSLA 449.36, +17.92, +4.15%) was another mega-cap standout. 

All of the "magnificent seven" names finished higher today, pushing the Vanguard Mega Cap Growth ETF to a 0.9% gain today. However, the ETF remains 0.8% lower for the week following a sharp pullback on Tuesday and is still down 1.8% year-to-date. Notably, next week will see Meta, Tesla, and Microsoft (MSFT 450.86, +6.76, +1.52%) all report earnings. 

Investors are also awaiting a key earnings report after the close from Intel (INTC 54.32, +0.07, +0.13%). The stock traded flattish today but is still up an impressive 15.7% this week and a monstrous 47.2% so far in 2026.

The chipmaker group as a whole posted subdued performances today, keeping the PHLX Semiconductor Index (+0.2%) to a modest gain. However, the broader information technology sector (+0.7%) still captured a solid gain as software names such as Arista Networks (ANET 138.41, +11.12, +8.74%) and Datadog (DDOG 131.25, +7.79, +6.31%) pushed the iShares GS Software ETF (IGV) 1.6% higher. 

Meanwhile, the real estate sector (-1.1%) was the worst-performing sector, adding to this week's pressure that leaves it with a 2.7% loss. 

The defensive utilities (-0.7%), consumer staples (-0.1%), and health care (flat) sectors also underperformed as the market saw an improvement in risk sentiment today. Abbott Labs (ABT 108.60, -12.13, -10.05%) was the worst-performing S&P 500 name today after posting in-line EPS while missing on revenues and issuing downside guidance.  McCormick (MKC 61.22, -5.34, -8.02%) was another notable laggard after missing earnings expectations. 

GE Aerospace (GE 295.00, -23.50, -7.38%) rounds out the three worst-performing S&P 500 names after succumbing to some sell-the-news pressure following its own earnings report, sending the industrials sector (-0.5%) lower. 

Even with several notable retreats and some late profit-taking, the major averages posted a solid continuation of yesterday's strength. Bloomberg reported that the EU is expected to unfreeze and ratify its trade agreement with the U.S., a move that could temporarily mark an end to the geopolitical tensions that triggered Tuesday's sell-off. 

The market now faces an important test in Intel's earnings report, as the stock, along with the broader semiconductor group, has been running hot so far this year.

However, today's broad gains, easing geopolitical tensions, and steady inflation data leave the market on firmer footing as it heads into next week's slate of high-profile mega-cap earnings.

U.S. Treasuries finished Thursday in mixed fashion, as the long bond overcame its modest starting loss while the 5-year note and shorter tenors settled in the red. The 2-year note yield settled up one basis point to 3.61%, and the 10-year note yield finished unchanged at 4.25%. 

• Russell 2000: +9.5% YTD
• S&P Mid Cap 400: +6.6% YTD
• DJIA: +2.8% YTD
• S&P 500: +1.0% YTD
• Nasdaq Composite: +0.8% YTD

Reviewing today's data:

• Weekly Initial Claims 200K (Briefing.com consensus 200K); Prior was revised to 199K from 198K, Weekly Continuing Claims 1.849 mln; Prior was revised to 1.875 mln from 1.884 mln
  • The key takeaway from the report is that the low level of initial jobless claims substantiates the view that the labor market is still operating in a low-firing environment, which is supportive for consumer spending activity and the growth outlook.
• Q3 GDP - Revised 4.4% (Briefing.com consensus 4.3%); Prior 4.3%, Q3 GDP Deflator - Revised 3.8% (Briefing.com consensus 3.7%); Prior 3.8%
  • The key takeaway from the report is that it is a dated and little-changed report, so its market-moving capacity is nil; however, it is a headline reminder that the economy was running on the hotter side of things in the third quarter.
• October Personal Income 0.1% (Briefing.com consensus 0.3%); Prior 0.4%
• October Personal Spending 0.5% (Briefing.com consensus 0.1%); Prior 0.4%
• October PCE Price Index 0.2% (Briefing.com consensus 0.2%); Prior 0.3%
• October Core PCE Price Index 0.2% (Briefing.com consensus 0.2%); Prior 0.2%
• November Personal Income 0.3% (Briefing.com consensus 0.4%); Prior 0.1%, November Personal Spending 0.5% (Briefing.com consensus 0.4%), November PCE Price Index 0.2% (Briefing.com consensus 0.2%); Prior 0.2%, November Core PCE Price Index 0.2% (Briefing.com consensus 0.2%); Prior 0.2%
  • The key takeaway from the report is that the core PCE Price Index, which is the Fed's preferred inflation gauge, was at 2.8% in November, essentially unchanged from September. As a result, this report should not alter the Fed's outlook since the inflation picture remains largely unchanged.

Overseas:

• Europe: DAX +1.3%, FTSE +0.1%, CAC +1.0%
• Asia: Nikkei +1.7%, Hang Seng +0.2%, Shanghai +0.1%

Commodities:

• Crude Oil -1.24 @ 59.36
• Nat Gas +0.16 @ 5.04
• Gold +76.60 @ 4913.60
• Silver +3.66 @ 96.24
• Copper +0.01 @ 5.78

After-Hours Spotlight:

• Alaska Air (ALK) beats by $0.32, reports revs in-line; guides Q1 EPS in-line; guides FY26 EPS in-line...ALK -2.2%
• Alcoa (AA) beats by $0.33, beats on revs; provides FY26 outlook...AA -0.5%
• Amazon (AMZN) is preparing to cut thousands more corporate jobs next week, according to Reuters...AMZN +0.1%
• Capital One (COF) misses by $0.28, reports revs in-line; confirms it will acquire Brex Inc....COF -1.2%
• Clorox (CLX) enters into a definitive agreement to acquire GOJO Industries for $2.25 billion in cash...CLX flat
• CSX (CSX) misses by $0.02, reports revs in-line...CSX +3.2%
• Intel (INTC) beats by $0.07, beats on revs; guides Q1 EPS below consensus, revs in-line; Expects available supply to be at its lowest level in Q1 before improving in Q2 and beyond...INTC -10.3%
• Intuitive Surgical (ISRG) beats by $0.26, beats on revs, worldwide procedures (da Vinci and Ion combined) grew approximately 18%; Guides for FY26 worldwide da Vinci procedure growth of approximately 13% to 15%...ISRG +2.5%
• Life360 (LIF) guides FY25 revenue above consensus; provides Q4 operating metrics...LIF +18.2%

Fair Value for Friday, January 23:

• S&P 500: 6,946
• Nasdaq 100: 25,658
• DJIA: 49,557

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

• Earnings/Guidance (Full Earnings Calendar):
  • Abbott Labs (ABT) reports EPS in-line, misses on revs; guides Q1 EPS below consensus; guides FY26 EPS in-line
  • ACM Research (ACMR) narrows FY25 guidance; sees FY26 revenue guidance
  • ADTRAN (ADTN) sees Q4 guidance above expectations
  • Aris Mining (ARMN) reports 22% increase in gold production to 256,503 ounces in FY25; provides FY26 production guidance
  • Atlantic Union Bankshares (AUB) beats by $0.11
  • Avino Silver & Gold (ASM) meets full year 2025 production guidance; La Preciosa contributes to results
  • Banc of California (BANC) beats by $0.05, total loans and leases increased by 15% annualized
  • CACI Intl (CACI) beats by $0.33, misses on revs; raises FY26 EPS and revenue guidance
  • Cadence Bank (CADE) beats by $0.06; NIM increases 9 bps sequentially
  • Commerce Bancshares (CBSH) beats by $0.02, beats on revs
  • CVB Financial (CVBF) beats by $0.01
  • FB Financial (FBK) beats by $0.04
  • Fulton Fincl (FULT) beats by $0.06
  • GE Aerospace (GE) beats by $0.14, beats on revs; guides FY26 EPS in-line
  • Gold Royalty (GROY) provides preliminary Q4 results and completes Borborema Royalty acquisition
  • Huntington Banc (HBAN) beats by $0.04
  • Interparfums (IPAR) guides Q4 revs above consensus
  • Karman Space and Defense (KRMN) guides FY25 and FY26 revenue above consensus
  • Kinder Morgan (KMI) beats by $0.03, beats on revs; guides FY26 EPS slightly below consensus
  • Knight-Swift (KNX) misses by $0.04, misses on revs; guides Q1 EPS in line
  • Landstar System (LSTR) provides Q4 preliminary results; revs below consensus
  • Life Time (LTH) sees Q4 EPS and revs above consensus; introduces select financial guidance for FY 2026
  • McCormick (MKC) misses by $0.02, reports revs in-line; guides FY26 EPS below consensus
  • Mobileye Global (MBLY) reports EPS in-line, beats on revs; guides FY26 revs below consensus
  • Northern Trust (NTRS) beats by $0.05, beats on revs
  • Obsidian Energy (OBE) reports 2026 capital budget is set at $190 to $230 million resulting in average production guidance of 27,900 to 29,900 boe/d
  • OFG Bancorp (OFG) beats by $0.12, reports revs in-line
  • Old Republic (ORI) misses by $0.13, Consolidated net premiums and fees earned up 9.8%
  • Oportun Financial (OPRT) provides guidance after announcing CEO succession plan; guides Q4 EPS below consensus, revenue above consensus
  • Pinnacle Finl (PNFP) misses by $0.02, misses on revs
  • Procter & Gamble (PG) beats by $0.02, reports revs in-line; reaffirms FY26 EPS guidance, revs guidance
  • Range Resources (RRC) expects to report a total gain on derivatives of $32.8 mln for Q4
  • RLI Corp (RLI) beats by $0.14, gross premiums written declined 2%
  • S&T Bancorp (STBA) reports Q4 EPS of $0.89 vs. $0.88 FactSet consensus
  • Texas Capital (TCBI) beats by $0.31
• General News
  • Denmark could give the U.S. sovereignty over small pockets of land in Greenland where the U.S. will build bases, according to NY Times
  • The Greenland proposal includes additional work on raw materials & language on positioning "Golden Dome" in Greenland, according to Axios
  • President Trump says U.S. is negotiating a deal to secure "total access" to Greenland, according to Fox Business interview
  • The U.S. wants regime change in Cuba by the end of 2026, according to WSJ
  • The House will vote on the DHS funding bill today. Democrats are expected to vote against it, but Republicans should have enough votes to pass it, according to Politico
  • Congress will attach PBM reforms to the government funding bill, according to Politico
  • EU expected to unfreeze and ratify trade agreement with U.S., according to Bloomberg
  • U.S. mulling complete withdrawal of American troops from Syria, according to WSJ
  • AbbVie (ABBV): AEON Biopharma (AEON) reports BPD Type 2a Meeting with FDA and shareholder approval of the November Transactions
  • Amentum Holdings (AMTM)-led consortium wins Dutch nuclear program contract
  • Apple's (AAPL) John Ternus will have more job duties, which could boost his candidacy to succeed Tim Cook for CEO, according to Bloomberg
  • Arcellx (ACLX) to Advance the Conversation on Its Platform and the Importance of Early CAR T Access for Patients with Multiple Myeloma During the 2026 Tandem Meetings
  • AST SpaceMobile (ASTS) and other satellite/space stocks rocketing higher as SpaceX's looming IPO re-values the entire space industry
  • AST SpaceMobile (ASTS) announces the launch timing for its BlueBird 7 mission
  • Banco Macro (BMA) entered into a master agreement with Telecom Argentina (TEO); Banco Macro is making $75 mln capital contribution
  • Bank of America (BAC) CEO Brian Moynihan was left off the invitation list for President Trump's Davos reception, according to FT
  • Brown & Brown (BRO) launches fully integrated, all-lines National Healthcare Practice — Brown & Brown Healthcare
  • Caleres (CAL) announces that Dan Karpel, the company’s senior vice president and chief accounting officer, has been appointed to the additional role of interim CFO, effective immediately
  • Canadian Pacific Kansas City Ltd. (CP) announces that it is investing $800 million in American manufacturing with Tier 4 locomotives
  • Cassava Sciences (SAVA) files trademark with USPTO for "FILANA THERAPEUTICS"
  • Cencora (COR) announces that its Board of Directors has elected Ellen Cooper as a new independent director, effective January 20, 2026
  • Cerence (CRNC) and Neusoft sign strategic cooperation to deliver AI-powered automotive cockpit platform
  • Compania Cervecerias Unidas (CCU) Chairman Francisco Pérez Mackenna resigned effective as of January 31, 2026
  • CompoSecure (CMPO) appointed Graham Robinson as President and Chief Executive Officer of CompoSecure, L.L.C. effective January 22, 2026
  • Coupang (CPNG): Greenoaks takes legal action to stop Korea's discrimination against Coupang and other U.S. companies
  • Critical Metals (CRML) signs MoU with TQB to establish one or more joint ventures related to extracting rare earth resources in Saudi Arabia
  • Dollar General (DG) expands access, speed and convenience through same-day delivery
  • DoorDash (DASH) announced a new partnership to bring on-demand access of footwear, apparel, and accessories to consumers across the United States
  • Eldorado Gold (EGO) announces the initiation of a dividend program
  • Eni S.p.A. (E) agrees to sell 10% stake in Côte d’Ivoire’s Baleine project to SOCAR
  • FB Financial (FBK) increases quarterly cash dividend to $0.21/share from $0.19/share
  • Ford Motor (F) confirms the FDIC conditionally approved Ford Credit Industrial Bank; will take about a year to put the people, systems, and processes in place to begin taking deposits
  • Gilead (GILD): New England Journal of Medicine Publishes Phase 3 ASCENT-04/KEYNOTE-D19 Results Supporting Trodelvy® Plus Keytruda® as a Potential New Standard of Care in First-line PD-L1+ Metastatic Triple-negative Breast Cancer
  • Global Business Travel Group (GBTG): American Express Global Business Travel reduces interest rate and increases liquidity
  • Greenwich LifeSciences (GLSI) announces FDA approves use of commercially manufactured GP2 in FLAMINGO-01
  • Honeywell (HON) and Flexjet reach a comprehensive agreement to resolve their pending litigation and look forward to rebuilding the parties' commercial partnership
  • Hudbay Minerals (HBM) expands Flin Flon exploration partnership with JOGMEC and Marubeni
  • Janux Therapeutics (JANX) signs global oncology collaboration with Bristol Myers Squibb (BMY)
  • J.B. Hunt Transport (JBHT) increases quarterly dividend 2.3% to $0.45/share from $0.44/share
  • JPMorgan Chase (JPM) releases statement; believes the President Trump suit has no merit
  • Leidos (LDOS) and OpenAI are partnering to deploy artificial intelligence in support of national priorities, including boosting the efficiency and effectiveness of government agencies
  • lululemon athletica (LULU) founder Chip Wilson says "This is a new low for lululemon. Pulling back the “Get Low” product line after three days is clearly a total operational failure"
  • Microsoft (MSFT) awarded a $170 mln Air Force task order for the Cloud One Program
  • Nexa Resources (NEXA) announces that production at the Atacocha San Gerardo open pit mine is temporarily suspended
  • NexGen Energy (NXE) establishes partnership with indigenous communities to develop a new hotel in La Loche to support the communities and Rook I Project
  • Nyxoah S.A. (NYXH) to expand manufacturing capacity in Belgium
  • Oportun Financial (OPRT) announces Raul Vazquez to step down as CEO and Board member no later than April 3, 2026
  • Payoneer (PAYO) was granted in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Cross Border (PA-CB) for facilitating Inward and Outward transactions
  • Polaris (PII) plans plant closure and 200 layoffs as it winds down Osceola operations, according to Star Tribune
  • Puma Biotech (PBYI) expands NERLYNX access in Thailand
  • Rocket Lab USA (RKLB) provides Neutron test update
  • RTX (RTX) awarded a $380 mln modification to Navy contract
  • S&T Bancorp (STBA) announces that the board of directors authorized a new $100 mln share repurchase program at its meeting held January 21, 2026
  • Sempra Energy's (SRE) SoCalGas issues statement on Southern California Edison's Eaton (ETN) litigation
  • Shell plc (SHEL) mulling exit from Vaca Muerta shale, according to Reuters
  • Simulations Plus (SLP) highlights platform innovation and strategic direction at 2026 Investor Day
  • Stellantis (STLA) and General Motors (GM) nearing deals with UAW, according to CNN
  • Takeda Pharma (TAK) announces U.S. availability of GAMMAGARD LIQUID ERC, the only ready-to-use liquid immunoglobulin therapy with low immunoglobulin A (IgA) content
  • The Metals Company (TMC) announces that its U.S. subsidiary, The Metals Company USA LLC, has submitted a consolidated application to the National Oceanic and Atmospheric Administration for an exploration license and a commercial recovery permit for polymetallic nodules in international waters of the Clarion Clipperton Zone in the Pacific Ocean
  • TIM S.A. (TIMB) announces agreement with American Tower (AMT) seeking sustainability and evolution of its mobile network
  • Universal Corp (UVV) appoints Anubhav Mittal as CFO, effective February 17
  • Venture Global (VG) disclosed that another arbitral tribunal has ruled in VG's favor in the proceeding with Repsol
  • Vertex Pharma (VRTX) receives FDA orphan designation for treatment of membranous nephropathy
  • WaFd, Inc (WAFD): WaFd Bank wins CRA appeal, rating upgraded to satisfactory
  • WEC Energy Group (WEC) confirms increase in quarterly cash dividend 6.7% to $0.9525/share from $0.8925/share

• Upgrades:
  • Callaway Golf (CALY) upgraded to Buy from Neutral at B. Riley, tgt $19
    
  • Cencora (COR) upgraded to Buy from Hold at Jefferies, tgt $440
    
  • Capri Holdings (CPRI) upgraded to Buy from Hold at TD Cowen, tgt $32
    
  • Datadog (DDOG) upgraded to Buy from Hold at Stifel, tgt $160
    
  • Elanco Animal Health (ELAN) upgraded to Overweight from Neutral at Piper Sandler
    
  • Alphabet (GOOG) upgraded to Strong Buy from Outperform at Raymond James
    
  • Microchip Technology (MCHP) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $90
    
  • onsemi (ON) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $62
    
  • Old National Bancorp (ONB) upgraded to Buy from Hold at TD Cowen, tgt $30
    
  • Rigetti Computing (RGTI) upgraded to Buy from Neutral at B. Riley, tgt $35
    
  • Simmons First National (SFNC) upgraded to Outperform from Market Perform at Raymond James, tgt $23
    
  • SmartFinancial (SMBK) upgraded to Outperform from Market Perform at Hovde Group, tgt $48
    
  • Sphere Entertainment (SPHR) upgraded to Buy from Neutral at BTIG, tgt $110
    
  • SSR Mining (SSRM) upgraded to Buy from Hold at TD Cowen
    
  • Tempest Therapeutics (TPST) upgraded to Buy from Neutral at H.C. Wainwright, tgt $11
    
  • Texas Instruments (TXN) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $190
    
  • Vertex (VRTX) upgraded to Outperform from Sector Perform at RBC Capital, tgt $546
• Downgrades:
  • Acadia Healthcare (ACHC) downgraded to Hold from Buy at Jefferies, tgt $15
    
  • AGNC Investment (AGNC) downgraded to Hold from Buy at Jones Trading
    
  • Amicus Therapeutics (FOLD) downgraded to Hold from Buy at Jefferies, tgt $14.50
    
  • Apogee Therapeutics (APGE) downgraded to Sector Perform from Outperform at RBC Capital, tgt $83
    
  • Chemed (CHE) downgraded to Hold from Buy at Jefferies, tgt $475
    
  • Crocs (CROX) downgraded to Sector Weight from Overweight at KeyBanc
    
  • Gold Royalty (GROY) downgraded to Hold from Buy at Canaccord Genuity
    
  • GoodRx Holdings (GDRX) downgraded to Hold from Buy at Jefferies, tgt $2.75
    
  • Hyatt Hotels (H) downgraded to In Line from Outperform at Evercore ISI, tgt $175
    
  • LCI Industries (LCII) downgraded to Hold from Buy at Loop Capital, tgt $149
    
  • Legend Biotech (LEGN) downgraded to Hold from Buy at TD Cowen, tgt $21
    
  • Qiagen (QGEN) downgraded to Hold from Buy at Deutsche Bank, tgt $54
    
  • Sociedad Química y Minera (SQM) downgraded to Neutral from Buy at Clarksons Platou, tgt $90
    
  • Zoetis (ZTS) downgraded to Neutral from Overweight at Piper Sandler, tgt $135
• Others:
  • Accenture (ACN) initiated with a Buy at Berenberg, tgt $313
    
  • Bentley Systems (BSY) initiated with an Outperform at BMO Capital, tgt $48
    
  • CareTrust REIT (CTRE) initiated with an Outperform at Citizens, tgt $44
    
  • Cognizant Technology Solutions (CTSH) initiated with a Buy at Berenberg, tgt $107
    
  • Dycom Industries (DY) initiated with a Buy at Guggenheim, tgt $510
    
  • Everus Construction (ECG) initiated with a Neutral at Guggenheim
    
  • Genius Sports (GENI) initiated with a Hold at Stifel, tgt $10
    
  • Great Lakes Dredge & Dock (GLDD) initiated with an Overweight at JPMorgan, tgt $20
    
  • Karman Holdings (KRMN) initiated with a Neutral at Piper Sandler, tgt $98
    
  • Kratos Defense & Security (KTOS) initiated with a Neutral at Piper Sandler, tgt $99
    
  • MGP Ingredients (MGPI) initiated with a Buy at Benchmark, tgt $35
    
  • Micron Technology (MU) initiated with an Outperform at William Blair
    
  • Orion Marine Group (ORN) initiated with an Overweight at JPMorgan, tgt $16
    
  • Palantir Technologies (PLTR) initiated with a Buy at Phillip Securities, tgt $208
    
  • Rambus (RMBS) initiated with an Outperform at William Blair
    
  • Silicon Motion Technology (SIMO) initiated with an Outperform at William Blair
    
  • Sportradar Group (SRAD) initiated with a Buy at Stifel, tgt $28
    
  • Verizon Communications (VZ) reinstated with an Equal Weight at Barclays

• Econ Data (Friday):
  • 9:45 ET: Flash January S&P Global U.S. Manufacturing PMI (prior 51.8) and flash January S&P Global U.S. Services PMI (prior 52.5)
  • 10:00 ET: Final January University of Michigan Consumer Sentiment (Briefing.com consensus 54.0; prior 54.0)

• Earnings:
  • Monday (Jan 19)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (Jan 20)
    • Pre-Market: MMM DHI FAST FITB FOR KEY USB
    • After-Hours: OZK HWC IBKR NFLX PRGS SFNC UAL WTFC ZION
  • Wednesday (Jan 21)
    • Pre-Market: ALLY BKU SCHW CFG HAL JNJ ONB PLD TEL TDY TRV TFC
      
    • After-Hours: BANC CACI FBK FULT KMI KNX PNFP RLI
  • Thursday (Jan 22)
    • Pre-Market: ABT AUB CADE FCX GE HBAN MKC MBLY NTRS OFG ORI PG TCBI
    • After-Hours: ALK AA ASB COF CATY CNS COLB CSX CUBI EWBC GBCI INTC ISRG CASH SLM SSB
  • Friday (Jan 23)
    • Pre-Market: BAH CMA ERIC SLB WBS
    • After-Hours: None