After Hours Report

The stock market posted a solid start to the week, with the S&P 500 (+0.5%), Nasdaq Composite (+0.4%), and DJIA (+0.6%) capturing similar gains amid relatively broad strength and notable mega-cap leadership.

Eight S&P 500 sectors posted gains despite mixed breadth figures throughout the session, with mega-cap performance dictating both the strongest and weakest performing sectors today. 

The communication services sector (+1.5%) posted the widest gain, with Meta Platforms (META 672.36, +13.60, +2.06%) and Alphabet (GOOG 333.59, +5.16, +1.57%) providing strong leadership. Meta is one of the four "magnificent seven" names set to report earnings this week. The stock, which was a mega-cap standout last week, was further supported by Rothschild & Co Redburn upgrading the stock to Buy from Neutral with a target price of $900.

Apple (AAPL 255.41, +7.37, +2.97%) and Microsoft (MSFT 470.28, +4.33, +0.93%) are also set to report earnings and also put together solid performances today. Their combined strength helped the top-weighted information technology sector (+0.8%) finish near the top of the leaderboard despite a sluggish day from chipmakers that saw the PHLX Semiconductor Index finish 0.4% lower.  Intel (INTC 42.49, -2.58, -5.72%) was a laggard, continuing its post-earnings slide, while NVIDIA (NVDA 186.36, -1.31, -0.70%) also finished lower. 

Tesla (TSLA 435.20, -13.86, -3.09%) rounds out the four "mag seven" reporters for the week, though it traded sharply lower today, falling below its 50-day moving average (442.39). The stock was not the only laggard in the consumer discretionary sector (-0.7%), which moved lower as about half of its components faced losses. 

Even with Tesla and Nvidia's losses, the Vanguard Mega Cap Growth ETF finished 0.7% higher, marking the second consecutive session of mega-cap outperformance versus small caps and cyclicals—an outcome that runs counter to the prevailing trend for most of the year.

Several cyclical sectors still captured gains, though they were largely modest and subject to some late-session profit taking. 

The financials sector (+0.7%) was supported by broad strength and leadership from insurance names such as American Intl (AIG 73.81, +1.50, +2.07%). Meanwhile, the materials sector (+0.3%) gave up the bulk of its early gain, though Freeport-McMoRan (FCX 61.17, +0.76, +1.26%) and Newmont Corporation (NEM 125.90, +1.59, +1.28%) captured solid gains as gold and silver both charted fresh record highs today amid lingering geopolitical tensions. 

Outside of the S&P 500, the Russell 2000 (-0.4%) and S&P Mid Cap (-0.1%) traded lower again today, unable to regain earlier momentum after stalling alongside the broader market last week. 

Though today's session was a bit of an outlier compared to most of this year, solid mega-cap leadership helped the major averages start the week on a positive note. The performance of the mega-cap group, particularly those set to report earnings later this week, will be especially consequential in sustaining momentum. With the S&P 500 and DJIA both sitting just 0.5% below their respective all-time highs, the path to fresh records will likely hinge on upside guidance and clear evidence that massive AI-related capital spending can translate into durable returns on investment rather than longer-dated promises.

U.S. Treasuries started the week on a modestly higher note, with the 10-year note finishing a bit ahead of other tenors. The 2-year note yield settled down one basis point to 3.59%, and the 10-year note yield settled down three basis points to 4.21%. 

• Russell 2000: +7.2% YTD
• S&P Mid Cap 400: +5.4% YTD
• DJIA: +2.8% YTD
• Nasdaq Composite: +1.6% YTD
• S&P 500: +1.5% YTD

Reviewing today's data:

• Durable goods orders jumped 5.3% month-over-month in November (Briefing.com consensus: 1.1%) following an upwardly revised 2.1% decline (from -2.2%) for October. Excluding transportation, durable goods orders rose 0.5% month-over-month (Briefing.com consensus: 0.3%) following a downwardly revised 0.1% increase (from 0.2%) for October.
  
  • The key takeaway from the report is that it showed good business spending activity, evidenced by the 0.7% month-over-month jump in nondefense capital goods orders excluding aircraft.

Overseas:

• Europe: DAX +0.2%, FTSE +0.1%, CAC -0.2%
• Asia: Nikkei -1.8%, Hang Seng +0.1%, Shanghai -0.1%

Commodities:

• Crude Oil -0.42 @ 60.63
• Nat Gas +0.66 @ 5.93
• Gold +101.80 @ 5081.40
• Silver +14.25 @ 115.56
• Copper +0.07 @ 6.02

After-Hours Spotlight:

• Agilysys (AGYS) misses by $0.04, beats on revs; guides FY26 revs above consensus...AGYS -11.0%
• Alexandria RE (ARE) beats by $0.02, beats on revs; guides FY26 FFO in-line...ARE -0.7%
• Brown & Brown (BRO) beats by $0.03, misses on revs...BRO -3.7%
• Crane (CR) beats by $0.12, beats on revs; guides FY26 EPS in-line; promotes Alex Alcala to be its next CEO; increases dividend by 11%...CR -0.4%
• Humana (HUM) and other health insurance stocks trading sharply lower as Trump Administration proposes roughly flat rates for Medicare insurers next year, according to Wall Street Journal...HUM -12.9%; CVS -10.7%; UNH -9.8%; MOH -4.5%
• Nucor (NUE) misses by $0.18, misses on revs; Expects 1Q26 earnings to increase compared to 4Q25...NUE -3.7%
• Sanmina (SANM) beats by $0.25, beats on revs; guides Q2 EPS in-line, revs below consensus...SANM -7.6%

Fair Value for Tuesday, January 27:

• S&P 500: 6,979
• Nasdaq 100: 25,836
• DJIA: 49,557

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

• Earnings/Guidance (Full Earnings Calendar):
  • Baker Hughes (BKR) beats by $0.11, beats on revs
  • Bank of Hawaii (BOH) beats by $0.13
  • CVR Energy (CVI) estimates Q4 Adjusted EBITDA of $78-102 mln
  • CVR Partners (UAN) estimates Q4 EBITDA of $15-25 mln; net income (loss) of $(14)-(7) mln
  • Hecla Mining (HL) reports full-year production and outlines 2026 guidance
  • Lakeland Financial (LKFN) beats by $0.10, Net interest income increased by 11%
  • Steel Dynamics (STLD) beats by $0.12, misses on revs
  • VinFast Auto (VFS) announced its preliminary domestic Vietnam deliveries of 406,453 electric scooters for 2025, representing approximately 5.7 times its domestic deliveries in 2024
• General News
  • President Trump threatens 100% tariffs on Canada if Canada makes trade deal with China; Canadian trade minister Dominic LeBlanc says "there is no pursuit of a free trade agreement with China. What has been achieved is a resolution on several important tariff issues"
  • Treasury Secretary Scott Bessent in an interview says 100% tariffs on Canada could go into effect if Canada "goes further" with free trade deal with China, according to ABC News
  • Senate Minority Leader Chuck Schumer says Democrats will vote against the six-bill government funding package if the DHS funding bill is included because of the DHS shootings. The government funding deadline is Friday, according to Politico
  • Trilateral talks to end Russia's war with Ukraine make progress, according to Axios
  • Video appears to contradict U.S. account of Minnesota shooting, according to WSJ
  • Minnesota Chamber of Commerce is calling for an immediate de-escalation of tensions and for state, local and federal officials
  • Pentagon releases 2026 national defense strategy
  • Traders will be on alert for potential yen intervention this week, according to Bloomberg
  • Hundreds of thousands of people without power following winter storm, Weather
  • Airlines cancel thousands of flights due to winter storm, CNBC
  • India will lower tariffs on cars to 40% following an agreement with the EU, according to Reuters
  • Chile's Escondida and Zaldivar copper mines blocked amid contractor strike, according to Reuters
  • Airbus (EADSY) executives warn of new risks, according to Reuters
  • Algoma Steel Group (ASTL) announces that its wholly owned subsidiary, Algoma Steel, has entered into a binding memorandum of understanding with Hanwha Ocean
  • Alibaba (BABA) posts blog titlted "Qwen3-TTS family is now open sourced: voice design, clone, and Generation"
  • Alphabet (GOOG): NTSB has opened a safety investigation to examine the interaction between Waymo vehicles and school buses in Austin, Texas
  • AMC (AMC) conducting talks with bondholders, according to Bloomberg
  • Apple (AAPL) aiming to release two new versions of Siri, according to Bloomberg
  • Atlas Critical Minerals (ATCX) announces high metallurgical recoveries from initial testwork on samples from its 100%-owned Alto do Paranaíba Project
  • Avino Silver & Gold (ASM) reports results of six drill holes from La Preciosa
  • Avita Medical (RCEL): Data at 2026 Boswick Burn & Wound Symposium highlight first integrated use of AVITA Medical technologies
  • BASF AG (BASFY) is examining strategic options for its subsidiary trinamiX GmbH. trinamiX specializes in biometric imaging and mobile material analysis
  • Biogen (BIIB): FDA accepts LEQEMBI IQLIK sBLA for subcutaneous starting dose in early Alzheimer’s
  • BlackRock's (BLK) private fund will likely mark down the net value of its assets by 19%, according to Bloomberg
  • BlackRock TCP Capital (TCPC) provides estimates
  • Cathay Bancorp (CATY) announces that Heng W. Chen will retire as Chief Financial Officer and Treasurer, effective March 1, 2026
  • Cboe Global Markets (CBOE) names Scott Johnston as COO
  • Chevron (CVX): The U.S. is in discussions with Chevron and other producers to quickly increase oil production in Venezuela, according to Bloomberg
  • Churchill Capital Corp IX (CCIX): PlusAI expands strategic partnership with TRATON Group to accelerate autonomous truck rollout
  • Dime Community (DCOM) has reauthorized its share repurchase program, allowing the repurchase of up to 1,566,947 of its outstanding common shares that remain under its existing repurchase plan
  • Dr. Reddy's (RDY) subsidiary received a tax audit decision from The Interdistrict Inspectorate of the Federal Tax Service of Russia
  • Eastman Kodak (KODK) expands pharmaceuticals portfolio with four regulated products
  • Ecopetrol (EC) updates on VAT dispute tied to fuel imports
  • Elbit Systems (ESLT) awarded $228 million follow-on contract for U.S. Army Bradley upgrades
  • Elme Communities (ELME) provides update on liquidation activities; Updates range of total estimated liquidating distributions to $17.02-$17.47 per share
  • Enphase Energy (ENPH) discloses that it will be reducing headcount and moving certain functions to cost-efficient regions
  • Franco-Nevada (FNV) raises dividend and outlines chair succession
  • Franco-Nevada (FNV) announces $100 million financing with Orezone Gold on the Casa Berardi Mine
  • G-III Apparel (GIII) and French Connection Group announce a long-term partnership to develop and distribute men's and women's apparel and selected accessory products across North America
  • GE Aerospace (GE) announces a new test milestone for hybrid electric aviation, successfully demonstrating power transfer, extraction, and injection in a high-bypass commercial turbofan engine
  • GlaxoSmithKline's (GSK) RSV vaccine Arexvy receives European approval for expanded adult use
  • Gold Resource (GORO): Eric Sprott announces voting and support agreement for Goldgroup Mining's (GGAZF) proposed acquisition of Gold Resource Corporation
  • GoldMining Drilling (GLDG) intercepts gold mineralization at depth, São Jorge Project Pará State, Brazil
  • Hecla Mining (HL) agrees to sell its subsidiary that owns the Casa Berardi operation in Quebec, Canada to Orezone Gold Corporation for up to $593 million in total consideration
  • HPE (HPE) and 2degrees collaborate to accelerate AI innovation and strengthen data sovereignty in New Zealand
  • Hyatt Hotels (H) announced a new record pipeline of approximately 148,000 rooms as of year-end 2025, driven by strong and sustained development interest across Hyatt’s five distinct brand portfolios
  • Indivior (INDV) announces completion of its redomiciliation from the United Kingdom to the United States
  • Invitation Homes (INVH) could benefit from President Trump's restrictions on large investors purchasing single-family homes, according to WSJ
  • LVMH (LVMUY) investors want more information on CEO succession plan, according to Reuters
  • Mannkind (MNKD) announces FDA approval of updated Afrezza label providing starting dose guidance when switching from multiple daily injections or insulin pump mealtime therapy
  • Marathon (MPC) begins discussions with union, according to Reuters
  • Meta Platforms (META): EC designates WhatsApp as very large online platform under the Digital Services Act
  • Microsoft (MSFT) unveils Maia 200 AI accelerator to boost inference performance and cost efficiency for Azure
  • Noble Corporation (NE) wins $1.3 bln new awards and entry into Norwegian floater market
  • NRG Energy (NRG) has received antitrust clearance from the U.S. Department of Justice for its previously announced acquisition of 18 natural gas generation facilities and a commercial and industrial virtual power plant platform from LS Power
  • Nvidia (NVDA) and Google (GOOG, GOOGL) venture capitalist arms will support AI startup Synthesia, according to CNBC
  • Paramount Skydance (PSKY) & Sky (SKYAY) expand partnership
  • Samsung (SSNLF) will start producing HBM4 chips next month (NVDA), according to Reuters
  • Six Flags Entertainment (FUN) amends cooperation agreement with Dendur Capital
  • Stanley Black & Decker (SWK) outlines board succession
  • Superior Group (SGC) announces the launch of a comprehensive shareholder rewards program in partnership with Stockperks, the innovative marketplace that connects retail investors with the companies they own
  • Telesat (TSAT) and Hanwha sign strategic cooperation agreement for next-generation space and marine technologies
  • Tesla (TSLA) loses senior manufacturing director as leadership departures continue, according to electrek
  • Tyson Foods (TSN) will retain 294 employees at Lexington, NE plant
  • Ubisoft (UBSFY) plans up to 200 job cuts at headquarters as restructuring advances, according to Bloomberg
  • United Therapeutics (UTHR) reports results from Phase 1 Study of miroliverELAP in patients with acute liver failure
  • USA Rare Earth (USAR) enters LOI with US Gov't for access to $1.6 billion in funding
  • USA TODAY (TDAY) announces the execution of a binding Letter of Intent with MediaNews Group, a subscriber focused media company, to acquire The Detroit News
  • Vail Resorts (MTN): Canadians begin to boycott U.S. ski resorts, according to Bloomberg
  • Vale S.A. (VALE) clarifies incident at Fábrica mine
  • Vale S.A. (VALE) clarifies water overflows in Minas Gerais
  • Volkswagen (VWAGY) might end plans for U.S. Audi plant without tariff cuts, according to Bloomberg
  • Voya Financial (VOYA) discloses preliminary December AUM of its investment management segment
  • Wrap Technologies (WRAP) releases first Arrest-in-Control training unit following BolaWrap deployment
  • Xerox (XRX): RJ Young announces a new partnership agreement with Xerox, established through an extension of its existing Lexmark partnership, further strengthening RJ Young’s copier and multifunction printer portfolio and supporting its long-term service strategy

• Upgrades:
  • AppLovin (APP) upgraded to Buy from Hold at Needham, tgt $700
    
  • Cisco (CSCO) upgraded to Outperform from In Line at Evercore ISI, tgt $100
    
  • Cognizant (CTSH) upgraded to Buy from Hold at Deutsche Bank, tgt $100
    
  • Eldorado Gold (EGO) upgraded to Outperform from Sector Perform at Scotiabank, tgt $59
    
  • Meta Platforms (META) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $900
    
  • National Storage (NSA) upgraded to Peer Perform from Underperform at Wolfe Research
    
  • Netflix (NFLX) upgraded to Accumulate from Sell at Phillip Securities, tgt $100
    
  • Relay Therapeutics (RLAY) upgraded to Outperform from Perform at Oppenheimer, tgt $14
    
  • Solventum (SOLV) upgraded to Overweight from Sector Weight at KeyBanc, tgt $97
    
  • Stewart (STC) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $81
    
  • S&T Bancorp (STBA) upgraded to Buy from Neutral at Janney
• Downgrades:
  • Bombardier (BDRBF) downgraded to Sell from Neutral at Goldman
    
  • BOK Financial (BOKF) downgraded to Neutral from Buy at DA Davidson, tgt $135
    
  • CubeSmart (CUBE) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • Clearwater Analytics (CWAN) downgraded to Neutral from Buy at UBS, tgt $24.55
    
  • Hugo Boss (BOSSY) downgraded to Sector Perform from Outperform at RBC Capital
    
  • IO Biotech (IOBT) downgraded to Neutral from Overweight at Piper Sandler, tgt $0.50
    
  • Lifetime Brands (LCUT) downgraded to Hold from Buy at Canaccord, tgt $3.50
    
  • Public Storage (PSA) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • Royal Gold (RGLD) downgraded to Sector Perform from Outperform at Scotiabank, tgt $335
    
  • Shell (SHEL) downgraded to Sector Perform from Outperform at RBC Capital
    
  • Varonis (VRNS) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $41
• Others:
  • AAR Corp. (AIR) initiated with a Neutral at Goldman Sachs, tgt $121
    
  • Belite Bio (BLTE) initiated with a Buy at BofA Securities, tgt $195
    
  • Chime (CHYM) initiated with a Neutral at Rothschild & Co Redburn, tgt $29
    
  • Compass (COMP) initiated with an Overweight at JPMorgan, tgt $15
    
  • Corpay (CPAY) assumed with Overweight from Equal Weight at Morgan Stanley, tgt $379
    
  • Dutch Bros (BROS) initiated with a Buy at Citigroup, tgt $82
    
  • Evercore (EVR) initiated with a Buy at BofA Securities, tgt $435
    
  • Exponent (EXPO) initiated with an Overweight at JPMorgan, tgt $100
    
  • Fannie Mae (FNMA) initiated with a Buy at BTIG Research, tgt $20
    
  • Freddie Mac (FMCC) initiated with a Buy at BTIG Research, tgt $20
    
  • flyExclusive (FLYX) initiated with a Buy at Lucid Capital, tgt $7
    
  • Lazard (LAZ) initiated with a Buy at BofA Securities, tgt $65
    
  • Moelis (MC) initiated with a Neutral at BofA Securities, tgt $81
    
  • Piper Sandler (PIPR) initiated with an Underperform at BofA Securities, tgt $385
    
  • Verra Mobility (VRRM) initiated with a Neutral at JPMorgan, tgt $25
    
  • Xylem (XYL) initiated with an Outperform at William Blair

• Econ Data (Tuesday):
  • 9:00 ET: November FHFA Housing Price Index (Briefing.com consensus 0.3%; prior 0.4%) and November S&P Case-Shiller Home Price Index (Briefing.com consensus 1.2%; prior 1.3%)
  • 10:00 ET: January Consumer Confidence (Briefing.com consensus 90.0; prior 89.1)

• Earnings:
  • Monday (Jan 26)
    • Pre-Market: BKR BOH LKFN STLD
    • After-Hours: AGYS ARE BRO CR FRME GGG NWBI NUE SANM WRB WAL WSFS
      
    Tuesday (Jan 27)
    • Pre-Market: AAL AIT BA CBU CVLT FBP HCA GM HOPE IVZ JBLU KMB NEE NOC PCAR PII BPOP ROP RTX SYF SYY UNP UNH UPS
    • After-Hours: BXP ENVA FFIV FCF GEF MANH NBHC NXT PKG PPG PFS QRVO RNST STX LRN TXN TRMK UMBF WSBC
  • Wednesday (Jan 28)
    • Pre-Market: APH ASML T ADP AVT BMI EAT GLW DHR ELV EXTR GEV GD LII LFUS MHO MNRO MSCI NAVI EDU OTIS PGR PB SMG SBUX SF TEVA TXT UMC VFC
      
    • After-Hours: ATGE AXS CHRW CALX CLS CCS CNMD DLX ELS ETD FICO FFBC FIBK HXL HLI IBM LRCX LSTR LVS LC LEVI LBRT MTH META MSFT MUR NFG PLXS RJF SEIC NOW SLG TSLA TTEK URI VIAV WM WHR
  • Thursday (Jan 29)
    • Pre-Market: AOS ALGM MO AMP BX BIP BFH BC CRS CAT CNX CFR DOV DOW EXP GPI HON IP KEX LHX LAZ LMT MAN HZO MRSH MA NDAQ NOK NSC OSK PH PHM RCI RCL SNY SAP SHW STM TMO TSCO TT VLO VLY VIRT XRX
    • After-Hours: ABCB APPF AAPL AJG AX BZH CACC DLB DXC DECK, EMN FHI HIG HOLX KLAC LPLA MXL MTX OLN OSIS PFSI RMD RHI SNDK SNDR SBCF SIGI SKYW SYK V WDC WY
  • Friday (Jan 30)
    • Pre-Market: APD AXP AON ARCB ALV CHTR CVX CHD CL XOM FHB FLG BEN GNTX HTH LYB REGN SOFI STEL VZ WT
    • After-Hours: None