After Hours Report

Stocks advanced to start the first full trading week of 2026, with broad-based strength lifting the DJIA (+1.2%) to record highs while the S&P 500 (+0.6%) and Nasdaq Composite (+0.7%) also notched solid gains. 

Today's action featured notable outperformances across cyclical sectors, with the energy (+2.7%), financials (+2.2%), and consumer discretionary (+1.9%) sectors leading the strength. 

Energy names unsurprisingly garnered quite a bit of coverage today following the capture of Venezuelan President Nicolas Maduro over the weekend. Maduro was charged with narco-terrorism in a New York court and pleaded not guilty this afternoon. 

Oilfield services names, such as Halliburton (HAL 31.92, +2.32, +7.84%) and SLB (SLB 43.80, +3.60, +8.96%), were among the top-performing S&P 500 names today amid speculation that the U.S. could become involved in rebuilding oil production infrastructure in Venezuela. Valero Energy (VLO 180.57, +15.26, +9.23%) captured a similar gain, as CNBC reported the company is best equipped to refine the particularly sulfur-rich oil that Venezuela produces, while Chevron (CVX 163.87, +7.97, +5.11%), the only major U.S. oil producer in the country, also notched a solid gain. 

Elsewhere, the financials sector was another outperformer today, supported by strength across major banking names such as Goldman Sachs (GS 948.44, +34.10, +3.73%) and JPMorgan Chase (JPM 334.04, +8.56, +2.63%) (both Dow components). Coinbase Global (COIN 254.92, +18.39, +7.77%) captured the widest gain after Goldman Sachs upgraded the stock to Buy from Neutral, raising its price target to $303 (up from $294), with Robinhood Markets (HOOD 123.24, +8.03, +6.97%) capturing a similar gain. 

Meanwhile, the consumer discretionary sector was supported by strong leadership from Amazon (AMZN 233.06, +6.56, +2.90%) and Tesla (TSLA 451.67, +13.60, +3.10%), which were standouts across mega-cap names today. 

However, the Vanguard Mega Cap Growth ETF would advance just 0.3%, as the top-weighted information technology sector (-0.2%) was a laggard, with some of its largest components trading lower. The sector traded higher until just after midday, with losses across names such as NVIDIA (NVDA 188.12, -0.73, -0.39%), Apple (AAPL 267.26, -3.75, -1.38%), and Broadcom (AVGO 343.42, -4.20, -1.21%) pushing the sector lower. 

Despite losses across several prominent chipmakers, the industry as a whole extended Friday's strength, with the PHLX Semiconductor Index closing 1.1% higher. 

The defensive utilities (-1.2%), health care (-0.3%), and consumer staples (-0.3%) sectors underperformed amid the rotation into more cyclical holdings. 

Outside of the S&P 500, the Russell 2000 (+1.6%) and S&P Mid Cap 400 (+1.2%) largely outperformed their larger-cap counterparts.  Comcast (CMCSA 28.13, -1.41, -4.77%) spin-off Versant (VSNT 40.57, -6.08, -13.03%) was not among the smaller-cap names to trade higher, facing a sharp loss on its first day trading on the Nasdaq. 

Ultimately today's action marked a step in the right direction that has been drifting over the past few weeks. While the major averages failed to notch meaningful gains over the "Santa Claus rally" period, today saw a return to more average volume levels as investors returned from holiday. Advancers outpaced decliners by more than a 2-to-1 margin on both the NYSE and Nasdaq, and the major averages posted gains despite a modest decline in the information technology sector—suggesting leadership may be broadening, even as strong performances from select mega-cap and semiconductor names continue to fuel enthusiasm around the AI trade.

U.S. Treasuries began the first full week of January with an advance that pressured yields on longer tenors from their December highs while the 2-year yield approached its December low. The 2-year note yield settled down two basis points to 3.46%, and the 10-year note yield settled down two basis points to 4.17%. 

• Russell 2000: +2.7% YTD
• S&P Mid Cap 400: +2.6% YTD
• DJIA: +1.9% YTD
• S&P 500: +0.8% YTD
• Nasdaq Composite: +0.7% YTD

Reviewing today's data:

• The ISM Manufacturing Index checked in at 47.9% for December (Briefing.com consensus: 48.4%), down from 48.2% in November. The dividing line between expansion and contraction is 50.0%, so the December figure, which is the tenth straight month below 50.0%, suggests manufacturing activity contracted at a faster pace than the prior month.
  • The key takeaway from the report is that the manufacturing sector operated in a state of contraction for the tenth consecutive month, with tariffs and weaker order activity cited as key drags on overall activity.

Overseas:

• Europe: DAX +1.3%, FTSE +0.5%, CAC +0.2%
• Asia: Nikkei +3.0%, Hang Seng flat, Shanghai +1.4%

Commodities:

• Crude Oil +0.98 @ 58.32
• Nat Gas -0.11 @ 3.52
• Gold +123.10 @ 4452.10
• Silver +5.63 @ 76.74
• Copper +0.29 @ 5.98

After-Hours Spotlight:

• Cable ONE (CABO) to acquire all of the equity interests in Mega Broadband Investments Holdings LLC that it does not already own...CABO +0.5%
• Microchip (MCHP) guides DecQ revenue above consensus; experiencing a fairly broad-based recovery in most of its end markets...MCHP +2.1%
• NVIDIA (NVDA) announces Alpamayo Family of open-source AI models and tools to accelerate safe, reasoning-based autonomous vehicle development...NVDA -0.3%
• Ovid Therapeutics (OVID): Point72 Asset Management discloses 5.1% stake...OVID +1.2%
• RTX (RTX) awarded $438 mln FAA contract to deploy next-generation surveillance radars for National Airspace System...RTX +0.2%
• Under Armour (UAA): Fairfax Financial discloses 22.2% stake...UAA +3.5%
• Veeva Systems (VEEV) announces that its Board authorized a new $2 bln share repurchase program...VEEV +1.6%
• Zeta Global (ZETA) and OpenAI team up to deliver answer-driven marketing with Athena by Zeta...ZETA +9.3%

Fair Value for Tuesday, January 6:

• S&P 500: 6,956
• Nasdaq 100: 25,591
• DJIA: 49,224

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

• Earnings/Guidance (Full Earnings Calendar):
  • Apollo Global Management (APO) estimates that alternative net investment income will be $325 mln (pre-tax) for Q4
  • CME Group (CME) reports record annual ADV of 28.1 million contracts in 2025, up 6% year over year
  • Hon Hai Precision Industry (HNHPF) reported December 2025 revenue of NT$862.9 bln, up 31.77% yr/yr from NT$654.8 bln
  • NextEra Energy (NEE) reaffirms adjusted EPS guidance for FY25 and FY26 ahead of various investor meetings throughout January 2026
  • TreeHouse Foods (THS) narrows FY25 revenue guidance, sees FY25 (Dec) revs of $3.375-3.395 bln from $3.360-$3.415 bln
• General News
  • President Trump says U.S. successfully carried out a large-scale strike against Venezuela and its leader, President Nicolas Maduro, who has been, along with his wife, captured and flown out of the country; says U.S. is "going to run" Venezuela until a "proper transition can take place”; says U.S. going to have its oil companies go in and spend billions of dollars, but oil embargo remains in place
  • Venezuela's interim leader, Delcy Rodríguez, vows to cooperate with President Trump after he threatened a second strike if they "do not behave." Axios
  • Secretary of State Marco Rubio says the U.S. is not at war with Venezuela. NBC News
  • Secretary of State Marco Rubio says the plan is to coerce Venezuela rather than govern it. NY Times
  • The Senate will vote on a war powers resolution this week amid Democratic opposition to Venezuela strikes. Politico
  • Most Republicans are falling in line behind President Trump following strikes on Venezuela and the capture of President Nicolas Maduro. Politico
  • Republicans and Democrats are both signaling a government shutdown will be avoided on January 30. Politico
  • A clean extension of Affordable Care Act subsidies is likely dead on arrival in the Senate, even if it passes the House. NBC News
  • U.S. Treasury secures agreement to exempt U.S.-headquartered companies from Biden Global Tax Plan
  • Philadelphia Fed President Anna Paulson (voting FOMC member) says "I see inflation moderating, the labor market stabilizing and growth coming in around 2 percent this year. If all of that happens, then some modest further adjustments to the funds rate would likely be appropriate later in the year."
  • Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories
  • The EU is planning tougher technology enforcement this year. FT
  • Department of Energy announced $2.7 billion to strengthen domestic enrichment services over the next ten years
  • HHS will recommended fewer vaccines on childhood vaccine schedule, according to CNN
  • American forces plan to interdict an evading oil tanker involved Venezuelan oil trade, according to CBS News
  • The Atlanta Fed lowered its GDPNow forecast for Q4 GDP to 2.7% from 3.0%
  • Airbus (EADSY) expected to top delivery forecasts for 2025. Bloomberg
  • Alphabet's (GOOG/GOOGL) Waymo and Baidu (BIDU) planning to introduce robotaxis in London this year, according to FT
  • Altimmune (ALT) receives FDA Breakthrough Therapy Designation for Pemvidutide in MASH
  • Amazon (AMZN) is introducing Alexa.com, a completely new way to interact with Alexa+
  • argenx (ARGX) announces COO Karen Massey will transition to CEO and Executive Director, while current CEO Tim Van Hauwermeiren will become Non-Executive Director and Chairman of the Board
  • Arrowhead (ARWR) announces Health Canada Approval of REDEMPLO (plozasiran) to reduce triglycerides in adults with familial chylomicronemia syndrome
  • Faraday Future Intelligent Electric (FFAI) enters into warrant termination agreements
  • General Motors (GM) U.S. reports Q4 sales declined 7% compared to the same period in 2024 to 703,001 vehicles
  • GlaxoSmithKline (GSK) secures China approval for Nucala in adults with COPD
  • Halozyme Therapeutics (HALO) and Skye Bioscience (SKYE) entered into a non-exclusive global collaboration and license agreement in December 2025
  • Honda Motor's (HMC) American Honda reports Dec. units sold -12.5% yr/yr to 118,659; Q4 units -9.5%, 2025 units +0.5%
  • Intel (INTC) prepares next-generation PC chip launch at CES in Las Vegas, according to Reuters
  • Mobileye Global (MBLY) announced that a US-based automaker has chosen the Mobileye EyeQ™6H to power future advanced driver assistance systems with hands-free driving on select highways across millions of vehicles worldwide
  • Moderna (MRNA) has filed for marketing authorization in the U.S., EU, Canada and Australia for mRNA-1010
  • Neumora Therapeutics (NMRA) reports results from NMRA-511 Phase 1b Signal-Seeking Study in Alzheimer’s Disease Agitation
  • Novo Nordisk A/S (NVO) announces discounts on Wegovy; self payers will start at $149/month
  • Parsons (PSN) was recently awarded a ten-year, $392 mln single-award contract by a Federal customer
  • Rayonier Adv. Materials (RYAM) names Scott Sutton as CEO and President
  • Riot Platforms (RIOT) names Jason Chung as CFO, effective March 1
  • Samsung (SSNLF) aims to increase artificial intelligence mobile devices to 800 mln this year. Reuters
  • Samsung (SSNLF) and SK Hynix (HXSCL) want 70% server DRAM price increases, according to Korea Economic Daily
  • Sanofi’s (SNY) Tzield accepted for FDA priority review in younger type 1 diabetes patients
  • Volkswagen AG (VWAGY) reports Q4 U.S. sales -19.8% yr/yr to 82,798 units
  • Zenas Biopharma (ZBIO) announces positive results from Phase 3 INDIGO registrational trial of obexelimab in immunoglobulin G4-related disease (IgG4-RD)

• Upgrades:
  • Agilent (A) upgraded to Outperform from In Line at Evercore ISI, tgt $160
  • Alerus Financial (ALRS) upgraded to Strong Buy from Outperform at Raymond James, tgt $27
  • American Tower (AMT) upgraded to Buy from Neutral at New Street, tgt $203
  • Arista Networks (ANET) upgraded to Overweight from Neutral at Piper Sandler, tgt $159
  • Arm (ARM) upgraded to Outperform from Neutral at Oddo BHF, tgt $170
  • ASML (ASML) upgraded to Outperform from Market Perform at Bernstein, tgt $1,528
  • Azenta (AZTA) upgraded to Outperform from In Line at Evercore ISI, tgt $50
  • Centene (CNC) upgraded to Overweight from Equal Weight at Barclays, tgt $54
  • Church & Dwight (CHD) upgraded to Outperform from Market Perform at Raymond James, tgt $100
  • Citizens Financial (CFG) upgraded to Overweight from Equal Weight at Barclays, tgt $77
  • Coinbase (COIN) upgraded to Buy from Neutral at Goldman, tgt $303
  • Continental AG (CTTAY) upgraded to Market Perform from Underperform at Bernstein
  • Costco (COST) upgraded to Outperform from Neutral at Mizuho, tgt $1,000
  • CoreWeave (CRWV) upgraded to Neutral from Underperform at DA Davidson, tgt $68
  • Cullen/Frost (CFR) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $150
  • Dover (DOV) upgraded to Buy from Neutral at UBS, tgt $256
  • Duolingo (DUOL) upgraded to Buy from Neutral at BofA Securities, tgt $250
  • Emerson (EMR) upgraded to Buy from Neutral at UBS, tgt $168
  • Enphase Energy (ENPH) upgraded to Sector Weight from Underweight at KeyBanc
  • Equitable Holdings (EQH) upgraded to Overweight from Neutral at JPMorgan, tgt $60
  • Excelerate Energy (EE) upgraded to Strong Buy from Outperform at Raymond James, tgt $36
  • F5 (FFIV) upgraded to Outperform from Sector Perform at RBC Capital, tgt $325
  • F5 (FFIV) upgraded to Overweight from Neutral at Piper Sandler, tgt $295
  • First Industrial Realty (FR) upgraded to Buy from Hold at Deutsche Bank, tgt $67
  • Hershey (HSY) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $182
  • HII (HII) upgraded to Buy from Hold at Melius Research
  • IBM (IBM) upgraded to Buy from Hold at Jefferies, tgt $360
  • Intel (INTC) upgraded to Buy from Hold at Melius Research, tgt $50
  • iRhythm (IRTC) upgraded to Outperform from In Line at Evercore ISI, tgt $210
  • Ironwood Pharmaceuticals (IRWD) upgraded to Outperform from Market Perform at Citizens, tgt $8
  • Kinetik Holdings (KNTK) upgraded to Outperform from Market Perform at Raymond James, tgt $46
  • Marvell (MRVL) upgraded to Buy from Hold at Melius Research, tgt $135
  • Mobileye (MBLY) upgraded to Overweight from Equal Weight at Barclays, tgt $16
  • Moody's (MCO) upgraded to Buy from Hold at Stifel, tgt $574
  • Motorola Solutions (MSI) upgraded to Overweight from Neutral at Piper Sandler, tgt $443
  • Oscar Health (OSCR) upgraded to Equal Weight from Underweight at Barclays, tgt $18
  • Palo Alto Networks (PANW) upgraded to Neutral from Sell at Guggenheim
  • Pinnacle Financial (PNFP) upgraded to Overweight from Neutral at Piper Sandler, tgt $120
  • Procore (PCOR) upgraded to Overweight from Equal Weight at Barclays, tgt $90
  • Sight Sciences (SGHT) upgraded to Overweight from Neutral at Piper Sandler, tgt $9
  • Sonoco (SON) upgraded to Buy from Neutral at BofA Securities, tgt $60
  • Sunoco LP (SUN) upgraded to Strong Buy from Outperform at Raymond James, tgt $70
  • SunocoCorp (SUNC) upgraded to Strong Buy from Outperform at Raymond James, tgt $70
  • Tactile Systems (TCMD) upgraded to Overweight from Neutral at Piper Sandler, tgt $35
  • United Rentals (URI) upgraded to Buy from Neutral at UBS, tgt $1,025
  • Varonis (VRNS) upgraded to Overweight from Neutral at Piper Sandler, tgt $47
  • WaterBridge Infrastructure (WBI) upgraded to Strong Buy from Outperform at Raymond James, tgt $30
  • Woodward (WWD) upgraded to Buy from Hold at Melius Research
  • Zimmer Biomet (ZBH) upgraded to Outperform from In Line at Evercore ISI, tgt $210
• Downgrades:
  • Adobe (ADBE) downgraded to Hold from Buy at Jefferies, tgt $400
  • Alstom (ALSMY) downgraded to Hold from Buy at Kepler Cheuvreux
  • AutoZone (AZO) downgraded to Neutral from Outperform at Mizuho, tgt $3,550
  • Avantor (AVTR) downgraded to In Line from Outperform at Evercore ISI, tgt $12
  • Bausch + Lomb (BLCO) downgraded to In Line from Outperform at Evercore ISI, tgt $18
  • Crown Castle (CCI) downgraded to Neutral from Buy at New Street, tgt $93
  • Domino's Pizza (DPZ) downgraded to Hold from Buy at TD Cowen, tgt $460
  • EastGroup Properties (EGP) downgraded to Hold from Buy at Deutsche Bank, tgt $185
  • Enterprise Products (EPD) downgraded to Outperform from Strong Buy at Raymond James, tgt $36
  • Eaton (ETN) downgraded to Neutral from Buy at UBS, tgt $360
  • eToro (ETOR) downgraded to Neutral from Buy at Goldman, tgt $39
  • EverCommerce (EVCM) downgraded to Sector Perform from Outperform at RBC Capital, tgt $12
  • Exact Sciences (EXAS) downgraded to In Line from Outperform at Evercore ISI, tgt $105
  • Exelixis (EXEL) downgraded to Underperform from Neutral at BofA Securities, tgt $41
  • Five9 (FIVN) downgraded to Neutral from Overweight at Piper Sandler, tgt $21
  • Fortive (FTV) downgraded to Underperform from Outperform at Mizuho, tgt $51
  • Guardant Health (GH) downgraded to In Line from Outperform at Evercore ISI, tgt $105
  • Gulfport Energy (GPOR) downgraded to Peer Perform from Outperform at Wolfe Research
  • Hess Midstream (HESM) downgraded to Market Perform from Outperform at Raymond James
  • Hologic (HOLX) downgraded to In Line from Outperform at Evercore ISI, tgt $78
  • Life360 (LIF) downgraded to Market Perform from Outperform at Citizens
  • MPLX (MPLX) downgraded to Market Perform from Outperform at Raymond James
  • Omnicom (OMC) downgraded to Underperform from Neutral at BofA Securities, tgt $77
  • PagerDuty (PD) downgraded to Sector Perform from Outperform at RBC Capital, tgt $15
  • Pentair (PNR) downgraded to Sell from Hold at TD Cowen, tgt $90
  • Principal Financial (PFG) downgraded to Neutral from Overweight at JPMorgan, tgt $103
  • Rapid7 (RPD) downgraded to Underweight from Equal Weight at Barclays, tgt $15
  • Roper Technologies (ROP) downgraded to Underperform from Neutral at Mizuho, tgt $419
  • RTX (RTX) downgraded to Neutral from Buy at UBS, tgt $199
  • SentinelOne (S) downgraded to Neutral from Overweight at Piper Sandler, tgt $17
  • State Street (STT) downgraded to Equal Weight from Overweight at Barclays, tgt $152
  • Truist Financial (TFC) downgraded to Underweight from Equal Weight at Barclays, tgt $56
  • Twilio (TWLO) downgraded to Neutral from Overweight at Piper Sandler, tgt $148
  • Uber (UBER) downgraded to Sell from Hold at Melius Research, tgt $73
• Others:
  • Akari Therapeutics (AKTX) initiated with a Buy at Ladenburg, tgt $1
  • Bitmine Immersion (BMNR) initiated with an Overweight at Cantor Fitzgerald, tgt $39
  • Cardinal Infrastructure (CDNL) initiated with an Outperform at William Blair
  • Cardinal Infrastructure (CDNL) initiated with a Buy at Stifel, tgt $28
  • Compass Therapeutics (CMPX) initiated with an Outperform at William Blair
  • Eastern Bankshares (EBC) initiated with an Outperform at Hovde Group, tgt $22.50
  • Lumexa Imaging (LMRI) initiated with a Buy at Deutsche Bank, tgt $22
  • Lumexa Imaging (LMRI) initiated with an Outperform at Leerink, tgt $23
  • Lumexa Imaging (LMRI) initiated with an Outperform at Raymond James, tgt $23
  • Lumexa Imaging (LMRI) initiated with an Outperform at William Blair
  • Lumexa Imaging (LMRI) initiated with an Overweight at Wells Fargo, tgt $22
  • Lumexa Imaging (LMRI) initiated with a Buy at Jefferies, tgt $23
  • MediciNova (MNOV) initiated with a Buy at Lucid Capital, tgt $11
  • Pinnacle Financial (PNFP) initiated with a Neutral at DA Davidson, tgt $110
  • SharpLink Gaming (SBET) initiated with an Overweight at Cantor Fitzgerald, tgt $15
  • SuRo Capital (SSSS) initiated with a Buy at Lucid Capital, tgt $12
  • vTv Therapeutics (VTVT) initiated with a Buy at TD Cowen, tgt $67
  • Waters (WAT) initiated with an Outperform at William Blair
  • Watts Water (WTS) initiated with a Sector Perform at RBC Capital, tgt $288
  • Zurn Elkay Water (ZWS) initiated with a Sector Perform at RBC Capital, tgt $49

• Econ Data (Tuesday):
  • 9:45 ET: Final December S&P Global U.S. Services PMI (flash 52.9; November 54.1)

• Earnings:
  • Monday (Jan 5)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (Jan 6)
    • Pre-Market: ANGO
    • After-Hours: AIR PENG
      
  • Wednesday (Jan 7)
    • Pre-Market: ACI APOG CALM MSM UNF
      
    • After-Hours: APLD AZZ JEF PSMT STZ
  • Thursday (Jan 8)
    • Pre-Market: AYI CMC HELE LNN NEOG RPM SMPL SNX
    • After-Hours: GBX WDFC
  • Friday (Jan 9)
    • Pre-Market: None
    • After-Hours: None