After Hours Report

Updated: 24-Mar-26 17:59 ET

U.S. reportedly sends Iran proposal to end war

The S&P 500 (-0.4%), Nasdaq Composite (-0.8%), and DJIA (-0.2%) finished lower as investors weighed geopolitical developments, rising yields, and a rebound in oil prices. Despite solid participation across the broader market that helped the major averages recover much of their early losses, weakness in mega-cap names prevented a sustained move above flatline levels.

Today's developments in the Middle East offered little clarity on how close an off-ramp to the Iran conflict may be. Early headlines focused on Iran's continued denial of involvement in ceasefire negotiations with the U.S., alongside reports of neighboring Gulf states supporting stricter measures against Tehran. However, Axios reported that the U.S. has at least made contact with Iran through mediators and is awaiting a response on peace talks. President Trump also reiterated to reporters that both the U.S. and Iran are eager to strike a deal.

Oil rebounded amid the ongoing uncertainty after retreating 10% in yesterday's session, settling today's session $4.10 higher (+4.7%) at $92.29 per barrel. The energy sector (+2.1%) finished as the top-performing S&P 500 sector.

After recovering from relatively broad opening losses, the market ultimately finished mixed despite leaning higher for most of the session.

The materials sector (+1.7%) was another outperformer, with chemical names leading the advance. Fertilizer names such as CF Industries (CF 126.92, +6.74, +5.61%) and Mosaic (MOS 25.22, +1.14, +4.73%) were among some of the top performers as hostilities near the Strait of Hormuz continue to drive volatility.

Elsewhere, the utilities sector (+0.7%) also posted a nice gain. Other defensive sectors, such as the consumer staples sector (+0.1%), sported gains wider than 1.0% today, though they ceded most of their strength in the afternoon. Estee Lauder (EL 71.47, -7.82, -9.86%) was one of the worst-performing S&P 500 names after the company confirmed it is in discussions about a potential business combination with Spain's Puig.

Meanwhile, the communication services sector (-2.5%) was a laggard for the entirety of today's session. It was a tough session for mega-cap stocks, and Alphabet (GOOG 289.20, -9.82, -3.28%) bore the brunt of the weakness, with Meta Platforms (META 592.92, -11.14, -1.84%) also finishing lower.

The Vanguard Mega Cap Growth ETF finished 1.3% lower, which contributed to the underperformance of the market-weighted S&P 500 (-0.4%) relative to the S&P 500 Equal Weighted Index (+0.1%).

Microsoft (MSFT 372.74, -10.26, -2.68%) was another "Magnificent Seven" laggard as software names came under renewed pressure today. The iShares GS Software ETF shed 4.2%, and the broader information technology sector finished 0.7% lower.

Losses were somewhat pared by a 1.3% gain in the PHLX Semiconductor Index and strong performances across hardware and electrical component manufacturers such as Lumentum (LITE 801.99, +73.04, +10.02%), Corning (GLW 142.09, +11.12, +8.49%), and Dell (DELL 176.98, +12.39, +7.53%).

Outside of the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.8%) outperformed the major averages.

Overall, the market showed some resilience despite higher oil prices and ongoing geopolitical uncertainty, with strength outside mega-cap tech helping to offset losses. Still, the major averages remain capped below their 200-day moving averages, reflecting a cautious tone as the Iran situation continues to evolve.

U.S. Treasuries gave back Monday's gains during a Tuesday reversal that also produced fresh 2026 intraday highs for yields across all tenors. The U.S. Treasury started this week's note auction slate with a poor 2-year note offering that tailed by nearly two basis points. The 2-year note yield settled up 10 basis points to 3.93% and the 10-year note yield settled up six basis points to 4.39%.

S&P Mid Cap 400: +2.4% YTD
Russell 2000: +1.0% YTD
DJIA: -4.0% YTD
S&P 500: -4.2% YTD
Nasdaq Composite: -6.4% YTD

Reviewing today's data:

Q4 Productivity - Revised 1.8% (Briefing.com consensus 2.5%); Prior revised to 4.9% from 2.8%, Q4 Unit Labor Costs - Revised 4.4% (Briefing.com consensus 3.1%); Prior revised to -1.9%% from 2.8%
- The key takeaway from the report is the dichotomy of lower productivity and higher unit labor costs, the latter of which will contribute to the Fed's reticence to cut rates soon (even though this is a dated report).
March S&P Global U.S. Manufacturing PMI - Prelim 52.4; Prior 51.6
March S&P Global U.S. Services PMI - Prelim 51.1; Prior 51.7

Overseas:

Europe: DAX -0.1%, FTSE +0.7%, CAC +0.2%
Asia: Nikkei +1.4%, Hang Seng +2.8%, Shanghai +1.8%

Commodities:

Crude Oil +4.10 @ 92.29
Nat Gas +0.02 @ 2.91
Gold -6.20 @ 4401.00
Silver -0.19 @ 69.49
Copper -0.01 @ 5.46

After-Hours Spotlight:

AAR Corp (AIR) beats by $0.10, beats on revs; guides Q4 revs above consensus...AIR +0.5%
Arm Holdings plc (ARM) on conference call reaffirms Q4 guidance; sees ARM CPU business reaching $15 bln in revenue in FY31...ARM +6.6%
Braze (BRZE) misses by $0.04, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY27 EPS in-line, revs above consensus; authorizes new $100 mln share repurchase program...BRZE +18.5%
GameStop (GME) reports Q4 results...GME -0.1%
KB Home (KBH) misses by $0.03, misses on revs...KBH -4.9%
Medtronic (MDT) lowers Q4 EPS guidance due to recent MiniMed developments...MDT -0.1%
U.S. presents Iran with proposal to bring the Middle East war to an end, according to NYT
Walt Disney (DIS) ends OpenAI arrangement following Sora closure, according to The Hollywood Reporter...DIS +0.2%
Worthington Enterprises (WOR) beats by $0.02, beats on revs...WOR -2.6%

Fair Value for Wednesday, March 25:

S&P 500: 6,608
Nasdaq 100: 24,221
DJIA: 46,422

Today's News Summary:

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

Earnings/Guidance (Full E arnings Calendar):
- Cadeler A/S (CDLR) reports FY25 results; beats on revs; sees FY26 revs in-line with consensus
- Concentrix (CNXC) misses by $0.04, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY26 EPS in-line, revs in-line
- Core Labs (CLB) lowers Q1 guidance citing regional instability in the Middle East
- Core & Main (CNM) beats by $0.18, reports revs in-line; guides FY27 revs below consensus
- Hesai Group (HSAI) reports Q4 results
- Public Policy Holding Company (PPHC) misses by $0.01; revs in-line; added to Russell 2000 and Russell 3000 indexes effective March 23
- Smithfield Foods (SFD) beats by $0.15, beats on revs
General News
- Potential new participants in campaign against Iran, WSJ
- Chevron CEO says Iran war not fully priced in, CNBC
- U.S. Secretary of Energy Chris Wright issued emergency orders to keep two Indiana coal plants operational
- Trump administration launches Pax Silica fund, NYT
- ACEA reports February 2026 year-to-date new EU car registrations fell by 1.2% compared to the same period last year
- US 82nd Airborne Commander, staff ordered to Middle East amid Pentagon contingency planning, according to Fox News
- Contradictory to earlier statements, the Pentagon is planning the deployment of 3,000 82nd Airborne Division Brigade units to Middle East as Iran options weighed, according to WSJ
- U.S. explores Iran peace talks amid ongoing Gulf tensions and military buildup; U.S. still awaiting response from Tehran on talks, claims Iran has agreed to many points of President Trump's eluded to "15-point plan," according to Axios
- OpenAI nears $10 bln venture investment, valuation hits $850 bln, according to Bloomberg
- Iran allowing 'non-hostile vessels' through Strait of Hormuz, according to FT
- Abivax SA (ABVX) CEO signals no rush to sell, plans fundraising after key trial data, according to CNBC
- Accenture (ACN) Federal Services has been selected to support the National Oceanic and Atmospheric Administration’s National Weather Service replacement of Advanced Weather Interactive Processing System with NWS HIVE
- Advanced Micro Devices (AMD) to receive big order from startup in South Korea, Bloomberg
- AerCap (AER) leases 777 converted freighters to Ethiopian Airlines, expands Africa cargo capacity
- Alnylam (ALNY) advances future of ATTR-CM care through strategic collaboration with Viz.ai and support for the American Heart Association
- Alphabet (GOOG): Google TV is rolling out new Gemini features, including richer visual help, deep dives, and sports briefs
- Amylyx Pharmaceuticals (AMLX) announces completion of enrollment in Pivotal Phase 3 LUCIDITY Clinical Trial of Avexitide in Post-Bariatric Hypoglycemia
- Apple (AAPL) developing dedicated Siri App, signaling broader AI strategy shift, according to Bloomberg
- Applied Optoelectronics (AAOI) receives a new volume order from one of its major hyperscale customers for 800G single-mode data center transceivers to help expand its network capacity for AI-driven workloads
- Apollo Global Management (APO) restricts withdrawals from flagship private credit fund, according to FT
- Apple (AAPL): Ads coming to Apple Maps, according to Bloomberg
- Arm Holdings plc (ARM) expands compute platform to silicon products in historic company first
- ASP Isotopes (ASPI) announces that a UK subsidiary of Quantum Leap Energy LLC has commenced a strategic collaboration with the University of Bristol for the design of a state-of-the-art lithium laser research facility in the UK
- Baker Hughes (BKR) develops AI-enabled power optimization and sustainability solutions for data centers with Google Cloud technology
- Baxter (BAX): EMA letter confirms Baxter is notifying healthcare professionals about a shortage of ifosfamide-containing medicinal products (Holoxan/Tronoxal/Mitoxana)
- BioNTech (BNTX) clinical data at ELCC 2026 highlight potential of differentiated late-stage portfolio in lung cancer
- Blackstone (BX) to invest $15 bln in Japan real estate over three years, targeting data centers, logistics, hotels, according to Nikkei
- Boeing (BA): FAA clears higher takeoff weight for 787-9 and 787-10
- Borr Drilling (BORR) expands fleet with $287 mln jack-up rig deal via joint venture
- CVS Health (CVS): FTC disclosed proposed consent agreement with Caremark Rx, Zinc Health Services, et al., In the Matter of (Insulin
- Enbridge (ENB) leaves door open for Alberta-to-BC oil pipeline if regulatory hurdles cleared, according to Bloomberg
- Exxon Mobil (XOM): SBM Offshore (SBFFF) awarded FEED contracts for the Longtail project in Guyana
- Ford (F) announces recall, Reuters
- Fox Corporation's (FOXA) free streaming service Tubi, unveils strategic partnerships with Amazon (AMZN) for scaled precision and performance, and InMarket and Kochava for outcome measurement
- Freightos Limited (CRGO) announces that Air Serbia will be joining its cargo booking platform
- Freshpet (FRPT) makes 'fresh' multi-month lows after competitor announced first launch into retail with Walmart (WMT)
- I-80 Gold Corp (IAUX) secures up to $250 mln gold prepay, completes recapitalization
- ImmunityBio (IBRX) under pressure as FDA warning letter for misleading promotion of Anktiva circulates
- Intuitive Machines (LUNR): NASA unveils "Ignition" plan to accelerate lunar base, nuclear spacecraft, and U.S. leadership in space
- Intuitive Machines (LUNR) announces that NASA has awarded the Company a $180.4 mln contract to deliver seven science and technology payloads, including an Australian Space Agency lunar rover and technologies from Blue Origin’s Honeybee Robotics, to the Lunar South Pole Region
- Invesco (IVZ) partners with Superstate on tokenized Treasury fund
- Karyopharm's (KPTI) Phase 3 SENTRY Trial in Myelofibrosis Met First Co-Primary Endpoint, Demonstrating Statistically Significant Improvement in Spleen Volume Reduction
- Leonardo DRS (DRS) awarded an engineering solutions contract for the Advanced Technology Support Program V to support the U.S. military in rapidly fielding emerging technologies
- Li Auto (LI) approves $1.0 bln share repurchase program
- Limoneira (LMNR) pauses regular common stock dividend as it makes strategic investments in expanding avocado production, increasing organic recycling and pursuing new housing
- LiveOne (LVO) announces a strategic B2B partnership with LG Electronics to bring LiveOne’s premium content ecosystem to tens of millions of households across North America
- MDA Space Ltd. (MDA) issues statement in response NASA's changes to the Artemis mission
- Merck (MRK): Quotient Therapeutics entered a multi-year research collaboration agreement with Merck
- Merck (MRK) announced that British Columbia, Non-Insured Health Benefits, Nova Scotia, Quebec and Veterans Affairs Canada added WINREVAIR (sotatercept) to their public drug formularies
- Meta Platforms (META) CTO Bosworth takes over "AI For Work" initiative in push to become AI-native, according to WSJ
- Microsoft (MSFT) snaps up 700MW Texas data center originally eyed by Oracle and OpenAI, according to Bloomberg
- NETGEAR (NTGR) +16% up strongly after hours on positive FCC announcement stating that covered list now includes foreign-made consumer routers
- Nintendo (NTDOY) reducing Switch 2 production, Bloomberg
- Northwest Natural (NWN) Staff of the WUTC, The Energy Project filed a settlement with the WUTC that addressed all issues but one in the Rate Case
- Ocugen (OCGN) announces positive 12-month data from the Phase 2 ArMaDa clinical trial evaluating OCU410, its novel modifier gene therapy for geographic atrophy secondary to dry age-related macular degeneration
- Oil States (OIS) announces retirement of CEO Cindy Taylor and appointment of Lloyd Hajdik as successor, effective May 1, 2026
- Omnicom (OMC) orders third-party audit of The Trade Desk fees, according to Ad Age
- Palantir (PLTR) receives contract from British financial regulators, Guardian
- Palo Alto Networks (PANW) introduces next-generation trust security to automate and future-proof digital resilience
- Palo Alto Networks (PANW) unlocks the agentic enterprise with Prisma AIRS
- Pharming Group N.V. (PHAR) wins Japan approval for Joenja in rare immune disorder, expands pediatric reach
- Power Integrations (POWI) extends flyback topology to enable 440 W, offering simpler alternatives to resonant power designs
- Prenetics Group Ltd. (PRE) announces a strategic partnership with Superpower to connect clinical-grade supplementation with comprehensive blood diagnostics, enabling an optimized testing loop to provide consumers with measurable proof behind supplement efficacy
- Redwire (RDW) wins $12.8 mln solar array contract for national security mission
- Rezolute (RZLT) announced outcomes from an in-person Type B meeting with the U.S. Food and Drug Administration
- Rush Enterprises (RUSHA) announces appointment of Jody Pollard as Chief Operating Officer
- Sable Offshore Corp. (SOC): Chevron (CVX) to buy initial Sable Offshore crude output as California production restarts, according to Bloomberg
- Sanofi (SNY) and Regeneron (REGN) receive Japan approval for Dupixent in rare skin disease
- Shopify (SHOP) launches AI commerce push, enabling millions of merchants to sell directly within ChatGPT and other AI platforms
- Slide Insurance Holdings (SLDE) announces new $125 mln stock repurchase program
- Spire Global (SPIR) has successfully demonstrated single-satellite radio frequency geolocation techniques on orbit, including the detection and geolocation of S-band and X-band radio frequency signals
- Synopsys (SNPS) announces its collaboration with Arm on the development of the Arm AGI CPU, providing solutions across its full-stack design portfolio including EDA, interface IP, and hardware-assisted verification
- TORM plc (TORM) raises capital via RSU exercise, issues new shares without pre-emption rights
- Unum Group (UNM) announces expanded capabilities within its Unum Broker Connect integration with Employee Navigator, introducing automated billing and eligibility features that advance how brokers and employers administer benefits and leave
- Vertical Aerospace Group (EVTL) advances flight testing and demand for Valo eVTOL
- Williams Cos (WMB): Oklahoma Governor Stitt names WMB's Executive Chairman of the Board, Alan Armstrong, to the U.S. Senate

Upgrades:
- Arthur J. Gallagher (AJG) upgraded to Outperform from Market Perform at BMO Capital, tgt $278
- BASF (BASFY) upgraded to Buy from Hold at Deutsche Bank
- CoreWeave (CRWV) upgraded to Buy from Neutral at BofA Securities, tgt $100
- Ecolab (ECL) upgraded to Overweight from Neutral at JPMorgan, tgt $295
- First Majestic Silver (AG) upgraded to Outperform from Market Perform at BMO Capital
- JFrog (FROG) upgraded to Buy from Neutral at UBS, tgt $60
- JinkoSolar (JKS) upgraded to Buy from Sell at Daiwa, tgt $28.50
- Ralph Lauren (RL) upgraded to Buy from Neutral at Citigroup, tgt $400
- Sutro Biopharma (STRO) upgraded to Buy from Neutral at H.C. Wainwright, tgt $28
- Sutro Biopharma (STRO) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $27
- Umicore (UMICY) upgraded to Buy from Hold at Deutsche Bank
Downgrades:
- AkzoNobel (AKZOY) downgraded to Hold from Buy at Deutsche Bank
- SAP (SAP) downgraded to Neutral from Overweight at JPMorgan
- Strategic Education (STRA) downgraded to Hold from Buy at Truist, tgt $85
- Ultragenyx (RARE) downgraded to Neutral from Buy at Goldman, tgt $25
- Xencor (XNCR) downgraded to Neutral from Overweight at JPMorgan, tgt $13
Others:
- Alaska Air (ALK) initiated with an Outperform at BMO Capital, tgt $50
- Antero Resources (AR) initiated with a Buy at Truist, tgt $56
- APA Corp. (APA) initiated with a Hold at Truist, tgt $38
- BKV Corp. (BKV) initiated with a Buy at Truist, tgt $37
- Boston Scientific (BSX) added to Tactical Outperform list at Evercore ISI
- Chord Energy (CHRD) initiated with a Buy at Truist, tgt $169
- Climb Bio (CLYM) initiated with a Buy at B. Riley, tgt $26
- CNX Resources (CNX) initiated with a Sell at Truist, tgt $35
- Commvault (CVLT) initiated with a Buy at Loop Capital, tgt $125
- ConocoPhillips (COP) initiated with a Hold at Truist, tgt $124
- CoreCivic (CXW) initiated with a Buy at Benchmark, tgt $28
- Covista (CVSA) initiated with a Buy at Truist, tgt $130
- Delek Logistics (DKL) initiated with a Hold at Truist, tgt $57
- Devon Energy (DVN) initiated with a Buy at Truist, tgt $63
- Diamondback Energy (FANG) initiated with a Buy at Truist, tgt $222
- Diversified Energy (DEC) initiated with a Buy at Truist, tgt $22
- Driven Brands (DRVN) initiated with a Buy at Freedom Capital, tgt $21.80
- Enterprise Products (EPD) initiated with a Hold at Truist, tgt $36
- EOG Resources (EOG) initiated with a Hold at Truist, tgt $146
- EQT Corporation (EQT) initiated with a Buy at Truist, tgt $74
- Energy Transfer (ET) initiated with a Buy at Truist, tgt $23
- Expand Energy (EXE) initiated with a Buy at Truist, tgt $136
- Generate Biomedicines (GENB) initiated with a Buy at Goldman, tgt $26
- Generate Biomedicines (GENB) initiated with a Buy at Guggenheim, tgt $30
- Generate Biomedicines (GENB) initiated with an Overweight at Cantor Fitzgerald
- Generate Biomedicines (GENB) initiated with an Overweight at Morgan Stanley, tgt $20
- Generate Biomedicines (GENB) initiated with an Overweight at Piper Sandler, tgt $24
- Gulfport Energy (GPOR) initiated with a Hold at Truist, tgt $230
- Immunic (IMUX) initiated with a Buy at Guggenheim, tgt $7
- JetBlue (JBLU) initiated with a Market Perform at BMO Capital, tgt $4.50
- KB Home (KBH) initiated with an Outperform at Citizens, tgt $77
- Kinder Morgan (KMI) initiated with a Hold at Truist, tgt $38
- Kinetik Holdings (KNTK) initiated with a Buy at Truist, tgt $53
- LCI Industries (LCII) initiated with a Buy at Stifel, tgt $152
- Mach Natural Resources (MNR) initiated with a Hold at Truist, tgt $14
- Magnolia Oil & Gas (MGY) initiated with a Hold at Truist, tgt $33
- Matador (MTDR) initiated with a Hold at Truist, tgt $60
- Microsoft (MSFT) reinstated with a Buy at BofA Securities, tgt $500
- MPLX (MPLX) initiated with a Buy at Truist, tgt $67
- Nebius (NBIS) initiated with a Buy at BofA Securities, tgt $150
- Occidental (OXY) initiated with a Hold at Truist, tgt $65
- ONEOK (OKE) initiated with a Hold at Truist, tgt $91
- OneSpaWorld (OSW) initiated with a Buy at Jefferies, tgt $30
- Oracle (ORCL) reinstated with a Buy at BofA Securities, tgt $200
- Ovintiv (OVV) initiated with a Buy at Truist, tgt $70
- Permian Resources (PR) initiated with a Buy at Truist, tgt $24
- Range Resources (RRC) initiated with a Hold at Truist, tgt $48
- Relmada Therapeutics (RLMD) initiated with an Overweight at Piper Sandler, tgt $12
- Riley Exploration (REPX) initiated with a Buy at Truist, tgt $47
- SM Energy (SM) initiated with a Buy at Truist, tgt $38
- Smith Douglas Homes (SDHC) initiated with a Market Perform at Citizens
- Solventum (SOLV) initiated with a Sell at Rothschild & Co Redburn, tgt $60
- Smurfit Westrock (SW) initiated with a Buy at Goldman, tgt $49
- Targa Resources (TRGP) initiated with a Buy at Truist, tgt $279
- Viper Energy (VNOM) initiated with a Buy at Truist, tgt $54
- Williams (WMB) initiated with a Buy at Truist, tgt $84

Econ Data (Wednesday):
- 7:00 ET: Weekly MBA Mortgage Index (prior -10.9%)
- 8:30 ET: Q4 Current Account Balance (prior 0.2%) and February Import/Export prices
- 10:30 ET: Weekly crude oil inventories (prior +6.16 mln)

Earnings:Monday (March 23)
Pre-Market: None
After-Hours: None
Tuesday (March 24)
Pre-Market: CNXC, CNM, SFD
After-Hours: AIR, BRZE, GME, KBH, WOR
Wednesday (March 25)
Pre-Market: CHWY, CTAS, KC, PAYX, PDD, WGO
After-Hours: EPAC, FUL, JBS, JEF, KRMN, MLKN, NAVN, WS
Thursday (March 26)
Pre-Market: DOO, CMC, LOVE, SCVL
After-Hours: AGX, BTGO, OXM
Friday (March 27)
Pre-Market: CCL, LGN
After-Hours: None