After Hours Report

The stock market faced pressure from multiple fronts, including higher oil prices, rising Treasury yields, and pronounced weakness across mega-cap stocks, which saw the S&P 500 (-1.7%), Nasdaq Composite (-2.4%), and DJIA (-1.0%) steadily chart session lows throughout the day.

There was some lingering optimism in the broader market after yesterday's higher finish, which kept the DJIA in positive territory for some of the morning, though a combination of pressures eventually culminated in broad weakness. 

On the geopolitical front, Iran rejected the 15-point peace plan set forth by the U.S., and while the current state of negotiations remains far from transparent, rhetoric on both sides took a more hostile tone today. Iran continued to strike energy infrastructure targets across the region, which has prompted neighboring Gulf states to prepare for military intervention. Additionally, reports circulated that the Pentagon is preparing to send more troops to the Middle East as the potential for a ground conflict escalates. 

Crude oil futures settled today's session $4.10 higher (+4.5%) at $94.43 per barrel, which pushed Treasury yields as inflation concerns mount. 

Unlike the DJIA, the S&P 500 and Nasdaq Composite charted a lower course much earlier in the session, which was largely a product of significant weakness across mega-cap and tech stocks. 

The communication services sector (-3.5%) closed considerably lower as Meta Platforms (META 547.75, -47.14, -7.92%) and Alphabet (GOOG 280.74, -8.85, -3.06%) faced a continuation of yesterday's weakness after a court found the companies liable in a social media addiction case that alleges they specifically target younger users. Bloomberg reported on the case and warned that social media companies could face fallout akin to that of large tobacco companies. 

The top-weighted information technology sector (-2.7%) was another laggard as semiconductor stocks rolled over today. NVIDIA (NVDA 171.24, -7.44, -4.16%) had a tough session, but its losses could almost be described as tame compared to other stocks such as Advanced Micro Devices (AMD 203.77, -16.50, -7.49%) and Micron (MU 355.62, -26.47, -6.93%). The PHLX Semiconductor Index finished 4.8% lower, moving it into negative week-to-date territory. 

All told, the Vanguard Mega Cap Growth ETF (-2.6%) moved considerably lower, and the market-weighted S&P 500 (-1.7%) underperformed the S&P 500 Equal Weighted Index (-1.0%). 

The consumer discretionary sector (-1.9%) also faced broad weakness and poor mega-cap leadership, while the industrials sector (-2.3%) moved lower as industrial machinery names such as Lennox Int'l (LII 438.29, -43.39, -9.01%) retreated sharply. 

The energy sector (+1.6%) outperformed amid rising oil prices, with Valero Energy (VLO 248.14, +13.60, +5.80%) a notable standout. 

The real estate sector (+0.2%) captured a more modest gain, while the defensive utilities sector managed to finish flat. 

All told, today's pressures leave the major averages mostly lower entering the final session of the week. Action has been choppy so far as stocks track volatility in oil prices, but the broader trend remains lower as the major averages slip further below their respective 200-day moving averages. Absent clarity on the geopolitical front and stabilization in oil prices and yields, the path of least resistance for stocks appears tilted to the downside. 

U.S. Treasuries continued this week's volatility with a Thursday slide that left yields on the 10-year note and shorter tenors at their highest closing levels of the year. Treasuries reached their worst levels shortly after today's $44 bln 7-yr note auction met weak demand, making for the third consecutive disappointing auction of this week. The 2-year note yield settled up ten basis points to 3.98%, and the 10-year note yield settled up nine basis points to 4.42%. 

• S&P Mid Cap 400: +1.8% YTD
• Russell 2000: +0.5% YTD
• DJIA: -4.4% YTD
• S&P 500: -5.4% YTD
• Nasdaq Composite: -7.9% YTD

Reviewing today's data:

• Weekly Initial Claims 210K (Briefing.com consensus 210K); Prior 205K, Weekly Continuing Claims 1.819 mln; Prior was revised to 1.851 mln from 1.857 mln
  
  • The key takeaway from the report is that it is not indicative of a weak labor market, particularly with initial jobless claims—a leading indicator—continuing to run at historically low levels.

Overseas:

• Europe: DAX -1.6%, FTSE -1.3%, CAC -1.0%
• Asia: Nikkei -0.3%, Hang Seng -1.9%, Shanghai -1.1%

Commodities:

• Crude Oil +4.10 @ 94.43
• Nat Gas +0.02 @ 2.93
• Gold -172.30 @ 4378.90
• Silver -4.68 @ 67.94
• Copper -0.09 @ 5.47

After-Hours Spotlight:

• Argan (AGX) reports Q4 (Jan) results, beats on revs...AGX +8.8%
• BitGo (BTGO) Holdings reports Q4 results, revenue increased 440% yr/yr...BTGO -0.2%
• IMDX (IMDX) submits GraftAssureDx for FDA review and reports Q4 2025 results...IMDX +5.4%
• Newsmax (NMAX) reports Q4 revs above dual estimate; guides 2026 revs above dual estimate...NMAX +4.4%
• Oxford Industries (OXM) misses by $0.11, reports revs in-line; guides FY27 EPS in-line, revs in-line...OXM +1.3%
• President Trump has extended pause on attacking Iran energy facilities to April 6, according to CNBC
• Unity Software (U) guides Q1 revenue above consensus; also announces it will be sunsetting the ironSource Ads Network...U +13.9%
• Veritone (VERI) guides Q4 revenue below consensus, FY26 revenue above; also announces strategic deal with Oracle (ORCL)...VERI -1.5%

Fair Value for Friday, March 27:

• S&P 500: 6,526
• Nasdaq 100: 23,795
• DJIA: 46,239

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

• Earnings/Guidance (Full Earnings Calendar):
  • BRP Inc. (DOO) beats by CAD0.17, beats on revs; guides FY27 EPS in-line, revs above consensus; raises dividend
  • Enerpac Tool Group (EPAC) misses by $0.01, beats on revs; narrows FY26 EPS and revenue guidance
  • H.B. Fuller (FUL) beats by $0.02, misses on revs; guides Q2 revs above consensus; guides FY26 EPS and revs above consensus
  • JBS SA (JBS) reports Q4 (Dec) results, beats on revs
  • Jefferies (JEF) reports Q1 (Feb) results, beats on revs
  • Karman Space and Defense (KRMN) misses by $0.01, beats on revs; guides FY26 revs above consensus
  • Lovesac (LOVE) beats by $0.20, beats on revs; guides Q1 revs below consensus; guides FY27 EPS in-line, revs in-line; Authorizes increase in share repurchase program by up to an additional $40 mln
  • Lumexa Imaging Holdings (LMRI) reports Q1 (Mar) results, beats on revs; guides FY26 EPS in-line, revs in-line
  • MillerKnoll (MLKN) misses by $0.02, misses on revs; guides Q4 EPS below consensus, revs in-line
  • Navan (NAVN) reports Q4 (Jan) results, beats on revs; guides Q1 revs above consensus; guides FY27 revs above consensus
  • Shoe Carnival (SCVL) reports EPS in-line, revs in-line; guides FY27 EPS in-line
  • Worthington Steel (WOR) misses by $0.16, misses on revs (two analyst estimate)
• General News
  • Iran continues launching attacks despite speculation about a deal, according to WSJ
  • President Trump says Iranian negotiators are very different and 'strange' - they are 'begging' to make a deal
  • Saudi Arabia, Qatar, Kuwait, UAE, Bahrain, Jordan issues joint statement on Iran, ask Iraq to 'take necessary measures to immediately halt attacks' by militias, armed groups
  • European Parliament provides EU / US trade deal update; MEPs set conditions for lowering tariffs on US products
  • White House tech panel to include CEOs from NVIDIA, META, and Oracle, according to WSJ
  • Growing focus on externalities at social media companies, Yahoo!Finance
  • China may loosen bank shareholder limits, according to Reuters
  • Nevada Gaming Board reports February gaming win +1.5% yr/yr to $1.24 bln; +0.9% yr/yr to $696.3 mln on the Las Vegas Strip
  • Iran has responded to 15-point proposal, according to Tasnim News Agency; Tehran awaiting reply
  • GFZ reporting a 6.1 magnitude quake off the east coast of Honshu, Japan
  • President Trump toys with new Iran deadline while considering gas tax relief for Americans, according to Bloomberg
  • Iran may be considering withdrawal from the Non-Proliferation Treaty, according to Reuters sources
  • SpaceX IPO may include 30% allocation to retail investors, according to Bloomberg
  • B2Gold (BTG) announces positive results from its 2025 exploration program at the Back River Gold District; Drill Results confirm significant resource potential district wide
  • AbbVie (ABBV): Allergan Aesthetics reinforces scientific differentiation and leadership with 21 evidence-based E-Posters at the 2026 Aesthetic & Anti-Aging Medicine World Congress
  • Air Canada (ACDVF) provides additional information on Air Canada Express Flight AC8646
  • Alphabet (GOOG): Google expands Search Live globally with multilingual AI conversations via voice and camera
  • Apple's (AAPL) Siri overhaul could allow for integration of alternative AI assistants, according to Bloomberg
  • Archrock (AROC) CFO Doug Aron plans retirement, successor search underway
  • Blackstone (BX), Raya Holding, NRT and Sightline announce partnership to invest in UAE Payments Infrastructure Platform
  • Brainsway (BWAY) announces completion of an additional $6 mln milestone-based convertible loan to Neurolief Ltd
  • Brown-Forman (BF.B) follow up to reports Pernod Ricard (PDRDF) is exploring BF.B deal as spirits industry faces downturn, according to Bloomberg
  • Cadre Holdings (CDRE) has agreed to acquire Alien Gear Holsters and certain assets from Tedder Industries, LLC, for $10.3 mln through a court-supervised bankruptcy auction
  • Carter Bank & Trust (CARE) completed the sale of all loans related to various entities in which James C. Justice II has an interest; received $289.48 mln consideration in cash
  • CGI Group (GIB) announced a 10-year agreement with Caisse Alliance to modernize its member digital banking platform through deployment of ebankIT's nXP solution
  • City Holding Co (CHCO) authorizes new share repurchase plan for up to 1 mln shares
  • Conduent (CNDT) discloses in SEC filing that the employment of Mark Prout, Executive Vice President, Chief Information and Technology Officer, was terminated without cause, effective March 24, 2026
  • CrowdStrike (CRWD) and IBM (IBM) expand strategic collaboration to accelerate agentic SOC transformation
  • Domo (DOMO) accelerates AI agent creation with new magic ETL experience and AI-guided connectivity
  • Duke Energy (DUK): The Public Service Commission of South Carolina approves plans by Duke Energy to construct new natural gas generation in Anderson County, a project that will help support the energy needs of a growing region while significantly contributing to the community's economic success in the years ahead
  • Eldorado Gold (EGO) enters into project alliance with G Mining Services
  • Emergent BioSolutions (EBS) secures over $60 million in new contract award with the U.S. Government and new orders with an international government partner for smallpox medical countermeasures
  • Enersys (ENS) announces strategic manufacturing restructuring: Tijuana, Mexico facility closure and optimization of U.S. manufacturing footprint
  • Fannie Mae (FNMA) to allow crypto-backed mortgages, letting buyers use bitcoin for down payments, according to WSJ
  • Lifecore Biomedical (LFCR) has signed two CDMO manufacturing service agreements with an existing U.S. biopharmaceutical customer
  • Firefly Aerospace (FLY) supported Lockheed Martin (LMT) in two responsive space exercises for the U.S. Space Force as part of the VICTUS DIEM mission
  • Genie Energy (GNE) to restate previously issued financial statements; postpone annual meeting
  • GlobalFoundries (GFS) files patent infringement lawsuits against Tower Semiconductor (TSEM) to protect high-performance American chip innovation
  • Golar LNG (GLNG) initiates strategic review and hires Goldman Sachs as advisor
  • Guardian Metal Resources (GMTL) appoints new CFO and restructures board roles
  • Hallador Energy (HNRG) secures record capacity pricing in three-year agreement
  • Hallador Energy (HNRG) signs a three-year agreement to sell substantially all of its remaining accredited capacity to a utility customer for planning years 2026 through the summer of 2028 at record pricing for the Company
  • Harmony Gold (HMY) confirms loss of life at Target 1 mine
  • Hertz Global (HTZ) reports 15% spike in road trip rentals as U.S. airport congestion grows amid government shutdown, according to TravelPulse
  • Hims & Hers Health (HIMS) announces that a broad assortment of Novo Nordisk’s FDA-approved GLP-1 medications are available to eligible customers, including the Wegovy pill, which is the only FDA-approved GLP-1 weight loss pill
  • ImmunityBio (IBRX) announces that based on the Independent Data Monitoring Committee review of the interim data, the committee recommended that the study is adequately powered to detect the pre-specified clinically meaningful difference in complete response rate between the experimental arm and the control arm at the protocol-specified power, in the randomized QUILT-2.005 study
  • Kamada (KMDA) announces that the U.S. Food and Drug Administration has approved Kamada Plasma’s collection center in San Antonio, TX
  • Kodiak Sciences (KOD) reports 'positive' topline results in the GLOW2 Phase 3 superiority study of Zenkuda for the treatment of patients with diabetic retinopathy
  • Mastercard (MA) weighs divestment of real-time payments business bought from Nets for $3.2 bln in 2019, according to Financial Times
  • Meta Platforms (META): EU launch of Meta glasses delayed, according to Bloomberg
  • Meta Platforms (META) to invest $10 bln in 1GW AI data center expansion in El Paso, Texas; targeting 2028 completion, according to CNBC
  • Meta Platforms (META) preps launch of new Ray-Ban AI glasses after FCC filings signal imminent debut, according to The Verge
  • Microsoft (MSFT) freezes hiring in key cloud, sales units amid AI cost pressures, according to The Information
  • Minerva Neurosciences (NERV) presents data from its open-label safety trial evaluating roluperidone co-administered with olanzapine at SIRS 2026
  • Netflix (NFLX) confirms increase to $19.99/month for standard subscription in the U.S.
  • Nouveau Monde Graphite (NMG) has executed an updated binding long-form term sheet with the Government of Canada, represented by Public Services and Procurement Canada, setting out the principal commercial terms for the supply, storage and resale of graphite concentrate from the Company’s Phase-2 Matawinie Mine in Québec, Canada
  • NovoCure (NVCR) announces "positive" results from the Phase 2 PANOVA-4 trial of Tumor Treating Fields therapy concomitant with atezolizumab, gemcitabine and nab-paclitaxel as a first-line treatment for metastatic pancreatic ductal adenocarcinoma
  • Novo Nordisk A/S (NVO) releases Annual General Meeting resolutions including the re-election of Lars Rebien Sorensen as chair of the Board of Directors
  • NVIDIA (NVDA)-backed startup eyeing $25 bln valuation
  • Occidental Petro (OXY) CEO Vicki Hollub preparing to step down later this year, according to Reuters
  • Parsons (PSN) announces lead role as designer of I-64 Hampton Roads express lanes segment
  • PayPal (PYPL): FTC Chairman Andrew N. Ferguson issues warning letters to CEOs of PayPal, Stripe, Visa and Mastercard about debanking American consumers
  • Pony AI (PONY) partners with Uber and Verne to launch Europe robotaxi service
  • Pony.ai (PONY) targets 3,000 Robotaxis in Over 20 Cities in 2026; Expects dual engines to drive full-fledged growth
  • RADCOM (RDCM): Value Base sent letter to the Board requesting that the Company convene a special meeting
  • Raymond James (RJF) reports February operating data
  • RE/MAX Holdings (RMAX) discloses that subsidiary entered into a settlement agreement to resolve claims in class action lawsuit; agrees to pay settlement amount of $8.5 mln
  • Rigetti Computing (RGTI) intends to invest up to $100 mln in the UK to accelerate quantum computing development
  • Rio Tinto (RIO) announces the Diavik diamond mine has delivered its final day of production
  • SK Telecom (SKM) Board approves proposed share exchange pursuant to which all shares of SK Broadband will be exchanged for cash and become a wholly-owned subsidiary of the company
  • SoFi Technologies (SOFI) expands loan platform business with multiple new agreements totaling over $3.6 bln
  • Southland (SLND) receives notice to proceed on $118 mln of civil projects
  • Takeda Pharma (TAK) announces new slate of candidates for Board of Directors
  • The Trade Desk (TTD) names Reddit CFO Drew Vollero to its board of directors
  • TotalEnergies SE (TTE): EC clears the creation of a joint venture by Energeticky a prumyslovy holding (‘EPH') of Czechia and TotalEnergies SE of France
  • United Airlines (UAL) and the Association of Flight Attendants-CWA a new tentative agreement that if ratified will provide industry-leading wages, better scheduling and other improvements for United's 30,000 flight attendants
  • UnitedHealth (UNH): DoJ sues New York-Presbyterian over anticompetitive contract restrictions limiting affordable health plans
  • USA Rare Earth (USAR) commissions magnet production line, to begin shipments in Q2
  • Wave Life Sciences (WVE) Announces Positive Interim Phase 1 Data from INLIGHT: Further Improvements in Body Composition, with Clinically Meaningful Reductions in Visceral Fat and Waist Circumference, at Six Months Following Single Dose of WVE-007
  • Woodside Energy Group (WDS) assumes control of Beaumont New Ammonia operations

• Upgrades:
  • Airbnb (ABNB) upgraded to Hold from Sell at Truist, tgt $129
    
  • Arm (ARM) upgraded to Buy from Hold at Needham, tgt $200
    
  • Icon (ICLR) upgraded to Outperform from Market Perform at BMO Capital, tgt $130
    
  • Latam Airlines (LTM) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $60
    
  • Nucor (NUE) upgraded to Buy from Neutral at UBS, tgt $190
    
  • Somnigroup (SGI) upgraded to Buy from Hold at Jefferies, tgt $88
    
  • STMicroelectronics (STM) upgraded to Overweight from Equal Weight at Morgan Stanley
    
  • United Natural Foods (UNFI) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $56
    
  • Wabtec (WAB) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $285
• Downgrades:
  • Adma Biologics (ADMA) downgraded to Neutral from Overweight at Cantor Fitzgerald
    
  • AvalonBay (AVB) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $203
    
  • Braskem (BAK) downgraded to Underperform from Neutral at BofA Securities, tgt $2.80
    
  • Fiserv (FISV) downgraded to Market Perform from Outperform at Raymond James
    
  • Global Payments (GPN) downgraded to Market Perform from Outperform at Raymond James
    
  • Great Lakes Dredge (GLDD) downgraded to Underweight from Neutral at JPMorgan, tgt $17
    
  • Hub Group (HUBG) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $35
    
  • Mosaic (MOS) downgraded to Neutral from Buy at UBS, tgt $27
    
  • Noah Holdings (NOAH) downgraded to Neutral from Overweight at JPMorgan, tgt $12
    
  • Nutrien (NTR) downgraded to Sell from Neutral at UBS, tgt $67
    
  • Qualcomm (QCOM) downgraded to Market Perform from Outperform at Bernstein, tgt $140
    
  • Scotts Miracle-Gro (SMG) downgraded to Neutral from Overweight at JPMorgan, tgt $67
    
  • Shift4 Payments (FOUR) downgraded to Outperform from Strong Buy at Raymond James, tgt $67
    
  • Ternium (TX) downgraded to Sector Perform from Outperform at Scotiabank, tgt $40
    
  • TIC Solutions (TIC) downgraded to Underweight from Neutral at JPMorgan, tgt $7
    
  • Timken (TKR) downgraded to Underweight from Neutral at JPMorgan, tgt $100
• Others:
  • Abercrombie & Fitch (ANF) initiated with a Buy at Needham, tgt $108
    
  • Adobe (ADBE) assumed with Market Perform from Outperform at William Blair
    
  • American Eagle (AEO) initiated with a Hold at Needham
    
  • AppFolio (APPF) initiated with a Buy at Benchmark, tgt $222
    
  • Apple Hospitality REIT (APLE) initiated with a Neutral at Ladenburg, tgt $13
    
  • Bank of America (BAC) initiated with a Buy at Jefferies
    
  • Carter's (CRI) initiated with a Hold at Needham
    
  • Casey's General Stores (CASY) initiated with a Neutral at JPMorgan, tgt $719
    
  • Cava Group (CAVA) initiated with a Buy at Guggenheim, tgt $100
    
  • Citigroup (C) initiated with a Buy at Jefferies, tgt $135
    
  • Compass (COMP) initiated with a Buy at Benchmark, tgt $14
    
  • DiamondRock (DRH) initiated with a Buy at Ladenburg, tgt $12
    
  • eXp World (EXPI) initiated with a Buy at Benchmark, tgt $8
    
  • Equitable Holdings (EQH) re-initiated with an Outperform at Keefe Bruyette, tgt $53
    
  • Equity Residential (EQR) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $74
    
  • Exelon (EXC) initiated with a Buy at Citigroup, tgt $58
    
  • Frontdoor (FTDR) initiated with a Buy at Benchmark, tgt $80
    
  • Hesai (HSAI) initiated with an Outperform at BNP Paribas
    
  • Host Hotels (HST) initiated with a Buy at Ladenburg, tgt $23
    
  • HSBC (HSBC) reinstated with a Buy at Goldman
    
  • JPMorgan (JPM) initiated with a Hold at Jefferies, tgt $310
    
  • Murphy USA (MUSA) initiated with an Overweight at JPMorgan, tgt $539
    
  • Palisade Bio (PALI) initiated with a Buy at H.C. Wainwright, tgt $7
    
  • Park Hotels & Resorts (PK) initiated with a Buy at Ladenburg, tgt $16
    
  • Pebblebrook Hotel (PEB) initiated with a Neutral at Ladenburg, tgt $14
    
  • PNC Financial (PNC) initiated with a Buy at Jefferies, tgt $250
    
  • Pony AI (PONY) initiated with a Neutral at BNP Paribas, tgt $12.50
    
  • Real Brokerage (REAX) initiated with a Buy at Benchmark, tgt $5.50
    
  • RLJ Lodging Trust (RLJ) initiated with a Neutral at Ladenburg, tgt $8.50
    
  • Robinhood (HOOD) initiated with a Buy at Jefferies, tgt $88
    
  • Rush Street Interactive (RSI) initiated with an Overweight at Wells Fargo, tgt $26
    
  • Spotify (SPOT) initiated with an Outperform at Daiwa, tgt $535
    
  • Sunstone Hotel (SHO) initiated with a Neutral at Ladenburg, tgt $10
    
  • Truist Financial (TFC) initiated with an Underperform at Jefferies, tgt $35
    
  • Tyson Foods (TSN) initiated with an Outperform at Mizuho, tgt $72
    
  • U.S. Bancorp (USB) initiated with a Hold at Jefferies, tgt $55
    
  • Wells Fargo (WFC) initiated with a Buy at Jefferies, tgt $100
    
  • WeRide (WRD) initiated with an Outperform at BNP Paribas, tgt $11
    
  • Wolverine World Wide (WWW) initiated with a Buy at Needham, tgt $21

• Econ Data (Friday):
  • 10:00 ET: Final March University of Michigan Consumer Sentiment (Briefing.com consensus 55.5; prior 55.5)

• 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