After Hours Report

The S&P 500 (-0.9%), Nasdaq Composite (-1.0%), and DJIA (-0.8%) finished lower across the board today as investors reacted to another day of higher energy prices amid the conflict in Iran. 

The major indices each traded with losses around 2.5% in the late morning hours, with broad losses and a clear risk-off disposition underscoring the market's fears that a prolonged rise in energy prices could impact inflation readings and affect the Fed's expected monetary policy path. 

Early breadth figures were abysmal, with a nearly 8% surge in oil prices putting broad pressure on the market. 

The early retreat was in some respects a technical move, as the market was well aware of those concerns yesterday but brushed them off to log a mixed finish. 

While the conflict in Iran does not have a clear end in sight as strikes continue, the market found some buying support in the midday hours that helped the major averages finish well above their session lows. 

Following earlier reports that tanker traffic through the Strait of Hormuz had slowed to a standstill, Donald Trump said in the afternoon via Truth Social that the U.S. Development Finance Corporation has been directed to provide insurance to carriers operating in the Persian Gulf after private insurers pulled coverage due to the conflict with Iran. He also indicated that the U.S. Navy could begin escorting tankers through the strait if necessary.

Ultimately oil gave back a chunk of its early gains, with crude oil futures settling today's session $3.35 higher (+4.7%) at $74.58 per barrel. 

All eleven S&P 500 sectors charted lower finishes, though nearly all of them improved considerably from their worst levels. 

The financials sector (-0.2%) came the closest to notching a gain today, with improvements across major banking names helping the sector shed an early loss of nearly 2%. Software-related names such as Jack Henry (JKHY 168.75, +4.55, +2.77%) and PayPal (PYPL 46.38, +0.75, +1.64%) were among the outperformers as the software space mounted another solid rebound effort today. 

The iShares GS Software ETF finished 1.6% higher, helping ease losses in the information technology sector (-1.1%). Workday (WDAY 143.61, +9.60, +7.16%) was the top-performing S&P 500 name today, while Microsoft (MSFT 403.93, +5.38, +1.35%) was a mega-cap standout. 

The sector remained firmly lower throughout the session following a disappointing performance from chipmakers, with the PHLX Semiconductor Index finishing 4.6% lower. 

Elsewhere, the communication services sector (-0.3%) was another relative outperformer today, supported by strength across cellular service names after AT&T (T 28.68, +0.67, +2.39%) reaffirmed its guidance. 

Meanwhile, the materials sector (-2.7%) closed with the widest loss amid a sharp pullback in precious metal prices. 

Target (TGT 120.80, +7.63, +6.74%) and Best Buy (BBY 65.95, +4.36, +7.08%) posted solid gains following their earnings reports, though corporate news flow was largely overshadowed by geopolitical developments and broader market swings today. 

Outside of the S&P 500, the Russell 2000 (-1.8%) and S&P Mid Cap 400 (-1.4%) underperformed today, facing pressure amid diminishing expectations for Fed easing this year. 

While the major averages finished lower, the sharp rebound from late-morning lows suggests that investors are not yet prepared to extrapolate the energy shock into a sustained downturn. For now, price action continues to hinge on developments in oil and the trajectory of the conflict.

U.S. Treasuries ended Tuesday with slight losses in most tenors after a steady rise off their morning lows. The trading day started with an extension of Monday's losses, which lifted yields to their highest levels in nearly three weeks alongside overnight weakness in global equities and other sovereign debt. However, the entire complex climbed off morning lows alongside a weak open on Wall Street. The 2-year note yield settled up one basis point to 3.50%, and the 10-year note yield settled up one basis point to 4.06%. 

There was no economic data of note today.

• S&P Mid Cap 400: +7.5% YTD
• Russell 2000: +5.1% YTD
• DJIA: +0.9% YTD
• S&P 500: -0.4% YTD
• Nasdaq Composite: -3.1% YTD

Overseas:

• Europe: DAX -3.6%, FTSE -2.8%, CAC -3.5%
• Asia: Nikkei -3.1%, Hang Seng -1.1%, Shanghai -1.4%

Commodities:

• Crude Oil +3.35 @ 74.58
• Nat Gas +0.10 @ 3.06
• Gold -187.70 @ 5123.30
• Silver -5.33 @ 83.54
• Copper -0.13 @ 5.82

After-Hours Spotlight:

• B&G Foods (BGS) misses by $0.02, reports revs in-line; guides FY26 EPS above consensus, revs below two analyst estimate...BGS +5.4%
• Box (BOX) beats by $0.15, reports revs in-line; guides Q1 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs above consensus...BOX +4.5%
• CrowdStrike (CRWD) beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY27 EPS in-line, revs in-line...CRWD -0.2%
• GitLab (GTLB) beats by $0.07, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY27 EPS below consensus, revs below consensus...GTLB -4.5%
• Latham Group (SWIM) beats by $0.03, beats on revs; Issues upside FY26 revenue guidance, completes acquisition of Freedom Pools...SWIM +21.4%
• Moderna (MRNA) resolves global patent litigation with Arbutus (ABUS) and Genevant Sciencies; expects revenue to return to growth in 2026...MRNA +10.4%
• Ross Stores (ROST) beats by $0.10, beats on revs; comp sales +9%; guides Q1 EPS in-line; guides FY27 EPS in-line; authorizes new buyback program and increases dividend...ROST +6.1%
• STAAR Surgical (STAA) reports Q4 (Dec) results, misses on revs; Announces the appointment of Warren Foust and Deborah Andrews as interim co-Chief Executive Officers...STAA -9.1%
• WEBTOON Entertainment (WBTN) beats by $0.15, misses on revs; guides Q1 revs below consensus...WBTN -11.6%

Fair Value for Wednesday, March 4:

• S&P 500: 6,825
• Nasdaq 100: 24,755
• DJIA: 48,555

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

• Earnings/Guidance (Full Earnings Calendar):
  • Ameresco (AMRC) beats by $0.06, beats on revs; guides FY26 EPS in-line, revs in-line
  • Archer Aviation (ACHR) misses by $0.02, beats on revs
  • Asana (ASAN) beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line; guides FY27 EPS in-line, revs in-line
  • AST SpaceMobile (ASTS) misses by $0.09, beats on revs
  • AT&T (T) reaffirms all FY26 guidance, including EPS, and reaffirms multi-year financial guidance and capital return plans
  • AutoZone (AZO) beats by $0.48, reports revs in-line
  • Best Buy (BBY) beats by $0.15, reports revs in-line; guides FY27 EPS in-line, revs below consensus; raises div
  • BigBear.ai (BBAI) reports Q4 (Dec) results, misses on revs; guides FY26 revs below consensus
  • BW LPG Ltd (BWLP) reports Q4 results
  • Core Scientific (CORZ) beats by $0.58, misses on revs
  • Credo Technology Group (CRDO) beats by $0.16, reports revs in-line; guides Q4 revs in-line
  • Dave, Inc. (DAVE) beats by $1.26, beats on revs; guides FY26 revs above consensus; increases share repurchase authorization to $300 mln
  • EVgo Inc. (EVGO) beats by $0.07, beats on revs; guides FY26 revs below consensus
  • Gloo Holdings (GLOO) guides Q4 revs above consensus, Q1 revs above consensus, and FY27 revs above consensus
  • Harrow (HROW) misses by $0.20, misses slightly on revs; guides FY26 revenue below consensus
  • Helios Technologies (HLIO) beats by $0.09, beats on revs; guides Q1 EPS above two analyst estimate, revs above estimate; guides FY26 EPS in-line, revs in-line
  • Ingram Micro Holding Corp. (INGM) beats by $0.06, beats on revs; guides Q1 EPS in-line, revs in-line
  • Kontoor Brands (KTB) beats by $0.09, beats on revs; guides FY26 EPS above consensus, revs in-line
  • LendingTree (TREE) misses by $0.87, beats on revs; guides Q1 revs above consensus; guides FY26 revs above consensus
  • Life360 (LIF) reports Q4 (Dec) results, beats on revs; guides FY26 revs in-line
  • Limbach (LMB) beats by $0.16, misses on revs; guides FY26 revs in-line
  • Marex Group plc (MRX) beats by $0.12, beats on revs
  • MongoDB (MDB) beats by $0.17, beats on revs; guides Q1 EPS below consensus; guides FY27 EPS above consensus
  • On (ONON) beats by CHF0.05, beats on revs
  • Plug Power (PLUG) misses by $0.53; new CEO assumes role effective today
  • Riot Platforms (RIOT) reports full year 2025 financial results; data center lease with AMD (AMD) now operational
  • Scholar Rock (SRRK) beats by $0.01, reports no revenue
  • Sea Limited (SE) misses by $0.15, beats on revs
  • Sportradar Group AG (SRAD) misses by €0.09, reports revs in-line; Issues 2026 guidance
  • Sturm Ruger (RGR) beats single est by $0.01, beats single est on revs
  • Surgery Partners (SGRY) misses by $0.18, beats on revs; guides FY26 revs below consensus
  • Target (TGT) beats by $0.28, reports revs in-line; guides Q1 EPS below consensus; guides FY27 EPS in-line, revs above consensus
  • Thor Industries (THO) beats by $0.30, beats on revs; guides FY26 EPS in-line, revs below consensus
  • Tidewater (TDW) reports Q4 results, beats on revs; guides FY26 revs above consensus
  • Viking Holdings Ltd (VIK) beats by $0.13, beats on revs
• General News
  • Iranian drones hit the U.S. Embassy in Riyadh, Saudi Arabia, according to NBC News
  • Secretary of State Marco Rubio at press conference says Energy Department will be rolling out a "program" to mitigate rise in energy prices from attacks on Iran; says hardest hits on Iran are yet to come; says U.S. not postured for ground troops in Iran, but President Trump will never rule out anything
  • President Trump says "Iran's air defense, Air Force, Navy, and leadership is gone. They want to talk. I said “Too Late!”
  • U.S. and Chinese trade representatives will meet in mid-March, according to Bloomberg
  • U.S. Treasury yields rise as energy price spikes result in more inflation fears, according to Bloomberg
  • The Senate passes a procedural vote for a housing affordability bill, which includes a ban on some institutional investors acquiring single-family homes. Final passage is expected in the coming days, according to Politico
  • German Chancellor Friedrich Merz will meet with President Trump today at 11:15 ET, according to NY Times
  • Tanker traffic in the Strait of Hormuz has dropped to zero, according to Maritime Executive
  • UAE considering striking Iranian missile sites; Israeli officials believe Saudi Arabia might also take military action to retaliate against Iran, according to Axios
  • President Trump to review oil tanker insurance backstop as Middle East conflict disrupts Strait of Hormuz shipments, according to Reuters
  • Pentagon continues using Claude AI in Iran conflict despite Anthropic ban and Presidnet Trump phase-out order, according to CBS News
  • The Trump administration is considering providing military support to oil and gas tankers traveling through the Strait of Hormuz, according to Politico
  • President Trump considering supporting armed groups to dislodge the Iranian regime, according to WSJ
  • Senate Democrats pushing for meat industry breakup, according to WSJ
  • ACADIA Pharmaceuticals (ACAD) announces that the Committee for Medicinal Products for Human Use of the European Medicines Agency informed the company it has formally adopted a negative opinion regarding the Marketing Authorization Application for trofinetide for the treatment of Rett syndrome in patients two years of age and older
  • AeroVironment (AVAV) issues statement regarding active negotiations for contract amendment to support U.S. Space Force’s SCAR Program
  • Akamai Tech (AKAM) to deploy thousands of NVIDIA (NVDA) Blackwell GPUs to create one of the world’s most widely distributed AI platforms
  • Alphabet (GOOG) is introducing Gemini 3.1 Flash-Lite
  • Amazon (AMZN) provides update on data centers in UAE after Iranian drone strike
  • Amazon (AMZN) data center unit aiming to acquire George Washington University's Virginia campus, according to Reuters
  • Amdocs (DOX) announces that Vodafone (VOD) Germany has extended its collaboration with Amdocs to continue its transformation journey, supporting the German service provider's broader strategy to enhance the customer experience and introduce autonomous operations
  • American Express (AXP) increases quarterly dividend 16% to $0.95/share from $0.82/share
  • Asana (ASAN) will promote Aziz Megji to the role of Chief Financial Officer, effective March 24, 2026
  • AtaiBeckley (ATAI) announces a successful End-of-Phase 2 meeting with the U.S. Food and Drug Administration regarding the development of BPL-003, the Company’s proprietary intranasal formulation of mebufotenin benzoate, for treatment-resistant depression
  • Blackstone (BX) private credit fund had $1.7 bln in net outflows in Q1, according to FT
  • Canadian Pacific Kansas City Ltd. (CP) has broken its February monthly record for transporting Canadian grain and grain products, moving 2.232 million metric tonnes in February 2026
  • CME Group (CME) reports that average daily volume (ADV) reached a new monthly record of 37.6 mln contracts in February, an increase of 14% yr/yr
  • Comstock (LODE) and Comstock Metals LLC announce that significant portions of the industry-scale facility precision equipment, manufactured on proprietary specifications, has arrived at our Silver Springs, Nevada location for installation, testing and ultimate integration of the 100,000 ton per year solar panel recycling production line
  • CrossAmerica Partners (CAPL) announces the appointment of Maura Topper, CFO of CrossAmerica GP LLC, the general partner of CrossAmerica, as the President and CEO of the General Partner
  • Entravision (EVC) has acquired Playback Reward’s core technology, platform, and product IP assets
  • General Motors (GM) and Ford (F) have risks if they don't catch up to Chinese automakers, according to NY Times
  • Graco (GGG) names Sanjiv Gupta as CFO and Treasurer, effective April 15; CFO David Lowe to retire
  • Harrow (HROW) announces that the U.S. Food and Drug Administration has cleared an Investigational New Drug application to support a planned Phase 3 clinical trial evaluating TRIESENCE 40 mg/mL for the treatment of ocular inflammation and pain following cataract surgery
  • HCI Group (HCI) authorizes a program to repurchase up to $80 mln of the company’s common shares, subject to market conditions
  • Honda Motor American (HMC) unit reports total sales up +1.1% yr/yr to 108,162 units
  • Humana (HUM) introduces new value-based cardiology care partnerships for medicare advantage members
  • Ingram Micro (INGM) authorizes $100 mln share repurchase authorization
  • Intellia Therapeutics (NTLA) presents longer-term clinical data for lonvoguran ziclumeran (lonvo-z); hereditary angioedema (hae) patient-focused research at AAAAI 2026
  • Keysight (KEYS) collaborated with Qualcomm Technologies (QCOM) to accelerate high-precision Radio Frequency digital twins for massive multiple-input multiple-output development in 5G-Advanced and emerging 6G networks
  • Meta Platforms (META) aiming to create applied AI engineering organization, according to WSJ
  • Philips (PHG)-led SHERPA consortium launches seven AI clinical studies
  • Pinterest (PINS) announces $1 billion strategic investment from Elliott and $2 billion of near-term share repurchases
  • Plug Power (PLUG) welcomes Jose Luis Crespo as Chief Executive Officer
  • Jack in the Box (JACK) Shareholders Re-Elect All 10 of its Board of Director Nominees and Approve Each of the Company’s Proposals
  • Microsoft (MSFT): OpenAI releases an update to ChatGPT’s most-used model that makes everyday conversations more consistently helpful and fluid
  • NVIDIA (NVDA): U.S. considers limiting H200 sales to 75,000 per Chinese customer, according to Bloomberg
  • Paramount Skydance (PSKY): Fitch downgrades Paramount to 'BB+'; ratings on neg. watch after acquisition announcement
  • Principal Fincl (PFG) to acquire Alabama-based dental network DentaNet; financial terms not disclosed
  • Proficient Auto Logistics (PAL) announces inaugural $15 mln share repurchase authorization; also provides Q1 update
  • Reservoir Media (RSVR) has received non-binding indication of interest from Irenic Capital Management
  • Roivant Sciences (ROIV): Priovant Therapeutics announces that the U.S. Food and Drug Administration has accepted its New Drug Application for brepocitinib for the treatment of dermatomyositis and has granted the application Priority Review
  • Roku (ROKU) announces the launch of Apple TV on The Roku Channel in the U.S.
  • S&P Global (SPGI) has launched first-of-kind daily Power Purchase Agreement price assessments for North American renewable power markets and an accompanying monthly S&P Global Energy North American PPA Report
  • SoFi Technologies (SOFI) announces an enhanced partnership with Mastercard (MA) to enable SoFiUSD as a settlement option across Mastercard’s global payments network
  • The Cigna Group (CI) announces that Brian Evanko, current president and chief operating officer, will succeed David M. Cordani as CEO; Also reaffirms FY26 EPS guidance
  • VEON (VEON) announces the expansion of its partnership with MeetKai to explore launching sovereign, locally-deployed AI infrastructure and in-country AI capabilities across VEON markets, with the intent to expand into further strategic partners over time
  • Verizon (VZ) recently considered pulling back NFL sponsorship deal, according to WSJ
  • Voyager Technologies (VOYG): Starlab Space LLC announces a payload reservation agreement with United Semiconductors LLC to support the transition of its space-based semiconductor crystal growth technology from demonstration aboard the International Space Station to sustained commercial-scale production in low Earth orbit
  • Waste Mgmt (WM) increases quarterly cash dividend to $0.945/share from $0.825/share
  • Wyndham Hotels & Resorts (WH) appoints Amit Sripathi Chief Financial Officer; reaffirms FY26 EPS guidance

• Upgrades:
  • 1stDibs (DIBS) upgraded to Outperform from Market Perform at Northland, tgt $7
    
  • Block (XYZ) upgraded to Buy from Hold at HSBC, tgt $77
    
  • Novo Nordisk (NVO) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $40
    
  • Palo Alto Networks (PANW) upgraded to Buy from Sell at Arete, tgt $185
    
  • Unity (U) upgraded to Neutral from Underperform at BofA Securities, tgt $19
• Downgrades:
  • Bank of Nova Scotia (BNS) downgraded to Hold from Buy at TD Securities
    
  • BlackRock TCP Capital (TCPC) downgraded to Underperform from Market Perform at Keefe Bruyette, tgt $3.50
    
  • Grupo Televisa (TV) downgraded to Neutral from Overweight at JPMorgan
    
  • MongoDB (MDB) downgraded to Neutral from Outperform at Robert W. Baird, tgt $260
    
  • Mosaic (MOS) downgraded to Equal Weight from Overweight at Barclays, tgt $31
    
  • Sabre (SABR) downgraded to Market Perform from Outperform at Bernstein, tgt $1.50
    
  • Select Medical (SEM) downgraded to Sector Perform from Outperform at RBC Capital, tgt $16.50
    
  • uniQure (QURE) downgraded to Neutral from Outperform at Mizuho, tgt $12
    
  • uniQure (QURE) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $15
• Others:
  • Agomab (AGMB) initiated with an Outperform at Leerink Partners, tgt $36
    
  • Agomab (AGMB) initiated with an Overweight at JPMorgan, tgt $32
    
  • Agomab (AGMB) initiated with an Overweight at Morgan Stanley, tgt $28
    
  • Amylyx (AMLX) initiated with a Buy at Stifel, tgt $21
    
  • Carpenter Technology (CRS) initiated with a Positive at Susquehanna, tgt $470
    
  • Check Point (CHKP) initiated with an Equal Weight at Wells Fargo, tgt $165
    
  • CrowdStrike (CRWD) initiated with an Overweight at Wells Fargo, tgt $450
    
  • Fortinet (FTNT) initiated with an Underweight at Wells Fargo, tgt $64
    
  • Gen Digital (GEN) initiated with an Equal Weight at Wells Fargo, tgt $22
    
  • Healthcare Services (HCSG) initiated with a Sector Perform at RBC Capital, tgt $22
    
  • iBio (IBIO) initiated with a Buy at Jones Trading, tgt $7
    
  • IQVIA (IQV) initiated with an Outperform at RBC Capital, tgt $221
    
  • Medpace (MEDP) initiated with an Outperform at RBC Capital, tgt $522
    
  • Netskope (NTSK) initiated with an Overweight at Wells Fargo, tgt $13
    
  • Okta (OKTA) initiated with an Equal Weight at Wells Fargo, tgt $76
    
  • Once Upon a Farm (OFRM) initiated with a Buy at BofA Securities, tgt $26
    
  • Once Upon a Farm (OFRM) initiated with an Equal Weight at Barclays, tgt $25
    
  • Once Upon a Farm (OFRM) initiated with an Outperform at William Blair
    
  • Once Upon a Farm (OFRM) initiated with a Hold at TD Cowen, tgt $26
    
  • Once Upon a Farm (OFRM) initiated with an Overweight at JPMorgan, tgt $29
    
  • Once Upon a Farm (OFRM) initiated with a Hold at Deutsche Bank, tgt $25
    
  • Once Upon a Farm (OFRM) initiated with a Buy at Goldman, tgt $43
    
  • Once Upon a Farm (OFRM) initiated with an In Line at Evercore ISI, tgt $26
    
  • Ormat Technologies (ORA) initiated with an Outperform at RBC Capital, tgt $130
    
  • SailPoint (SAIL) initiated with an Overweight at Wells Fargo, tgt $17
    
  • SentinelOne (S) initiated with an Equal Weight at Wells Fargo, tgt $13
    
  • SpyGlass Pharma (SGP) initiated with an Outperform at Leerink Partners, tgt $42
    
  • SpyGlass Pharma (SGP) initiated with a Buy at Jefferies, tgt $62
    
  • SpyGlass Pharma (SGP) initiated with a Buy at Citigroup, tgt $42
    
  • SpyGlass Pharma (SGP) initiated with a Buy at Stifel, tgt $42
    
  • Tenable (TENB) initiated with an Equal Weight at Wells Fargo, tgt $19
    
  • Varonis (VRNS) initiated with an Overweight at Wells Fargo, tgt $28
    
  • Zscaler (ZS) initiated with an Overweight at Wells Fargo, tgt $200

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior 0.4%)
  • 8:15 ET: February ADP Employment Change (Briefing.com consensus 42,000; prior 22,000)
  • 9:45 ET: Final February S&P Global U.S. Services PMI (prior 52.3)
  • 10:00 ET: February ISM Non-Manufacturing Index (Briefing.com consensus 53.9%; prior 53.8%)
  • 10:30 ET: Weekly crude oil inventories (prior +15.989 mln)

• Earnings:
  • Monday (March 2)
    • Pre-Market: AAON ADT ASTH CRC DAVE NCLH RDNT SEE SATS TPB UNIT VG
    • After-Hours: AES AMRC ACHR ASAN ASTS BBAI CORZ CRDO HLIO INGM TREE LMB LIF MDB PLUG RIOT RGR SGRY ZYME
      
    Tuesday (March 3)
    • Pre-Market: AZO BBY EVGO KTB MRX ONON SRRK SE SRAD TGT THO VIK
    • After-Hours: BGS BOX CRWD GTLB ROST STAA WBTN
  • Wednesday (March 4)
    • Pre-Market: ANF BBWI BF.B DY GENI JBI EYE STVN WIX
      
    • After-Hours: AEO BLLN AVGO CBRL GO OKTA RGTI STUB VEEV BULL
  • Thursday (March 5)
    • Pre-Market: ATHM BJ BILI BURL CNQ CIEN GSL JD KR LQDA OLPX SSYS VSCO WLY
    • After-Hours: COO COST GAP GDYN GWRE MRVL MEOH OMDA PTRN IOT SWBI SOBO
  • Friday (March 6)
    • Pre-Market: AQN EMBJ
    • After-Hours: None