After Hours Report

Stocks rallied today as leaders from both the U.S. and Iran signaled a willingness to end the ongoing conflict that has sent energy prices soaring and stocks lower over the past month.

In the final session of March, the S&P 500 (+2.9%), Nasdaq Composite (+3.8%), and DJIA (+2.5%) took back a considerable chunk of previous weakness, ultimately ending March with losses ranging from 4.8% to 5.5%. The month-to-date figure is notable given that the U.S. and Israel launched joint strikes against Iran on February 28, which was a Saturday, meaning the war in Iran has been at the forefront of the market's focus since the first opening bell of March.

Equity futures pointed to a higher opening this morning after The Wall Street Journal reported that President Trump told aides he is willing to end U.S. military operations against Iran even if the Strait of Hormuz remains closed, as reopening it could extend the conflict beyond the 4- to 6-week timeline.

Out of the gate, stocks climbed in broad fashion, with solid mega-cap leadership supporting growth at the index level, unlike yesterday's session. Gains across the major averages doubled shortly after midday following a CNBC report that Iranian state media said the country's president spoke by phone with the European Council. Iran is reportedly "prepared to end the war" with guarantees against further attacks, a call that has been confirmed by the European Council President.

In the wake of the reports, oil prices retreated modestly after a flattish morning, ultimately settling $1.77 lower (-1.7%) at $101.15 per barrel.

The energy sector (-1.1%) was a laggard as a result, while the utilities (-0.1%) and consumer staples (flat) sectors also went overlooked as the geopolitical optimism translated into a risk-on rally.

Tech and other growth-oriented sectors posted some of the strongest gains, with communication services (+4.4%) leading the sector leaderboard. Meta Platforms (META 572.13, +35.75, +6.67%) and Alphabet (GOOG 286.90, +13.76, +5.04%) extended their recent rebounds from last week's lows that followed news that the companies were found liable in a social media addiction trial.

The information technology sector (+4.2%) posted a similar gain as NVIDIA (NVDA 174.44, +9.28, +5.62%) and other semiconductor stocks rebounded nicely after a weak showing yesterday. The PHLX Semiconductor Index (+6.2%) reclaimed all of yesterday's losses and then some, and onsemi (ON 61.92, +6.26, +11.25%) was one of the best-performing S&P 500 components.

Other outperformers included airlines and cruise lines such as United Airlines (UAL 92.07, +6.86, +8.05%) and Carnival (CCL 25.88, +1.92, +8.01%) as oil prices stabilized today, while stocks tied to bitcoin and gold also mounted solid gains.

Outside of the S&P 500, the Russell 2000 (+3.4%) and S&P Mid Cap 400 (+2.8%) finished with gains similar to those across the major averages.

All told, today's session marked a meaningful uptick in sentiment as talks of a ceasefire in the war in Iran gained traction, with Tehran now signaling a willingness to end the conflict under certain conditions—a notable shift from just days ago, when it had rejected ceasefire proposals outright. The S&P 500 captured its widest single-day gain since last May, a much-needed relief rally after several weeks of downward momentum. However, the situation in Iran has proven to be delicate, and oil remains above the $100 per barrel mark, highlighting that a definitive end to the energy shock is not yet a certainty.

The major averages will enter the first session of the second quarter pinned below their respective 200-day moving averages, though today's rally moved them significantly closer to the key technical level.

U.S. Treasuries ended March on a higher note, continuing Friday's rebound off 2026 lows. The 2-year note yield settled down three basis points to 3.80% (+42 bps in March; +32 bps in Q1), and the 10-year note yield settled down three basis points to 4.31% (+35 bps in March; +14 bps in Q1).

• S&P Mid Cap 400: +2.2% YTD
• Russell 2000: +0.6% YTD 
• DJIA: -3.6% YTD
• S&P 500: -4.6% YTD
• Nasdaq Composite: -7.1% YTD

Reviewing today's data:

• January FHFA Housing Price Index 0.1% (Briefing.com consensus 0.0%); Prior was revised to 0.3% from 0.1%
• January S&P Case-Shiller Home Price Index 1.6% (Briefing.com consensus 1.3%); Prior was revised to 1.9% from 1.4%
• March Chicago PMI 52.8 (Briefing.com consensus 54.8); Prior 57.7
• March Consumer Confidence 91.8 (Briefing.com consensus 88.0); Prior was revised to 91.0 from 91.2
  • The key takeaway from the report is that the headline numbers don't convey any abject concern among consumers about the Iran war, yet that concern showed up in higher 12-month inflation expectations, which jumped to 6.2% from 5.5% in February, marking the highest level since August 2025.
• February JOLTs - Job Openings 6.882 mln (Briefing.com consensus 6.795 mln); Prior was revised to 7.240 mln from 6.946 mln

Overseas:

• Europe: DAX +0.3%, FTSE +0.5%, CAC +0.6%
• Asia: Nikkei -1.6%, Hang Seng +0.2%, Shanghai -0.8%

Commodities:

• Crude Oil -1.77 @ 101.15
• Nat Gas -0.01 @ 2.88
• Gold +122.50 @ 4679.50
• Silver +4.24 @ 74.87
• Copper +0.11 @ 5.61

After-Hours Spotlight:

• BRC Group Holdings, Inc. (RILY) Reports Fourth Quarter and Full Year 2025 Financial Results...RILY +2.7%
• Dave & Buster's (PLAY) reports Q4 (Jan) results, misses on revs...PLAY +6.7%
• nCino (NCNO) beats by $0.16, beats on revs; guides Q1 revs above consensus; guides FY27 revs above consensus; authorizes $100 mln accelerated share repurchase program...NCNO +17.5%
• NIKE (NKE) beats by $0.06, reports revs in-line; guides Q4 revenue below consensus...NKE -8.5%
• OpenAI closes $122 bln funding round at a post money valuation of $852 bln
• PVH (PVH) beats by $0.51, beats on revs; guides FY27 EPS in-line...PVH +1.6%
• RH (RH) misses by $0.67, misses on revs; guides Q1 revs below consensus; guides FY27 revs below consensus...RH -17.6%

Fair Value for Wednesday, April 1:

• S&P 500: 6,572
• Nasdaq 100: 23,923
• DJIA: 46,578

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

• Earnings/Guidance (Full Earnings Calendar):
  • AT&T (T) reiterates FY26 guidance
  • Constellation Energy (CEG) provides guidance in slide presentation; sees FY26 EPS in line
  • FactSet (FDS) beats by $0.07, beats on revs; raises FY26 EPS in-line, revs in-line
  • Hershey Foods (HSY) reaffirms FY26 guidance ahead of Investor Day today
  • Hershey Foods (HSY) releases Investor Day presentation; Strong visibility to consistently deliver Long-Term Algorithm (reaffirmed FY26 guidance before the open)
  • Inogen (INGN) reaffirms FY26 revenue guidance
  • McCormick (MKC) beats by $0.07, beats on revs; reaffirms FY26 EPS guidance, revs guidance
  • NervGen Pharma (NGEN) reports full year 2025 financial results and provides business updates
  • Phreesia (PHR) misses by $0.04, reports revs in-line; guides FY27 revs below consensus
  • Progress Software (PRGS) beats by $0.03, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY26 EPS above consensus, revs in-line
  • Snowflake (SNOW) reaffirms Q1/FY27 and FY27 guidance
  • SunPower (SPWR) filed to delay its 10-K; Expects significant changes
  • TD Synnex (SNX) beats by $1.42, beats on revs; guides Q2 EPS above consensus, revs above consensus
  • Vale S.A. (VALE) informs on estimates update including potential contribution of its subsidiary Vale Base Metals
  • Virgin Galactic (SPCE) announces fourth quarter and full year 2025 financial results and provides business update
• General News
  • President Trump told advisors he is willing to end Iran war even if Strait of Hormuz remains largely closed. WSJ
  • President Trump says "All of those countries that can’t get jet fuel because of the Strait of Hormuz, like the United Kingdom, which refused to get involved in the decapitation of Iran, I have a suggestion for you: Number 1, buy from the U.S., we have plenty, and Number 2, build up some delayed courage, go to the Strait, and just take it." Truth Social
  • Iran's leadership is struggling to coordinate. NY Times
  • Bloomberg reporter says "The Pakistani and Chinese foreign affairs ministers have met today in Beijing, according to Chinese state media. The meeting comes as rumors abound that Beijing could play a role as "guarantor" of any US-Iran deal."
  • Foreign central banks cut Treasury holdings since Iran war. FT
  • U.S. average gas prices reach $4.00 per gallon, highest since 2022, AAA says
  • Pentagon Secretary Pete Hegseth's broker attempted to make a large investment in defense companies ahead of Iran war. FT
  • Dubai Media Office says "Authorities in Dubai confirm their response to an incident involving a drone affecting a Kuwaiti oil tanker in Dubai waters (Anchorage “E”), with no injuries reported"
  • Eurozone's flash March CPI 1.2% m/m (last 0.6%); 2.5% yr/yr (expected 2.6%; last 1.9%). March Core CPI 0.8% m/m (last 0.8%); 2.3% yr/yr (expected 2.4%; last 2.4%)
  • President Trump eyes forcing Congressional special session to end DHS funding lapse, according to NYPost
  • Strait of Hormuz traffic edges higher as Iran allows limited friendly ship transits, according to Bloomberg
  • White House position remains the same; U.S. says diplomatic negotiations are ongoing, but also preserving military options; Iran Foreign Minister says he is receiving direct messages from U.S. Special Envoy Steve Witkoff, but Iran says that this doesn't court as "talks" or "negotiations" - CNBC
  • Virtus Minerals to acquire Chemaf, according to WSJ
  • USS George H.W. Bush deploying to the Middle East, according to WSJ
  • American Express (AXP) named the official payments partner of the National Football League
  • Amgen (AMGN): FDA identifies cases of serious liver injury in patients taking Tavneos (avacopan) for severe active anti-neutrophil cytoplasmic autoantibody-associated Vasculitis
  • Apple (AAPL) tests multi-request Siri feature ahead of iOS 27 rollout, according to Bloomberg
  • AstraZeneca (AZN) unit Alexion reports mixed Phase III results for efzimfotase alfa in rare bone disorder
  • AT&T (T) launches OneConnect, the first-ever single subscription for unlimited connectivity
  • BlackBerry (BB) announced the renewal and expansion of its long-standing secure communications partnership with the Government of Canada
  • Boeing (BA) will highlight its portfolio of commercial airplanes and services at FIDAE, Chile, April 7-12
  • Centerra Gold (CGAU) announces that COO David Hendricks will be leaving the company
  • Cisco (CSCO) source code was stolen in a breach, according to Bleeping Computer
  • DocuSign (DOCU) announces a new integration with Slack, which brings its Intelligent Agreement Management platform directly into Slackbot
  • Ericsson's (ERIC) Annual General Meeting 2026
  • eXp World Holdings' (EXPI) nationwide class action lawsuit settlement granted final approval
  • Ford Motor (F): NTSB blames driver overreliance on Ford BlueCruise in two fatal crashes, calls for stricter safety standards
  • Mercedes-Benz Group AG (MBGYY) unveils new GLE, GLS as Alabama plant hits 5 mln SUVs; plans $7 bln U.S. investment, Tuscaloosa plant will receive $4 bln
  • Microsoft (MSFT) deepens Thailand partnership with more than $1 billion Investment, spanning technology, trust, and talent
  • Natera (NTRA) study suggests Signatera may help some breast cancer patients avoid surgery
  • Nebius Group N.V. (NBIS) to build 310 MW AI data center in Finland, expands capacity pipeline
  • Nokia (NOK) has been selected by Virgin Media O2 for a major new multi-year 5G Radio Access Network deployment and modernization program across the UK
  • Novo Nordisk A/S (NVO) confirms a new multi-month subscription program for Wegovy that provides eligible self-pay patients who enroll in the program through select telehealth providers a lower, predictable monthly price
  • Pfizer (PFE) to close South San Francisco research site, according to SF Chronicle
  • Sanofi (SNY) receives EU approval for Rezurock in chronic graft-versus-host disease
  • Sealed Air (SEE): Banks weigh tweaks to $7.2 bln Sealed Air buyout debt to lure investors, according to Bloomberg
  • Spotify (SPOT) introduces new ad formats and tools
  • Teladoc (TDOC): Pineal Capital Management issues open letter to the Board of Teladoc Health, Inc.
  • Versigent (VGNT) will replace Titan International (TWI) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, April 2
  • WW (WW) confirms that eligible Weight Watchers Med+ members will have access to subscription pricing for Wegovy that significantly reduces out-of-pocket costs and is a result of expanded collaboration between Weight Watchers and Novo Nordisk (NVO)

• Upgrades:
  • 10x Genomics (TXG) upgraded to Outperform from Market Perform at William Blair
  • Beiersdorf (BDRFY) upgraded to Neutral from Sell at UBS
  • Croda (COIHY) upgraded to Hold from Reduce at Kepler Cheuvreux
  • Diageo (DEO) upgraded to Buy from Hold at Deutsche Bank
  • Enagas (ENGGY) upgraded to Equal Weight from Underweight at Morgan Stanley
  • Highwoods (HIW) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $23
  • Perimeter Solutions (PRM) upgraded to Buy from Neutral at UBS, tgt $30
  • Shake Shack (SHAK) upgraded to Neutral from Underperform at BofA Securities, tgt $101
  • Universal Music Group (UMGNF) upgraded to Buy from Neutral at Guggenheim
  • Western Digital (WDC) upgraded to Outperform from Market Perform at Bernstein, tgt $340
• Downgrades:
  • BASF (BASFY) downgraded to Hold from Buy at Kepler Cheuvreux
  • Colgate-Palmolive (CL) downgraded to Hold from Buy at TD Cowen, tgt $85
  • Lincoln Electric (LECO) downgraded to Hold from Buy at Jefferies, tgt $280
  • Phreesia (PHR) downgraded to Neutral from Overweight at JPMorgan, tgt $16
  • Phreesia (PHR) downgraded to Neutral from Buy at Citigroup, tgt $10
  • Phreesia (PHR) downgraded to Hold from Buy at Truist, tgt $11
  • Phreesia (PHR) downgraded to Neutral from Outperform at Robert W. Baird, tgt $10
  • Rockwell Automation (ROK) downgraded to Hold from Buy at Jefferies, tgt $380
  • Vertiv (VRT) downgraded to Hold from Buy at Jefferies, tgt $260
• Others:
  • American Tower (AMT) initiated with a Buy at Truist, tgt $205
  • Amphenol (APH) assumed with Buy from Hold at Jefferies, tgt $145
  • Arista Networks (ANET) initiated with a Buy at Truist, tgt $161
  • Block (XYZ) initiated with a Buy at Loop Capital, tgt $75
  • Bridger Aerospace (BAER) initiated with a Buy at Stifel, tgt $3.35
  • Cantor Equity Partners II (CEPT) initiated with a Buy at Benchmark, tgt $16
  • Cisco (CSCO) initiated with a Buy at Truist, tgt $94
  • Corning (GLW) initiated with a Hold at Truist, tgt $125
  • Crown Castle (CCI) initiated with a Hold at Truist, tgt $90
  • Dell Technologies (DELL) initiated with a Hold at Truist, tgt $170
  • Digital Realty (DLR) assumed with a Buy at Truist, tgt $207
  • DigitalBridge (DBRG) assumed with a Hold at Truist, tgt $16
  • DocuSign (DOCU) reinstated with an Underperform at BofA Securities, tgt $52
  • Emerson (EMR) assumed with Buy from Hold at Jefferies, tgt $175
  • Envoy Medical (COCH) initiated with a Buy at H.C. Wainwright, tgt $2.50
  • Equity LifeStyle (ELS) initiated with an Outperform at Mizuho, tgt $72
  • Fiserv (FISV) initiated with a Hold at Loop Capital, tgt $62
  • GE Aerospace (GE) initiated with a Neutral at Daiwa, tgt $301
  • Global-e Online (GLBE) reinstated with a Buy at BofA Securities, tgt $43
  • HeartBeam (BEAT) initiated with a Buy at B. Riley, tgt $4
  • HPE (HPE) initiated with a Buy at Truist, tgt $31
  • HubSpot (HUBS) reinstated with a Buy at BofA Securities, tgt $300
  • Ingram Micro (INGM) initiated with a Hold at Truist, tgt $25
  • Jack Henry (JKHY) initiated with a Buy at Loop Capital, tgt $197
  • Keysight Technologies (KEYS) initiated with a Hold at Truist, tgt $310
  • Mastercard (MA) initiated with a Buy at Loop Capital, tgt $631
  • MiniMed (MMED) initiated with a Buy at Goldman, tgt $24
  • MiniMed (MMED) initiated with an Outperform at William Blair
  • MiniMed (MMED) initiated with an Overweight at Wells Fargo, tgt $26
  • MiniMed (MMED) initiated with an Outperform at Evercore ISI, tgt $20
  • MiniMed (MMED) initiated with a Buy at Citigroup, tgt $23
  • MiniMed (MMED) initiated with an Overweight at Morgan Stanley, tgt $19
  • MiniMed (MMED) initiated with an Outperform at Mizuho, tgt $21
  • MiniMed (MMED) initiated with a Neutral at Piper Sandler, tgt $16
  • MiniMed (MMED) initiated with a Buy at BofA Securities, tgt $27
  • Motorola Solutions (MSI) initiated with a Buy at Truist, tgt $540
  • NexMetals Mining (NEXM) initiated with an Outperform at Raymond James
  • NiSource (NI) initiated with an Overweight at KeyBanc, tgt $52
  • Paccar (PCAR) reinstated with a Neutral at BNP Paribas, tgt $126
  • Passage Bio (PASG) initiated with an Outperform at Oppenheimer, tgt $30
  • PayPal (PYPL) initiated with a Hold at Loop Capital, tgt $46
  • Regeneron (REGN) assumed with an Overweight at Piper Sandler, tgt $875
  • SBA Communications (SBAC) initiated with a Hold at Truist, tgt $193
  • Sun Communities (SUI) initiated with an Outperform at Mizuho, tgt $143
  • Terex (TEX) resumed with an Overweight at Barclays, tgt $65
  • Toast (TOST) initiated with a Hold at Loop Capital, tgt $26
  • Veralto (VLTO) assumed with Buy from Hold at Jefferies, tgt $110
  • Versant (VSNT) initiated with a Buy at Seaport Research, tgt $45
  • Visa (V) initiated with a Buy at Loop Capital, tgt $387

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -10.5%)
  • 8:15 ET: March ADP Employment Change (Briefing.com consensus 42,000; prior 63,000)
  • 8:30 ET: February Retail Sales (Briefing.com consensus 0.5%; prior -0.2%) and Retail Sales ex-auto (Briefing.com consensus 0.3%; prior 0.0%) · 9:45 ET: Final March S&P Global U.S. Manufacturing PMI (prior 52.4)
  • 10:00 ET: March ISM Manufacturing (Briefing.com consensus 52.3%; prior 52.4%)
  • 10:30 ET: Weekly crude oil inventories (prior +6.93 mln)

• Earnings:
  • Monday (March 30)
    • Pre-Market: FRMI
    • After-Hours: PHR
      
    Tuesday (March 31)
    • Pre-Market: FDS, MKC, SNX
    • After-Hours: PLAY, NCNO, NKE, PVH, RH
      
  • Wednesday (April 1)
    • Pre-Market: CALM, CAG, LW, MSM, UNF
      
    • After-Hours: PENG
  • Thursday (April 2)
    • Pre-Market: AYI, LNN
    • After-Hours: None
  • Friday (April 3)
    • Market closed for Holiday