After Hours Report

Updated: 14-Apr-26 17:12 ET

Broadcom extends partnership with Meta; NIKE runs higher on insider purchases

The stock market continued its strong start to the week as a sharp retreat in oil prices created a favorable backdrop for equities, while mega-cap stocks provided an additional boost by extending yesterday's rally. The S&P 500 (+1.2%), Nasdaq Composite (+2.0%), and DJIA (+0.7%) posted gains that were nearly identical to yesterday's advance, with the major averages now all in positive year-to-date territory.

Lingering optimism around a more permanent ceasefire continues to support the market's sharp rebound over the past several weeks. President Trump told The New York Post that in-person negotiations between the U.S. and Iran could occur within the next two days.

So far, the temporary ceasefire and the U.S. blockade of Iranian ports are holding. Crude oil futures settled today's session $7.66 lower (-7.7%) at $91.31 per barrel.

Today's advance was supported by broad-based strength, with all but the energy (-2.2%), materials (-0.3%), and consumer staples (-0.2%) sectors finishing higher.

Growth-oriented areas led the way, with communication services (+3.2%) and consumer discretionary (+2.5%) sectors posting outsized gains behind continued mega-cap leadership. Meta Platforms (META 662.46, +27.92, +4.40%) was a "magnificent seven" standout, while Amazon (AMZN 248.97, +9.08, +3.79%) traded higher after reports that the company is set to acquire Globalstar (GSAT 79.91, +7.02, +9.63%).

NVIDIA (NVDA 196.46, +7.15, +3.78%) captured a similar gain, and the information technology sector (+1.7%) also finished near the top of today's leaderboard. Micron (MU 465.66, +39.10, +9.17%) was one of the best-performing S&P 500 names today, and the PHLX Semiconductor Index (+2.0%) steadily charted session highs throughout the session.

All told, the Vanguard Mega Cap Growth ETF finished 2.0% higher, helping the market-weighted S&P 500 (+1.2%) outperform the S&P 500 Equal Weighted Index (+0.4%).

Elsewhere, investors had plenty of earnings and corporate news items of note today. The financials sector (+0.2%) captured a modest gain as the market had mixed reactions to the earnings reports of several major banking names. Citigroup (C 129.65, +3.37, +2.67%) was a standout after topping earnings expectations and issuing upside Net Interest Income guidance, while JPMorgan Chase (JPM 311.12, -2.56, -0.82%) also beat expectations but issued a modest downward revision to its FY2026 net interest income.

Meanwhile, Wells Fargo (WFC 81.73, -4.91, -5.67%) was one of the worst-performing S&P 500 components after narrowly topping EPS estimates but missing on revenues.

Airlines also had an eventful session after Bloomberg reported that United Airlines (UAL 97.17, +1.97, +2.07%) floated the possibility of a merger with American Airlines (AAL 12.13, +0.90, +8.01%).

Outside of the S&P 500, the Russell 2000 (+1.4%) captured another solid gain as the market leans into a risk-on tone, while the S&P Mid Cap 400 (+0.5%) finished with a more modest gain.

After two solid days of broad strength, the major averages are back into positive territory for the year as the market shakes off losses tied to the war in Iran. This morning's release of the March PPI report added further support to the rebound narrative, with both the headline (0.5%; Briefing.com consensus 1.2%) and core (0.1%; Briefing.com consensus 0.4%) readings coming in cooler-than-expected.

While there has yet to be a conclusive end to the conflict, the market remains confident that disruptions across global oil markets will pressure Iran into a more durable ceasefire agreement sooner rather than later.

Overall, the tone remains constructive as falling oil prices, easing inflation pressures, and renewed mega-cap leadership continue to support the market's advance. With Q1 earnings season beginning to ramp up, strength in mega-cap names is once again playing an outsized role in driving index performance, leaving the S&P 500 just 0.5% below its all-time high.

U.S. Treasuries had a solid outing on Tuesday, making for a continuation of an upbeat start to the week amid a growing sense that the Iran conflict will conclude soon. The 2-year note yield settled down three basis points to 3.75%, and the 10-year note yield settled down four basis points to 4.26%.

Russell 2000: +9.0% YTD
S&P Mid Cap 400: +8.3% YTD
S&P 500: +1.8% YTD
Nasdaq Composite: +1.7% YTD
DJIA: +1.0% YTD

Reviewing today's data:

March NFIB Small Business Optimism 95.8 (Briefing.com consensus 98.0 mln); Prior 98.8
March PPI 0.5% (Briefing.com consensus 1.2%); Prior was revised to 0.5% from 0.7%, March Core PPI 0.1% (Briefing.com consensus 0.4%); Prior was revised to 0.3% from 0.5%
- The key takeaway from the report is that the inflation seen at the wholesale level in March was driven largely by energy prices and gasoline prices (+15.7%) in particular. The index for final demand services was unchanged, so the market is giving itself some latitude to look through the energy price shock as something that is temporary.

Overseas:

Europe: DAX +1.2%, FTSE +0.3%, CAC +1.1%
Asia: Nikkei +2.4%, Hang Seng +0.8%, Shanghai +1.0%

Commodities:

Crude Oil -7.66 @ 91.31
Nat Gas -0.03 @ 2.60
Gold +88.10 @ 4854.90
Silver +2.90 @ 79.55
Copper +0.09 @ 6.08

After-Hours Spotlight:

Broadcom (AVGO) announces extended partnership with Meta (META) to deploy technology to support multi-gigawatts of Meta's customer silicon, MTIA...AVGO +2.5%
GitLab (GTLB) announces expanded collaboration with Google (GOOG) Cloud...GTLB +5.8%
Gloo Holdings (GLOO) to acquire Enterprisemarketdesk ('EMD'), a Workday services partner built for nonprofit and mid-market organizations...GLOO +18.2%
NIKE (NKE) Director Apple's (AAPL) Tim Cook discloses the purchase of 25K shares of Class B Common Stock (transaction date 4/10)...NKE +2.3%
Procter & Gamble (PG) increases quarterly dividend to $1.0885/share from $1.0568/share...PG +0.2%
Rocket Lab USA (RKLB) completes acquisition of Mynaric AG for $155.3 mln...RKLB +0.6%
SunPower (SPWR) discloses material errors in prior 2025 quarterly results...SPWR -9.7%

Fair Value for Wednesday, April 15:

S&P 500: 7,005
Nasdaq 100: 26,004
DJIA: 48,733

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):
- Albertsons (ACI) beats by $0.05, misses on revs; guides FY27 EPS in-line; Increases remaining share repurchase authorization to $2 bln
- BlackRock (BLK) beats by $0.88, beats on revs
- BP (BP) provides updated guidance in Q1 trading statement
- CarMax (KMX) beats by $0.14, beats on revs; provides FY27 capital plan
- Diamondback Energy (FANG) presents certain information for Q1 regarding its realized prices and derivative activity
- FB Financial (FBK) beats by $0.02, misses on revs
- Genmab (GMAB) announces net sales of DARZALEX for first quarter of 2026
- Imperial Brands (IMBBY) reiterates FY26 outlook
- Johnson & Johnson (JNJ) beats by $0.02, beats on revs; raises FY26 guidance; increases quarterly dividend 3.1%
- JPMorgan Chase (JPM) beats by $0.49, beats on revs
- MGM Resorts's (MGM) BetMGM unit releases Q1 business update; Q1 net revs +6% yr/yr; provides FY26 guidance
- Orla Mining (ORLA) reports first quarter 2026 gold production
- Telix Pharmaceuticals (TLX) also provides investor updates in presentation
- Wells Fargo (WFC) beats by $0.02, misses on revs
General News
- The U.S. & Iran are in talks to hold another meeting where a longer-term ceasefire will be discussed, according to Bloomberg
- The U.S. proposed a 20-year suspension of Iranian nuclear activity. Iran responded with a proposal to suspend nuclear activity for up to five years, according to NY Times
- U.S. and Iran leave room for further dialogue after Islamabad talks, according to Reuters
- Secretary of State Marco Rubio will host a meeting between the Israeli and Lebanese ambassadors today, according to Axios
- Saudi Arabia is pushing the U.S. to remove its blockade of the Strait of Hormuz, according to WSJ
- U.S. crude oil exports will reach a record this month as 70 supertankers approach the U.S. Gulf coast, according to WSJ
- Houman Hemmati being considered for top vaccine and gene therapy regulator at the FDA, according to Bloomberg
- IEA releases April 2026 oil market report
- Accenture (ACN) Federal Services will lead a high-velocity engineering and integration sprint to deliver an early capability for the U.S. Department of Energy’s Genesis Mission
- Albertsons Companies (ACI) announces national opioid settlement framework
- Alkermes Plc (ALKS) announces the publication of a 56-week post hoc analysis of the effects of LYBALVI on negative symptoms in adults living with schizophrenia in the peer-reviewed publication The Journal of Clinical Psychiatry
- AllianceBernstein (AB) announces March 2026 assets under management
- Anavex Life Sciences (AVXL) highlights new scientific findings on shared biology between Autism and Alzheimer’s Disease
- Angel Studios (ANGX) announces five theatrical releases and new trailers at company's mainstage presentation at Cinemacon
- ASML (ASML) stopped disclosing orders, according to Bloomberg
- Astronics (ATRO) launches Qi2 wireless charging module, delivering future-proof technology for modern aircraft cabins
- Aura Minerals (AUGO) approves $382 mln Era Dorada project; raises 2026 capex outlook
- Aurora Mobile (JG) Unveils AI-Powered EngageLab LiveDesk to Scale Business Innovation
- Bloom Energy (BE) and Oracle (ORCL) expand strategic partnership to delpoy up to 2.8 GW to accelerate AI infrastructure buildout
- BTQ Technologies (BTQ) partners with Daou Data to advance hardware-rooted post-quantum security for Korea's payment infrastructure
- Cellectis (CLLS) confirms cema-cel pivotal trial interim data highlighted strength of Cellectis’ Allogeneic (ALLO) CAR-T platform
- Delta (DAL) removes two environmental targets from website, according to Bloomberg
- Descartes (DSGX) expands AI innovation on the Global Logistics Network with Fleet Data Intelligence platform
- Dow (DOW) names Karen Carter CEO, transitions Fitterling to Executive Chair
- Equinor (EQNR) trims Scatec stake
- FedEx (FDX) announces that John Dietrich will step down as executive vice president and CFO on June 1 upon successful completion of the spin-off of FedEx Freight, Claude Russ, FedEx enterprise vice president, Finance will serve as interim CFO; Reaffirms FY26 guidance and 2029 financial targets
- Gold Resource (GORO) advances Back Forty project with feasibility study contract
- Greenwich LifeSciences (GLSI) provides update on financing strategy
- Infleqtion (INFQ) to convene Colorado quantum industry leaders to accelerate commercialization and foster ecosystem collaboration
- IonQ (IONQ) and University of Maryland expand QLab collaboration to advance quantum networking and research
- Kazia Therapeutics (KZIA) Expands Oncology Platform with First-in-Class SETDB1 Inhibitor Drug Development Platform
- Labcorp Holdings Inc. (LH) announces a new AI-powered real-world data platform, designed to help researchers and biopharmaceutical companies analyze Alzheimer's disease-related data faster
- Ligand Pharma (LGND) receives royalty as partner Travere secures FDA approval for FILSPARI in FSGS
- Lucid Group (LCID) announces that Silvio Napoli will be its next Chief Executive Officer and will join the Board of Directors
- Lucid Group (LCID) announces significant expansion of its partnership with Uber (UBER), which will increase its purchase commitment to at least 35,000 Lucid vehicles
- NET Power (NPWR) announce Lee Shuman as the new Chief Financial Officer effective April 13, 2026
- Nova Minerals Limited (NVA) a significant new gold anomaly developing at Portage pass
- Novo Nordisk A/S (NVO) partners with OpenAI to accelerate drug discovery and operations
- OR Royalties (OR) enters into a binding agreement with Canadian Copper Inc. with respect to a $28.0 mln precious metals stream on Canadian Copper’s New Brunswick assets, comprising the Murray Brook properties and the Caribou property
- Petrobras (PBR) approves new investments in the Sergipe Deepwater Project
- Praxis Precision Medicines (PRAX) advances ET pipeline with FDA acceptance of NDA for ulixacaltamide
- Prudential Financial (PRU) recommends shareholders reject unsolicited mini-tender offer from Potemkin Limited
- Redwire (RDW) receives $20 mln in follow-on orders from Navy and Marine Corps
- RTX (RTX) expands cabin solutions footprint with Air Canada A321XLR seating win
- Sana Biotechnology (SANA) and Mayo Clinic announce strategic collaboration to advance development of SC451, Sana’s investigational hypoimmune-modified pancreatic islet cell therapy for type 1 diabetes
- Southern Copper (SCCO) President, Chief Executive Officer, and a member of the Board of Directors, Oscar Gonzalez Rocha passed away unexpectedly on April 7
- Transocean's (RIG) announced that the Deepwater Corcovado was awarded a 1,156-day contract extension with Petrobras (PBR)
- Travere Therapeutics (TVTX) secures full FDA approval for FILSPARI in FSGS, expands rare kidney franchise
- Viasat (VSAT) advances airline connectivity ambitions with Boeing (BA) evaluation for next-gen antenna
- WEBTOON Entertainment (WBTN) announces a new global leadership structure, Chief Business Officer role, and elimination of Chief Operating Officer role
- Westlake Corporation (WLK) discloses litigation update

Upgrades:
- Biogen (BIIB) upgraded to Overweight from Neutral at Piper Sandler, tgt $214
- Birkenstock (BIRK) upgraded to Buy from Neutral at Seaport Research, tgt $52
- Continental AG (CTTAY) upgraded to Overweight from Equal Weight at Barclays
- Crocs (CROX) upgraded to Buy from Neutral at Seaport Research, tgt $135
- Eastman Chemical (EMN) upgraded to Overweight from Neutral at JPMorgan, tgt $80
- Ford (F) upgraded to Buy from Neutral at UBS, tgt $15
- General Motors (GM) upgraded to Buy from Hold at Deutsche Bank, tgt $90
- Glencore (GLNCY) upgraded to Buy from Hold at HSBC
- Michelin (MGDDY) upgraded to Equal Weight from Underweight at Barclays
- Tesla (TSLA) upgraded to Neutral from Sell at UBS, tgt $352
- VF Corp. (VFC) upgraded to Buy from Neutral at Seaport Research, tgt $24
- Viking Holdings (VIK) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $95
Downgrades:
- Asana (ASAN) downgraded to Neutral from Overweight at Piper Sandler, tgt $7
- Barclays (BCS) downgraded to Neutral from Outperform at BNP Paribas
- Ero Copper (ERO) downgraded to Neutral from Buy at Goldman, tgt $31
- Fastly (FSLY) downgraded to Hold from Buy at Craig-Hallum, tgt $24
- GFL Environmental (GFL) downgraded to Underweight from Neutral at JPMorgan, tgt $42
- GrafTech (EAF) downgraded to Underweight from Neutral at JPMorgan
- HSBC (HSBC) downgraded to Neutral from Outperform at BNP Paribas
- Innoviz Technologies (INVZ) downgraded to Neutral from Buy at Goldman, tgt $0.75
- Monday.com (MNDY) downgraded to Neutral from Overweight at Piper Sandler, tgt $85
- NOV Inc. (NOV) downgraded to Sector Perform from Outperform at RBC Capital, tgt $21
- Omega Healthcare (OHI) downgraded to Underperform from Neutral at BofA Securities, tgt $46
- Qiagen (QGEN) downgraded to Equal Weight from Overweight at Barclays, tgt $44
- Revvity (RVTY) downgraded to Equal Weight from Overweight at Barclays, tgt $95
- SAP (SAP) downgraded to Neutral from Overweight at Piper Sandler
- Solstice Advanced Materials (SOLS) downgraded to Neutral from Buy at UBS, tgt $87
Others:
- Adagio Medical (ADGM) initiated with an Overweight at Piper Sandler, tgt $3
- Akamai (AKAM) assumed with an Outperform at Evercore ISI, tgt $130
- Aptiv (APTV) reinstated with a Buy at Goldman, tgt $74
- BellRing Brands (BRBR) initiated with a Neutral at BTIG Research
- Camp4 Therapeutics (CAMP) initiated with a Buy at Rodman & Renshaw, tgt $7
- Campbell's (CPB) initiated with a Neutral at BTIG Research
- Carrier Global (CARR) initiated with a Neutral at BNP Paribas, tgt $62
- Charles River (CRL) initiated with an Outperform at RBC Capital, tgt $215
- Conagra Brands (CAG) initiated with a Neutral at BTIG Research
- Equillium (EQ) initiated with a Strong Buy at Raymond James, tgt $6
- Fastly (FSLY) initiated with an Outperform at Evercore ISI, tgt $24
- General Mills (GIS) initiated with a Neutral at BTIG Research
- Guardian Metal (GMTL) initiated with an Outperform at BMO Capital
- Hershey (HSY) initiated with a Neutral at BTIG Research
- Infleqtion (INFQ) initiated with a Buy at Citigroup, tgt $20
- Janus Living (JAN) initiated with a Neutral at Goldman, tgt $27
- Janus Living (JAN) initiated with an Outperform at BNP Paribas, tgt $27
- Janus Living (JAN) initiated with a Buy at BofA Securities, tgt $29
- Janus Living (JAN) initiated with an Overweight at Wells Fargo, tgt $27
- Janus Living (JAN) initiated with an Outperform at RBC Capital, tgt $27
- Janus Living (JAN) initiated with an Overweight at JPMorgan, tgt $26
- Janus Living (JAN) initiated with an Overweight at Morgan Stanley, tgt $28
- Janus Living (JAN) initiated with an Overweight at Barclays, tgt $26
- Johnson Controls (JCI) initiated with an Underperform at BNP Paribas, tgt $120
- Kraft Heinz (KHC) initiated with a Neutral at BTIG Research
- Lennox (LII) initiated with a Neutral at BNP Paribas, tgt $535
- LendingTree (TREE) assumed with an Overweight at JPMorgan, tgt $50
- McCormick (MKC) initiated with a Neutral at BTIG Research
- Merlin (MRLN) initiated with a Buy at Roth Capital, tgt $15
- Mondelez (MDLZ) initiated with a Buy at BTIG Research, tgt $70
- Natera (NTRA) initiated with an Outperform at William Blair
- Netskope (NTSK) initiated with a Buy at Rosenblatt, tgt $15
- Nu Holdings (NU) initiated with an Outperform at CICC, tgt $18
- Omada Health (OMDA) initiated with an Outperform at Citizens, tgt $18
- Post Holdings (POST) initiated with a Neutral at BTIG Research
- Relay Therapeutics (RLAY) initiated with a Hold at JonesResearch, tgt $18
- SanDisk (SNDK) initiated with an Outperform at Evercore ISI, tgt $1,200
- Simply Good Foods (SMPL) initiated with a Neutral at BTIG Research
- Spyre Therapeutics (SYRE) initiated with a Strong Buy at Raymond James, tgt $80
- Tectonic Therapeutic (TECX) initiated with a Buy at Stifel, tgt $75
- Trane (TT) initiated with an Outperform at BNP Paribas, tgt $550
- Utz Brands (UTZ) initiated with a Buy at BTIG Research, tgt $10
- Versigent (VGNT) initiated with a Buy at UBS, tgt $43
- Vertiv (VRT) initiated with an Outperform at BNP Paribas, tgt $345

Econ Data (Wednesday):
- 7:00 ET: Weekly MBA Mortgage Index (prior -0.8%)
- 8:30 ET: April Empire State Manufacturing (Briefing.com consensus 0.0; prior -0.2), March Import Prices (prior 1.3%), Import Prices ex-oil (prior 1.1%), Export Prices (prior 1.5%), and Export Prices ex-ag (prior 1.7%)
- 10:00 ET: April NAHB Housing Market Index (Briefing.com consensus 38; prior 38)
- 10:30 ET: Weekly crude oil inventories (prior +3.08 mln)
- 14:00 ET: April Beige Book
- 16:00 ET: February Net Long-Term TIC Flows (prior $15.5 bln)

Earnings:Monday (April 13)
Pre-Market: FAST GS
After-Hours: FBK
Tuesday (April 14)
Pre-Market: ACI BLK KMX C JNJ JPM WFC
After-Hours: None
Wednesday (April 15)
Pre-Market: ASML BAC FHN MTB MS PNC PGR
After-Hours: HOMB JBHT SLG
Thursday (April 16)
Pre-Market: ABT BK SCHW CFG IIIN KEY MAN MRSH PEP PLD TRV USB
After-Hours: AA CNS FNB NFLX SFNC
Friday (April 17)
Pre-market: ALLY ALV BMI ERIC FITB RF STT TFC
After-Hours: None