After Hours Report

The stock market started the week on a subdued note following last week's push to record highs, as mega-cap and tech names saw some profit-taking amid renewed geopolitical uncertainty.

The S&P 500 (-0.2%), Nasdaq Composite (-0.3%), and DJIA (flat) spent the session drifting modestly below their flatlines as investors reacted to mixed reports regarding the state of the next round of talks between the U.S. and Iran.

Stocks opened modestly lower in reaction to weekend developments that seemingly put the talks on hold, and moved to session lows shortly before midday after President Trump told Bloomberg that it is "highly unlikely" he will extend the current ceasefire if a deal is not reached this week.

However, the major averages quickly rebounded from their worst levels amid reports that delegates from both the U.S. and Iran will travel to Pakistan to engage in talks this week.

Crude oil futures settled today's session $5.18 higher (+6.2%) at $89.40 per barrel. While the rise in oil prices coincided with a pullback in select areas of the market, particularly recent leaders, crude remained below the $90 per barrel mark, signaling a degree of stabilization.

Sector strength was mixed and variable throughout the session, though weakness across mega-cap and tech-heavy sectors kept the major averages from making a move into positive territory.

The communication services sector (-1.4%) was the worst performer, as Meta Platforms (META 670.91, -17.64, -2.56%) and Alphabet (GOOG 335.40, -4.00, -1.18%) provided poor mega-cap leadership, while Netflix (NFLX 94.83, -2.48, -2.55%) declined further and failed to attract buy-the-dip interest following disappointing Q2 guidance in last week's earnings report.

The consumer discretionary sector (-0.7%) was another laggard, with Tesla (TSLA 392.49, -8.13, -2.03%) moving lower ahead of its own earnings release this week, while cruise lines and other oil-sensitive names retreated today.

Meanwhile, the information technology sector (flat) made a steady move higher throughout the afternoon, which saw it finish flat for the day. Intel (INTC 65.70, -2.80, -4.09%) was a notable laggard, but the PHLX Semiconductor Index (+0.5%) still managed a modest gain.

Elsewhere in the sector, computer hardware names such as Hewlett Packard Enterprise (HPE 27.82, +1.38, +5.22%) and Dell (DELL 204.25, +7.70, +3.92%) outperformed, while solid gains across software stocks pushed the iShares GS Software ETF 1.4% higher.

Additionally, Apple (AAPL 273.05, +2.82, +1.04%) was a mega-cap standout.

Late improvements to the information technology sector helped both the major averages and the Vanguard Mega Cap Growth ETF (-0.4%) finish considerably improved from their worst levels, though it was not enough to extend the Nasdaq Composite's winning streak, which was snapped after an impressive 13 sessions.

Elsewhere, strength was mixed, with five S&P 500 sectors posting modest gains.

The materials sector (+0.6%) captured the widest gain with Steel Dynamics (STLD 209.35, +9.03, +4.51%) finishing as one of the S&P 500's top movers ahead of its earnings release, while the financials sector (+0.3%) was supported by broad strength.

The S&P 500 Equal Weighted Index (+0.3%) outperformed the market-weighted S&P 500 (-0.2%), reflecting solid participation under the surface.

All told, it was a relatively quiet Monday session. There was some renewed geopolitical uncertainty coming out of the weekend, but the market's muted reaction suggests investors continue to view a more durable ceasefire as the base case, despite elevated near-term uncertainty. Growth stocks took a modest step back after a strong rally, but the major averages remain just below recent record highs. While the market continues to monitor U.S.-Iran developments, attention is set to shift more firmly toward earnings as reporting season ramps up this week, with investors looking for continued growth and forward guidance to sustain the recent momentum.

There was no economic data of note today. 

U.S. Treasuries began the week on a slightly lower note with the market showing limited concern over a weekend speedbump on the path to a peace deal with Iran. The 2-year note yield settled up two basis points to 3.72%, and the 10-year note yield finished unchanged at 4.25%. 

• Russell 2000: +12.5% YTD
• S&P Mid Cap 400: +11.0% YTD
• Nasdaq Composite: +5.0% YTD
• S&P 500: +3.9% YTD
• DJIA: +2.9% YTD

Overseas:

• Europe: DAX -1.0%, FTSE -0.6%, CAC -1.1%
• Asia: Nikkei +0.6%, Hang Seng +0.8%, Shanghai +0.8%

Commodities:

• Crude Oil +5.18 @ 89.40
• Nat Gas +0.02 @ 2.69
• Gold -50.40 @ 4830.10
• Silver -1.63 @ 79.96
• Copper -0.07 @ 6.04

After-Hours Spotlight:

• Amazon (AMZN) and Anthropic expand strategic collaboration; AMZN to invest up to $25 bln in Anthropic...AMZN +2.7%
• Apple (AAPL) announces that Tim Cook will become executive chairman of the board of directors and John Ternus, senior vice president of Hardware Engineering, will become the next CEO, effective on September 1, 2026...AAPL -0.9%
• AXT (AXTI) announces public offering of common stock, amount not given; also guides Q1 EPS and revenue in-line...AXTI -7.6%
• Lucid Group (LCID): Uber discloses 11.52% stake in LCID...LCID +1.0%
• Rumble (RUM) announces the launch of the OpenClaw Starter package on Rumble Cloud...RUM +0.4%
• Steel Dynamics (STLD) reports EPS in-line, beats on revs...STLD +0.3%

Fair Value for Tuesday, April 21:

• S&P 500: 7,145
• Nasdaq 100: 26,746
• DJIA: 49,629

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

• Earnings/Guidance (Full Earnings Calendar):
  • B2Gold (BTG) cuts Q2 Goose output outlook after fire, maintains FY guidance
  • Cleveland-Cliffs (CLF) beats by $0.01, beats on revs
  • Infinity Natural Resources (INR) reports Q1 derivative losses tied to hedging portfolio
  • Stanley Black & Decker (SWK) reports Section 232 tariff changes not expected to materially affect FY26 outlook
  • Surf Air Mobility (SRFM) reaffirms FY26 revenue guidance, raises Adjusted EBITDA guidance
• General News
  • Iran willing to attend second round of peace talks with U.S; Chinese President Xi calls for Strait of Hormuz to be opened, according to AP
  • Iran closes Strait of Hormuz again; President Trump says Iran violated the ceasefire by firing on ships in the Strait of Hormuz; says Vice President JD Vance, Steve Witkoff, and Jared Kushner will arrive in Pakistan tonight for negotiations (but Iran hasn't confirmed they will show up for talks); Mr. Trump says if Iran does not take the deal he offered, U.S. will destroy Iran’s bridges and power plants
  • President Trump says U.S. fired on & seized an Iranian flagged cargo ship in the Gulf of Oman that attempted to breach the U.S. blockade
  • Iran says it has made "no decision" regarding the second round of peace talks this week and vowed to retaliate after the U.S. seized a cargo ship, according to NBC News
  • The U.S. military is preparing to board and seize Iran-linked ships in international waters, according to WSJ
  • President Trump held a White House Situation Room meeting amid the closure of the Strait of Hormuz. The war could resume in a few days absent a breakthrough in negotiations, according to Axios
  • Large oil companies exploring drilling projects in Africa and South America, according to WSJ
  • Airlines increasing cancellations and groundings amid fuel price surge, according to Bloomberg
  • UAE requested wartime financial lifeline from the U.S., according to WSJ
  • Commerce Secretary Howard Lutnick rules out Chinese investment in the U.S. auto industry, according to Bloomberg
  • Supreme Court Justices Samuel Alito & Clarence Thomas are not planning to step down this year, according to CBS News
  • Energy Secretary Chris Wright says gas prices have peaked but might not get below $3/gallon until late this year or next year, according to Politico
  • Private credit firms strike deals to purchase credit card debt, according to WSJ
  • The Trump administration launches a tariff refund portal today, according to Axios
  • President Trump signs executive order that directs the FDA and the Drug Enforcement Agency to establish a pathway for eligible patients to access investigational psychedelic drugs
  • Department of the Treasury's Office of Foreign Assets Control is issuing Russia-related general license 134B
  • Fed Chair nominee Kevin Warsh will tell Senate tomorrow that Fed must stay independent and "stay in its lane", according to CNBC
  • President Trump says he is not under any "pressure" to make a deal with Iran, but he thinks it will happen "relatively quickly"
  • Agenus (AGEN) Reports Phase II Data Demonstrating Immune Reprogramming and Durable Survival with Botensilimab, Balstilimab and agenT-797 in PD-1 Refractory Gastroesophageal Cancer
  • Alphabet (GOOG) considering developing faster AI chips to challenge Nvidia (NVDA), according to Bloomberg
  • AMC Entertainment (AMC) modestly higher after hours after subsidiary Odeon Finco closes $425 mln loan; well-positioned to capitalize on robust box office growth in 2026
  • Anthropic: White House & Anthropic held a meeting to seek a compromise on artificial intelligence technology, according to NY Times
  • Apple (AAPL) withheld data in India antitrust investigation, according to Reuters
  • Arcus Biosciences (RCUS): Earlier, the company ended its Phase 3 STAR-121 in NSCLC on futility, Gilead (GILD) opts out of pipeline expansion rights
  • AstraZeneca (AZN) reports Phase III success for tozorakimab in COPD
  • Astellas Pharma (ALPMY) and Pfizer (PFE) announce that the FDA accepted for Priority Review a sBLA for perioperative PADCEV
  • AST SpaceMobile (ASTS) reports BlueBird 7 lost after lower-than-planned orbit insertion
  • Berkshire Hathaway (BRK.B) CEO Greg Abel expected to use cash position to fund acquisitions and sell businesses that are not performing well, according to WSJ
  • Bicycle Therapeutics (BCYC) announces updates from its EphA2 pipeline at the American Association for Cancer Research Annual Meeting 2026
  • Biogen (BIIB) and TJ Biopharma announce that the companies have entered into a definitive agreement under which Biogen has agreed to acquire TJ Bio’s exclusive rights to felzartamab in the Greater China Region
  • BlackBerry's (BB) QNX and NVIDIA (NVDA) deepen collaboration to advance safety-critical edge AI across robotics, medical, and industrial systems
  • BlackBerry's (BB) QNX announced that Leapmotor has selected QNX technology to serve as the foundational software platform for its forthcoming premium electric SUV, the D19
  • BP (BP): Norway's wealth fund aiming to support BP Chair Albert Manifold's election, according to Reuters
  • Caesars Entertainment (CZR): Fertitta extends discussions for CZR takeover, according to Bloomberg
  • Cal-Maine Foods (CALM) heads lower after hours on report DoJ is preparing to file an antitrust lawsuit against egg producers over pricing, according to WSJ
  • Celanese (CE) announces a price increase for a range of engineered materials products
  • Deere (DE) settled a $99 mln lawsuit with farmers, according to WSJ
  • Dell's (DELL) EMC Corp. unit awarded a $984.3 mln US Air Force contract
  • Diamond Hill Investment (DHIL) disclosed First Eagle merger intended to close on April 22, 2026
  • Doximity (DOCS) CFO Anna Bryson resigns, she had been on medical leave; co also reaffirms MarQ guidance
  • enCore Energy Corp (EU) names new CEO and reinstates founder as executive chair
  • Fermi Inc. (FRMI) CEO Toby Neugebauer departs as CEO
  • Fermi America (FRMI) announces leadership overhaul and launches Fermi 2.0 strategy
  • Fortuna Silver Mines (FSM) enters earn-in agreement for Guyana gold exploration project
  • GlaxoSmithKline (GSK) receives China approval for Blenrep combo in multiple myeloma
  • Google (GOOG, GOOGL) in discussions with Marvell (MRVL) to construct new artificial intelligence chips, according to The Information
  • Greenwich LifeSciences (GLSI) presents FLAMINGO-01 Phase III Trial Open Label Data Published at AACR Meeting 2026
  • Howard Hughes Holdings (HHH) appoints former Arch Capital CEO Marc Grandisson to Board of Directors; Grandisson to purchase 1,131,273 five-year warrants with $100 strike price
  • Huntington Ingalls (HII), with Path Robotics and GrayMatter Robotics, introduced the High-Yield Production Robotics program
  • Immunocore (IMCR) reports KIMMTRAK doubles the likelihood of being alive at five years for first line HLA-A*02:01+ patients with metastatic uveal melanoma
  • Ingles Markets (IMKTA): All Three Independent Proxy Advisors Recommend Ingles Markets Shareholders Vote for Rory A. Held
  • Ingles Markets (IMKTA) issues open letter to shareholders
  • JetBlue Airways (JBLU) not considering bankruptcy filing, according to Bloomberg
  • Live Nation (LYV) borrowed $742 mln in private market debt to finance concert venues, according to Bloomberg
  • Lockheed Martin (LMT): Peru's deal for Lockheed Martin jets is at risk of collapse, according to Bloomberg
  • Merck (MRK): FDA grants priority review for KEYTRUDA and KEYTRUDA QLEX
  • Monopar (MNPR) presents Phase 3 data showing greater neurologic benefit with ALXN1840 vs SoC in Wilson Disease Patients with Neurologic Symptoms at AAN 2026
  • Nanobiotix (NBTX) reports preclinical data supporting Nanoprimer delivery platform
  • Nektar Therapeutics (NKTR) reports 52-week topline results from 16-week blinded treatment extension of REZOLVE-AA
  • Novo Nordisk (NVO) reports Phase III success for etavopivat in sickle cell disease
  • Oculis Holding AG (OCS) announced completion of the final patient visit in the OCS-01 Phase 3 DIAMOND program in diabetic macular edema; Oculis expects to report topline results in June 2026
  • OpenAI Executive Kevin Weil will depart from the company, according to Wired
  • Perspective Therapeutics (CATX) presents updated interim data of VMT-a-NET in its ongoing phase 1/2a clinical trial at the 2026 AACR annual meeting
  • Pharvaris N.V. (PHVS): Evidence supporting combined use of Deucrictibant IR with Deucrictibant XR presented at CIIC Spring 2026 Conference
  • Philip Morris International (PM) Announces U.S. FDA Reauthorization of IQOS as a Modified Risk Tobacco Product
  • Roche Hldg (RHHBY): Genentech’s Tecentriq included in Australia, Singapore approval for SCLC combination
  • RTX (RTX): State Department approved a possible foreign military sale to the government of germany to integrated combat system, supporting equipment, and support; estimated total cost is $11.9 bln
  • Sable Offshore Corp. (SOC) provides corporate update
  • Salesforce (CRM) CEO Marc Benioff says customers are not replacing its products with artificial intelligence, according to WSJ
  • Sanofi (SNY) reports tolerability data for Nuvaxovid in head-to-head study
  • Sempra Energy (SRE) discloses in filing that the PUCT approved a final order in Oncor’s comprehensive base rate review proceeding; Sempra owns an 80.25% interest in Oncor
  • Southern (SO) increases quarterly dividend to $0.76 per share from $0.74 per share
  • Southern Copper (SCCO) names Leonardo Contreras Lerdo de Tejada as interim CEO
  • Spirit Airlines (FLYYQ) considering offering U.S. government an equity stake, according to Bloomberg
  • Sutro Biopharma (STRO) presents preclinical data across its pipeline of next-generation single and dual-payload ADC Programs at AACR 2026
  • Target (TGT) announces the timing and locations for its 2026 Bullseye Builds with Community Program
  • Tesla (TSLA) to expand robotaxi service in Dallas and Houston, according to Reuters
  • Thermon Group (THR) announced accelerating order and quoting activity across key new product platforms, led by strong demand for its liquid load bank solutions serving the rapidly expanding data center market
  • Toyota Motor (TM) aiming to partner with CATL to produce hybrid vehicle batteries in Indonesia, according to News 18
  • TransAlta (TAC) appoints Mike Politeski as Chief Financial Officer and Grant Arnold as Chief Commercial Officer
  • United Therapeutics (UTHR) presents new data spanning pulmonary hypertension treatment, lung donor expansion, and xenotransplantation at ISHLT 2026
  • UnitedHealth (UNH) eliminates most medical prior authorizations, accelerates payments for key rural care hospitals and providers nationwide
  • U.S. GoldMining (USGO) launches 2026 exploration program at Whistler project
  • Xenon (XENE) presents Azetukalner Phase 3 X-TOLE2 study results and 48-month long-term data in focal onset seizures at 2026 AAN Annual Meeting
  • Zai Lab (ZLAB) presents new preclinical data suggesting ZL-1503, an IL-13/IL-31Ra Bispecific Antibody, provides rapid itch relief and reduction in inflammation in Atopic Diseases

• Upgrades:
  • Air Products (APD) upgraded to Buy from Hold at Berenberg, tgt $350
    
  • American Electric (AEP) upgraded to Buy from Neutral at Seaport Research, tgt $145
    
  • Axcelis (ACLS) upgraded to Buy from Neutral at B. Riley, tgt $150
    
  • Biogen (BIIB) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $250
    
  • Celldex (CLDX) upgraded to Overweight from Underweight at Barclays, tgt $45
    
  • Commerzbank (CRZBY) upgraded to Overweight from Equal Weight at Barclays
    
  • Ecolab (ECL) upgraded to Buy from Hold at Deutsche Bank, tgt $325
    
  • Lakeland Industries (LAKE) upgraded to Buy from Neutral at DA Davidson, tgt $14
    
  • Melco Resorts (MLCO) upgraded to Outperform from Market Perform at CICC, tgt $8.20
    
  • Okta (OKTA) upgraded to Overweight from Equal Weight at Barclays, tgt $90
    
  • Oscar Health (OSCR) upgraded to Hold from Underperform at Jefferies, tgt $16
    
  • Plexus (PLXS) upgraded to Buy from Hold at Stifel, tgt $250
    
  • TC Energy (TRP) upgraded to Neutral from Sell at Goldman, tgt $62
    
  • Texas Instruments (TXN) upgraded to Hold from Sell at Aletheia, tgt $220
    
  • UBS (UBS) upgraded to Equal Weight from Underweight at Barclays
    
  • Ulta Beauty (ULTA) upgraded to Buy from Hold at Jefferies, tgt $700
    
  • WaterBridge Infrastructure (WBI) upgraded to Buy from Neutral at Goldman, tgt $32
    
  • Williams (WMB) upgraded to Buy from Neutral at Goldman, tgt $82
• Downgrades:
  • A10 Networks (ATEN) downgraded to Neutral from Buy at Sidoti, tgt $24
    
  • Avis Budget (CAR) downgraded to Underweight from Equal Weight at Barclays, tgt $150
    
  • BBVA (BBVA) downgraded to Neutral from Buy at UBS
  • Deutsche Bank (DB) downgraded to Equal Weight from Overweight at Barclays
    
  • Doximity (DOCS) downgraded to Hold from Buy at Truist, tgt $29
    
  • Entergy (ETR) downgraded to Neutral from Buy at Seaport Research
    
  • Eversource (ES) downgraded to Neutral from Buy at Seaport Research
    
  • Exelon (EXC) downgraded to Hold from Buy at Jefferies, tgt $50
    
  • GitLab (GTLB) downgraded to Sector Perform from Outperform at RBC Capital, tgt $25
    
  • Hess Midstream LP (HESM) downgraded to Sell from Neutral at Goldman, tgt $32
    
  • Intel (INTC) downgraded to Neutral from Outperform at KGI Securities, tgt $71
    
  • Janux Therapeutics (JANX) downgraded to Underweight from Overweight at Barclays, tgt $14
    
  • Lionsgate Studios (LION) downgraded to Neutral from Buy at Citigroup, tgt $12.60
    
  • Mohawk Industries (MHK) downgraded to Neutral from Buy at BofA Securities, tgt $122
    
  • NXP Semiconductors (NXPI) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $235
    
  • Qorvo (QRVO) downgraded to Underperform from Neutral at Mizuho, tgt $66
    
  • Sanofi (SNY) downgraded to Neutral from Outperform at BNP Paribas Exane, tgt $50
    
  • Schneider (SNDR) downgraded to Market Perform from Outperform at Raymond James
    
  • Skyworks (SWKS) downgraded to Underperform from Neutral at Mizuho, tgt $46
    
  • Southern Company (SO) downgraded to Neutral from Buy at Seaport Research
    
  • Tvardi Therapeutics (TVRD) downgraded to Underweight from Equal Weight at Barclays, tgt $3
    
  • Vale (VALE) downgraded to Equal Weight from Overweight at Barclays, tgt $17
    
  • Westlake (WLK) downgraded to Hold from Buy at Deutsche Bank, tgt $120<
• Others:
  • Candel Therapeutics (CADL) initiated with an Overweight at Cantor Fitzgerald
    
  • Cameco (CCJ) initiated with an Outperform at William Blair
    
  • D-Wave Quantum (QBTS) initiated with a Market Perform at Northland, tgt $22
    
  • IonQ (IONQ) initiated with an Outperform at Northland, tgt $55
    
  • Kyndryl (KD) initiated with a Market Perform at BMO Capital, tgt $15
    
  • MP Materials (MP) initiated with an Outperform at Wedbush, tgt $90
    
  • Primis Financial (FRST) initiated with an Outperform at Keefe Bruyette, tgt $17
    
  • Quantum Computing (QUBT) initiated with an Outperform at Northland, tgt $20
    
  • Rigetti Computing (RGTI) initiated with a Market Perform at Northland, tgt $20
    
  • Serve Robotics (SERV) initiated with a Buy at Guggenheim, tgt $13
    
  • South Bow (SOBO) initiated with a Sell at Goldman, tgt $29
    
  • USA Rare Earth (USAR) initiated with an Outperform at Wedbush, tgt $29
    
  • Valley National (VLY) assumed with an Overweight at Piper Sandler, tgt $15.50
    
  • Whirlpool (WHR) initiated with a Neutral at Mizuho, tgt $55
    
  • Xanadu Quantum (XNDU) initiated with an Outperform at Northland, tgt $43

• Econ Data (Tuesday):
  • 8:30 ET: March Retail Sales (Briefing.com consensus 1.3%; prior 0.6%) and Retail Sales ex-auto (Briefing.com consensus 0.9%; prior 0.5%)
  • 10:00 ET: February Business Inventories (Briefing.com consensus 0.1%; prior -0.1%) and March Pending Home Sales (Briefing.com consensus 0.5%; prior 1.8%)

• Earnings:
  • Monday (April 20)
    • Pre-Market: BOH CLF
    • After-Hours: ALK BOKF STLD WTFC ZION
      
    Tuesday (April 21)
    • Pre-Market: MMM AUB DHI DHR EFX FOR GE GPC HAL MSCI NTRS NOC OFG DGX RTX SYF TSCO UCB UNH VMI VICR
    • After-Hours: ADC OZK CALX COF CB CYH EWBC EQT ELS HWC IBKR ISRG MANH MCRI NBHC PEGA RRC SON UAL WRB WFRD WSBC WAL ZWS
      
  • Wednesday (April 22)
    • Pre-Market: T BKU BA BSX CME ELV FBP GEV MHO MAS MCO EDU NVR ONB OTIS PM TMHC TEL TDY TNL VRT WAB
      
    • After-Hours: ASGN AZZ BANC CACI CATY CCS CHDN CCI CSX EGP EPRT FAF FRME FR FULT GTY GL GSHD GGG HLX HXL IBM KALU KMI KNX LRCX LVS LBRT MEDP MTH MOH NP OII PKG CASH PTEN PNFP QS RJF RS RLI ROL SEIC SIGI NOW LUV STC TSLA TXN URI WEX
  • Thursday (April 23)
    • Pre-Market: AAL AXP AMBP BX BFH CBRE CNP DOV DOW FCX THRM HELE HON HBAN IRDM KDP LADR LMT MBLY NDAQ NEE NOK ORI PENN PCG POOL BPOP PHM ROP R SNY SAP SNA STM STRA TCBI TMO UNP VLY VC WST
    • After-Hours: AMP ABCB APPF ASB BKR BYD CSL CHE COLB CUBI DLR EW ENVA FFBC GLPI GBCI HIG INTC KNSL KN MXL NEM PECO PFG REXR SLM SKYW SSB SSNC VRSN WKC WSFS
  • Friday (April 24)
    • Pre-market: APOG CHTR FHB FLG GNTX HCA NSC PG SXT SLB WU
    • After-Hours: HTH