After Hours Report

The S&P 500 (+0.4%), Nasdaq Composite (+0.5%), and DJIA (+0.4%) recorded modest gains to start the week, trading in a stable range throughout the day amid a relatively quiet session.

There were no material changes surrounding negotiations between the U.S. and Iran, which kept both oil prices and stocks free from any major swings today. Axios reported that the U.S. and Iran were involved in mediated discussions for a potential 45-day ceasefire, but later reports stated that Iran is not interested in a temporary solution.

In a 1:00 p.m. ET press conference, President Trump reiterated his threat of strikes against Iranian power plants and bridges if a deal is not negotiated before the previously imposed deadline of Tuesday at 8:00 p.m. ET. The press conference was relatively devoid of any new developments, and while the major averages dipped toward their baselines in reaction to the threat of further escalation, they quickly reclaimed their modest gains.

Crude oil futures settled today's session $0.77 higher (+0.7%) at $112.25 per barrel.

Strength across the stock market was broad, though the gains were largely modest in nature.

The consumer discretionary sector (+0.8%) notched the widest gain, supported by gains in nearly all of its components that overshadowed a weak showing from Tesla (TSLA 352.82, -7.77, -2.15%).

The energy sector (+0.8%) captured a similar gain amid the modest increase in oil prices.

Memory storage names saw another day of sharp gains after Morgan Stanley reaffirmed its Overweight rating for Seagate Tech (STX 453.30, +23.94, +5.58%) and Western Digital (WDC 304.15, +9.18, +3.11%), helping the PHLX Semiconductor Index finish 1.1% higher while the broader information technology sector gained 0.5%.

Meanwhile, the utilities (-0.4%), health care (-0.4%), and materials (-0.4%) sectors finished modestly lower.

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.5%) posted similar gains to those of the major averages.

Corporate news flow was on the lighter side today, though there was some merger and acquisition activity with Neurocrine Biosciences (NBIX 132.48, +0.88, +0.67%) agreeing to acquire Soleno Therapeutics (SLNO 52.26, +12.77, +32.34%) for $53 per share in cash.

Altogether, some lingering optimism remains that a last-minute ceasefire agreement could still be reached. However, a cautious tone continues to prevail, keeping the S&P 500 and DJIA pinned just below their 200-day moving averages, while the Nasdaq Composite remains further behind.

U.S. Treasuries began the week in mixed fashion with relative strength in longer tenors allowing the long bond to reclaim its loss from Friday's abbreviated session while the short end underperformed, extending Friday's losses. Those losses were incurred in reaction to the Employment Situation report for March, which beat headline expectations by a wide margin, masking some softness on the earnings side. The 2-year note yield settled up two basis points to 3.85%, and the 10-year note yield settled down two basis points to 4.33%.

• S&P Mid Cap 400: +3.6% YTD
• Russell 2000: +2.4% YTD
• DJIA: -2.9% YTD
• S&P 500: -3.4% YTD
• Nasdaq Composite: -5.4% YTD

Reviewing today's data:

• March ISM Non-Manufacturing Index 54.0% (Briefing.com consensus 54.9%); Prior 56.1%
  
  • The key takeaway from the report is that the services sector remained in expansion, but the Employment Index returned to contraction while the Prices Index saw its biggest one-month increase in over 13 years. This combination will present a headwind to growth, especially if it persists in the coming months.

Overseas:

• Europe: DAX market closed, FTSE market closed, CAC market closed
• Asia: Nikkei +0.5%, Hang Seng market closed, Shanghai market closed

Commodities:

• Crude Oil +0.77 @ 112.25
• Nat Gas +0.01 @ 2.81
• Gold +4.00 @ 4683.20
• Silver -0.02 @ 72.90
• Copper +0.02 @ 5.60

After-Hours Spotlight:

• CMS finalizes 2027 Medicare Advantage and Part D payment policies...HUM +13.1%; UNH + 9.5%; CVS + +9.4%; ELV +7.1%; CI +1.2%
• Marcus (MCS) reports its highest grossing total revenue 5-day Easter holiday weekend in its history...MCS flat
• Neuronetics (STIM): Shareholder calls for immediate and comprehensive review of strategic alternatives, inlcuding sale of TMS business...STIM +7.4%
• Owlet (OWLT) announces that Jonathan Harris has resigned as CEO; reaffirms Q1 guidance and long-term growth opportunity...OWLT flat
• Shoe Carnival (SCVL): CFO bought 31,000 shares at $16.13 worth ~$500K...SCVL +4.3%

Fair Value for Tuesday, April 7:

• S&P 500: 6,650
• Nasdaq 100: 24,360
• DJIA: 46,879

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

• Earnings/Guidance (Full Earnings Calendar):
  • AerCap (AER) reports strong Q1 activity with 286 transactions and $3 bln in financing
  • AbbVie (ABBV) updates Q1 and FY26 guidance excluding the impact of acquired IPR&D and milestones expense that may be incurred in 2026
  • Biogen (BIIB) expects that its GAAP and non-GAAP results for the first quarter of 2026 will include acquired in-process research and development, upfront and milestone expense of approximately $34 million on a pre-tax basis
  • Citigroup (C) disclosed historical quarterly financial data supplement for the five-year quarterly and annual periods ended December 31, 2025 to facilitate comparability
  • Embraer SA (EMBJ) delivered 44 aircraft in 1Q26, up 44% yr/yr
  • Figure Technology Solutions (FIGR) reports preliminary March & Q1 2026 Operating Data
  • HDFC Bank (HDB) discloses Q1 metrics - average advances under management +10% yr/yr
  • Lucid Group (LCID) reports Q1 deliveries impacted by supplier issue, reaffirms production outlook
  • Niu Technologies (NIU) reports Q1 unit sales up 29%, driven by China growth
  • Riot Platforms (RIOT) announces Q1 production and operations update
  • Tesla (TSLA) March South Korea sales rise 300%, according to Reuters
  • Trilogy Metals (TMQ) reported first quarter fiscal 2026 results and provides update on U.S. federal strategic investment and project advancement
  • VinFast Auto (VFS) reports record orders and dealer shipments for electric scooters in March 2026 in Vietnam
• General News
  • The U.S., Iran, and mediators are discussing terms of a 45-day ceasefire agreement, which could lead to the end of the war, but sources say chances of reaching a deal are "slim.", according to Axios
  • President Trump, in an interview, says there is a "good chance" a deal with Iran could be reached by tomorrow, but if no deal is reached, the U.S. "will blow up everything" in Iran, according to Axios
  • Strait of Hormuz tariff reached highest level in weeks, according to Bloomberg
  • Iran shot down a U.S. fighter jet and attacked oil and gas infrastructure in Gulf states, Bloomberg
  • Iraq oil tankers can now cross through the Strait of Hormuz because of an Iranian exemption, according to Bloomberg
  • The two crew members from the shot down a F-15 fighter jet were rescued, according to Axios
  • Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability
  • White House releases FY27 budget; requests $1.5 trillion for defense a 44% increase; cuts green energy programs
  • President Trump directed the Secretary of Homeland Security, in coordination with the Director of the Office of Management and Budget, to use funds that have a reasonable and logical nexus to the functions of DHS to provide each and every employee of DHS with the compensation
  • House Speaker Mike Johnson will not hold vote on DHS funding until Senate makes progress on funding immigration enforcement through reconciliation, which could take two weeks, according to Axios
  • President Trump is considering removing Commerce Secretary Howard Lutnick and Labor Secretary Lori Chavez-DeRemer, according to Politico
  • Oil companies are showing interest in deepwater field stake, according to Reuters
  • Judge rejects DOJ bid to reinstate subpoenas in Fed case, according to Axios
  • Five EU nations want windfall energy tax on energy companies, according to Reuters
  • Class 5-8 truck orders increased 126% yr/yr in March, Act Research
  • Appeals Court rules that New Jersey can not regulate Kalshi's prediction markets, according to Reuters
  • FAA wants to hire 2300 air traffic controllers, according to Reuters
  • U.S. military making plans for possible strikes on energy targets in Iran, according to WSJ
  • The Artemis II crew have set the record for the farthest distance from Earth traveled by a human mission
  • Aehr Test Systems (AEHR) launches to multi-year highs as new customer win positions company to target hyperscale AI and cloud data centers
  • Agenus (AGEN) announces data from Phase II Study of BOT+BAL in combination with agent-797 in PD-1 Refractory Gastroesophageal Cancer to be Presented at AACR 2026
  • Amazon (AMZN) secures deal with USPS on delivery of packages, according to Reuters
  • AMC Networks (AMCX) CFO resignation became effective; Michael J. Sherin III, Chief Accounting Officer of the Company, assumed the responsibilities of principal financial officer on an interim basis, effective as of March 31, 2026
  • Anterix (ATEX) and NorthWestern Energy announce first planned deployment of Anterix's 10 MHz broadband configuration in the 900 MHz band
  • Applied Optoelectronics (AAOI) receives new $71 mln order for 800G single-mode data center transceivers
  • Avino Silver & Gold (ASM) announces Normal Course Issuer Bid for common shares
  • Azenta (AZTA) discloses that Thelema has not yet secured financing relating to the sale of the entire issued share capital of B Medical Systems
  • Barrick Mining (B) to slow development activity and continue the project review for Reko Diq project
  • Bausch + Lomb (BLCO) Announces New Scientific Data, Educational Events at the American Society of Cataract and Refractive Surgery Annual Meeting
  • Braskem SA (BAK) clarified news item published under the title: 'Crisis leads Braskem to consider judicial reorganization, agency says'
  • Broadcom (AVGO) hires Alphabet exec Amie Thuener as its new CFO
  • Cable ONE (CABO) discloses that COO Kenneth Johnson will step down, effective May 1, 2026
  • Canadian Nat'l Rail (CNI) moved more than 2.96 mln metric tonnes of grain from Western Canada, setting a new record for the month of March and achieved highest ever first quarter results for grain movement
  • Centene (CNC) announces creation of two new executive leadership positions
  • Charles Schwab (SCHW) Trading Activity Index decreased to 56.04 in March, down from its score of 57.32 in February
  • Denali Therapeutics (DNLI) regains full rights to DNL593 after Takeda exits collaboration
  • Dow (DOW): The Iran war is helping chemical makers, according to WSJ
  • Ecopetrol (EC) authorized for up to $1.25 bln loan to refinance existing debt
  • Esperion Therapeutics (ESPR) and Athyrium Capital Management enter into $50 mln royalty financing agreement
  • General Dynamics (GD) awarded a $1.26 bln modification to a previously awarded US Navy contract
  • Hafnia Limited (HAFN) orders eight MR product tankers in $405 mln newbuild deal
  • Hercules Capital (HTGC) sets new record with all-time high new debt and equity commitments
  • JBS (JBS): Striking JBS workers returned to work and will resume talks in Colorado, according to Reuters
  • JetBlue (JBLU) and Barclays enhance airline’s popular premier card with new benefits and expanded rewards
  • JPMorgan Chase (JPM) CEO Jamie Dimon issues letter to shareholders
  • KBR's (KBR) Mission Technology Solutions supports NASA's Artemis II mission
  • Meta Platforms (META) expected to release Alexandr Wang's new AI models, according to Axios
  • Miami International Holdings (MIAX) reports trading results for March 2026
  • Netflix (NFLX) expands kids content, launches "Playground" app with new shows and renewals
  • Nintendo (NTDOY): Super Mario Galaxy Movie earned $372.5 mln worldwide, according to Hollywood Reporter
  • Nu Skin (NUS) launches Prysm iO, an AI-powered platform for personalized nutritional wellness
  • Opus Genetics (IRD) announces a financing agreement with Oberland Capital Management providing Opus with access to future non-dilutive funding of up to $155 mln to support its future strategic initiatives and growth
  • Paramount Skydance (PSKY) President Jeff Shell is in negotiations to exit the company, according to Status
  • Pepsi (PEP) and Diageo (DEO) dropped sponsorships of the Wireless Festival, according to WSJ
  • Regeneron (REGN) Collaborates with TriNetX to Access De-Identified Electronic Health Records of 300 Million Patients to Drive Research and Product Development in Life Sciences and Digital Health Solutions
  • ReNew (RNW) discloses that ReNew Green has received the proceeds from the consortium of investors led by LeapFrog Investments
  • Samsung (SSNLF) plans to discontinue Samsung Messages application in July 2026
  • Seadrill (SDRL) secures $480 mln contract extension for West Polaris in Brazil
  • SharpLink (SBET) entered into a mutual termination agreement with Galaxy Digital Capital Management LP
  • SMFG (SMFG) and Nippon Life are in discussions to set up a private credit fund, Bloomberg
  • Southwest Air (LUV): Elliott Management reduced the economic exposure of the Elliott Funds for portfolio management purposes
  • Starbucks (SBUX) and Boyu Capital finalize joint venture to accelerate long term growth in China
  • Tesla (TSLA): Regulators end investigation into TSLA's "smart summon" feature, according to Reuters
  • TFS Financial (TFSL) announces that CFO Meredith Weil will retire from her position, effective January 2027
  • UFP Industries' (UFPI) Deckorators announced the acquisition of Oldcastle APG's MoistureShield decking operating assets
  • United Airlines (UAL) to introduce tiered fare categories, giving customers more options across every type of ticket
  • United Airlines (UAL) says "For tickets purchased on or after April 3, 2026, fees will go up by $10 for your first and second checked bag and by $50 for your third checked bag in most markets"
  • UPS (UPS) agreed to terms on a new settlement with the Teamsters National Negotiating Committee — capping severance offers while rewarding and protecting the seniority of Teamsters drivers
  • Vertical Aerospace Group (EVTL) achieves key eVTOL flight milestone with piloted transition
  • Village Farms (VFF) provides CFO transition update
  • Weatherford (WFRD) announces proposal to redomesticate to the United States
  • WW (WW) announces CEO transition, forms interim leadership structure; reaffirms FY26 outlook
  • Zoom Communications (ZM) discloses that COO Aparna Bawa intends to resign effective May 8, 2026

• Upgrades:
  • Amkor Technology (AMKR) upgraded to Buy from Hold at Melius Research, tgt $60
    
  • Boot Barn (BOOT) upgraded to Buy from Hold at Jefferies, tgt $195
    
  • First American Financial (FAF) upgraded to Overweight from Equal Weight at Barclays, tgt $72
    
  • Kratos Defense & Security (KTOS) upgraded to Buy from Hold at Jefferies, tgt $85
    
  • Netflix (NFLX) upgraded to Buy from Neutral at Goldman, tgt $120
    
  • Northern Trust (NTRS) upgraded to Neutral from Sell at Goldman, tgt $151
    
  • Northern Trust (NTRS) upgraded to Outperform from Market Perform at BMO Capital, tgt $168
    
  • Olin (OLN) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $35
    
  • Rocket Companies (RKT) upgraded to Overweight from Equal Weight at Barclays, tgt $19
    
  • Tyson Foods (TSN) upgraded to Overweight from Neutral at Piper Sandler, tgt $75
    
  • Twilio (TWLO) upgraded to Buy from Hold at Jefferies, tgt $160
• Downgrades:
  • Avis Budget Group (CAR) downgraded to Hold from Buy at Deutsche Bank, tgt $128
    
  • Carvana (CVNA) downgraded to Neutral from Buy at BofA Securities, tgt $360
    
  • Clear Channel Outdoor (CCO) downgraded to Hold from Buy at TD Cowen, tgt $2.43
    
  • Dow Inc. (DOW) downgraded to Underperform from Neutral at BofA Securities, tgt $35
    
  • Kinsale Capital (KNSL) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $350
    
  • Lipocine (LPCN) downgraded to Neutral from Buy at H.C. Wainwright
    
  • Power Integrations (POWI) downgraded to Market Perform from Outperform at Northland, tgt $46
    
  • Sprouts Farmers Market (SFM) downgraded to Sell from Hold at Melius Research, tgt $70
    
  • Universal Music Group (UMGNF) downgraded to Equal Weight from Overweight at Wells Fargo
    
  • Westlake (WLK) downgraded to Neutral from Buy at BofA Securities, tgt $119
• Others:
  • AtlasClear (ATCH) initiated with a Buy at Litchfield Hills, tgt $1
    
  • Atlas Critical Minerals (ATCX) initiated with a Buy at H.C. Wainwright, tgt $13.75
    
  • Avalo Therapeutics (AVTX) initiated with an Outperform at Citizens, tgt $52
    
  • MDA Space (MDA) initiated with a Buy at Jefferies, tgt $41
    
  • MDA Space (MDA) initiated with an Overweight at JPMorgan, tgt $34
    
  • PayPay (PAYP) initiated with a Buy at Benchmark, tgt $31
    
  • PayPay (PAYP) initiated with a Buy at BofA Securities, tgt $26
    
  • PayPay (PAYP) initiated with a Neutral at Citigroup, tgt $23
    
  • PayPay (PAYP) initiated with an Equal Weight at Morgan Stanley, tgt $24
    
  • PayPay (PAYP) initiated with an Outperform at Mizuho, tgt $26
    
  • PayPay (PAYP) initiated with a Buy at Jefferies, tgt $28
    
  • Satellos Bioscience (MSLE) initiated with an Outperform at Leerink, tgt $20
    
  • Sezzle (SEZL) initiated with an Outperform at Keefe Bruyette, tgt $85
    
  • ThredUp (TDUP) initiated with a Buy at TD Cowen, tgt $5
    
  • Tyra Biosciences (TYRA) initiated with a Buy at Canaccord, tgt $50
    
  • Versigent (VGNT) initiated with an Overweight at Wells Fargo, tgt $35
    
  • WD-40 (WDFC) initiated with an Outperform at William Blair

• Econ Data (Tuesday):
  • 8:30 ET: February Durable Orders (Briefing.com consensus 0.5%; prior 0.0%) and Durable Orders ex-transport (Briefing.com consensus 0.5%; prior 0.4%)
  • 15:00 ET: February Consumer Credit (Briefing.com consensus $7.0 bln; prior $8.1 bln)

• Earnings:
  • Monday (April 6)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (April 7)
    • Pre-Market: None
    • After-Hours: GBX LEVI PXED
      
  • Wednesday (April 8)
    • Pre-Market: DAL RPM
      
    • After-Hours: APLD STZ PSMT
  • Thursday (April 9)
    • Pre-Market: NEOG SMPL
    • After-Hours: WDFC
  • Friday (April 10)
    • Pre-market: None
    • After-Hours: None