After Hours Report

Stocks had a choppy session, with the major averages facing several intraday swings amid conflicting reports regarding the state of ceasefire negotiations between the U.S. and Iran.

The S&P 500 (+0.1%), Nasdaq Composite (+0.1%), and DJIA (-0.2%) opened to losses of roughly 1.0% as President Trump's 8:00 p.m. ET deadline loomed, with the president threatening a "whole civilization will die tonight" if a deal is not struck.

The major averages fluctuated throughout the session amid conflicting reports of where negotiations stood or if communications between the U.S. and Iran were even open.

In the final hour of the session, Pakistani Prime Minister Shehbaz Sharif requested that President Trump extend the deadline for two weeks and that Iran open the Strait of Hormuz for a corresponding period of two weeks. Pakistan is a key mediator in the negotiations, and White House Press Secretary Karoline Leavitt said that the President has been made aware of the proposal, and a response will come.

Crude oil futures settled today's session $0.60 higher (+0.5%) at $112.85 per barrel, which was well off session highs, but retreated even further following the Pakistani peace proposal.

The late session rally saw five S&P 500 sectors finish with gains after participation was notably weaker for most of the session.

The communication services sector (+1.0%) captured the widest gain, with Paramount Skydance (PSKY 10.90, +1.05, +10.66%) finishing as the best-performing S&P 500 component after the company confirmed commitments from Saudi-wealth funds for its takeover of Warner Bros. Discovery (WBD 27.37, -0.04, -0.15%).

Alphabet (GOOG 303.93, +6.27, +2.11%) was a mega-cap standout after announcing a long-term partnership with Broadcom (AVGO 333.97, +19.54, +6.21%), in which Broadcom will work to develop and supply custom Tensor Processing Units (TPUs) to Google.

Strength across chipmaker names helped the information technology sector (+0.4%) notch a higher finish after holding an early loss that exceeded 1.0%. Apple (AAPL 253.50, -5.36, -2.07%) was a laggard today after Nikkei Asia reported that its foldable iPhone will likely be delayed due to engineering hurdles.

Elsewhere, managed care names such as UnitedHealth (UNH 307.73, +26.37, +9.37%) and Humana (HUM 197.15, +14.50, +7.94%) rallied after the Centers for Medicare & Medicaid Services released its CY27 Medicare Advantage (MA) and Part D Rate Announcement, which came in meaningfully better than expected and eased concerns about ongoing margin pressure.

The health care sector (+0.2%) notched a modest gain, while the utilities sector (+0.3%) finished similarly, and the energy sector (+0.8%) outperformed.

Meanwhile, the consumer staples (-1.8%) and consumer discretionary (-0.9%) sectors were today's worst performers, with particular weakness across specialty stores and homebuilders.

Similar to the S&P 500 and Nasdaq Composite, the Russell 2000 (+0.2%) and S&P Mid Cap 400 (+0.1%) eked out a gain as the broader market rallied in the final hour of the session.

Today's action underscores that oil prices are continuing to drive the stock market, with the major averages whipsawing intraday amid conflicting reports on U.S.--Iran ceasefire negotiations ahead of tonight's 8:00 p.m. ET deadline. The approaching deadline adds urgency to the headlines, keeping volatility elevated. Until there is more clarity on the outcome, markets are likely to remain sensitive to every development in the U.S.--Iran talks.

U.S. Treasuries had a mixed showing on Tuesday, as shorter tenors recovered from a lower start while longer tenors could not stay out of the red. The bounce off morning lows found some midday resistance, but a strong $58 bln 3-year note auction gave the complex an afternoon boost that helped 5s and shorter tenors finish in the green. The 2-year note yield settled down two basis points to 3.83%, and the 10-year note yield settled up one basis point to 4.34%. 

• S&P Mid Cap 400: +3.7% YTD
• Russell 2000: +2.5% YTD
• DJIA: -3.1% YTD
• S&P 500: -3.3% YTD
• Nasdaq Composite: -5.3% YTD

Reviewing today's data:

• Durable goods orders decreased 1.4% month-over-month in February (Briefing.com consensus: 0.5%) following a downwardly revised 0.5% decline (from 0.0%) in January. Excluding transportation, durable goods orders increased 0.8% (Briefing.com consensus: 0.5%) following a downwardly revised 0.3% increase (from 0.4%) in January.
  
  • The key takeaway from the report is that the weakness in February was concentrated largely in transportation and capital goods orders. Otherwise, order activity was decent, highlighted by a 0.6% increase in new orders for nondefense capital goods, excluding aircraft—a proxy for business spending.
• Consumer credit increased by $9.5 billion in February (Briefing.com consensus $7.0 billion) after increasing by a revised $7.7 billion (from $8.1 billion) in January. Nonrevolving credit increased by $8.8 billion while revolving credit increased by $700 million.

Overseas:

• Europe: DAX -1.0%, FTSE -0.8%, CAC -0.7%
• Asia: Nikkei flat, Hang Seng market closed, Shanghai +0.3%

Commodities:

• Crude Oil +0.60 @ 112.85
• Nat Gas +0.06 @ 2.87
• Gold +2.80 @ 4686.00
• Silver -0.91 @ 71.99
• Copper -0.04 @ 5.56

After-Hours Spotlight:

• Aehr Test Systems (AEHR) beats by $0.02, slightly misses on revs; Reaffirms FY26 guidance...AEHR -3.5%
• Diebold Nixdorf (DBD) set to join S&P SmallCap 600...DBD +3.8%
• Greenbrier (GBX) misses by $0.35, misses on revs; guides FY26 EPS below consensus, revs below consensus...GBX -5.9%
• Levi Strauss (LEVI) beats by $0.05, beats on revs; raises FY26 EPS and revenue guidance; announces planned transition of Executive Vice President and Chief Financial & Growth Officer...LEVI +5.9%
• Nutanix (NTNX) authorizes an increase of $750 mln of common stock to company's existing share repurchase program...NTNX +1.0%
• Phoenix Education Partners (PXED) beats by $0.24, reports revs in-line; reaffirms FY26 revs guidance; authorizes $50 mln share repurchase program...PXED +7.9%
• Super Micro Computer (SMCI) provides update on investigation by independent board directors...SMCI +0.2%
• Wealthfront (WLTH) reports select monthly metrics for March 2026; Platform assets at end of March were $93.2 bln, down 2% from end of February...WLTH flat

Fair Value for Wednesday, April 8:

• S&P 500: 6,656
• Nasdaq 100: 24,372
• DJIA: 46,796

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

• Earnings/Guidance (Full Earnings Calendar):
  • Aris Mining (ARIS) reports Q1 2026 production and strong revenue growth
  • Hon Hai Precision (HNHPF) reports March sales increased 45.6% yr/yr to NT$803.7 bln
  • LGI Homes (LGIH) reports Q1 closings and community count
  • Mesoblast (MESO) reports $30.3 mln quarterly sales for Ryoncil
  • Pembina (PPL) Business Update Highlights Strategic Focus and Growth Outlook
  • Phillips 66 (PSX) provides guidance on certain items impacting first-quarter 2026 results
  • Samsung (SSNLF) reports preliminary Q1 results
• General News
  • Negotiations are not confident an Iran deal will be reached ahead of President Trump's 8pm eastern time deadline where he has threatened to target bridges and energy infrastructure, according to WSJ
  • srael targeting dozens of Iranian infrastructure sites; U.S. strike hit railway bridge, according to Bloomberg
  • Iran rejects U.S. ceasefire terms; Explosions were heard on Kharg Island, but the source of the explosions is not clear, according to Bloomberg
  • Axios reporter Barak Ravid says "The U.S. military conducted strikes on military targets on Kharg island, U.S. official says"
  • President Trump is considering seizing control of Iran's oil to gain leverage against China, according to Bloomberg
  • DHS Secretary Markwayne Mullin says his agency could take action against international airports in sanctuary cities if those cities do not cooperate with immigration authorities, according to NY Post
  • CMS finalizes 2027 Medicare Advantage and Part D payment policies
  • UK car sales rise highest level since 2019, according to Bloomberg
  • Iran cuts off direct communications with the U.S., according to WSJ
  • U.S.-Iran talks show small progress ahead of President Trump’s 8 p.m. deadline, according to Axios
  • Pakistan Prime Minister Shehbaz Sharif requests President Trump extend deadline for two weeks and Iran open Strait of Hormuz for a corresponding period of two weeks (Note: Pakistan is a key mediator in talks)
  • Israel wants longer war with Iran, but President Trump is pushing for deal, according to Politico
  • Abbvie (ABBV) and Genentech (RHHBY) will soon start listing drugs on TrumpRx, according to CBS News
  • AC Immune (ACIU) announces agreement with Eli Lilly to amend collaboration agreement for Morphomer Tau aggregation inhibitor small molecules for the potential treatment of Alzheimer’s disease
  • Adobe (ADBE) head of products confirms the launch of new Photo Editor in its post composer
  • Algoma Steel Group (ASTL) and Roshel formed joint venture Roshel Algoma Defence to deliver sovereign ballistic steel solutions
  • American Integrity Insurance Group (AII) appoints Brian Foley as CFO
  • ANI Pharma (ANIP) announces publication of NEW DAY clinical trial results in ophthalmology
  • Anthropic is in discussions to invest $200 mln in a private equity venture, according to WSJ
  • Apple (AAPL) foldable iPhone remains on schedule for introduction in September, according to Bloomberg
  • Apple's (AAPL) foldable iPhone could have shipment delays due to engineering issues, according to Nikkei
  • Artivion (AORT) announces U.S. FDA approval of the NEXUS Aortic Arch System
  • Ascendis Pharma (ASND) receives orphan drug exclusivity and launches YUVIWEL in the United States
  • AstraZeneca (AZN): FDA approves first generic dapagliflozin tablets
  • AstraZeneca (AZN): Lupin confirms the approval of Dapagliflozin Tablets in the United States
  • Bayer AG U.S. (BAYRY) executive says pharma tariffs will not impact forecasted earnings, according to Reuter
  • Betterware de Mexico (BWMX) announces the appointment of Raúl del Villar as Chief Financial Officer
  • Biogen (BIIB) expands antisense pipeline through multi-target collaboration with Alloy Therapeutics
  • Blackstone (BX) raised $10 bln for opportunistic credit fund, according to Bloomberg
  • Boeing (BA) announces the delivery of the ViaSat-3 Flight3 spacecraft to Viasat (VSAT)
  • Broadcom (AVGO) and Google (GOOG) enter into a Long Term Agreement for Broadcom to develop and supply custom TPUs; Broadcom, Google and Anthropic have expanded their current strategic collaboration
  • CareTrust REIT (CTRE) announces the closing of two investments totaling approximately $119 mln; investment pipeline stands at $500 mln
  • Casey's General Stores (CASY) set to join S&P 500; DigitalOcean Holdings to join S&P MidCap 400; Broadstone Net Lease to join S&P SmallCap 600
  • Cboe Global Markets (CBOE) Reports Trading Volume for March 2026
  • Climb Bio (CLYM) receives FDA Fast Track designation for budoprutug in rare kidney disease
  • Deere (DE) settles “right to repair” antitrust litigation with no admission of wrongdoing
  • Deutsche Bank (DB) US distressed products business doubled net profits in Q1, according to Bloomberg
  • DraftKings (DKNG) and MLB players union settle lawsuit, according to Bloomberg
  • eGain Comm. (EGAN) announces new enterprise AI platform connectors that integrate Microsoft Copilot, Anthropic Claude, Google Gemini CLI, and Cursor with eGain AI Knowledge Hub, the company’s AI-powered knowledge management platform
  • Enphase Energy (ENPH) to sell $235 mln of advanced manufacturing production tax credits
  • Entergy's (ETR) 2025 Performance Report highlights growth, reliability and customer-driven initiatives
  • Exponent (EXPO) names John Pye as President and Eric Anderson as CFO; names Karen Richardson as Chairman of the Board upon the retirement of Paul Johnston
  • Fennec Pharmaceuticals (FENC) announced the initiation of an investigator-sponsored study by University of Arizona Cancer Center to evaluate use of PEDMARK
  • Fluor (FLR) enters into a contract with X-energy to support the company’s proposed advanced nuclear project at Dow’s UCC Seadrift Operations
  • FMC Corp (FMC) secures approval for Isoflex active in the European Union
  • Fox Corporation (FOXA) and Kalshi announce an integration to incorporate Kalshi’s data across FOX News Channel, FOX Business Network, FOX Weather and the FOX One platform
  • Franklin Resources (BEN) reports preliminary month-end assets under management (AUM) of $1.68 trillion at March 31, 2026 compared to $1.73 trillion at February 28, 2026
  • Generac (GNRC) and?CPower?Energy announce a?collaboration?to support commercial and industrial customers across PJM, North America's largest grid, by leveraging distributed generation to?achieve?greater?resiliency and demand response?outcomes?at a time when soaring electricity demand is pushing?power prices to historic highs
  • Geospace Tech. (GEOS) discloses 20% workforce reduction as part of an organizational change plan
  • Goldman Sachs (GS) private credit disclosed yesterday a Q1 2026 tender offer update; says "The net proceeds from our strong inflows and portfolio repayments can be deployed into what we believe is an attractive investment environment"
  • Greenwich LifeSciences (GLSI) provides update on patent claims potentially doubling GP2 market potential
  • HealthEquity (HQY) CTO Eli Rosner will be terminated without cause
  • Integer Holdings (ITGR) announces Board leadership transition as Pamela Bailey, who currently serves as independent Chair of the Board, will not stand for re-election
  • Lifezone (LZM) produces first-ever platinum, palladium and rhodium from its U.S. PGM Recycling ProjectLifezone’s Simulus Laboratories completes locked-cycle and pilot test work
  • Marcus (MCS) reports its highest grossing total revenue 5-day Easter holiday weekend in its history
  • Marcus (MCS) announces that Jeffry F. Tomachek, chief financial officer of Marcus Theatres, will be promoted to president of Marcus Theatres
  • MarketAxess (MKTX) reports trading volume statistics for March and Q1
  • Marsh McLennan Agency (MRSH) announces the acquisition of Seitz Insurance Agency, a Sidney, Montana-based independent agency
  • Mayfair Gold (MINE) appoints Kevin Annett as CFO
  • Merck (MRK): Researchers believe Merck's experimental HIV prevention pill could be produced for less than $5 per year, according to Stat News
  • MetLife (MET) disclosed preliminary information regarding variable investment income prior to the availability of its quarterly earnings release
  • Moderna (MRNA) will present late-breaking oral presentations on revaccination data for both mRNA-1010, its investigational seasonal influenza vaccine, and for mRESVIA
  • Murphy USA (MUSA) appoints Donald Smith as Chief Financial Officer
  • NervGen Pharma (NGEN) reports successful End-of-Phase 2 meeting and FDA Alignment on RESTORE, a Phase 3 Registrational Study of NVG-291 for Chronic Tetraplegia
  • Neuronetics (STIM) announces CFO transition and reaffirms FY26 guidance
  • Neuronetics (STIM): Shareholder calls for immediate and comprehensive review of strategic alternatives, inlcuding sale of TMS business
  • Neuronetics (STIM) responds to shareholder letter, signals openness to value-enhancing actions
  • NIQ Global Intelligence plc (NIQ) and Sun Pacific announced a new agreement
  • Nutanix (NTNX) and NetApp (NTAP) form strategic alliance with new integration for a modern cloud platform
  • Nuvalent (NUVL) submits NDA for neladalkib in ALK+ NSCLC, advancing lead oncology asset
  • OpenAI, Anthropic, and Google (GOOG, GOOGL) working together to fight copying of artificial intelligence models by China, according to Bloomberg
  • Oracle (ORCL): Pimco in discussions with Bank of America (BAC) to provide $14 bln of debt financing to Oracle for data center, according to Bloomberg
  • Organogenesis (ORGO) announces successful FDA meeting and plan to file BLA for ReNu for knee osteoarthritis pain
  • Owlet (OWLT) announces that Jonathan Harris has resigned as CEO; reaffirms Q1 guidance and long-term growth opportunity
  • PAR Technology (PAR) announces the launch of PAR Intelligence, the agentic AI layer designed to help multi-unit operators make every store their most profitable store
  • PepsiCo (PEP): Frito-Lay had its first revenue decline in decades because of refusal to cut prices, according to Bloomberg
  • Petrobras (PBR) names new board chair, reshuffles leadership amid governance changes
  • Pony AI (PONY) advances Singapore AV rollout with regulatory approval for by-invite rides
  • Precigen (PGEN) reports 'robust uptake' of new drug for rare respiratory disease; first quarter revenue expected to top $18 mln
  • Procter & Gamble (PG) and the Women’s National Basketball Association announce a multi-year, multi-brand partnership
  • Pulse Biosciences (PLSE) Enrolls First Patients in NANOPULSE-AF IDE Pivotal Clinical Study Evaluating nPulse Cardiac Catheter System for Atrial Fibrillation
  • Sanofi (SNY) reports Phase 2 data for lunsekimig in respiratory diseases
  • Scripps Sports (SSP) and the Nashville Predators have created a landmark multi-year media rights agreement that brings free, over-the-air access to the Predators’ National Hockey League games to fans across Middle Tennessee and beyond beginning with the 2026–27 NHL season
  • Sony Pictures (SONY) to eliminate hundreds of jobs, according to Variety
  • Tesla (TSLA) car registrations in Germany were higher by 4 times in March, according to Reuters
  • The Trade Desk (TTD) will eliminate three executives as part of leadership changes, according to AdWeek
  • Tigo Energy (TYGO) launches modular GO Battery energy storage system in Europe
  • TPG Inc. (TPG): DirecTV workers authorize strike as contract talks stall over pay, conditions
  • Tradeweb Markets (TW) reports record March 2026 total trading volume
  • Ulta Beauty (ULTA) CEO Kecia Steelman says GLP-1 demand created demand for skincare products, according to Business Insider interview
  • Walt Disney (DIS) says ESPN continues global expansion on Disney+
  • XMax (XWIN) announces formation of XMax AI Inc to execute AI expansion strategy

• Upgrades:
  • Arista Networks (ANET) upgraded to Buy from Neutral at Rosenblatt, tgt $180
    
  • Associated Banc-Corp (ASB) upgraded to Overweight from Equal Weight at Barclays, tgt $33
    
  • Axos Financial (AX) upgraded to Strong Buy from Outperform at Raymond James, tgt $100
    
  • Centerspace (CSR) upgraded to Overweight from Neutral at Piper Sandler, tgt $72
    
  • East West Bancorp (EWBC) upgraded to Buy from Neutral at UBS, tgt $125
    
  • FB Financial (FBK) upgraded to Strong Buy from Market Perform at Raymond James, tgt $62
    
  • Flagstar Bank (FLG) upgraded to Buy from Hold at Truist, tgt $17
    
  • MercadoLibre (MELI) upgraded to Buy from Hold at Jefferies, tgt $2,600
    
  • Morgan Stanley (MS) upgraded to Buy from Neutral at UBS, tgt $196
    
  • Old Dominion Freight Line (ODFL) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $200
    
  • Pinnacle Financial Partners (PNFP) upgraded to Buy from Neutral at UBS, tgt $110
    
  • Q2 Holdings (QTWO) upgraded to Outperform from Neutral at Robert W. Baird, tgt $70
    
  • Rocket Lab (RKLB) upgraded to Outperform from Market Perform at Citizens, tgt $85
    
  • Third Coast Bancshares (TCBX) upgraded to Outperform from Market Perform at Raymond James, tgt $45
    
  • Wingstop (WING) upgraded to Buy from Neutral at Citigroup, tgt $230
• Downgrades:
  • Arm (ARM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $150
    
  • Bio-Rad Laboratories (BIO) downgraded to Neutral from Buy at Citigroup, tgt $300
    
  • D.R. Horton (DHI) downgraded to Neutral from Buy at Seaport Research
    
  • Equinix (EQIX) downgraded to Sector Perform from Outperform at Scotiabank, tgt $1,050
    
  • First Horizon National (FHN) downgraded to Neutral from Buy at UBS, tgt $25
    
  • First Interstate BancSystem (FIBK) downgraded to Sell from Neutral at UBS, tgt $35
    
  • Insulet (PODD) downgraded to Neutral from Buy at Citigroup, tgt $230
    
  • Lennar (LEN) downgraded to Sell from Buy at Seaport Research, tgt $74
    
  • LSB Industries (LXU) downgraded to Sector Perform from Outperform at RBC Capital, tgt $14
    
  • M/I Homes (MHO) downgraded to Neutral from Buy at Seaport Research
    
  • NVR (NVR) downgraded to Sell from Neutral at Seaport Research, tgt $5,664
    
  • Park Hotels & Resorts (PK) downgraded to Equal Weight from Overweight at Barclays, tgt $9
    
  • PulteGroup (PHM) downgraded to Sell from Buy at Seaport Research, tgt $100
    
  • Red River Bancshares (RRBI) downgraded to Market Perform from Outperform at Raymond James
    
  • Suzano (SUZ) downgraded to Neutral from Buy at BofA Securities, tgt $11
    
  • Toll Brothers (TOL) downgraded to Neutral from Buy at Seaport Research
    
  • TopBuild (BLD) downgraded to Neutral from Buy at Seaport Research
    
  • Wix.com (WIX) downgraded to Market Perform from Outperform at Citizens
• Others:
  • Bank OZK (OZK) assumed with a Neutral at UBS, tgt $48
    
  • Columbia Banking System (COLB) assumed with a Neutral at UBS, tgt $30
    
  • Equillium (EQ) initiated with an Overweight at Cantor Fitzgerald, tgt $10
    
  • Fifth Third Bancorp (FITB) reinstated with a Buy at Goldman, tgt $55
    
  • Forum Markets (FRMM) initiated with a Speculative Buy at Benchmark, tgt $5
    
  • Global Business Travel Group (GBTG) initiated with a Neutral at BofA Securities, tgt $6.50
  • Madison Square Garden Entertainment (MSGE) initiated with a Buy at BTIG Research, tgt $70
    
  • MapLight Therapeutics (MPLT) initiated with a Buy at TD Cowen
    
  • National Fuel Gas (NFG) initiated with an Overweight at KeyBanc, tgt $110
    
  • Navan (NAVN) initiated with a Buy at BofA Securities, tgt $17
    
  • OptimumBank Holdings (OPHC) initiated with a Buy at Alliance Global Partners, tgt $6.50
    
  • PayPay (PAYP) initiated with a Buy at Goldman, tgt $29
    
  • Permian Resources (PR) initiated with an Overweight at KeyBanc, tgt $25
    
  • PicPay (PICS) initiated with an Outperform at Bradesco BBI, tgt $21
    
  • Quad/Graphics (QUAD) initiated with a Buy at Benchmark, tgt $10
    
  • Rank One Computing (ROC) initiated with a Buy at Benchmark, tgt $9
    
  • SharpLink Gaming (SBET) initiated with a Buy at H.C. Wainwright, tgt $10
    
  • Sutro Biopharma (STRO) initiated with an Outperform at Leerink, tgt $38
    
  • Tractor Supply Company (TSCO) reinstated with a Neutral at BofA Securities, tgt $47
    
  • Webster Financial (WBS) assumed with a Neutral at UBS, tgt $69

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -10.4%)
  • 10:30 ET: Weekly crude oil inventories (prior +5.45 mln)
  • 14:00 ET: March FOMC Minutes

• 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