After Hours Report

The stock market rallied today as a two-week ceasefire agreement between the U.S. and Iran culminated in a sharp retreat in oil prices and a meaningful improvement in sentiment across equities.

The S&P 500 (+2.3%), Nasdaq Composite (+2.8%), and DJIA (+2.9%) posted broad gains that saw the major averages reclaim their 200-day moving averages, with the S&P 500 closing just above its 50-day moving average (6,765) as well. The Russell 2000 (+3.0%) and S&P Mid Cap 400 (+2.8%) notched similar gains as the broader market displayed a clear risk-on disposition today.

Bloomberg reported that the U.S. and Iran are set to hold talks to seek a more permanent end to the war soon, marking a much more conciliatory tone in comparison to yesterday's rhetoric. However, the situation remains delicate, with Israeli strikes against targets in Lebanon drawing condemnation from Iran and threats to abandon the agreement.

Still, today's action marked a definitive step towards a resolution. Tanker traffic has yet to pick up through the Strait of Hormuz, but crude oil futures still settled today's session $18.45 lower (-16.4%) at $94.40 per barrel.

The energy sector (-3.7%) faced a sharp retreat as a result, but the ten other S&P 500 sectors finished with gains of 1.0% or wider.

The industrials sector (+3.8%) led the advance, supported by strong gains across airline names such as United Airlines (UAL 96.30, +7.01, +7.85%) amid the retreat in oil prices. Delta Air Lines (DAL 68.08, +2.46, +3.75%) beat earnings expectations, and the company emphasized that it is not seeing any slowdown in summer travel demand despite higher ticket prices and macro headwinds.

Similarly, cruise lines such as Carnival (CCL 28.03, +2.83, +11.23%) posted double-digit gains today as oil slid, helping the consumer discretionary sector (+2.8%) finish near the top of the leaderboard as well.

Elsewhere in the sector, homebuilders also captured solid gains amid hopes that an easing of the Iran conflict may bring mortgage rates back down.

Amazon (AMZN 221.25, +7.48, +3.50%) provided solid mega-cap leadership, though Tesla (TSLA 343.23, -3.42, -0.99%) continues its recent slide, finishing as the only "magnificent seven" stock without a gain today.

Meanwhile, Meta Platforms (META 612.42, +37.37, +6.50%) captured a monster gain following the unveiling of Muse Spark, its first step toward personal superintelligence with multimodal, multi-agent AI.

Chipmakers were also a point of strength as today's bullish session reignited momentum in the AI trade. The PHLX Semiconductor Index finished 6.3% higher, helping the broader information technology sector (+2.8%) shake off relative weakness across its software components.

Today's data was limited, though the March FOMC minutes showed inflation remains above target, with higher oil prices adding near-term pressure. While officials still expect a gradual return to 2%, geopolitical risks could delay progress.

Investors will turn their attention to tomorrow's release of the February PCE Price Index (Briefing.com consensus 0.4%), the Fed's preferred measure of inflation. While today's temporary ceasefire sparked a broad relief rally, focus now shifts to the path toward a more durable resolution—particularly the reopening of the Strait of Hormuz, which would help alleviate pressure on oil prices and the resulting inflation concerns.

U.S. Treasuries finished Wednesday with solid gains across the curve, though intraday action saw a steady retreat from opening highs. The 2-year note yield settled down four basis points to 3.79%, and the 10-year note yield settled down five basis points to 4.29%. 

• S&P Mid Cap 400: +6.6% YTD
• Russell 2000: +5.6% YTD
• DJIA: -0.3% YTD
• S&P 500: -0.9% YTD
• Nasdaq Composite: -2.6% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -0.8%; Prior -10.4%

Overseas:

• Europe: DAX +4.7%, FTSE +2.5%, CAC +4.5%
• Asia: Nikkei +5.4%, Hang Seng +3.1%, Shanghai +2.7%

Commodities:

• Crude Oil -18.45 @ 94.40
• Nat Gas -0.15 @ 2.72
• Gold +90.70 @ 4776.70
• Silver +3.41 @ 75.40
• Copper +0.22 @ 5.78

After-Hours Spotlight:

• Applied Digital (APLD) reports Q3 (Feb) results...APLD -2.5%
• Constellation Brands (STZ) beats by $0.19, beats on revs; guides FY27 EPS below consensus...STZ -1.4%
• Costco (COST) reports March adjusted comparable sales of +6.2%...COST -0.5%
• Infleqtion (INFQ) guides to FY26 revenue of $40 mln...INFQ -0.6%
• PriceSmart (PSMT) beats by $0.05, beats on revs...PSMT flat
• STAAR Surgical (STAA) guides Q1 revenue well above consensus...STAA +19.3%

Fair Value for Thursday, April 9:

• S&P 500: 6,821
• Nasdaq 100: 25,070
• DJIA: 48,115

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

• Earnings/Guidance (Full Earnings Calendar):
  • Aehr Test Systems (AEHR) beats by $0.02, slightly misses on revs; Reaffirms FY26 guidance
  • Delta Air Lines (DAL) beats by $0.06, beats on revs; guides Q2 EPS below consensus
  • Endeavour Silver (EXK) produces 1,875,375 Oz silver and 11,740 Oz gold, for a total of 3.3 million silver equivalent oz in Q1 2026
  • Greenbrier (GBX) misses by $0.35, misses on revs; guides FY26 EPS below consensus, revs below consensus
  • Jefferies (JEF) discloses gross mark-to-market loss of $42.8 mln associated with Market Financial Solutions during Q1
  • Levi Strauss (LEVI) beats by $0.05, beats on revs; raises FY26 EPS and revneue guidance; guides Q2 EPS and revenue in-line
  • OR Royalties (OR) sees Q1 revs below consensus
  • Phoenix Education Partners (PXED) beats by $0.24, reports revs in-line; reaffirms FY26 revs guidance; authorizes $50 mln share repurchase program
  • Regeneron Pharma (REGN) expects Q1 to include IPR&D charge of $102 mln and negatively impact income per share by about $0.81
  • RPM Inc (RPM) beats by $0.22, beats on revs; reaffirms outlook
  • Shell (SHEL) first quarter 2026 update note
  • United Micro (UMC) reports March sales increased 4.89% yr/yr to ~NT$20.83 bln
• General News
  • U.S., Iran, and Israel agree to two week ceasefire; Iran says safe passage through the Strait of Hormuz is possible for two weeks with "due consideration of technical limitations"; first round of talks to end war start Friday; S&P futures rise 2.7%; WTI crude oil plunges 16%
  • President Trump says Iran went through a "very productive regime change"; says will discuss sanctions relief with Iran; says many of the 15 points have already been been agreed to
  • CNN reporter Alayna Treene says "Iranian President Masoud Pezeshkian has confirmed that his country will take part in ceasefire talks in Islamabad on Friday, according to a statement from Pakistani Prime Minister Shehbaz Sharif’s office on Wednesday"
  • Iran wants fees for ships passing through Strait of Hormuz during the two week ceasefire, according to FT
  • A maritime security company urged caution because Iran said it would reopen the Strait of Hormuz under military control, according to WSJ
  • Iranian Supreme Leader Mojtaba Khamenei instructed his negotiators to move toward a deal two days ago, according to Axios
  • Vice JD Vance says the Iran ceasefire is a "fragile truce.", CNBC
  • The Trump administration plans to cut the Iran funding request to $80-100 billion from $200 billion prior, according to Washington Post
  • Treasury wants to meet with state insurance commissioners about private credit risk, according to WSJ
  • Republican Clay Fuller wins a special election in Georgia, which will expand the Republican House majority by one member, according to NY Times
  • Iran will charge ships $1 per barrel of oil for traveling through Strait of Hormuz; money will be paid in cryptocurrency; empty ships will travel for free, according to FT
  • Halt of military strikes mostly holding after ceasefire agreement, according to Washington Post
  • Iran says it will withdraw from ceasefire deal if Israeli attacks on Lebanon continue (Lebanon is home of the Iranian proxy Hezbollah), according to Bloomberg
  • U.S. and Iran agree to hold discussions to end war even as Israeli strikes on Lebanon could upend the ceasefire deal, according to Bloomberg
  • Israel's security cabinet will meet tonight to discuss ceasefire, according to WSJ
  • President Trump denounces "fraudsters" sending unauthorized Iran negotiation letters; says meaningful points will be discussed "behind closed doors"
  • CMS issues guidance to implement new limits on Federal Medicaid and CHIP funding for certain noncitizens
  • Chris Phelan is a frontrunner to be the next Chair of the Council of Economic Advisers, according to Politico
  • AbbVie (ABBV) files lawsuit against the Trump administration to get clearer definition of Humira, according to Axios
  • Alibaba (BABA) and China Telecom to launch data center in China, according to CNBC
  • Alphabet (GOOG): Google unveils GKE FUSE Profiles to simplify AI storage, boost performance
  • AMTD IDEA Group (AMTD) announces dividend plan to distribute shares of listed subsidiaries
  • ANI Pharma (ANIP) announces FDA approval and launch of Isosorbide Mononitrate Tablet - generic version of the reference listed drug (RLD) Monoket
  • Apple (AAPL) foldable iPhone screens will be made by Samsung (SSNLF), according to Apple Insider
  • AppLovin (APP) announces Chief Technology Officer transition and the appointment of Craig Billings as independent Chairperson
  • Arthur J. Gallagher (AJG) clarifies DOJ settlement tied to pre-acquisition AssuredPartners entity
  • Ascendis Pharma (ASND) to list ordinary shares directly on Nasdaq; expected to commence trading on Nasdaq on April 20, 2026 following exchange of all American Depositary Shares (ADSs)
  • AtaiBeckley’s (ATAI) BPL-003 shows rapid, durable antidepressant response in treatment-resistant depression patients on SSRIs; Phase 2a Data Published in CNS Drugs
  • Barrick Mining (B) states that it "welcomes the decision by the Ontario Court of Appeal dismissing an appeal by certain Tanzanian residents alleging human rights abuses by members of the Tanzanian Police Force in the vicinity of the Company’s North Mara gold mine"
  • Bausch + Lomb (BLCO) announces that the FDA has granted 510(k) clearance for the Bi-Blade+ advanced dual-port vitrectomy cutter and the Adaptive Fluidics advanced update on the Stellaris Elite Vision Enhancement System
  • Becton Dickinson (BDX) announced application of CE Mark for the Liverty TIPS Stent Graft, delivering innovation to portal hypertension care across the European Union
  • Bleichroeder Acquisition Corp. II (BBCQ): Pasqal announces strategic collaboration with True Nexus
  • Blue Owl Capital (OWL): Moody's Ratings affirms Blue Owl Credit Income Corp.'s Baa2 senior unsecured ratings; changes outlook to negative from stable
  • Braskem SA (BAK) clarifies news article; work is still ongoing on a comprehensive diagnosis of economic and financial alternatives
  • Bullish (BLSH) releases March monthly metrics with total trading volume 60.4 bln
  • Chegg (CHGG): Galloway Capital Partners announces 5.44% ownership in Chegg, Inc. and highlights significant value opportunity
  • Chewy (CHWY) to acquire Modern Animal, accelerating evolution to a fully integrated healthcare ecosystem; authorizes $500 mln increase to share repurchase program
  • Clear Secure (YOU): CLEAR1 achieves FedRAMP ‘In Process’ status, advancing federal market opportunity
  • CME Group (CME) ADV hits record 11.4 mln in Q1, global volumes surge across all asset classes
  • Deluxe (DLX) announces a new partnership with Washington Trust Bank, the largest independently held full-service commercial bank in the Northwest, with more than $10 billion in assets and headquartered in Spokane, Washington
  • FactSet (FDS) announced that Joshua Warren has been appointed Chief Financial Officer, effective April 13, 2026
  • Ford (F) wants tariff relief from the Trump administration, according to WSJ
  • Franco-Nevada (FNV): Government of Panama approves processing of stockpiled ore at Cobre Panamá
  • General Dynamics (GD) Land Systems awarded a $450 mln agreement for next phase in advanced reconnaissance vehicle competition
  • General Motors (GM) is recalling certain 2023-2025 Chevrolet Malibu vehicles due to rearview camera issue
  • GlaxoSmithKline (GSK) receives China approval for Exdensur in nasal polyps, expanding respiratory portfolio
  • GRAIL (GRAL) announces collaboration with Epic to bring Galleri multi-cancer early detection test into Epic electronic health record platform
  • Henry Schein (HSIC) plans to reduce the size of its Board of Directors following its 2026 Annual Meeting of Stockholders on May 21, 2026
  • Himalaya Shipping Ltd. (HSHP) provides commercial update and key information relating to the cash distribution for March 2026
  • Insmed (INSM) provides clinical update on Phase 2b CEDAR study; brensocatib did not meet its primary or secondary efficacy endpoints
  • Intel (INTC) and SambaNova unveil heterogeneous AI inference blueprint combining GPUs, RDUs, and Xeon 6 for scalable data centers
  • Kimberly Clark (KMB) employee arrested for arson related to warehouse fire, according to Bloomberg
  • Kodiak AI (KDK) expands autonomous trucking beyond the sunbelt with demonstrations in Ohio and Indiana
  • Kura Sushi (KRUS) announces that Jeff Uttz, CFO and Treasurer, will depart from the company effective April 28, 2026; Hajime Uba, President and CEO, will serve as Interim CFO
  • Levi Strauss (LEVI) announces planned transition of Executive Vice President and Chief Financial & Growth Officer (CFGO), Harmit Singh, who will transition to serve as Special Advisor
  • LSB Industries (LXU) discloses it entered into settlement agreement related to the construction of the ammonia plant at the El Dorado, AR facility
  • Mesoblast (MESO) receives FDA clearance to begin registrational DMD trial for Ryoncil
  • Meta Platforms (META) unveils Muse Spark, its first step toward personal superintelligence with multimodal, multi-agent AI
  • MGP Ingredients (MGPI) to temporarily idle two distilling operations; reaffirms FY26 guidance
  • Microsoft (MSFT) and Publicis (PUBGY) expand AI partnership to build full-stack agentic marketing platform
  • Mosaic (MOS) will begin the process of idling and demobilizing its Araxá Mining and Chemical Complex and idling related mining activities at the Patrocínio Complex in Brazil
  • Mosaic (MOS) discloses that it will begin the process of idling and demobilizing its Araxá Mining and Chemical Complex and idling related mining activities at the Patrocínio Complex in Brazil
  • NANO Nuclear Energy (NANO) confirms it has recently submitted a private proposal to Dioxitek S.A., an Argentinian state-owned nuclear fuel cycle and uranium dioxide production company
  • NIQ Global Intelligence plc (NIQ) announces new collaboration with Adsquare to make NIQ’s GeoPurchase audience segments available within the Adsquare platform for privacy-safe activation across Europe and North America
  • Nutanix (NTNX) authorizes an increase of $750 mln of common stock to company's existing share repurchase program; Total authorization now stands at approximately $779 mln
  • NVIDIA (NVDA): An Asian company was removed from a Malaysian computing hub after allegations of smuggling Nvidia chips, according to Bloomberg
  • Paramount Skydance (PSKY) to remove President Jeff Shell, according to Deadline
  • Paramount Skydance (PSKY) releases statement on Jeff Shell
  • Paramount (PSKY) launches its own publishing imprint - Paramount Global Publishing
  • Pinterest (PINS): A pro-Iranian group has claimed responsibility for the cyberattack on Pinterest, according to Bloomberg
  • Pony AI (PONY) launches first commercial robotaxi service in Europe
  • Richtech Robotics (RR) has signed a distribution agreement with Netherlands-based NewConsultancy B.V.
  • Rigetti Computing (RGTI) announces general availability of its 108-qubit quantum computing system, Cepheus-1-108Q
  • Rio Tinto (RIO) & Century Aluminum (CENX) increase surcharges on key aluminum product, according to Bloomberg
  • RPM Inc (RPM) announced the promotions of Don Harmeyer as group president and Tom Schweiger as chief financial officer of the company’s Consumer Group
  • SLB (SLB) signs strategic collaboration agreement between PETRONAS Suriname E&P B.V.
  • Southwest Air (LUV) is increasing its fees on first and second checked bags by $10, effective on all reservations ticketed or voluntarily changed on or after April 9, 2026
  • Stellantis (STLA) in talks to produce Opel EV, according to Reuters
  • Super Micro Computer (SMCI) provides update on investigation by independent board directors
  • Supernus Pharma (SUPN) and Navitor Pharmaceuticals entered into an Asset Purchase Agreement
  • T. Rowe Price (TROW) expands fixed income investment platform with new CLO offering
  • TikTok will build a data center in Finland, according to Reuters
  • Tilray (TLRY) announces launch of PORTAL, a new higher intensity brand for experienced consumers
  • TRX Gold Corporation (TRX) reports robust recovery rates from recent study and significant increase in plant expansion scope
  • United Therapeutics (UTHR) announces that the FDA has granted Regenerative Medicine Advanced Therapy designation to the company’s investigational miroliverELAP
  • Uranium Energy (UEC) commences production at Burke Hollow
  • Vale S.A. (VALE) accelerates Oman maintenance outages to offset war-related impacts, according to Bloomberg
  • Visa (V) unveiled Intelligent Commerce Connect
  • Vistance Networks (VISN) declares $10 per share special dividend funded by asset sale proceeds
  • 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
  • Wix.com (WIX): TikTok confirmed Wix integration with Turn

• Upgrades:
  • Aehr Test Systems (AEHR) upgraded to Buy from Hold at Craig-Hallum, tgt $68
    
  • Clean Harbors (CLH) upgraded to Buy from Neutral at Citigroup, tgt $346
    
  • Deere (DE) upgraded to Hold from Underperform at Jefferies, tgt $550
    
  • Freshpet (FRPT) upgraded to Buy from Hold at TD Cowen, tgt $80
    
  • GATX (GATX) upgraded to Buy from Neutral at Citigroup, tgt $211
    
  • LPL Financial (LPLA) upgraded to Buy from Neutral at UBS, tgt $380
    
  • PJT Partners (PJT) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $166
    
  • Perella Weinberg Partners (PWP) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $21
    
  • Relx (RELX) upgraded to Buy from Neutral at Citigroup
    
  • T-Mobile (TMUS) upgraded to Buy from Neutral at MoffettNathanson, tgt $254
    
  • ViaSat (VSAT) upgraded to Equal Weight from Underweight at Barclays, tgt $49
• Downgrades:
  • Airo Group (AIRO) downgraded to Neutral from Buy at BTIG Research
    
  • Broadcom (AVGO) downgraded to Neutral from Buy at Seaport Research
    
  • Coinbase (COIN) downgraded to Underweight from Equal Weight at Barclays, tgt $140
    
  • Diamondback Energy (FANG) downgraded to Neutral from Buy at Roth Capital, tgt $200
    
  • Doximity (DOCS) downgraded to In Line from Outperform at Evercore ISI, tgt $25
    
  • First Citizens (FCNCA) downgraded to Hold from Buy at Deutsche Bank, tgt $2,154
    
  • General Dynamics (GD) downgraded to Hold from Buy at Deutsche Bank, tgt $387
    
  • Lazard (LAZ) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $47
    
  • Magnolia Oil & Gas (MGY) downgraded to Neutral from Buy at Roth Capital, tgt $32
    
  • Matador (MTDR) downgraded to Neutral from Buy at Roth Capital, tgt $65
    
  • Otis Worldwide (OTIS) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • Permian Resources (PR) downgraded to Neutral from Buy at Roth Capital, tgt $22
    
  • SM Energy (SM) downgraded to Neutral from Buy at Roth Capital, tgt $33
    
  • Soleno Therapeutics (SLNO) downgraded to Neutral from Buy at H.C. Wainwright, tgt $53
    
  • Talos Energy (TALO) downgraded to Neutral from Buy at Roth Capital, tgt $16
    
  • Ultrapar (UGP) downgraded to Hold from Buy at HSBC, tgt $6
    
  • Verizon (VZ) downgraded to Hold from Buy at DBS Bank, tgt $52
    
  • Vital Farms (VITL) downgraded to Hold from Buy at TD Cowen, tgt $16
• Others:
  • Cboe Global Markets (CBOE) resumed with a Market Perform at Keefe Bruyette, tgt $300
    
  • Charles Schwab (SCHW) resumed with an Outperform at Keefe Bruyette, tgt $110
    
  • CME Group (CME) resumed with a Market Perform at Keefe Bruyette, tgt $305
    
  • Dutch Bros (BROS) initiated with an Outperform at Telsey Advisory, tgt $66
    
  • Elevance Health (ELV) initiated with an In Line at Evercore ISI, tgt $345
    
  • eToro (ETOR) resumed with a Market Perform at Keefe Bruyette, tgt $35
    
  • Inhibrx (INBX) initiated with a Buy at Stifel, tgt $150
    
  • Intercontinental Exchange (ICE) resumed with an Outperform at Keefe Bruyette, tgt $190
    
  • Interactive Brokers (IBKR) resumed with a Market Perform at Keefe Bruyette, tgt $75
    
  • Johnson & Johnson (JNJ) assumed with a Buy at TD Cowen, tgt $250
    
  • Kyivstar (KYIV) initiated with an Overweight at Barclays, tgt $12.50
    
  • LPL Financial (LPLA) resumed with an Outperform at Keefe Bruyette, tgt $350
    
  • MapLight Therapeutics (MPLT) initiated with a Buy at Needham, tgt $37
    
  • Marex Group (MRX) resumed with an Outperform at Keefe Bruyette, tgt $60
    
  • MarketAxess (MKTX) resumed with an Outperform at Keefe Bruyette, tgt $195
    
  • Miami International (MIAX) resumed with a Market Perform at Keefe Bruyette, tgt $40
    
  • Nasdaq (NDAQ) resumed with a Market Perform at Keefe Bruyette, tgt $92
    
  • Robinhood (HOOD) resumed with a Market Perform at Keefe Bruyette, tgt $75
    
  • Summit Therapeutics (SMMT) initiated with a Buy at Stifel,. tgt $45
    
  • TAT Technologies (TATT) initiated with a Buy at B. Riley, tgt $61
    
  • Tradeweb Markets (TW) resumed with an Outperform at Keefe Bruyette, tgt $145
    
  • UMB Financial (UMBF) initiated with an Outperform at Autonomous, tgt $135
    
  • WillScot (WSC) initiated with a Neutral at UBS, tgt $19

• Econ Data (Thursday):
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 215,000; prior 202,000), Continuing Claims (prior 1.841 mln), February Personal Income (Briefing.com consensus 0.5%; prior 0.4%), Personal Spending (Briefing.com consensus 0.6%; prior 0.4%), PCE Prices (Briefing.com consensus 0.4%; prior 0.3%), Core PCE Prices (Briefing.com consensus 0.3%; prior 0.4%), Q4 GDP -- third estimate (Briefing.com consensus 0.7%; prior 0.7%), and Q4 GDP Deflator -- third estimate (Briefing.com consensus 3.8%; prior 3.8%)
  • 10:00 ET: February Wholesale Inventories (Briefing.com consensus -0.2%; prior NA)
  • 10:30 ET: Weekly natural gas inventories (prior +36 bcf)

• 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