After Hours Report

The major averages finished mostly higher today as a rebound across mega-cap and tech names pushed the S&P 500 (+0.6%) and Nasdaq Composite (+1.2%) to fresh record highs, while mixed strength in the broader market following another hotter-than-expected inflation reading kept the DJIA (-0.1%) modestly lower.

Stocks opened lower following the release of the April PPI report, as both headline PPI (1.4%; Briefing.com consensus 0.4%) and core PPI (1.0%; Briefing.com consensus 0.3%) came in hotter than expected. The year-over-year readings also accelerated, with headline PPI rising to 6.0% from 4.3% in March and core PPI increasing to 5.2% from 4.0%, reviving concerns that the Fed may need to keep policy restrictive for longer.

There was some upward pressure on longer-dated treasuries, and rate-sensitive pockets of the market generally lagged, but it did not take long for buyers to step in on yesterday's weakness across the tech stocks.

Semiconductors were primed for a rally after yesterday's retreat, and the PHLX Semiconductor Index (+2.6%) handily recovered its losses and extended higher. onsemi (ON 115.71, +11.60, +11.14%) was one of the best-performing S&P 500 components, while NVIDIA (NVDA 225.83, +5.05, +2.29%) provided solid leadership after Bloomberg reported that CEO Jensen Huang will join President Trump on his trip to China.

Elsewhere in the information technology sector (+1.0%), Apple (AAPL 298.87, +4.07, +1.38%) traded to new all-time highs, while software names finished mostly lower.

Mega-cap leadership extended beyond the technology sector, with Alphabet (GOOG 399.06, +15.24, +3.97%) and Meta Platforms (META 616.63, +13.63, +2.26%) pushing the communication services sector (+2.7%) to the top of the leaderboard, while strength in Amazon (AMZN 270.13, +4.31, +1.62%) and Tesla (TSLA 445.17, +11.72, +2.70%) outweighed broad weakness in the consumer discretionary sector (+0.8%).

The Vanguard Mega Cap Growth ETF finished 1.0% higher, and the market-weighted S&P 500 (+0.6%) decidedly outperformed the S&P 500 Equal Weighted Index (-0.4%).

Elsewhere in the consumer discretionary sector, Ford Motor (F 13.58, +1.60, +13.30%) finished as the top-performing S&P 500 component following positive analyst commentary from Morgan Stanley around the company's new energy storage business.

Gains across the broader market were generally more modest, though the health care sector (+0.7%) meaningfully expanded upon yesterday's gains.

Meanwhile, four S&P 500 sectors finished lower. The rate-sensitive utilities (-1.3%) and real estate (-0.9%) sectors were among the worst-performers amid rising Treasury yields, while the financials sector (-1.1%) faced broad weakness and underperformance across financial services names.

Headlines surrounding the U.S.-Iran conflict were relatively muted today as President Trump arrived in Beijing for a summit with Chinese President Xi Jinping, where the leaders are expected to discuss tariffs, the Iran war, and Taiwan over the coming days. Crude oil futures settled today's session $1.29 lower (-1.3%) at $101.01 per barrel. 

Ultimately, strong leadership from mega-cap and AI-linked tech names was enough to push the major indices to fresh record highs, with investors largely brushing off the hotter inflation data and firmer rate backdrop. Even with participation still fairly narrow, the market's largest components continue to do the heavy lifting and keep the broader uptrend intact.

Longer-dated U.S. Treasuries recorded their third consecutive day of losses, while the short end resisted even though the market received a much hotter-than-expected PPI report for April. The U.S. Treasury sold $25 bln in 30-year bonds to weak demand, but the market held its ground after the auction. The 2-year note yield settled down one basis point to 3.99%, the 10-year note yield settled up two basis points to 4.48%, and the 30-year note yield settled up two basis points to 5.05%.

• Russell 2000: +14.6% YTD
• Nasdaq Composite: +13.6% YTD
• S&P Mid Cap 400: +10.6% YTD
• S&P 500: +8.8% YTD
• DJIA: +3.4% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications 1.7%; Prior -4.4%
• April PPI 1.4% (Briefing.com consensus 0.4%); Prior was revised to 0.7% from 0.5%, April Core PPI 1.0% (Briefing.com consensus 0.3%); Prior was revised to 0.2% from 0.1%
  • The key takeaway from the report is that the surge in producer prices in April wasn't just energy-related. That surge accounted for the bulk of the 2.0% increase in the index for final demand goods, but two-thirds of the "broad-based advance" in the index for final demand services was attributed to a 2.7% increase in margins for final demand trade services.

Overseas:

• Europe: DAX +0.6%, FTSE +0.6%, CAC +0.4%
• Asia: Nikkei +0.8%, Hang Seng +0.2%, Shanghai +0.7%

Commodities:

• Crude Oil -1.29 @ 101.01
• Nat Gas +0.02 @ 2.86
• Gold +19.70 @ 4706.30
• Silver +3.66 @ 89.28
• Copper +0.14 @ 6.67

After-Hours Spotlight:

• BitGo Holdings (BTGO) reports Q1 (Mar) results...BTGO -2.1%
• Cisco (CSCO) beats by $0.03, beats on revs; guides Q4 EPS and revs well above consensus; Broad-based, record high demand; raised expectations for AI infrastructure from hyperscalers...CSCO +18.0%
• Doximity (DOCS) beats by $0.10, reports revs in-line; guides Q1 revs below consensus; guides FY27 revs below consensus...DOCS -18.7%
• Grocery Outlet (GO) beats by $0.03, beats on revs; comp sales -1%; reaffirms FY26 EPS guidance, revs guidance...GO +18.2%
• SharkNinja (SN) set to join S&P MidCap 400; Flowers Foods (FLO) and F&G Annuities & Life (FG) to join S&P SmallCap 600...SN +5.6%, FLO +1.4%, FG +3.0%
• STAAR Surgical (STAA) reports Q1 (Mar) results, beats on revs...STAA +15.6%
• StubHub Holdings (STUB) beats by $0.05, beats on revs; reaffirms FY26 guidance...STUB +13.0%
• USA Rare Earth (USAR) beats by $0.01, beats on revs...USAR +3.1%

Fair Value for Thursday, May 13:

• S&P 500: 7,468
• Nasdaq 100: 29,476
• DJIA: 49,781

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

• Earnings/Guidance (Full Earnings Calendar):
  • Alibaba (BABA) reports Q4 (Mar) results, misses on revs
  • Andersen Group (ANDG) reports Q1 (Mar) results, beats on revs; guides Q2 revs in-line; guides FY26 revs above consensus
  • Astronics (ATRO) beats by $0.03, beats on revs; raises FY26 revs above consensus
  • B&G Foods (BGS) beats by $0.03, beats on revs; guides FY26 EPS in-line, revs in-line
  • Birkenstock Holding Plc (BIRK) misses by €0.09, reports revs in-line
  • Deutsche Telekom (DTEGY) reports Q1 results; raises outlook
  • Dynatrace (DT) beats by $0.02, beats on revs; guides FY27 EPS above consensus, revs above consensus
  • Franco-Nevada (FNV) beats by $0.27, beats on revs
  • Global-E Online (GLBE) beats by $0.01, reports revs in-line; guides Q2 revs above consensus; raises FY26 guidance
  • JBS SA (JBS) beats by $0.01, reports revs in-line
  • Karman Space and Defense (KRMN) misses by $0.01, reports revs in-line; guides FY26 revs in-line
  • Kornit Digital (KRNT) beats by $0.01, beats on revs; guides Q2 revs above consensus
  • Maze Therapeutics (MAZE) beats by $0.13, beats on revs, provides clinical update
  • Merck KGaA (MKKGY) reports Q1 results
  • National Vision (EYE) beats by $0.02, reports revs in-line; reaffirms FY26 EPS, comp and rev guidance; Q1 comps +4.4%
  • Nextpower (NXT) beats by $0.13, beats on revs; guides FY27 EPS below consensus, raises FY27 revenue guidance
  • QXO, Inc (QXO) misses by $0.02, reports revs in-line
  • Resideo (REZI) beats by $0.05, beats on revs; guides Q2 EPS below two analyst estimate, revs below estimate; reaffirms FY26 EPS guidance, revs guidance
  • Riskified (RSKD) beats on top and bottom lines; sees FY26 revs in-line
  • Siemens AG (SIEGY) reports Q2 results; reaffirms outlook
  • Takeda Pharma (TAK) reports Q1 results
  • The Cigna Group (CI) reaffirms FY26 guidance ahead of investor and analyst meetings
  • Tower Semi (TSEM) beats by $0.01, reports revs in-line; guides Q2 revs above consensus
  • Valneva SE (VALN) reports Q1 trading update; launches restructuring program
  • Wix.com (WIX) misses by $0.49, reports revs in-line
• General News
  • President Trump will discuss U.S. arms sales to Taiwan in a meeting with Chinese President Xi. FT
  • U.S. intelligence shows Iran has restored operational access to 30 of the 33 missile sites near Strait of Hormuz. NY Times
  • Oil shipments from Iran's main export terminal have come to a standstill. Bloomberg
  • House will soon vote on bill that will allow year-round sales of E15 gasoline. Reuters
  • White House wants House to pass Senate housing bill without changes, but House Republicans want changes. The Senate bill includes restrictions on institutional ownership of single-family homes. Politico
  • CMS confirms aggressive nationwide crackdown on fraud with six-month hospice and home health agency enrollment moratoria
  • U.S. and China considering $30 bln in tariff relief, according to Reuters
  • Israel Prime Minister Benjamin Netanyahu says trip to UAE "resulted in a historic breakthrough in relations between Israel and the United Arab Emirates" - CBS News
  • Chinese companies mulling secret arm sales to Iran, according to NY Times
  • Vice President JD Vance says U.S. government will defer $1.3 bln in Medicaid funding to California, citing alleged fraud
  • Lupin receives U.S. FDA approval for famotidine injection, USP
  • House will vote on amended housing bill next week; provision to limit institutional purchases of single family homes will be watered down, according to Politico
  • Aecom Tech (ACM) has been selected by the New Jersey Turnpike Authority to provide general consulting engineering services under a new five-year master services agreement
  • Alignment Healthcare (ALHC) names CEO John Kao Chairman, Shane Hochradel as COO
  • Alkami Technology's (ALKT) MANTL announces a new partnership with Sturgis Bank to transform its account opening experience for business and retail customers
  • Alphabet's (GOOG) Waymo announces expansions across Austin, Atlanta, Houston, and the San Francisco Bay Area following close behind, to cover over 1,400 square miles across 11 cities
  • Amazon's (AMZN) Whole Foods Market announces its smaller format store concept, Whole Foods Market Daily Shop, will open in Boston, Chicago and Philadelphia over the next two years, continuing the brand’s expansion of the format into dense urban neighborhoods
  • Anthropic in discussions to raise funding at a $950 billion valuation. NY Times
  • Apple (AAPL) considering allowing AI agents to its App Store, according to The Information
  • Arteris (AIP) CFO Nicholas Hawkins to retire, effective August 31, 2026
  • Baidu (BIDU) advances agent portfolio to embrace the Agent Era, Champions Daily Active Agents as Key Metric
  • BeOne Medicines' (ONC) Beqalzi (sonrotoclax) approved by U.S. FDA as first and only BCL2 inhibitor for R/R mantle cell lymphoma
  • Brightstar Lottery's (BRSL) subsidiaries, Brightstar Global Solutions Corporation and Brightstar Lottery Cyprus Limited, have signed a multi-year contract extension with Lottotech
  • Colliers (CIGI) announces that the Toronto Stock Exchange has accepted a notice of its intention to make a normal course issuer bid with respect to its outstanding subordinate voting shares
  • Corteva (CTVA) announces "New Corteva," its future crop protection company, will be headquartered in Indianapolis, Indiana, and Vylor, its advanced seed and genetics company, will be headquartered in Johnston, Iowa, both following the current company's planned separation in the fourth quarter of 2026
  • Danaher (DHR) unit Cepheid receives IVDR CE mark for multiplex gastrointestinal test panel
  • Elevra Lithium (ELVR) announces purchase of Moblan offtake rights
  • Emerson (EMR) announced the expansion of NI Nigel AI across its test software portfolio
  • Eos Energy (EOSE) and Cerberus Capital Management announce Frontier Power USA to deploy american-made long duration energy storage at scale
  • GameStop (GME) CEO Ryan Cohen says Ebay (EBAY) “needs to be on Ozempic–it’s literally obese", according to WSJ
  • General Dynamics (GD) unit and NightDragon announce a new strategic collaboration agreement aimed to accelerate the U.S. government’s adoption of emerging security technologies
  • Groupon (GRPN) shareholder Nick Nemeth urges board to revamp platform, rebrand for the thrifting generation, and accelerate buybacks
  • Gyre Therapeutics (GYRE) announces the Center for Drug Evaluation of China’s National Medical Products Administration has accepted its New Drug Application for F351 (hydronidone) as a treatment for chronic hepatitis B-induced liver fibrosis
  • Hawaiian Electric (HE) seeking renewable energy proposals for Lanai
  • Hewlett Packard Enterprise (HPE): Irenic Capital took a new position in HPE, according to Semafor
  • i3 Verticals (IIIV) approves $100 mln share repurchase program
  • InnovAge (INNV) appoints Jennifer Browne as COO, effective June 8, 2026
  • IonQ (IONQ) opens new quantum computing R&D lab in Boulder
  • JP Morgan (JPM) aiming to reorganize investment banking executives. FT
  • JPMorgan Chase (JPM) launches its second tokenized money market fund available to U.S. investors, JPMorgan OnChain Liquidity–Token Money Market Fund - now available on the public Ethereum blockchain
  • Karman Space and Defense (KRMN) announces receipt of contingent demand commitments from four key space and defense customers with total potential value of more than $1 bln
  • Leidos (LDOS): Department of War confirms it enhances lethal strike capacity through partnership with new entrants
  • Leidos (LDOS) confirms it will supply 3,000 low-cost cruise munitions under Pentagon "Arsenal of Freedom" initiative
  • Lilly's (LLY) Foundayo and lower-dose Zepbound helped people maintain weight loss after switching from higher doses of injectable incretin therapy in two late-phase trials
  • Lockheed Martin (LMT): Pentagon secures agreements with defense firms on containerized missiles, according to Reuters
  • Meta Platforms (META): Instagram launches "Instants," an ephemeral photo sharing feature for close friends
  • Meta Platforms (META): WhatsApp introduces Incognito Chat for fully private Meta AI conversations
  • Microsoft (MSFT): LinkedIn to cut about 5% of staff in restructuring move, according to Reuters
  • Netflix (NFLX) agrees to new deal with NFL which will allow it to stream 3 additional NFL games, according to WSJ
  • Netflix (NFLX) advertising tier reaches 250 mln viewers worldwide, according to Variety
  • Netflix (NFLX) confirms new NFL games
  • Nike (NKE) losing market share in China. WSJ
  • Nippon Steel Corporation (NPSCY) decided to transition U. S. Steel Košice, s.r.o, a Slovakia-based wholly-owned subsidiary of United States Steel Corporation to direct ownership by Nippon Steel (making it a wholly-owned subsidiary of Nippon Steel)
  • Novo Nordisk (NVO) highlights additional Wegovy pill data showing strong weight loss and mobility benefits
  • Nvidia (NVDA) CEO Jensen Huang will join President Trump on his trip to China. Bloomberg
  • Pacira BioSciences (PCRX): DOMA Perpetual issues & mails letter to shareholders of Pacira BioSciences
  • Pfizer (PFE) announced that the EC approved indication for HYMPAVZI (marstacimab) or the treatment of adults and adolescents with hemophilia A or B with inhibitors
  • Quanterix (QTRX) announces planned CFO transition
  • Rapid7 (RPD) launches cyber GRC early access program with 360 Advanced to bridge security operations and compliance for organizations
  • Rent the Runway (RENT) announces CEO transition; reaffirms FY26 guidance
  • Richardson Elec (RELL) announces a new technology partnership with Gotion to bring large-scale battery energy storage systems to the multi-billion dollar U.S. market
  • Sezzle (SEZL) provides update on antitrust case against Shopify (SHOP)
  • Shutterstock (SSTK): Shutterstock to pay $35 million to settle FTC allegations over illegal subscription and cancellation practices
  • Similarweb (SMWB) and Manus have made more digital market analysis metrics available to Manus AI agents, available to all Manus Pro subscribers without any additional setup required
  • SOPHiA GENETICS SA (SOPH) announced a partnership with Synnovis to bring liquid biopsy testing to lung and breast cancer patients across the U.K. as part of NHS England's 'revolutionary blood test-first' program
  • Spotify (SPOT) expands music access for young listeners, extending managed accounts to free tier
  • Stellantis (STLA): BYD (BYDDY) in discussions with STLA and others about taking over underutilized factories in Europe, according to Bloomberg
  • Ternium S.A. (TX) board of directors subsequently re-appointed Mr. Paolo Rocca as its chairman, Mr. Daniel Agustín Novegil as vice-chairman and Mr. Máximo Vedoya as Ternium's chief executive officer
  • Titan Mining (TII) partners with Teck (TECK) to evaluate germanium recovery opportunity at Empire State Mines
  • Tower Semi (TSEM) has signed Silicon Photonics contracts for $1.3 billion for 2027 revenue with its largest customers, and the receipt of $290 million in customers’ prepayments for capacity reservation
  • Tutor Perini (TPC) announces its subsidiary, Rudolph and Sletten, has been awarded a contract by Sutter Health for its future Advanced Orthopedics & Sports Medicine Care Complex in Sacramento, California
  • USA Rare Earth (USAR) announces that the State of Texas has awarded the company a $14.2 mln grant from the Texas Semiconductor Innovation Fund
  • VinFast Auto (VFS) announces plans to split certain assets of VinFast Trading and Production JSC into a new formed entity
  • Voyager (VYGR) ASGCT Late Breaker: Single IV dose of VY1706 well tolerated, reduced tau in 3-Month GLP Toxicology data; clinical trial in Alzheimer’s Disease Expected H2 2026
  • Wallbox (WBX) announced a new partnership with Freenow by Lyft (LYFT)
  • Wal Mart (WMT) will eliminate or relocate 1000 corporate employees. WSJ
  • Warner Bros. Discovery (WBD) announces “Unbreakable,” a suite of new cross-platform ad solutions from Warner Bros. Discovery Advertising designed to connect brands with audiences through seamless, participatory experiences
  • Wheels Up Experience (UP) and Sankaty Jet Capital announce the closing of a $68 million committed secured mezzanine facility
  • Workday (WDAY) announces the launch of the Workday Foundation Solopreneurship Accelerator Program
  • XPeng (XPEV) mulling Volkswagen (VWAGY) European factory deal, according to FT
  • Zenas Biopharma (ZBIO) announced that the first subject has been dosed in the Phase 1 trial of ZB021, a novel potentially best-in-class oral IL-17AA/AF inhibitor

• Upgrades:
  • Akamai Technologies (AKAM) upgraded to Buy from Neutral at BofA Securities, tgt $175
    
  • Arrow Electronics (ARW) upgraded to Neutral from Underperform at BofA Securities, tgt $233
    
  • Avnet (AVT) upgraded to Neutral from Underperform at BofA Securities, tgt $96
    
  • Corcept Therapeutics (CORT) upgraded to Buy from Neutral at UBS, tgt $72
    
  • Dow Inc. (DOW) upgraded to Buy from Hold at Argus
    
  • Integer Holdings (ITGR) upgraded to Outperform from Perform at Oppenheimer, tgt $115
    
  • Johnson & Johnson (JNJ) upgraded to Outperform from Market Perform at Leerink, tgt $265
    
  • MasTec (MTZ) upgraded to Buy from Neutral at Guggenheim, tgt $480
    
  • Mosaic (MOS) upgraded to Outperform from Sector Perform at RBC Capital, tgt $27
    
  • NewLake Capital Partners (NLCP) upgraded to Buy from Neutral at Compass Point, tgt $17
    
  • OptimumBank Holdings (OPHC) upgraded to Buy from Neutral at Compass Point, tgt $6.50
    
  • Sensata Technologies (ST) upgraded to Buy from Hold at Truist, tgt $58
    
  • Umicore (UMICY) upgraded to Buy from Neutral at Goldman
    
  • Venture Global (VG) upgraded to Buy from Neutral at Citigroup, tgt $17
    
  • Vestis (VSTS) upgraded to Outperform from Market Perform at William Blair
    
  • Wendy's (WEN) upgraded to Buy from Hold at Argus, tgt $12
    
  • Zebra Technologies (ZBRA) upgraded to Overweight from Sector Weight at KeyBanc, tgt $305
• Downgrades:
  • Advanced Micro Devices (AMD) downgraded to Outperform from Buy at Daiwa, tgt $500
    
  • Heineken (HEINY) downgraded to Neutral from Overweight at JPMorgan
    
  • MercadoLibre (MELI) downgraded to Neutral from Buy at Citigroup, tgt $1,950
    
  • Select Medical (SEM) downgraded to Neutral from Outperform at Mizuho, tgt $16.50
  • Under Armour (UAA) downgraded to Hold from Buy at Stifel, tgt $6
    
  • ZoomInfo Technologies (GTM) downgraded to Underperform from Neutral at Mizuho, tgt $3
• Others:
  • Amentum (AMTM) assumed with an Equal Weight at Morgan Stanley, tgt $30
    
  • BioAge Labs (BIOA) initiated with a Buy at BTIG Research, tgt $40
    
  • CoinShares (CSHR) initiated with an Outperform at Keefe Bruyette, tgt $9
    
  • HEICO (HEI) initiated with a Buy at Rothschild & Co Redburn, tgt $360
    
  • Kopin (KOPN) initiated with a Buy at Lucid Capital, tgt $10
    
  • NextDecade (NEXT) initiated with a Buy at Citigroup, tgt $11
    
  • Unusual Machines (UMAC) initiated with a Buy at Roth Capital, tgt $25

• Econ Data (Thursday):
  • 8:30 ET: April Retail Sales (Briefing.com consensus 0.4%; prior 1.7%), Retail Sales ex-auto (Briefing.com consensus 0.4%; prior 1.9%), weekly Initial Claims (Briefing.com consensus 208,000; prior 200,000), Continuing Claims (prior 1.766 mln), April Import Prices (prior 0.8%), Import Prices ex-oil (prior 0.6%), Export Prices (prior 1.6%), and Export Prices ex-oil (prior 1.7%)
  • 10:00 ET: March Business Inventories (Briefing.com consensus 0.3%; prior 0.4%)
  • 10:30 ET: Weekly natural gas inventories (prior +63 bcf)

• Earnings:
  • Monday (May 11)
    • Pre-Market: APC B CERT CEVA CRCL CEG DOLE NVRI AGNT FOXA FSK LQDA MNDY MOS NESR SBH SDRL PRKS UNIT
    • After-Hours: ACM AMTM ASTS CDRE CLSK FIGR HALO HLIT HLIO HIMS KGS MARA NOVT OVV PLUG METC RGTI SPG STE WBTN GTM
      
    Tuesday (May 12)
    • Pre-Market: ARMK ARVN BETA BRSL CAMT CDNL IMOS QBTS DCO ETOR AG JBI TIGO ONON Q RAL SFL TME UAA VG VSTS ZBRA
    • After-Hours: ANDG ATRO BGS FNV JBS KRMN LIF NXT OKLO REZI
  • Wednesday (May 13)
    • Pre-Market: BABA BIRK DT GLBE KRNT EYE TSEM VSH WIX
      
    • After-Hours: ARX BTGO CSWC CSCO CPA DOCS EQPT GO JACK MFC PBH STAA STUB TNK
  • Thursday (May 14)
    • Pre-Market: AVAH BTDR BLSH GOOS CSIQ CLBT CRMD FPS KLAR LGN NIQ NVMI VSNT VIK WWW YETI
    • After-Hours: AMAT DLO FIG GLOB HTFL KLC RUM YSS
  • Friday (May 15)
    • Pre-market: RBC
    • After-Hours: None