After Hours Report

The stock market started the week on shaky footing, with tech weakness and shifting geopolitical developments leading the S&P 500 (-0.1%), Nasdaq Composite (-0.5%), and DJIA (+0.3%) to a mostly lower finish.

Oil prices experienced volatility today in response to headlines surrounding the state of negotiations between the U.S. and Iran. Oil initially moved lower amid reports of potential sanction easing and an unconfirmed modified peace plan, but subsequent reports indicated the two sides remain far apart on negotiations.

Crude oil futures settled today's session $3.26 higher (+3.1%) at $108.75 per barrel, but oil prices moved lower late in the afternoon after President Trump wrote on Truth Social that he has called off planned military strikes against Iran "in that serious negotiations are now taking place."

The headline helped stocks move off their worst levels of the session late in the afternoon.

The information technology sector (-1.0%) still closed with the widest loss, but recovered nearly half of its previous weakness. Semiconductor stocks faced a continuation of Friday's losses, with the PHLX Semiconductor Index finishing 2.5% lower.

Seagate Tech (STX 740.50, -54.97, -6.91%) underperformed after Bloomberg reported that the company's CEO said building new factories "would take too long" when asked how Seagate plans to keep pace with surging memory demand, which weighed on other memory names.

Lumentum (LITE 884.98, -85.72, -8.83%) was the worst performer in the sector as electrical product names, which have increasingly moved in lockstep with semiconductor names, also retreated today. That weakness weighed on Vertiv (VRT 339.73, -31.21, -8.41%) and other related names, contributing to weakness in the industrials sector (-0.4%).

Losses were more modest elsewhere, with the consumer discretionary sector (-0.2%) pressured by weak leadership from Tesla (TSLA 410.06, -12.18, -2.88%), while the materials sector (-0.1%) finished just slightly lower.

Meanwhile, the broader market showed resilience despite the oil-driven volatility and tech weakness, with seven S&P 500 sectors finishing higher.

The financials sector (+1.2%) was supported by another strong showing from financial services names such as FactSet (FDS 224.35, +11.77, +5.54%), while the consumer staples sector (+1.3%) moved higher in broad fashion, and the real estate sector (+1.1%) rebounded from Friday's rate-driven weakness.

The energy sector (+1.8%) captured the widest gain amid the increase in oil prices today.

Outside of the S&P 500, the S&P Mid Cap 400 (-0.2%) finished modestly lower, while the Russell 2000 (-0.7%) lagged amid the weakness in growth stocks today.

Even with the market's recent leaders facing pressure today, the broader market helped stabilize the major averages, as highlighted by the outperformance of the S&P 500 Equal Weighted Index (+0.6%) relative to the market-weighted S&P 500 (-0.1%). With analyst commentary increasingly focused on the narrow leadership behind the market's recent record highs, today's session offered some encouragement for broader participation amid rotational buying across several sectors.

Attention will now increasingly shift toward NVIDIA's (NVDA 222.36, -2.96, -1.31%) earnings report later this week, which could play a major role in determining whether momentum across the AI trade reaccelerates.

U.S. Treasuries started the week on a quiet note, giving in to modest selling pressure that kept the market from building on its early strength. The 2-year note yield settled up one basis point to 4.09%, and the 10-year note yield settled up three basis points to 4.62%.

• Nasdaq Composite: +12.3% YTD
• Russell 2000: +11.8% YTD
• S&P Mid Cap 400: +9.0% YTD
• S&P 500: +8.1% YTD
• DJIA: +3.4% YTD

Reviewing today's data:

• The NAHB Housing Market Index rose to 37 in May (Briefing.com consensus 34) from 34 in April.

Overseas:

• Europe: DAX +1.2%, FTSE +1.3%, CAC +0.4%
• Asia: Nikkei -1.0%, Hang Seng -1.1%, Shanghai -0.1%

Commodities:

• Crude Oil +3.26 @ 108.75
• Nat Gas +0.06 @ 3.02
• Gold -3.50 @ 4558.30
• Silver -0.27 @ 77.44
• Copper +0.01 @ 6.31

After-Hours Spotlight:

• Agilysys (AGYS) beats by $0.13, beats on revs; guides FY27 revs above consensus...AGYS +13.5%
• Akamai Tech (AKAM) announces proposed offering of convertible senior notes...AKAM -2.2%
• MSCI (MSCI): Chairman and CEO Henry Fernandez bought 4,000 shares at $559.40-565.17 worth ~$2.25 mln...MSCI +0.8%
• Nomad Foods (NOMD) discloses share purchases by CEO and CFO...NOMD +3.0%
• SSR Mining (SSRM) announces the sale of its 20% equity interest in Hod Maden...SSRM +0.7%
• Tesla (TSLA) CEO Elon Musk says he will file an appeal with the Ninth Circuit regarding the OpenAI verdict...TSLA -0.1%
• XP (XP) misses by BRL 0.01, beats on revs...XP -5.4%

Fair Value for Tuesday, May 19:

• S&P 500: 7,422
• Nasdaq 100: 29,085
• DJIA: 49,753

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

• Earnings/Guidance (Full Earnings Calendar):
  • Baidu (BIDU) beats by RMB 0.52, beats on revs
  • iQIYI (IQ) reports Q1 EPS of ($0.24) vs ($0.21) FactSet consensus; Total revenues were RMB6.23 billion vs RMB 6.231 bln FactSet consensus
  • LiveRamp (RAMP) beats by $0.03, reports revs in-line; to be acquired by Publicis Groupe (PUBGY) for $38.50/share
  • SharonAI Holdings Inc. (SHAZ) misses by $0.55, misses on revs
  • Soluna (SLNH) Reports Q1'26 Results; Revenue Grows 58% Year-Over-Year and 4th Consecutive Quarter Sequentially
  • TOYO Co., Ltd (TOYO) to announce first quarter 2026 financial results on May 18, 2026
• General News
  • S&P futures rebounding and oil prices falling following report from Iranian media that U.S. offered a temporary waiver on Iran oil sanctions
  • President Trump says "For Iran, the clock is ticking, and they better get moving, fast, or there won’t be anything left of them. time is of the essence!"
  • President Trump is waiting for a new proposal from Iranian mediators. President Trump will hold a White House Situation Room meeting on Tuesday on Iran as he considers resuming strikes. Axios
  • Cuba has acquired 300 military drones and is discussing plans to attack U.S. military vessels and possibly Key West, FL. Axios
  • Iran says Strait of Hormuz transit will normalize once conflict with U.S. & Israel is over, but the two sides are not close to a deal. Chinese Foreign Minister Wang Yi says the Strait of Hormuz should be opened as soon as possible. Reuters
  • Drone strike causes fire at UAE nuclear facility. Reuters
  • IEA Chief Fatih Birol says commercial oil inventories are depleting, according to Reuters
  • China says reducing tariffs were part of trade agreements, but the U.S. did not confirm that. CNBC
  • White House says China reached consensus with President Xi Jinping on several issues
  • World Health Organization says epidemic of Ebola Disease caused by Bundibugyo virus in the Democratic Republic of the Congo and Uganda determined a public health emergency of international concern
  • Some allies of former FDA commissioner Marty Makary are leaving the agency. Bloomberg
  • House Transportation and Infrastructure Committee will vote on surface transportation legislation this week. Bloomberg
  • Rival airlines are taking over routes used by Spirit Airlines. WSJ
  • Supreme Court will not hear case bought by pharma companies upset about Medicare drug price negotiation program, according to Bloomberg
  • Iran and U.S. sent comments on latest counteroffer to Pakistan; Iranian media says U.S. has shown flexibility, but White House has not confirmed that - CNBC
  • Iran's Kharg Island has no oil tankers loading for 10th consecutive day as U.S. blockade squeezes Iran, according to Bloomberg
  • The White House not satisfied with Iran's new proposal for a deal to end the war, according to Axios
  • President Trump in an interview with the NY Post says he is “not open” to any concessions for Iran after receiving latest proposal; says "Iran knows what’s going to be happening soon"
  • Saudi Public Investment Fund in discussions with possible outside investors to finance Newcastle United developments, according to Reuters
  • Fire burning structures in California, according to KTLA
  • Alpha Metallurgical Resources' (AMR) Spartan Mining Co. received an imminent danger order issued by the Mine Safety and Health Administration
  • Amazon (AMZN): Consumers file a lawsuit against Amazon over tariff refunds. Reuters
  • Anterix () and Lynk Global receive FCC approval to test 900 MHz satellite-enabled direct-to-device enterprise communications
  • Anthropic to brief officials on cyber flaws exposed by Mythos. FT
  • Apple's (AAPL) popular Neo laptop uses lower-performing processors.
  • Apple's (AAPL) new Siri chatbot application will have automatic deleting chats, according to Bloomberg
  • Apple's (AAPL) iOS 27 to bring new AI features for next IPhone and IPad, according to Bloomberg
  • AstraZeneca (AZN): Baxfendy approved in the US as the first and only aldosterone synthase inhibitor treatment for adults with hypertension
  • AstraZeneca (AZN): Enhertu approved in the U.S. for two new indications for patients with HER2 positive early breast cancer
  • AstraZeneca's (AZN) BAXFENDY has been approved in the US as a first-in-class aldosterone synthase inhibitor for the treatment of hypertension in combination with other antihypertensive medications, to lower blood pressure in adults who are not adequately controlled
  • Blackrock (BLK) mulling a multi-billion investment in the SpaceX IPO. The Information
  • Boeing (BA): The U.S. Department of State has made a determination approving a possible Foreign Military Sale to the Government of the Republic of Korea for its AH-64E Apache Upgrade Program; estimated total cost is $1.2 billion
  • Boston Scientific (BSX) enters into $2 billion accelerated share repurchase agreement
  • BP (BP) rewards Visa (V) cardmembers save $0.50/gallon on fuel
  • Brady (BRC) beats by $0.16 (two estimates), beats on revs; raies FY26 EPS guidance above two analyst estimate
  • Claritev (CTEV) disclosed DoJ antitrust probe in connection with an investigation regarding health insurance
  • Compass Minerals (CMP) mulling return to lithium market via EnergyX partnership, according to Reuters
  • Compass Minerals (CMP) and EnergyX enter into an agreement to advance EnergyX's planned 30,000 tpa commercial-scale direct lithium extraction and refinery plant near Utah's Great Salt Lake
  • ConocoPhillips (COP) and Glenfarne Alaska LNG LLC announce the companies have signed a gas sales precedent agreement to supply natural gas produced on Alaska’s North Slope for Phase One of the Alaska LNG project
  • Dell (DELL) & OpenAI partner to bring Codex to hybrid and on-premises enterprise environments
  • Dell (DELL) introduces Dell Deskside Agentic AI, expanding the Dell AI Factory with NVIDIA (NVDA)
  • Dell (DELL) sold 1000 AI servers with Nvidia (NVDA) chips this quarter, according to Bloomberg
  • Design Therapeutics (DSGN) announces positive biomarker and clinical data from the ongoing Phase 1/2 RESTORE-FA trial evaluating DT-216P2 in patients with Friedreich ataxia
  • Dr. Reddy's (RDY) launches its generic semaglutide injection in Canada
  • Elanco Animal Health (ELAN) launches Befrena, new Anti-IL-31 monoclonal antibody, a breakthrough addition to the $1.3 billion U.S. canine dermatology market
  • Ford Motor (F) announces a comprehensive product and services rollout to compete and win in Europe, tailored to the unique demands of European customers
  • Ford Motor (F) wholly owned subsidiary, Ford Energy, announces the signing of a five-year framework agreement under which EDF power solutions will have the ability to procure up to 4 gigawatt hours of DC Block battery energy storage systems annually, representing a total potential volume of up to 20 GWh over the term of the agreement
  • Ford Motor (F) explores defense market opportunities, positioning commercial trucks and Pro technologies as cost-effective military mobility solutions for North America and Europe
  • Genco Shipping & Trading Limited (GNK) responds to Diana’s latest misleading claims and gamesmanship
  • GlaxoSmithKline's (GSK) RSV vaccine, Arexvy, receives expanded approval in Japan for adults aged 18–59 at increased risk
  • Glencore Intl plc (GLNCY) notes ruling by the Chilean Second Environmental Tribunal regarding Collahuasi
  • Globalstar (GSAT) announces that the planned May 17 launch of its HIBLEO-4 replenishment satellites with SpaceX have been postponed
  • GoPro (GPRO) discloses litigation update
  • ImmunityBio (IBRX) signs exclusive U.S. agreement with Japan BCG laboratory for the Tokyo Strain of BCG to enhance BCG supply in the United States
  • Intel (INTC): President Trump an interview says he should have asked for a larger stake in Intel, according to Fortune
  • Ipsen S.A. (IPSEY) presents first-in-class late-breaking Phase II corabotase data in glabellar lines showing sustained duration of effect reinforced by consistently high patient satisfaction; also initiates a new share buy-back program
  • Life360 (LIF) board of directors authorizes up to $225 million multi-year share repurchase program to offset stock-based compensation dilution
  • Lockheed Martin (LMT) awarded a $991 mln US Navy order against a previously issued basic ordering agreement
  • Lockheed Martin (LMT): State Department has made a determination approved a possible foreign military sale to the Government of the Republic of Korea for its purchase of MH-60R Multi-Mission Helicopters; estimated total cost is $3.0 billion.
  • lululemon (LULU) Highlights Strength of its Refreshed Board, with the Right Expertise to Drive the Company’s Next Phase of Growth and Enhanced Shareholder Value
  • lululemon athletica (LULU): Chip Wilson issues statement and shares details of negotiations with lululemon
  • Mercedes-Benz Group AG (MBGYY) worth keeping on radar as CEO says co may be willing to enter defense production, according to WSJ
  • Merck (MRK) announces TroFuse-005 Trial Evaluating Sacituzumab Tirumotecan (Sac-TMT) met primary endpoints of overall survival and progression-free survival in certain patients with advanced or recurrent endometrial cancer
  • Meta Platforms' (META) AI wearables are “changing the game” for disabled people
  • Meta Platforms (META) preparing plan for May 20 layoffs, according to Reuters
  • NACCO Industries, Inc. (NC) announced a planned transition to its Board of Directors leadership, reflecting the company's ongoing commitment to strong governance and thoughtful succession planning
  • Nanobiotix (NBTX) announces presentation of part 1 data from a randomized phase 2 clinical trial evaluating JNJ-1900 in stage 3 inoperable lung cancer
  • Northrop Grumman (NOC) awarded a $398 mln US Air Force contract for a satellite communication space vehicle; awarded a $325.5 mln US Army contract for development of the RangeHawk universal payload architecture prototype
  • Novartis AG (NVS): New PSMAddition data show 58% lower risk of PSA progression with Pluvicto® in metastatic hormone-sensitive prostate cancer
  • nVent Electric (NVT) announces share repurchase authorization
  • Philips (PHG) announced that a consortium composed of Philips, Cuviva and Vingmed has been selected to support Region Stockholm’s hospital-at-home initiative
  • Procter & Gamble (PG): Algorhythm Holdings (RIME) unit SemiCab India expands Procter & Gamble contract value 32% to $4.2 million
  • Regeneron Pharma (REGN) provides update on phase 3 trial of Fianlimab combination in first-line unresectable or metastatic melanoma
  • Regeneron Pharma (REGN) announces a strategic research collaboration with Parabilis Medicines to discover and develop multiple therapeutic candidates based on Parabilis’ Helicon peptide platform, with a particular focus on Antibody-Helicon Conjugates
  • Sanofi's (SNY) ElevAATe phase 2 trial data demonstrate the superiority of efdoralprin alfa over a standard-of-care augmentation therapy in achieving higher fAAT levels in AATD
  • Savara (SVRA) announces new exercise capacity data from the IMPALA-2 Phase 3 cinical trial of Molgramostim Inhalation Solution (Molgramostim) in autoimmune pulmonary alveolar proteinosis
  • Takeda Pharma (TAK) found liable for violating antitrust law, according to Bloomberg
  • Tesla (TSLA) increases Model Y prices. Reuters
  • Tutor Perini (TPC) announces that its subsidiary, Perini Management Services, has been awarded a contract valued at approximately $61.6 mln by the U.S. Coast Guard, for the design and construction of a new Child Development Center at USCG Base Kodiak in Alaska
  • Uber (UBER) increases stake in Delivery Hero (DELHY) to 19.5% as Uber deepens investment with additional options
  • United Therapeutics (UTHR) Corporation Announces FDA Clearance to Proceed with UHeart Xenotransplantation Clinical Trial
  • United Therapeutics (UTHR) announces advance outcomes study of Ralinepag presented at ATS 2026
  • Upstream Bio (UPB) presents new data from Phase 2 VIBRANT Trial of Verekitug demonstrating improvement in asthma symptom control in participants with CRSwNP and comorbid asthma at the ATS 2026 International Conference
  • Viatris (VTRS): Lupin Limited has received tentative approval from the United States Food and Drug Administration for its Abbreviated New Drug Application for Revefenacin Inhalation Solution, 175 mcg/3 mL Unit-Dose Vials
  • Volvo North America (VLVLY) has made a settlement with CARB
  • Willis Lease (WLFC): Four Tree Island Advisory announces that Institutional Shareholder Services and Glass, Lewis & Co. recommend voting against Director and Executive compensation proposals at WLFC upcoming annual meeting
  • XPeng (XPEV) begins mass production of robotaxis in Guangzhou, according to Reuters
  • York Space Systems (YSS) entered into a definitive agreement to acquire ALL.SPACE
  • York Space Systems (YSS) launches higher on ALL.SPACE acquisition, expanding into advanced satellite communications
  • Zillow (ZG): MRED threatens to suspend Zillow listing feeds over alleged license violations

• Upgrades:
  • ADP (ADP) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $214
    
  • American Homes 4 Rent (AMH) upgraded to Outperform from Market Perform at Raymond James, tgt $35
    
  • Ball Corp. (BALL) upgraded to Overweight from Neutral at JPMorgan, tgt $60
    
  • Canada Goose (GOOS) upgraded to Hold from Sell at Williams Trading
    
  • Circle Internet (CRCL) upgraded to Buy from Neutral at H.C. Wainwright, tgt $150
    
  • Crown Holdings (CCK) upgraded to Overweight from Neutral at JPMorgan, tgt $107
    
  • F5 (FFIV) upgraded to Outperform from In Line at Evercore ISI, tgt $475
    
  • Invitation Homes (INVH) upgraded to Outperform from Market Perform at Raymond James, tgt $32
  • Lam Research (LRCX) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $331
    
  • Repsol (REPYY) upgraded to Buy from Hold at HSBC
    
  • Shell (SHEL) upgraded to Buy from Hold at HSBC
    
  • VF Corp. (VFC) upgraded to Buy from Sell at Williams Trading, tgt $19
    
  • Viking Holdings (VIK) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $109
    
  • Westlake (WLK) upgraded to Neutral from Underweight at JPMorgan, tgt $90
    
  • Zscaler (ZS) upgraded to Buy from Neutral at B. Riley, tgt $225
• Downgrades:
  • Applied Materials (AMAT) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $502
    
  • CoreWeave (CRWV) downgraded to Neutral from Buy at DA Davidson
    
  • Inter&Co (INTR) downgraded to Neutral from Buy at Citigroup, tgt $6.50
    
  • Nebius (NBIS) downgraded to Neutral from Buy at DA Davidson
    
  • Outlook Therapeutics (OTLK) downgraded to Neutral from Buy at BTIG Research
    
  • Pembina Pipeline (PBA) downgraded to Neutral from Buy at Citigroup
    
  • Regeneron (REGN) downgraded to Market Perform from Outperform at Leerink, tgt $641
    
  • Regeneron (REGN) downgraded to Neutral from Buy at Citigroup, tgt $700
• Others:
  • America Movil (AMX) initiated with a Buy at Goldman, tgt $31.80
    
  • Arcus Biosciences (RCUS) assumed with a Buy at Truist, tgt $35
    
  • Arm (ARM) initiated with an Outperform at Bernstein, tgt $300
    
  • Burlington Stores (BURL) initiated with a Hold at Truist, tgt $305
    
  • Elmet (ELMT) initiated with a Buy at Canaccord, tgt $20
    
  • Elmet (ELMT) initiated with a Buy at Needham, tgt $21
    
  • Elmet (ELMT) initiated with a Buy at Roth Capital, tgt $21
    
  • Elmet (ELMT) initiated with an Overweight at Cantor Fitzgerald, tgt $20
    
  • Icon (ICLR) resumed with a Sector Perform at RBC Capital, tgt $123
  • Korro Bio (KRRO) initiated with a Buy at Citigroup, tgt $21
    
  • Marks & Spencer (MAKSY) initiated with an Overweight at Morgan Stanley
    
  • Mobileye (MBLY) initiated with an Underperform at Jefferies, tgt $8
    
  • National Healthcare Properties (NHP) initiated with a Buy at Goldman, tgt $20
    
  • National Healthcare Properties (NHP) initiated with an Equal Weight at Morgan Stanley, tgt $16
    
  • National Healthcare Properties (NHP) initiated with a Market Perform at BMO Capital, tgt $17
    
  • National Healthcare Properties (NHP) initiated with an Outperform at Robert W. Baird, tgt $17
    
  • National Healthcare Properties (NHP) initiated with a Sector Perform at RBC Capital, tgt $15
    
  • National Healthcare Properties (NHP) initiated with a Sector Weight at KeyBanc
    
  • Picard Medical (PMI) initiated with a Neutral at H.C. Wainwright
    
  • Presidio (FTW) initiated with an Outperform at William Blair
    
  • Q32 Bio (QTTB) initiated with an Overweight at Cantor Fitzgerald
    
  • Revolution Medicines (RVMD) assumed with a Buy at Truist, tgt $179
    
  • Ross Stores (ROST) initiated with a Buy at Truist, tgt $270
    
  • Salesforce (CRM) reinstated with an Underperform at BofA Securities, tgt $160
    
  • ServiceNow (NOW) reinstated with a Buy at BofA Securities, tgt $130
    
  • SoftBank Group (SFTBY) initiated with an Outperform at Bernstein
    
  • Telefonica Brasil (VIV) initiated with a Sell at Goldman, tgt $13.90
    
  • Tesco (TSCDY) initiated with an Overweight at Morgan Stanley
    
  • Tim SA (TIMB) initiated with a Neutral at Goldman, tgt $23.40
    
  • TJX (TJX) initiated with a Buy at Truist, tgt $175
    
  • Yesway (YSWY) initiated with a Buy at Guggenheim, tgt $30
    
  • Yesway (YSWY) initiated with an Equal Weight at Morgan Stanley, tgt $28
    
  • Yesway (YSWY) initiated with a Neutral at Goldman, tgt $28
    
  • Yesway (YSWY) initiated with a Neutral at JPMorgan, tgt $29
    
  • Yesway (YSWY) initiated with an Outperform at BMO Capital, tgt $30
    
  • Yesway (YSWY) initiated with an Overweight at Barclays, tgt $31
    
  • Yesway (YSWY) initiated with an Overweight at KeyBanc, tgt $31

• Econ Data (Tuesday):
  • 10:00 ET: April Pending Home Sales (Briefing.com consensus 1.6%; prior 1.5%)

• Earnings:
  • Monday (May 18)
    • Pre-Market: BIDU BRC
    • After-Hours: AGYS
      
    Tuesday (May 19)
    • Pre-Market: AS BILI EXP HD BEKE
    • After-Hours: CAVA JHX KEYS TOL ZTO
  • Wednesday (May 20)
    • Pre-Market: ADI ARCO LPG GDS HAS IMVT LOW ROIV TGT TJX VFC
      
    • After-Hours: ELF ENS INTU NDSN NVDA STEP URBN
  • Thursday (May 21)
    • Pre-Market: AAP WMS DE HLNE LSPD NTES NIO RL SCVL VIPS WMT
    • After-Hours: CAE CPRT DECK FLO LION RAMP ROST TTWO BULL WDAY ZM
  • Friday (May 22)
    • Pre-market: BJ BAH GSL
    • After-Hours: None