After Hours Report

The S&P 500 (+0.6%), Nasdaq Composite (+1.2%), and DJIA (-0.2%) posted a mostly higher start to the holiday-abbreviated week, with the S&P 500 notching fresh record highs.

The market was supported by another rally across semiconductor names, pushing the PHLX Semiconductor Index 5.5% higher and helping the broader information technology sector (+1.7%) finish as the top-performing S&P 500 sector.

Micron (MU 895.88, +144.88, +19.29%) posted a massive gain, surpassing a $1 trillion market capitalization after UBS raised its price target on the stock to $1,625 from $535 and reiterated its Buy rating.

Advanced Micro Devices (AMD 503.89, +36.38, +7.78%) and onsemi (ON 126.98, +10.78, +9.28%) were among the other notable chipmakers trading sharply higher, though NVIDIA (NVDA 214.86, -0.47, -0.22%) continued to struggle to hold intraday gains following last week's earnings release.

In addition to strong tech leadership, the market benefited from a more favorable macro backdrop today, with oil prices and Treasury yields both retreating amid reports that the U.S. and Iran made progress on negotiations over the weekend. Crude oil futures settled today's session $2.86 lower (-3.0%) at $93.89 per barrel, and the 10-year note yield settled down seven basis points to 4.49%.

Airline names such as United Airlines (UAL 105.92, +5.96, +5.96%) moved higher amid the retreat in oil prices, helping the industrials sector (+1.5%) outperform.

Similarly, construction materials names, including Martin Marietta (MLM 560.93, +24.45, +4.56%), were among the top performers in the materials sector (+1.4%).

The communication services sector (+0.9%) also notched a solid gain as Alphabet (GOOG 384.84, +5.46, +1.44%) rebounded from a recent bout of weakness, while gains were more modest elsewhere.

As for today's laggards, the energy sector (-2.8%) was the worst performer given the slide in oil prices, while the defensive consumer staples (-1.7%) and health care (-1.0%) sectors moved lower as investors favored more growth-oriented areas of the market.

AutoZone (AZO 3100.11, -306.39, -8.99%) finished as the worst-performing S&P 500 component after delivering a mixed Q3 earnings report, with a sizable EPS beat offset by slightly light revenue and meaningful gross margin pressure tied to inflation-related accounting impacts. Even so, the consumer discretionary sector (+0.1%) managed to finish modestly higher as Tesla (TSLA 433.48, +7.47, +1.75%) provided solid mega-cap leadership while cruise line stocks outperformed in typical fashion amid falling oil prices.

Outside of the S&P 500, the Russell 2000 (+1.8%) and S&P Mid Cap 400 (+1.5%) outperformed as lower Treasury yields continued to support smaller-cap and more economically sensitive areas of the market.

Overall, today's session reflected continued enthusiasm across semiconductor and AI-linked stocks, while easing pressure from oil prices and Treasury yields provided additional support for broader market participation. Even with some mixed action beneath the surface, investors remained willing to rotate into cyclical and growth-oriented groups as the S&P 500 continued its push into record territory.

U.S. Treasuries began the holiday-shortened week on a firmly higher note, encouraged by a pullback in the price of oil, which resulted from more indications that a peace deal with Iran is likely be finalized soon. The U.S. Treasury sold $69 billion in 2-year notes to good demand. The 2-year note yield settled down seven basis point to 4.05%, and the 10-year note yield settled down seven basis points to 4.49%. 

• Russell 2000: +17.7% YTD
• Nasdaq Composite: +14.7% YTD
• S&P Mid Cap 400: +12.8% YTD
• S&P 500: +9.8% YTD
• DJIA: +5.0% YTD

Reviewing today's data:

• The Conference Board's Consumer Confidence Index slipped to 93.1 in May (Briefing.com consensus: 92.0) from an upwardly revised 93.8 (from 92.8) in April. In the same period a year ago, the index stood at 98.4.
  
  • The key takeaway from the report is that inflation pressures had consumers feeling less optimistic about current conditions; however, those same pressures did not squash expectations for better conditions six months from now.
• April S&P Case-Shiller Home Price Index increased 0.8% (Briefing.com consensus 1.0%) following a previous increase of 0.9%.
  The March FHFA Housing Price Index increased 0.1% (Briefing.com consensus 0.1%), with the prior reading revised to -0.1% (from 0.0%).

Overseas:

• Europe: DAX -0.7%, FTSE +0.2%, CAC -1.0%
• Asia: Nikkei -0.3%, Hang Seng flat, Shanghai -0.2%

Commodities:

• Crude Oil -2.86 @ 93.89
• Nat Gas -0.01 @ 3.01
• Gold -25.50 @ 4501.40
• Silver +0.39 @ 76.63
• Copper +0.02 @ 6.40

After-Hours Spotlight:

• Box (BOX) beats by $0.01, reports revs in-line; guides Q2 EPS in-line, revs above consensus; guides FY27 EPS in-line, revs in-line...BOX -2.6%
• Hims & Hers Health (HIMS): Director bought 48,400 shares at $24.235 worth ~$1.173 mln...HIMS +2.9%
• IREN Limited (IREN) announces it has entered into a purchase agreement with Dell (DELL) for air-cooled Blackwell systems to service its previously announced five-year, $3.4 bln managed services AI cloud contract...IREN +0.4%; DELL +1.5%
• Modine (MOD) beats by $0.16, beats on revs; mid-point of FY27 revenue guidance above consensus...MOD +1.7%
• Semtech (SMTC) beats by $0.06, beats on revs; guides Q2 EPS above consensus, revs above consensus...SMTC +7.0%
• Verra Mobility (VRRM) received a termination notice from Avis Budget Group regarding its contract with the company; Issues downside FY26 guidance...VRRM -42.7%
• Zscaler (ZS) beats by $0.07, beats on revs, ARR grew 25% yr/yr; guides Q4 EPS above consensus, revs below consensus...ZS -20.2%

Fair Value for Wednesday, May 27:

• S&P 500: 7,534
• Nasdaq 100: 30,071
• DJIA: 50,521

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

• Earnings/Guidance (Full Earnings Calendar):
  • AutoZone (AZO) beats by $1.85, reports revs in-line
  • Champion Homes (SKY) beats by $0.06, beats on revs
  • CSW Industrials (CSW) beats by $0.73, beats on revs
  • ELBIT SYSTEMS (ESLT) reports first quarter 2026 results
  • JOYY (JOYY) reports first quarter 2026 financial results: total revenue up 12.4% yoy, substantially expanding shareholder returns
  • PONY AI Inc. (PONY) reports first quarter 2026 financial results
  • VNET (VNET) reports unaudited first quarter 2026 financial results
• General News
  • Iran and U.S. negotiating memorandum of understanding that would last 60 days. Strait of Hormuz would be open with no tolls. U.S. would lift its blockade on Iranian ports and issue some sanctions waivers. Iran will commit to never pursue nuclear weapons and to negotiate over the removal of its stockpile of highly enriched uranium. Axios
  • The White House believes it could take several days for Iran deal to be approved by Supreme Leader Mojtaba Khamenei. The Trump administration wants the final deal to cover all of Iran's roughly 2,000 kilograms of enriched uranium. President Trump says U.S. will "take their time and get it right." Axios
  • Iran says it reached conclusions on many issues under discussion, but "no one can claim that this means an imminent agreement is about to be signed." NBC News
  • Iran peace talks are hitting a snag over the nuclear program and sanctions relief. WSJ
    Israel to intensify strikes on Lebanon. NY Times
  • The U.S. conducted "self-defense strikes" near the Strait of Hormuz. There is no indication yet that this action changed the temporary ceasefire. NBC News
  • Secretary of State Marco Rubio says the Iran deal is still possible within days despite new U.S. strikes. CBS News
  • UAE and Iraq expand pipeline routes to bypass Hormuz chokepoint amid Iran tensions, according to Nikkei.
  • U.S. Central Command denies claims that the U.S. Navy has restarted escorting or assisting commercial vessels during transits through the Strait of Hormuz.
  • President Trump says negotiations with Iran are proceeding nicely; says it will only be a great deal or no deal at all; says it should be mandatory for Saudi Arabia, Qatar, Pakistan, Turke, Egypt, and Jordan to sign onto the Abraham Accords
  • President Trump says “The Enriched Uranium will either be immediately turned over to the United States to be brought home and destroyed or, preferably, in conjunction and coordination with the Islamic Republic of Iran, destroyed in place or, at another acceptable location, with the Atomic Energy Commission, or its equivalent, being witness to this process and event.
  • President Trump will make a trip to Camp David tomorrow for a cabinet meeting amid Iran deal talks, according to NY Post 
  • Pentagon upset with Starlink over price increase during Iran war, according to Reuters
  • Record Memorial Day travel expected. CBS News
  • Two liquified natural tankers pass through Strait of Hormuz. FT
  • Fertilizer companies lowering production due to the Iran war. FT
  • U.S. oil companies increasing production. FT
  • Pope Leo warns that artificial intelligence risks becoming a tool of "domination, exclusion and death" without government limits. Fox News
  • The risk of a toxic chemical plant explosion has been "eliminated" in California. NBC News
  • Abivax (ABVX) Presents First Quarter 2026 Financial Results and Reports Three-Year Interim Data from Study 108, a Phase 2a/2b Open-Label Extension Trial of Obefazimod Following Dose De-Escalation in Patients with Ulcerative Colitis
  • Alibaba (BABA): China restricting overseas travel of AI professionals from Alibaba and Deepseek. Bloomberg
  • Align Tech (ALGN) announces plans to open a new manufacturing facility in Hyderabad, India in 2027, and spend approximately $200 mln in both capital and operational expense over the next several years
  • Amazon (AMZN) and Starlink (SPCX) to potentially secure access to EU satellite communications spectrum plan in the upcoming year, according to Reuters.
  • Americas Silver (USAS) announces agreement with affiliate of Royal Gold (RGLD) to settle fixed gold delivery obligation
  • AstraZeneca (AZN) confirms Enhertu recommended for approval in the EU by CHMP for patients with previously treated HER2-positive metastatic solid tumours
  • Biohaven (BHVN) Reports New Clinical Data in Epilepsy with Opakalim, a Selective Kv7.2/7.3 Activator, Highlighting Seizure Control and Markedly Differentiated Tolerability Profile
  • Broadcom (AVGO) accelerates the AI era with end-to-end 50G PON edge AI portfolio
  • Brookfield Corp. (BN) announces renewal of normal course issuer bid
  • Corbus Pharma (CRBP) reports updated CRB-701 Phase 1/2 clinical data demonstrating robust activity in 2L oropharyngeal and cervical cancers
  • DeepSeek to make a 75% price cut on a flagship artificial intelligence mode. Reuters
  • Delta Air Lines' (DAL) flight cancellation rate is higher than industry average, according to WSJ
  • D-Wave Quantum (QBTS) awarded second year funding for the Improved Materials for Superconducting Qubits with Scalable Fabrication (SQFab) project by the Northeast Regional Defense Technology Hub
  • Dyne Therapeutics (DYN) announces submission of biologics license application to U.S. FDA for Z-Rostudirsen in Exon 51 Duchenne Muscular Dystrophy
  • Editas Medicine (EDIT) presents EDIT-401 preclinical data demonstrating robust reductions in LDL-C, Lp(a), and ApoB in non-human primates at the 94th European Atherosclerosis Society Congress
  • Eli Lilly (LLY): A single dose of Lilly's PCSK9 base editor, VERVE-102, reduced PCSK9 by up to 88% and LDL-C by up to 62%, with durable effects supporting its potential as a one-time treatment for hypercholesterolemia
  • Occidental Petro to acquire 10% of Exxon's (XOM) deepwater field in Trinidad and Tobago, according to Reuters.
  • Ferrari (RACE) unveiled the Ferrari Luce in the symbolic setting of the Vela di Calatrava
  • FinVolution Group (FINV) announces new share repurchase program of up to $150 million
  • GigCapital7 (GIG) announces closing of business combination with Hadron Energy
  • Goldman Sachs (GS) Private Credit Corp discloses it sold unregistered shares
  • Google (GOOG, GOOGL) could face record EU fine. Handelsblatt
  • Huawei introduces new smartphone chips. CNBC
  • Kura Oncology (KURA) reports strong clinical activity and safety with Darlifarnib + Adagrasib in KRAS G12C-mutated solid tumors
  • Lithia Motors (LAD) announces an increase to its share repurchase authorization of $500 million to bring the current remaining authorization to $726 million
  • Meta (META) CTO Andrew Bosworth wants Meta to become an AI-first company. WSJ
  • Modine Manufacturing (MOD) entered into $4 bln Long-Term Capacity Agreement with one of its data center customers for its Airedale by Modine cooling solutions
  • Nervgen Pharma (NGEN) announced 'positive' independent, blinded biomechanical gait analyses demonstrating genuine neural recovery with NVG-291 in the Phase 1b/2a CONNECT SCI study
  • Nexstar (NXST) names Patrick Paolini as Chief Executive Officer
  • Nissan (NSANY) ends plan to produce electric vehicle drive units in the U.K. Nikkei
  • Novartis AG (NVS): New Novartis data at ERA 2026 advance scientific understanding of kidney disease and reinforce portfolio strength
  • Novo Nordisk A/S (NVO) global observational study reveals 2 in 5 people with cardiovascular disease have cardiovascular inflammation, increasing their risk of heart attack and stroke
  • Nvidia (NVDA) urging Super Micro (SMCI) to strengthen compliance. Bloomberg
  • Olema Pharmaceuticals (OLMA) announces clinical trial collaboration and supply agreement with Bayer (BAYRY) to evaluate OP-3136 in combination with NUBEQA in metastatic castration-resistant prostate cancer
  • Pembina Pipeline (PBA) sanctions heartland extraction plant strengthening its NGL franchise
  • Qualcomm (QCOM) secures an AI chip deal with ByteDance, according to Bloomberg.
  • SCHMID Group N.V. (SHMD) announces various share issuances to off-set liabilities, to directors & officers and key employees and for convertible notes conversions
  • Samsung (SSNLF): The Samsung union asks the court to block the vote on the pay deal. Reuters
  • Schneider Electric (SBGSY) announces successful phased-delivery of more than $290 mln in AI infrastructure solutions for TeraWulf's Lake Mariner data campus
  • Silicom Limited (SILC) announced a design win with a Tier-1 global cyber security leader
  • Spotify (SPOT) is trialing a new format that expands the content available on its platform: narrated articles
  • Stellantis (STLA) boosts multi-brands aftermarket performance through enhanced services and Eurorepar Car Service network expansion
  • The Oncology Institute (TOI) provides update on cybersecurity incident
  • Uber (UBER): App Drivers Union becomes first UBER / Lyft (LYFT) union, according to NBC News
  • Viasat (VSAT) and Intelsat awarded a combined $437.7 mln US Air Force contract for the procurement of space vehicles
  • VinFast Auto (VFS) announced that its Board of Directors has appointed Mr. Pham Nhat Quan Anh as Chairman of the Board of the Company
  • Wheels Up Experience (UP) announced that Delta (DAL) agreed to further extend the lock-up restriction for all its shares of common stock issued under the Investment and Investor Rights Agreement for one additional year, through May 22, 2027
  • Wix.com (WIX) to eliminate 1000 jobs, according to CTech

• Upgrades:
  • Air France-KLM (AFLYY) upgraded to Overweight from Equal Weight at Morgan Stanley
    
  • Albemarle (ALB) upgraded to Buy from Hold at Vertical Research, tgt $224
    
  • Allient (ALNT) upgraded to Overweight from Neutral at JPMorgan, tgt $80
    
  • Booz Allen (BAH) upgraded to Buy from Hold at Stifel, tgt $110
    
  • Cognex (CGNX) upgraded to Overweight from Neutral at JPMorgan, tgt $75
    
  • Lear (LEA) upgraded to Buy from Hold at TD Cowen, tgt $165
    
  • Occidental Petroleum (OXY) upgraded to Overweight from Equal Weight at Barclays, tgt $72
    
  • Okta (OKTA) upgraded to Buy from Sell at Arete, tgt $127
    
  • Pembina Pipeline (PBA) upgraded to Buy from Hold at TD Securities
    
  • Tectonic Therapeutic (TECX) upgraded to Strong Buy from Outperform at Raymond James, tgt $81
    
  • Ternium (TX) upgraded to Outperform from Market Perform at Itau BBA, tgt $59
    
  • Timken (TKR) upgraded to Overweight from Neutral at JPMorgan, tgt $150
    
  • Travelers (TRV) upgraded to Neutral from Underweight at JPMorgan, tgt $322
    
  • Vipshop (VIPS) upgraded to Buy from Neutral at UBS, tgt $18.50
• Downgrades:
  • BayCom (BCML) downgraded to Neutral from Buy at DA Davidson, tgt $34
    
  • BridgeBio (BBIO) downgraded to Market Perform from Outperform at Raymond James
    
  • Cosan (CSAN) downgraded to Reduce from Hold at HSBC, tgt $3.20
    
  • Expand Energy (EXE) downgraded to Equal Weight from Overweight at Barclays, tgt $110
    
  • Frontline (FRO) downgraded to Hold from Buy at Pareto, tgt $39.46
    
  • Futu Holdings (FUTU) downgraded to Neutral from Buy at Goldman, tgt $102.13
    
  • Lufthansa (DLAKY) downgraded to Underweight from Equal Weight at Morgan Stanley
    
  • Millicom (TIGO) downgraded to Neutral from Buy at UBS, tgt $90
    
  • Okeanis Eco (ECO) downgraded to Hold from Buy at Pareto, tgt $57.50
    
  • Vodafone (VOD) downgraded to Underperform from Neutral at BofA Securities, tgt $13.
• Others:
  • Amentum (AMTM) initiated with an Underperform at BNP Paribas, tgt $22
    
  • Atlas Critical Minerals (ATCX) initiated with a Buy at ThinkEquity, tgt $15
    
  • Avalyn Pharma (AVLN) initiated with a Buy at Guggenheim, tgt $80
    
  • Avalyn Pharma (AVLN) initiated with a Buy at Jefferies, tgt $52
    
  • Avalyn Pharma (AVLN) initiated with an Overweight at Morgan Stanley, tgt $53
    
  • Circle Internet (CRCL) initiated with a Sector Weight at KeyBanc
    
  • Connect Biopharma (CNTB) initiated with a Buy at Canaccord, tgt $6
    
  • Dave (DAVE) initiated with a Buy at UBS, tgt $300
    
  • DT Midstream (DTM) initiated with an Outperform at Scotiabank, tgt $176
    
  • Hemab Therapeutics (COAG) initiated with a Buy at Goldman, tgt $36
    
  • Hemab Therapeutics (COAG) initiated with a Buy at Jefferies, tgt $39
    
  • Hemab Therapeutics (COAG) initiated with an Outperform at Wedbush, tgt $42
    
  • Merck KGaA (MKKGY) assumed with Hold from Buy at Jefferies
    
  • Pershing Square Inc. (PS) initiated with a Buy at Citigroup, tgt $50
    
  • Pershing Square Inc. (PS) initiated with a Hold at Jefferies, tgt $40
    
  • Pershing Square Inc. (PS) initiated with a Neutral at BofA Securities, tgt $42
    
  • Pershing Square Inc. (PS) initiated with a Neutral at UBS, tgt $39
    
  • Pershing Square Inc. (PS) initiated with a Sector Perform at RBC Capital, tgt $40
    
  • Pershing Square USA (PSUS) initiated with a Buy at Jefferies
    
  • Seaport Therapeutics (SPTX) initiated with a Buy at Citigroup, tgt $35
    
  • Seaport Therapeutics (SPTX) initiated with a Buy at Stifel, tgt $30
    
  • Seaport Therapeutics (SPTX) initiated with an Early-Stage Biotech at Goldman
    
  • Seaport Therapeutics (SPTX) initiated with an Outperform at Leerink, tgt $35
  • Seaport Therapeutics (SPTX) initiated with an Overweight at JPMorgan, tgt $42
    
  • Varonis (VRNS) initiated with a Sector Weight at KeyBanc
    
  • Verrica Pharmaceuticals (VRCA) assumed with a Buy at H.C. Wainwright, tgt $12
    
  • Woodward (WWD) initiated with a Positive at Susquehanna, tgt $423

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -2.3%)

• Earnings:
  • Monday (May 25)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (May 26)
    • Pre-Market: AZO SKY CSW
    • After-Hours: BOX MOD SMTC SQM ZS
      
  • Wednesday (May 27)
    • Pre-Market: ANF BMO BNS BBWI CPRI DKS DY KC MNRO PDD
      
    • After-Hours: A BRZE P HEI HPQ MRVL NCNO NTNX PHR CRM SNOW SNPS
      
  • Thursday (May 28)
    • Pre-Market: ATHM BURL CM DLTR HRL KSS LI PLAB RY TD WB
    • After-Hours: AMBA AEO ASAN ADSK COST DELL ESTC GAP HQY MDB NTAP OKTA PD S PATH
  • Friday (May 29)
    • Pre-market: BKE
    • After-Hours: None