After Hours Report

The stock market posted broad gains today, with cooling geopolitical tensions triggering an intraday slide in oil prices that helped the S&P 500 (+1.8%), Nasdaq Composite (+2.5%), and DJIA (+1.9%) chart session highs throughout the afternoon hours.

Stocks opened mostly higher following the PPI report for May (1.1%; Briefing.com consensus 0.7%), which was hotter than expected at the headline level but also included a downward revision to April's reading. Core PPI (0.4%; Briefing.com consensus 0.4%), however, was in line and likewise included a downward revision to the April figure.

The broader market continued yesterday's trend of solid participation, while semiconductor stocks garnered some buy-the-dip interest after several consecutive weaker sessions. However, action remained somewhat choppy during the first half of the session as other tech names and mega-cap stocks elsewhere struggled. Oracle (ORCL 184.10, -17.16, -8.53%) was a laggard after issuing underwhelming guidance alongside last night's earnings beat, while Alphabet (GOOG 356.56, +3.24, +0.92%) traded more than 2% lower before paring its loss.

Even NVIDIA (NVDA 204.87, +4.45, +2.22%) spent time in negative territory, and by the early afternoon, the S&P 500 was defending its flat line.

The market made a sharp move higher in the early afternoon after President Trump said tonight's round of strikes against Iran had been called off due to progress in finalizing a deal. CBS News later reported that "a memorandum of understanding between the U.S. and Iran is likely to be signed early next week, paving the way for further negotiations on a long-term deal."

Crude oil futures settled today's session $2.12 lower (-2.4%) at $87.81 per barrel, leading to improvements across most pockets of the market.

The information technology sector (+2.9%) finished sharply higher, buoyed by a 7.9% gain in the PHLX Semiconductor Index. Memory names such as Sandisk (SNDK 1881.51, +238.28, +14.50%) and Micron (MU 995.87, +103.99, +11.66%) were among the top movers, while machinery names such as Lam Research (LRCX 362.52, +40.72, +12.65%) and Applied Materials (AMAT 552.64, +55.63, +11.19%) also notched double-digit gains.

Elsewhere, the industrials sector (+3.3%) surged as airlines such as United Airlines (UAL 112.61, +9.83, +9.56%) moved sharply higher amid the retreat in oil prices, while electrical product names posted gains in sympathy with semiconductors. The materials sector (+3.3%) captured a similar gain on broad strength, while cruise lines and homebuilders led the consumer discretionary sector (+2.4%) higher in a classic "oil down, rates down, stocks up" fashion.

Tesla (TSLA 399.15, +17.56, +4.60%) provided solid mega-cap leadership, and the Vanguard Mega Cap Growth ETF (+1.8%) shook off its early weakness to chart a gain similar to those across the major averages.

Weakness was largely limited to the energy sector (-2.1%), while the consumer staples sector (-0.5%) faced some selling after several sessions of strong rotational buying. The real estate sector (-0.1%) finished slightly lower.

Outside of the S&P 500, the Russell 2000 (+3.0%) and S&P Mid Cap 400 (+2.6%), which were already outperforming, finished sharply higher amid the afternoon slide in oil prices and interest rates.

Altogether, it was a productive day for stocks, with the retreat in oil prices helping transform an already constructive session into a broad-based rally. The major averages now enter the final session of the week mostly higher, while investors turn their attention to Friday's highly anticipated SpaceX IPO. According to a regulatory filing, the company is offering 555.6 million shares at $135 per share, a development that helped fuel gains across space and rocket-related stocks today. At the same time, some analysts continue to suggest that preparations for the offering may be contributing to recent volatility across mega-cap and technology stocks as investors raise cash and reposition portfolios ahead of the debut.

U.S. Treasuries recorded solid gains on Thursday after an early continuation of this week's sideways drift gave way to a late rally that sent yields toward their closing levels from last Thursday. The 2-year note yield settled down seven basis points to 4.07%, and the 10-year note yield settled down eight basis points to 4.46%. 

• Russell 2000: +17.7% YTD
• S&P Mid Cap 400: +14.1% YTD
• Nasdaq Composite: +11.1% YTD
• S&P 500: +8.0% YTD
• DJIA: +5.8% YTD

Reviewing today's data:

• May PPI 1.1% (Briefing.com consensus 0.7%); Prior was revised to 1.1% from 1.4%, May Core PPI 0.4% (Briefing.com consensus 0.4%); Prior was revised to 0.7% from 1.0%
  • The key takeaway from the report is that producers aren't finding much price relief; hence, consumers won't find much price relief in the near-term either, unless producers choose to absorb the higher costs.
• Weekly Initial Claims 229K (Briefing.com consensus 222K); Prior was revised to 225K from 215K, Weekly Continuing Claims 1.795 mln; Prior was revised to 1.771 mln from 1.786 mln
  • Jobless claims were higher in the latest week, but the key takeaway remains that they are not at levels that would connote a material degradation of the labor market.

Overseas:

• Europe: DAX +0.1%, FTSE +0.5%, CAC +0.5%
• Asia: Nikkei +0.1%, Hang Seng -0.7%, Shanghai -0.2%

Commodities:

• Crude Oil -2.12 @ 87.81
• Nat Gas -0.09 @ 3.09
• Gold -11.30 @ 4122.50
• Silver -0.65 @ 64.05
• Copper +0.01 @ 6.28

After-Hours Spotlight:

• Adobe (ADBE) beats by $0.14, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus; CFO to depart...ADBE -5.4%
• Enliven Therapeutics (ELVN) commences public offering of $250 mln shares of common stock and pre-funded warrants...ELVN -0.9%
• Lennar (LEN) reports EPS in-line, misses on revs, Deliveries increased 2% yr/yr; Issues Q3 guidance, including Deliveries of 21,000-22,000...LEN -1.4%
• Marvell (MRVL) announces the appointment of Dan Durn to Chief Financial Officer, effective June 15, 2026...MRVL -1.9%
• RH (RH) beats by $0.15, reports revs in-line; guides Q2 revs below consensus; guides FY27 revs in-line...RH -2.8%
• W.P. Carey (WPC) increases quarterly cash dividend to $0.94/share for an annualized dividend rate of $3.76/share compared to prior rate of $3.72/share...WPC flat

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

• Earnings/Guidance (Full Earnings Calendar):
  • Driven Brands (DRVN) beats by $0.06, reports revs in-line; reaffirms FY26 EPS guidance, revs guidance
  • Honeywell (HON) hosts 2026 Investor Day; Provides new three-year financial framework
  • Lovesac (LOVE) beats by $0.29, beats on revs; guides Q2 revs in-line; guides FY27 EPS in-line, revs in-line
  • McGraw Hill (MH) beats on top and bottom lines; sees FY27 revs in-line
  • Navan (NAVN) beats by $0.07, beats on revs; guides Q2 revs above consensus; guides FY27 revs above consensus
  • Oracle (ORCL) beats by $0.15, reports revs in-line; guides Q1 EPS above consensus, revs in-line; guides FY27 EPS above consensus, reaffirms FY27 revs guidance
  • Oxford Industries (OXM) beats by $0.10, reports revs in-line; guides FY27 EPS in-line, revs below consensus
  • Stitch Fix (SFIX) beats by $0.05, beats on revs; guides Q4 revs in-line
  • Energy Fuels (UUUU) expects to achieve full-year uranium production guidance by mid-year
• General News
  • The U.S. attacked Iranian defenses and radar sites near the Strait of Hormuz. Iran launched strikes against Kuwait, Bahrain, and Jordan. WSJ
  • President Trump held a White House Situation Room meeting on Iran strikes. President Trump is considering launching an operation that is big in scale but short in duration. Axios
  • President Trump in an interview says top Iranian officials called him directly to request the U.S. stop bombing. President Trump warned that the U.S. will escalate attacks if Iran does not agree to a deal. Fox News
  • Iran says the Strait of Hormuz is closed. NBC News
  • A Qatari delegation left Iran after talks with Iranian officials; talks lasted into the early morning hours, according to CNN
  • Oil executives warn the White House that gas prices could surge in the coming months. Washington Post
  • The U.S. has become the world's top oil exporter. Reuters
  • U.S. Centcom says U.S. "forces completed additional self-defense strikes against multiple targets in Iran, June 10, at the Commander in Chief's direction"
  • Chinese regulators criticized online shopping sites for misleading sales tactics. FT
  • An analysis claims that private Medicare plans deny access to specialized care, according to NY Times
  • President Trump nominates Brian Johnson to be Director, Bureau of Consumer Financial Protection for a term of five years
  • Government of Canada introduces legislation to make social media services and AI chatbots safer for children
  • A2Z Cust2Mate Solutions Corp (AZ) ramps production with China facilities fully online
  • AEVEX Corp (AVEX) delivers wildfire detection aircraft to Oregon Department of Forestry
  • Americas Silver (USAS) has closed the previously announced agreement with Sprott Mining to settle silver and gold delivery
  • Ashland (ASH) responds to activist presentation from Ancora
  • ASML (ASML): Elon Musk will speak at an ASML event ahead of the SpaceX (SPCX) IPO. Reuters
  • BeOne Medicines (ONC) announces the presentation of a large Phase 3 dataset in patients with chronic lymphocytic leukemia or small lymphocytic lymphoma aged 80 and older, showing sustained benefit with BRUKINSA after nearly 6.5 years of follow-up, reinforcing its role as the foundational BTK inhibitor
  • Braemar Hotels & Resorts (BHR): Al Shams Investments Limited, the largest shareholder of Braemar Hotels & Resorts Inc., sent a letter to Braemar's outside directors urging them to resist any efforts by the conflicted Ashford Inc. executives to manipulate the director nomination and election process
  • Brightstar Lottery (BRSL) announces changes to its senior leadership team as part of its evolution as a standalone pure play lottery business
  • C4 Therapeutics (CCCC) presents phase 1 data at European Hematology Association 2026 Congress highlighting cemsidomide as a potential best-in-class IKZF1/3 degrader for multiple myeloma in heavily pretreated relapsed/refractory population
  • Caterpillar (CAT) increases quarterly dividend by 8%, or $0.12, to $1.63 per share
  • Cellectis (CLLS) presents final Phase 1 results of Lasme-cel and preliminary results on Eti-cel at EHA 2026 Congress
  • Climb Bio (CLYM) announces initial Phase 1b data demonstrating on-target clinical activity for Budoprutug in Immune Thrombocytopenia at EHA Congress 2026
  • CME Group (CME) announces they have entered into a multi-year licensing agreement for CME Group to launch derivatives products based on key Morningstar (MORN) equity index benchmarks
  • Compass Diversified (CODI) announces that Elias Sabo will retire as Chief Executive Officer and as a director of the Company on December 31, 2026; reaffirms FY26 guidance
  • Credit Acceptance Corp. (CACC) announces the appointment of Joe Billante as Chief Financial Officer, effective July 27, 2026
  • Dakota Gold Corp. (DC) reports additional assay results received from its 2026 Drill Campaign
  • Danaher's (DHR) Cepheid and Fleming Initiative launch of TRACE-CPE, a two-and-a-half-year research study to improve testing for AMR
  • Dover's (DOV) Markem-Imaje announces the launch of CoLOS Software Version 7, expanding its software suite with new features designed for industrial organizations with multiple production facilities
  • Elemental Royalty Corporation (ELE) announces normal course issuer bid
  • Expensify (EXFY) to repurchase 6.1 million shares in tender offer
  • Flexsteel Ind (FLXS) increases quarterly cash dividend to $0.25/share from $0.20/share, payable July 6, 2026
  • Genius Sports (GENI): LIGA MX and Polymarket announce sponsorship agreement for the US territory with official data and integrity collaboration from Genius Sports
  • Greif (GEF) announces price increase for uncoated recycled paperboard, tube and core and protective packaging products
  • Humacyte (HUMA) ATEV Met Superiority Primary Endpoint Compared to Standard of Care AV Fistula in Interim Analysis of V012 Phase 3 Study in Female Dialysis Access Patients
  • Johnson & Johnson (JNJ) reports Phase 2/3 results for IMAAVY in warm autoimmune hemolytic anemia
  • Johnson & Johnson (JNJ) is expanding the U.S. roll-out of its latest advancement in presbyopia-correcting intraocular lenses
  • KKR (KKR), Kuwait Investment Authority, NVIDIA (NVDA), and Vistra (VST) launch of Helix Digital Infrastructure.
  • McGraw Hill (MH) approved $50 mln share repurchase plan
  • Merck (MRK): BioInvent's TNFR2 antibody BI-1808 delivers meaningful responses and immune activation as single agent and in combination with KEYTRUDA in advanced CTCL
  • Microsoft (MSFT): Xbox notes it is in a hardware component crisis; expects another significant increase in component costs ahead of holiday 2027
  • Molina Healthcare (MOH) announces that the Illinois Department of Healthcare and Family Services intends to award a HealthChoice Illinois Medicaid Managed Care program contract to its subsidiary
  • Novartis (NVS) reports Phase I/II data for del-brax in FSHD
  • OpenAI mulling large price reductions. WSJ
  • Purple Biotech (PPBT) presents new preclinical data at EACR 2026 highlighting IM1240's anti-tumor activity, favorable safety and pharmacokinetic profile, and broad therapeutic window
  • Roche Hldg (RHHBY) receives FDA Priority Review for Tecentriq in stage III dMMR/MSI-H colon cancer
  • Roche Hldg (RHHBY) expands VENTANA MMR companion diagnostic across multiple cancers and therapies in Europe
  • Ryanair Hldgs (RYAAY): UK CMA has opened an investigation into compliance with consumer protection law by Ryanair UK Limited and Ryanair DAC
  • Shoe Carnival (SCVL) received shareholder approval to change its name to Shoe Station Group - will be effective June 12, 2026
  • Silence Therapeutics (SLN) presents follow-up and quality-of-life data from the Phase 1 SANRECO study evaluating divesiran, a first-in-class siRNA therapy targeting TMPRSS6, in 21 phlebotomy-dependent patients with polycythemia vera at the European Hematology Association 2026 Annual Congress
  • Samsung (SSNLF): A Samsung office was raided for alleged insider trading. Yonhap
  • Softbank (SFTBY) in talks with creditors to raise at least $6 billion. Bloomberg
  • Swarmer (SWMR) Publishes Letter From Its Chairman, Erik Prince, Outlining Strategy
  • Syndax Pharmaceuticals (SNDX) showcases Revufor (revumenib) clinical activity in multiple acute leukemia subtypes and settings at EHA 2026
  • Syndax (SNDX) announces publication of SAVE data on Revuforj in combination with decitabine/cedazuridine and venetoclax in relapsed/refractory NPM1m, KMT2Ar, and NUP98r AML in the Journal of Clinical Oncology
  • Takeda Pharma (TAK) Zasocitinib significantly outperforms deucravacitinib in head-to-head phase 3 psoriasis study, promising to redefine oral treatment expectations
  • Target (TGT) raises quarterly dividend 1.8%
  • Tectonic Therapeutic (TECX) completes enrollment in TX45 APEX Phase 2 clinical trial in PH-HFpEF patients
  • Teradyne (TER) awarded a $139.9 mln Air Force contract for the purchase of versatile diagnostic automatic test station kits
  • Veritone (VERI) discloses a restructuring plan that includes at least a 25% workforce reduction
  • Vertex (VRTX) presents new data on CASGEVY, including first European presentation of data in Children Ages 5–11, at the European Hematology Association Congress; announces additional global regulatory submissions
  • Voyager Acquisition Corp. (VACH): VERAXA Biotech to debut as a publicly traded company pioneering next-generation cancer therapies on June 11
  • WisdomTree (WT) reports monthly metrics for May 2026

• Upgrades:
  • Arthur J. Gallagher (AJG) upgraded to Buy from Hold at Jefferies, tgt $265
    
  • BASF (BASFY) upgraded to Buy from Hold at Kepler Cheuvreux
    
  • Black Hills (BKH) upgraded to Buy from Neutral at BofA Securities, tgt $78
    
  • CME Group (CME) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $323
    
  • General Dynamics (GD) upgraded to Buy from Hold at Jefferies, tgt $400
    
  • Henry Schein (HSIC) upgraded to Buy from Neutral at BTIG Research, tgt $100
    
  • Intel (INTC) upgraded to Buy from Underperform at BofA Securities, tgt $135
    
  • Tronox (TROX) upgraded to Hold from Sell at Truist, tgt $7
• Downgrades:
  • Chewy (CHWY) downgraded to Neutral from Buy at MoffettNathanson
    
  • J.Jill (JILL) downgraded to Market Perform from Outperform at William Blair
    
  • MarketAxess (MKTX) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $134
    
  • Procept BioRobotics (PRCT) downgraded to Market Perform from Outperform at Leerink, tgt $29
    
  • Umicore (UMICY) downgraded to Hold from Buy at Kepler Cheuvreux
    
  • Vodafone (VOD) downgraded to Equal Weight from Overweight at Barclays
• Others:
  • Advanced Drainage Systems (WMS) initiated with a Buy at Jefferies, tgt $175
    
  • Advanced Energy (AEIS) initiated with an Overweight at Cantor Fitzgerald, tgt $400
    
  • Agilent (A) initiated with a Neutral at Piper Sandler, tgt $150
    
  • Atlanticus (ATLC) initiated with a Hold at Texas Capital, tgt $100
    
  • Bio-Techne (TECH) initiated with a Neutral at Piper Sandler, tgt $65
    
  • Callaway Golf (CALY) assumed with a Neutral at Goldman, tgt $17
    
  • Community Trust Bancorp (CTBI) assumed with a Neutral at Piper Sandler, tgt $76
    
  • CRISPR Therapeutics (CRSP) assumed at Equal Weight at Morgan Stanley, tgt $60
    
  • Daktronics (DAKT) initiated with a Buy at Roth Capital, tgt $26
    
  • Damora Therapeutics (DMRA) initiated with a Buy at H.C. Wainwright, tgt $45
    
  • Danaher (DHR) initiated with a Neutral at Piper Sandler, tgt $200
    
  • Energy Vault (NRGV) initiated with a Neutral at Citigroup, tgt $5.25
    
  • NervGen Pharma (NGEN) initiated with a Buy at TD Cowen
    
  • Onity Group (ONIT) initiated with a Buy at Texas Capital, tgt $49
    
  • Pagaya (PGY) initiated with a Buy at Texas Capital, tgt $27
    
  • Rocket Lab (RKLB) initiated with a Neutral at KGI Securities, tgt $105
    
  • Sensei Biotherapeutics (SNSE) initiated with a Buy at BTIG Research, tgt $55
    
  • Septerna (SEPN) initiated with a Buy at Guggenheim, tgt $52
    
  • SpaceX (SPCX) initiated with an Outperform at KGI Securities
    
  • SpaceX (SPCX) initiated with an Outperform at Oppenheimer, tgt $190
    
  • SpaceX (SPCX) initiated with a $165 price target at New Street Research
    
  • Super Micro Computer (SMCI) initiated with a Peer Perform at Wolfe Research
    
  • Thermo Fisher Scientific (TMO) initiated with a Neutral at Piper Sandler, tgt $510
    
  • Toast (TOST) assumed with an Overweight at Piper Sandler,t gt $32
    
  • Twist Bioscience (TWST) initiated with an Overweight at Piper Sandler, tgt $85
    
  • Voyager Technologies (VOYG) initiated with a Buy at BTIG Research, tgt $55
    
  • Waters (WAT) initiated with a Neutral at Piper Sandler, tgt $400
    
  • Westwater Resources (WWR) initiated with a Buy at D. Boral Capital, tgt $3

• Econ Data (Friday):
  • 10:00 ET: Preliminary June University of Michigan Consumer Sentiment (Briefing.com consensus 46.2; prior 44.8)

• Earnings:
  • Monday (June 8)
    • Pre-Market: GHM CPB
    • After-Hours: AVO MTN
      
    Tuesday (June 9)
    • Pre-Market: ASO SJM SAIL UNFI
    • After-Hours: CASY CBRL SUJA
      
  • Wednesday (June 10)
    • Pre-Market: CHWY CNM
      
    • After-Hours: NAVN ORCL OXM SFIX
      
  • Thursday (June 11)
    • Pre-Market: LOVE
    • After-Hours: ADBE LEN
  • Friday (June 12)
    • Pre-market: None
    • After-Hours: None