After Hours Report

The stock market faced a significant amount of volatility today, with stocks opening to broad strength before a sharp reversal across tech names sent the major averages sharply lower. The S&P 500 (-0.3%), Nasdaq Composite (-1.0%), and DJIA (+0.2%) finished mostly lower, though strength in the broader market helped the indices finish well off their midday lows.

The information technology sector (-1.8%) was at the core of the intraday retreat, finishing as the worst-performing S&P 500 sector. Early weakness across software names limited gains in the sector, but a continuation of yesterday's buying across semiconductor stocks saw the sector advance nearly 1% this morning.

The PHLX Semiconductor Index (-1.9%) was up nearly 2% before charting a sharply lower course that rippled across the broader market. Around midday, the index was down nearly 8%. Most semiconductor and related names reclaimed some of the weakness, but Coherent (COHR 355.94, -45.99, -11.44%) finished as the worst-performing S&P 500 component, while electrical component names such as Corning (GLW 173.94, -13.60, -7.25%) and Lumentum (LITE 821.76, -73.64, -8.22%) also finished near their session lows.

Elsewhere in the sector, Apple (AAPL 290.55, -10.99, -3.64%) extended yesterday's decline as investors remained underwhelmed by the company's AI announcements at WWDC, including updates to Siri and other artificial intelligence features.

Notably, today's reversal across the tech and mega-cap spaces came without a news catalyst, which likely explains the willingness of investors to steadily buy back into those same stocks throughout the afternoon. The Vanguard Mega Cap Growth ETF (-1.1%) finished firmly lower, but significantly improved from the session lows that left it with a nearly 4% loss.

Strength at the sector level also steadily improved throughout the afternoon, returning to pre-midday levels. The energy sector (-1.6%) was the only other S&P 500 sector to finish with a loss as relatively tame developments on the geopolitical front kept oil prices lower, with crude oil futures settling today's session $3.10 lower (-3.4%) at $88.16 per barrel.

The lower oil prices added support for the broader market, with several cyclical sectors, including the materials (+1.7%), industrials (+1.2%), and financials (+0.9%) sectors, weathering the intraday volatility to notch solid gains.

Even the consumer discretionary sector (+0.1%), which was weighed down by weakness in Tesla (TSLA 396.68, -12.27, -3.00%), managed to finish slightly higher, supported by strength in its homebuilder components that sent the iShares U.S. Home Construction ETF 4.0% higher.

Additionally, there was a solid rotation into more defensive sectors, with the health care (+1.3%), utilities (+1.1%), and consumer staples (+1.0%) sectors all posting solid gains. J.M. Smucker (SJM 112.39, +10.62, +10.44%) was the top-performing S&P 500 name after topping EPS expectations and issuing upside guidance.

The real estate sector (+2.1%) captured the widest gain, building on its Q2 strength as investors continue to rotate into lower-volatility, income-oriented areas of the market.

As a result, the S&P 500 Equal Weighted Index (+0.8%) finished with a solid gain despite the retreat in the market-weighted S&P 500 (-0.3%).

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.9%) outperformed. 

Overall, today's session underscored the volatility that continues to characterize semiconductor and other AI-related names, though the rebound from session lows also reflected a sustained eagerness to buy dips across growth-oriented stocks. At the same time, the broader market remained notably resilient, with strength spanning cyclical, defensive, and income-oriented sectors alike. The divergence between the equal-weighted and market-weighted S&P 500 suggests that participation beneath the surface remains constructive, even as leadership among the market's largest technology names becomes increasingly volatile ahead of SpaceX's IPO on Friday.

U.S. Treasuries had a steady showing on Tuesday, keeping yields in a narrow range just below their highest levels in three weeks, which masked a volatile session on Wall Street. The U.S. Treasury launched this week's note and bond auction slate with a 3-year note auction, which was received relatively well given the overall volatility across capital markets.

The 2-year note yield settled down four basis points to 4.12%, and the 10-year note yield settled down two basis points to 4.53%.

• Russell 2000: +15.5% YTD
• S&P Mid Cap 400: +12.9% YTD
• Nasdaq Composite: +10.5% YTD
• S&P 500: +7.9% YTD
• DJIA: +5.8% YTD

Reviewing today's data:

• May NFIB Small Business Optimism 95.3; Prior 95.9
• April Trade Balance -$55.9 bln (Briefing.com consensus -$55.5 bln); Prior was revised to -$56.6 bln from -$60.3 bln
  • The key takeaway from the report is that the export strength was concentrated in crude oil exports (+$6.4 billion), fuel oil exports (+$1.3 billion), and other petroleum products (+$1.0 billion), which were boosted by the supply disruptions tied to the difficulties traversing the Strait of Hormuz.
• May Existing Home Sales 4.17 mln (Briefing.com consensus 4.07 mln); Prior was revised to 4.04 mln from 4.02 mln
  • The key takeaway from the report is that existing home sales hit their highest level since December, bolstered by lower mortgage rates (versus the year-ago period) and income gains outpacing home price growth, which led to improving affordability conditions across all regions.
• April Wholesale Inventories 0.6% (Briefing.com consensus 0.5%); Prior 1.3%

Overseas:

• Europe: DAX -0.8%, FTSE -1.4%, CAC +0.1%
• Asia: Nikkei +2.2%, Hang Seng -0.4%, Shanghai +1.3%

Commodities:

• Crude Oil -3.10 @ 88.16
• Nat Gas -0.01 @ 3.14
• Gold -72.70 @ 4290.60
• Silver -3.32 @ 65.25
• Copper -0.03 @ 6.32

After-Hours Spotlight:

• Casey's General (CASY) beats by $1.06, beats on revs; authorizes $1 bln expansion to share repurchase program; also increases dividend...CASY +3.1%
• Cracker Barrel (CBRL) beats by $0.77, beats on revs; guides FY26 revs above consensus...CBRL +10.6%
• Devon Energy (DVN) provides updated FY26 outlook for combined company following completion of its merger with Coterra Energy; Production expected to average 1.380 mln barrels of oil equivalent per day...DVN flat
• Grocery Outlet (GO) CFO Chris Miller to retire; names Ian Ferry as its new CFO; reaffirms Q2 and FY26 outlook...GO +1.4%
• Hinge Health (HNGE) raises guidance ahead of its Investor Day...HNGE +3.2%
• Robinhood Markets (HOOD) reports May 2026 operating data...HOOD -0.5%
• Suja Life (SUJA) reports Q1 results, reports revs in-line; guides FY26 revs below consensus...SUJA +1.9%

Fair Value for Wednesday, June 10:

• S&P 500: 7,395
• Nasdaq 100: 29,126
• DJIA: 50,917

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

• Earnings/Guidance (Full Earnings Calendar):
  • APi Group (APG) reaffirms Q2 revenue guidance and raises FY26 revenue guidance to account for the acquisition of Onyx-Fire Protection Services
  • ASE Technology (ASX) reports May revs increased 28.6% yr/yr to NT$63.03 bln
  • AT&T (T) reiterates all 2026 and multi-year financial and operational guidance and capital return plans shared during its first-quarter 2026 results
  • CECO Environ (CECO) updates 2026 outlook following Thermon acquisition
  • DraftKings (DKNG) reports May 2026 annualized consumer volume in Predictions offering increased 24% month-over-month to $1.3 bln and annualized total volume traded increased 34% month-over-month to $3.1 bln
  • EHang (EH) reports Q1 results
  • J.M. Smucker (SJM) beats by $0.13, reports revs in-line; guides FY27 EPS in-line, revs below consensus
  • Mission Produce (AVO) misses by $0.04, beats on revs; Provides Q3 outlook in connection with completed acquisition of Calavo, also approves stock repurchase program for up to $100 mln
  • Oil-Dri (ODC) Reports Record Third Quarter Revenues and Strong Earnings Growth
  • SailPoint (SAIL) beats by $0.01, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY27 EPS guidance, guides FY27 revs in-line
  • Titan Machinery Inc. (TITN) announces results for fiscal first quarter ended April 30, 2026
  • United Natural Foods (UNFI) beats by $0.01, reports revs in-line; guides FY26 EPS in-line, revs in-line
  • Uranium Energy Corp (UEC) reports Q3 results
  • Vail Resorts (MTN) misses by $0.14, reports revs in-line; reduces FY26 guidance
• General News
  • President Trump tells reporters that Iran deal could be reached in 2-3 days and Strait of Hormuz would open immediately under the deal. CNBC
  • U.S. Centcom says "At 7:33 p.m. ET on June 8, two crew members from a U.S. Army AH-64 Apache were rescued by American forces after their helicopter went down near the coast of Oman while patrolling regional waters"
  • Democratic candidate Xavier Becerra and Republican Steve Hilton advance to a runoff in the California gubernatorial race. Bloomberg
  • White House & Congress restart efforts to block state artificial intelligence laws. Axios
  • China plans to spend $295 bln over the next 5 years on data centers. Bloomberg
  • Taiwan officials are mulling stricter export controls on AI chip sales to China. Bloomberg
  • Alibaba (BABA) confirmed inclusion on the CMC List; says Alibaba Group is not a Chinese military company nor part of any military-civil fusion strategy
  • Amazon (AMZN): FCC grants, with conditions, the request of Kuiper Systems LLC (Amazon (AMZN) Leo) for a limited waiver of the Commission's space station milestone deployment requirements for the Amazon Leo Gen1 Constellation
  • Apple (AAPL) accelerates app development with new intelligence frameworks and advanced tools
  • Applied Digital (APLD) signs 210 MW lease at Delta Forge 2, expanding its AI factory franchise model to a fifth campus
  • Apollo (APO) and Blackstone (BX) are finalizing a $35 bln private credit deal to fund growth at Anthropic. FT
  • AstraZeneca (AZN) advances elecoglipron, an oral small molecule GLP-1 RA, into an extensive Phase III program in obesity and type 2 diabetes
  • Baidu (BIDU) states U.S. CMC designation will not affect operations
  • BASF AG (BASFY) believes Iran war could result in supply shortages for carmakers, according to Bloomberg
  • BrainsWay (BWAY) Presents First SWIFT Accelerated Deep TMS 12-Month Durability Data at Clinical TMS Society Annual Meeting
  • Brand Engagement Network (BNAI) entered definitive agreements establishing INTERVENT Health AI - joint venture formed with INTERVENT International to develop, deploy and commercialize AI-powered health coaching solutions
  • Cadence Design (CDNS) announces collaboration with Intel Foundry to accelerate Intel 14A process optimization for HPC and mobile designs
  • Cartesian Therapeutics (CART) announces a strategic licensing agreement with WestGene Biopharma Co., Ltd. to advance the development of novel in vivo chimeric antigen receptor T-cell therapies in autoimmune diseases
  • Cibus Global (CBUS) appoints Craig Wichner CEO in leadership transition
  • Cohen & Steers (CNS) reports May assets under management
  • CVRx, Inc. (CVRX) CFO Jared Oasheim to step down - will remain with company until a successor is appointed
  • DBV Technologies (DBVT) to present new positive data from VITESSE Study and preview recently initiated THRIVE Study at the EAACI Congress 2026
  • Duos Technologies Group (DUOT) appointed Adrian Goldfarb as interim CFO
  • ExlService (EXLS) collaborating with Lifemed to transform healthcare revenue cycle management
  • Ferguson plc (FERG) confirms execution of Rule 10b5-1 Plan
  • First Watch Restaurant Group (FWRG) announces appointment of Ashlee Weisser to Chief Financial Officer effective June 8, 2026
  • Fresh Del Monte (FDP) announces name change to Del Monte Corporation and NYSE ticker symbol change to “DMC”
  • Greenland Energy (GLND) announces haliburton agreement and updates progress on 2026 Greenland Exploration Program
  • Greystone Housing Impact Investors LP (GHI) announces Jesse A. Coury will be stepping down as Chief Financial Officer of the Partnership effective June 30, 2026
  • Lucky Strike Entertainment (LUCK) announces the promotion of Bobby Lavan to President and Chief Financial Officer
  • Merck (MRK) and Gilead announce discontinuation of the Phase 3 KEYNOTE-D46/EVOKE-03 study investigating Gilead’s Trodelvy in combination with KEYTRUDA compared to KEYTRUDA monotherapy
  • Meta Platforms (META) is launching America’s Workforce Academy: a nationwide, unprecedented fast-track to a long-term career in a skilled trade, powered by an initial $115 million first year investment
  • Moderna (MRNA) receives UK authorization for Phase 1/2 Lynch syndrome cancer vaccine study
  • Neurocrine Biosciences (NBIX) presents new clinically meaningful response data on treatment of Tardive Dyskinesia, reinforcing the efficacy of INGREZZA (valbenazine) capsules across a broad range of patients
  • NIO (NIO) states U.S. CMC designation will not affect operations
  • Novo Nordisk A/S (NVO) introduces updated Rybelsus tablet formulation in Canada for adults living with type 2 diabetes
  • Nvidia (NVDA) CEO Jensen Huang declined Senator Elizabeth Warren's invitation to testify to the Senate. NBC News
  • Oculis Holding AG (OCS) announces first patient randomized in PREDICT-1 registrational trial of licaminlimab, advancing precision medicine in dry eye disease
  • Palantir (PLTR): The UK is aiming to review Palantir's NHS contract. Reuters
  • Parsons (PSN) secured an additional $73 mln contract in support of the Air Force
  • Perrigo (PRGO) appoints Albert A. Manzone, as Interim President and Chief Executive Officer; Patrick Lockwood-Taylor has resigned as President and CEO due to "personal conduct not consistent with company's code of conduct"
  • Pony AI (PONY) launches Luxembourg autonomous mobility pilot with Bolt and Stellantis
  • Qnity Electronics (Q) introduces enhanced advanced packaging materials for organic interposer applications
  • RedHill Biopharma (RDHL) Opaganib receives FDA rare pediatric disease designation for neuroblastoma in addition to current orphan drug designation
  • Satellogic (SATL) and Rick Dunn mutually agreed that Mr. Dunn will step down as the Company’s Chief Financial Officer at the conclusion of a transition period agreed between Mr. Dunn and the Company
  • Savara (SVRA) announces that CFO Dave Lowrance will step down; Robert Lutz to assume combined role of COO and CFO
  • SCHMID Group N.V. (SHMD) has signed a preliminary manufacturing project letter of intent and investment framework agreement with local authorities in Banfu Industrial Zone, Zhongshan, Guangdong Province, China, regarding the establishment of a new manufacturing campus
  • Seabridge Gold (SA) wins key court ruling on KSM project permit
  • Seaport Therapeutics (SPTX) reports multiple-ascending dose data from Phase 1 Proof-of-Concept Trial of GlyphAgo in healthy volunteers
  • Sempra Energy (SRE): SDG&E, Qualcomm and UC San Diego launch edge AI collaboration to advance wildfire and extreme-weather response
  • Sigma Lithium (SGML) wins in state court of Minas Gerais; overturn of unwarranted local judge decision
  • Spruce Biosciences (SPRB) announces long-term Tralesinidase Alfa Enzyme Replacement Therapy data in Sanfilippo Syndrome Type B (MPS IIIB) presented at the 18th International MPS Symposium
  • Stellantis (STLA) is is recalling certain 2021-2025 Jeep Wrangler and Jeep Gladiator vehicles due to power steering issue; 1076999 units affected
  • Teleflex (TFX): Four-Year BIOMAG-I study results presented at EuroPCR confirm long-term safety and sustained performance of the Freesolve resorbable magnesium scaffold
  • TG Therapeutics (TGTX) Announces Positive Topline Phase 1 Data for Subcutaneous BRIUMVI in Patients with Myasthenia Gravis and Initiation of Potential Registration Directed Randomized Phase 2 Trial
  • Trilogy Metals (TMQ) begins fully funded 2026 field program at Alaska projects
  • Uber (UBER) supported Wayve considering a stake sale. Bloomberg
  • U.S. GoldMining (USGO) advances Whistler exploration program and highlights infrastructure catalysts
  • Vaalco Energy (EGY) resumes Baobab field production after FPSO overhaul
  • Victory Capital (VCTR) reports May 2026 Total Client Assets
  • York Space Systems (YSS) acquisition target ALL.SPACE places $8.2 mln order with Sivers
  • Zai Lab (ZLAB) receives China approval for TIVDAK in cervical cancer

• Upgrades:
  • Arthur J. Gallagher (AJG) upgraded to Buy from Neutral at UBS, tgt $250
    
  • Brady (BRC) upgraded to Buy from Neutral at Sidoti, tgt $103
    
  • FuelCell Energy (FCEL) upgraded to Buy from Hold at Canaccord, tgt $30
    
  • Jumia Technologies (JMIA) upgraded to Buy from Sell at Aletheia, tgt $7.50
    
  • PAR Technology (PAR) upgraded to Neutral from Underweight at JPMorgan, tgt $16
    
  • Toll Brothers (TOL) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $161
    
  • West Pharmaceutical (WST) upgraded to Overweight from Equal Weight at Barclays, tgt $400
• Downgrades:
  • Equity Residential (EQR) downgraded to Sector Perform from Outperform at RBC Capital, tgt $70
    
  • Ingredion (INGR) downgraded to Perform from Outperform at Oppenheimer
    
  • Lennar (LEN) downgraded to Underperform from Market Perform at Keefe Bruyette, tgt $86
• Others:
  • Cerebras Systems (CBRS) initiated with a Buy at Craig-Hallum, tgt $325
    
  • Enliven Therapeutics (ELVN) initiated with a Buy at Stifel, tgt $60
    
  • FrontView REIT (FVR) initiated with a Strong Buy at Raymond James, tgt $22
    
  • Gold.com (GOLD) initiated with a Buy at Canaccord, tgt $70
    
  • International Flavors & Fragrances (IFF) initiated with a Buy at Benchmark, tgt $100
    
  • Grand Canyon Education (LOPE) initiated with a Buy at Truist, tgt $100
    
  • LSI Industries (LYTS) initiated with an Outperform at Oppenheimer, tgt $30
    
  • Magnite (MGNI) initiated with a Buy at BTIG, tgt $20
    
  • Park Aerospace (PKE) initiated with an Outperform at Citizens, tgt $42
    
  • PTC Therapeutics (PTCT) assumed with a Buy from Neutral at Citi, tgt $108
    
  • Ralliant (RAL) assumed with an Outperform at Evercore ISI, tgt $80
    
  • Spruce Biosciences (SPRB) initiated with a Buy at JonesResearch, tgt $135
    
  • WPP (WPP) initiated with a Buy at Berenberg

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -2.3%)
  • 8:30 ET: May CPI (Briefing.com consensus 0.5%; prior 0.6%) and Core CPI (Briefing.com consensus 0.3%; prior 0.4%)
  • 10:30 ET: Weekly crude oil inventories (prior -7.97 mln)
  • 14:00 ET: May Treasury Budget (prior $215.0 bln)

• 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