After Hours Report

The major averages finished near their session lows as technology stocks extended their recent weakness and another sharp surge in crude oil prices reinforced two of the market's dominant themes from last week. The S&P 500 (-0.8%), Nasdaq Composite (-1.6%), and DJIA (-0.3%) all finished lower, with the technology-heavy Nasdaq bearing the brunt of the selling pressure.

Semiconductor stocks remained at the center of today's weakness, with the information technology sector (-2.1%) finishing near its session low as the PHLX Semiconductor Index fell 4.8. The group's recent trading has been notably volatile, though the short-term trend has turned increasingly negative, leaving the semiconductor benchmark down over 13% since the start of July.

Memory names such as Sandisk (SNDK 1673.97, -241.95, -12.63%) were among the weakest performers after SK hynix Inc. (SKHY 152.35, -15.66, -9.32%) pulled back following Friday's strong Nasdaq ADR debut.

Taiwan Semiconductor Manufacturing (TSM 421.58, -12.53, -2.89%) held up relatively well after reporting another month of robust revenue growth. Elsewhere in technology, Microsoft (MSFT 390.99, +5.89, +1.53%) outperformed its mega-cap peers, though it did little to offset broader weakness across the group.

The technology-led selling spilled into other growth-oriented areas of the market, pressuring the consumer discretionary (-0.7%) and communication services (-1.0%) sectors. The Vanguard Mega Cap Growth ETF fell 1.5%, while the market-weighted S&P 500 (-0.8%) significantly underperformed the S&P 500 Equal Weight Index (-0.1%), underscoring the outsized influence of the market's largest technology companies.

Geopolitical developments added another headwind as crude oil climbed steadily throughout the session. U.S. Central Command announced that forces will resume blockading maritime traffic entering and exiting Iranian ports beginning July 14 at 4:00 p.m. ET. WTI crude oil futures settled up $6.73 (+9.4%) at $78.42 per barrel, lifting the energy sector (+3.2%) well ahead of the broader market as Valero Energy (VLO 295.79, +15.10, +5.38%) and Diamondback Energy (FANG 191.60, +8.21, +4.48%) ranked among the S&P 500's top performers. Even so, the broader impact of higher energy prices weighed on sentiment.

Outside of energy, investors rotated toward more defensive areas of the market. The consumer staples (+0.6%), utilities (+0.7%), health care (+0.3%), and real estate (+0.5%), sectors all finished higher.

The financials sector (+0.6%) also advanced despite modest weakness across several large banks ahead of tomorrow's slate of earnings reports.

The Russell 2000 (-0.8%) and S&P Mid Cap 400 (-0.6%) finished with losses similar to those of the major averages.

Today's action reinforced the market's recent tendency to swing alongside semiconductor stocks and oil prices, with renewed geopolitical tensions overwhelming the rotational buying interest that emerged earlier in the session. Attention now shifts to tomorrow's June CPI report and the unofficial start of second-quarter earnings season, where inflation data and guidance from several major banks are likely to determine whether those themes continue to dominate or give way to a broader set of market catalysts.

U.S. Treasuries began the week with losses across the curve, sending yields on the 5-year note and shorter tenors to fresh closing highs for the year while yields on the 10-year and 30-year notes approached their highs from May. The 2-year note yield settled up five basis points to 4.26%, and the 10-year note yield settled up four basis points to 4.61%.

• Russell 2000: +19.0% YTD
• S&P Mid Cap 400: +13.7% YTD
• Nasdaq Composite: +11.3% YTD
• S&P 500: +9.8% YTD

Reviewing today's data:

• The Treasury Department reported a $120.3 billion deficit for June versus a surplus of $27.0 billion for the same period in June 2025. Receipts totaled $495.8 billion, while outlays reached $616.1 billion.
  • The key takeaway from the report is the recognition that tariff refunds are cutting into government receipts at the same time the amount spent on net interest is going up. The results is a 12-month budget deficit that exceeds the 12-month deficit registered in May.

 Overseas:

• Europe: DAX +0.2%, FTSE flat, CAC +0.3%
• Asia: Nikkei -1.9%, Hang Seng +0.2%, Shanghai -2.1%

Commodities:

• Crude Oil +6.73 @ 78.42
• Nat Gas -0.04 @ 2.90
• Gold -108.10 @ 4006.30
• Silver -2.20 @ 57.95
• Copper unch @ 6.28

After-Hours Spotlight:

• Biogen (BIIB), Eisai win FDA approval for subcutaneous LEQEMBI initiation dosing in early Alzheimer's disease... BIIB +1.0%
• Brown-Forman (BF.B) confirms Lawson Whiting to retire as President and Chief Executive Officer, effective upon the appointment of a successor... No indication for BF.B
• Cracker Barrel (CBRL): D. E. SHAW increased passive stake to 7.3% from 5.1%... CBRL -0.4%
• Cummins (CMI) raises quarterly dividend to $2.20/share from $2.00/share... No indication for CMI
• Erasca (ERAS) launches $500 mln common stock offering... ERAS -2.2%
• FB Financial (FBK) beats by $0.04, reports revs in-line... FBK -1.9%
• NN Inc (NNBR) files for 24,509,804 share common stock offering by selling shareholders... NNBR -0.6%
• REPAY (RPAY) board rejects Forager Capital's revised $5.25/share proposal... RPAY +3.1%
• ResMed (RMD): Cleveland Medical Devices Inc. announces favorable PTAB outcomes in 5 out of 6 ResMed IPR challenges... No indication for RMD
• Shutterstock (SSTK) CEO Hennessy steps down effective immediately; CFO Rik Powell named interim CEO... SSTK -2.1%
• Trex (TREX) announces the realignment of its North American distribution network; Issues upside Q2 and FY26 revenue guidance... No indication for TREX

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

• Earnings/Guidance (Full Earnings Calendar):
  • Artisan Partners (APAM) June AUM falls to $183.4 bln; Value Equity hit by $5.7 bln mandate termination
  • Compass Diversified (CODI) announces amendments to management services agreement reducing management costs and further strengthening shareholder alignment; reaffirms FY26 guidance
  • Lazard (LAZ) June AUM slips to $284.7 bln from $284.8 bln in May
  • NOG (NOG) reiterates 2026 production/capex outlook; boosts buyback authorization to about $243 mln
  • Occidental Petro (OXY) discloses summary of earnings considerations that will impact Q2 results; Crude oil collar settlements negatively impacted operating cash flow before working capital by $156 mln
  • Resideo (REZI) to present strategy and financial framework as pure-play building technologies company at Investor Day; issues medium term guidance
  • Stellantis (STLA) reports Q2 shipments rise 10% yr/yr
  • Taiwan Semiconductor Manufacturing (TSM) reports June revenue up 68% yr/yr; H1 revenue rises 36%
  • WRAP (WRAP) reports $1.2 mln in early Q3 international orders, reaffirms 2026 revenue growth target
• General News
  • The U.S. and Iran trade fresh strikes as the IRGC declares the Strait of Hormuz "closed" and Iran attacked a commercial ship in the waterway. Axios
  • A southern route in the Strait of Hormuz remained open despite Iran's claim that they closed the entire waterway. Bloomberg
  • Senator Lindsey Graham (R-SC) passed away at age 71. Republican South Carolina Governor Henry McMaster will choose his replacement. Politico
  • Treasury Secretary Scott Bessent & South Carolina Lt. Gov. Pamela Evette are fielding calls from people asking one of them to run for Lindsey Graham's Senate seat. The Republican primary will be on August 11. Politico
  • Iranian officials privately told Trump advisers they made mistake, that attack on commercial ships stemmed from an "errant" sect of hardliners, according to CBS News
  • South Korea stocks fall 9%. Bloomberg
  • EU expected to fine large technology companies over alleged failure to protect consumers. FT
  • The 21st Century Road to Housing Act officially becomes law. The bill will reduce regulations to increase the supply of homes. The bill imposes limits on large institutional investors from purchasing single-family homes. NBC News
  • DOJ starts investigation into allegations against UAW President Shawn Fain. Bloomberg
  • A2Z (AZ) appoints Gadi Levin as CFO, effective immediately
  • Adient (ADNT) CFO intends to leave his position with the Company no later than December 31, 2026
  • AGCO Corp (AGCO) approved amendments to the Company’s Amended and Restated By-laws (the “Bylaws”) to provide one or more stockholders as a group owning at least 25% of the voting power of the Company’s outstanding shares of capital stock the right to call a special meeting, and to implement other conforming and clarifying changes
  • Air Canada (ACDVF) has reached a new tentative collective agreement with the International Association of Machinists and Aerospace Workers representing the airline’s 11,000 Technical Operations, Maintenance and Operational Support group, which includes Technical Operations, Airports and Cargo, Logistics and Supply employees
  • ANI Pharmaceuticals (ANIP) reports six-month topline data from the Phase 4 Open-Label, Single-Arm SYNCHRONICITY Trial evaluating Fluocinolone Acetonide Intravitreal Implant in patients with chronic non-infectious uveitis
  • Apple (AAPL) sues OpenAI over alleged trade-secret misappropriation, according to 9to5Mac
  • Armata Pharmaceuticals (ARMP) received agreement from the FDA on an Agreed Initial Pediatric Study Plan, which establishes the agreed regulatory framework for the future evaluation of AP-SA02
  • AutoZone (AZO) promotes Grace Sharpley to SVP, Finance; joins Executive Committee
  • Babcock & Wilcox (BW) authorizes up to $50 mln share repurchase program
  • BASF (BASFY) plant in Germany experienced a chemical leak. Bloomberg
  • Biogen (BIIB), Eisai present LEQEMBI subcutaneous autoinjector data showing efficacy and safety comparable to IV
  • Boeing (BA) 737 flight had an engine issue and a dislodged window depressurized the cabin (RYAAY). WSJ
  • Bristol-Myers (BMY) announces that the FDA accepted an NDA for mezigdomide in combination with carfilzomib and dexamethasone in patients with relapsed or refractory multiple myeloma
  • Cerus (CERS): William “Obi” Greenman serving as Executive Chairman effective July 1
  • Collective Mining (CNL) announces that the Colombian National Mining Agency ("ANM") granted additional mining titles to Collective on July 10, 2026
  • Deutsche Bank (DB) and Unicredit (UNCFF) file lawsuit against Linde (LIN) over Russian sanctions, according to FT
  • Eisai (ESAIY) presents Alzheimer's biomarker data supporting etalanetug development
  • Ford Motor (F): Unifor and Ford Motor Company reach tentative agreement
  • Forward Air (FWRD): Jerome Lorrain resigns as Executive Chairman; will continue to serve as a member of the Board
  • Genesco (GCO): All three independent proxy advisory firms recommend Genesco shareholders vote “for” all nine of Genesco’s directors
  • GSK plc (GSK) reports Jemperli phase II trial met primary endpoint in dMMR/MSI-H locally advanced rectal cancer
  • Incyte (INCY) presents Phase 1/2 Multidose Data for VGA039 (Latarcibart) at ISTH 2026
  • JP Morgan (JPM) CEO Jamie Dimon being pressured to explain if Jeffrey Epstein advised him to lobby against UK tax. FT
  • Kamada (KMDA) Highlights CYTOGAM Study Results Presented at the 2026 ISHLT Annual Meeting
  • KKR (KKR) leads A$400 mln financing for Ampol
  • Meta's (META) AI image detector did not identify some cropped images. Reuters
  • Meta Platforms (META) is expanding its Richland Parish, Louisiana data center to 5GW
  • N-able (NABL) names former Sumo Logic CRO Russell Rosa as chief revenue officer
  • Nova Minerals (NVA) completes engineering for Alaska antimony pilot plant, targets construction this quarter
  • Novartis AG (NVS): Chai Discovery announces a collaboration with Novartis to advance the discovery of therapeutic antibodies using artificial intelligence
  • Novo Nordisk (NVO) reports long-term Phase 3 data for denecimig in hemophilia A
  • NY Times (NYT): The Trump administration sent subpoenas to several reporters at NY Times following their reporting on Air Force One. NY Times
  • Ocugen (OCGN) announces binding term sheet with roots pharmaceutical to license OCU400 modifier gene therapy for retinitis pigmentosa in the Middle East and North Africa
  • Patriot National Bank (PNBK) received OCC letter - the OCC does not consider the Bank to be in "troubled condition"
  • Q32 Bio (QTTB) Announces Positive 36-Week Topline Results from Part B of the SIGNAL-AA Clinical Trial of Bempikibart in Alopecia Areata
  • Scripps reaches multi-year carriage deal with DIRECTV; 54 local stations restored
  • Takeda (TAK), Indonesia launch plasma-derived therapies collaboration; Takeda to invest up to $30 mln initially
  • Tonix Pharma (TNXP) announces major managed Medicare payer agreement for Tonmya
  • VERAXA Biotech AG (VRXA) announces collaboration with Ardigen S.A to support its growing BiTAC pipeline of t cell engagers and antibody drug conjugates
  • Vertical Aerospace Group (EVTL) shares business update ahead of Farnborough International Airshow
  • Volkswagen (VWAGY) supervisory board rejected the overhaul plan. Bloomberg

• Upgrades:
  • Biogen (BIIB) upgraded to Buy from Hold at Truist, tgt $235
    
  • Capital One (COF) upgraded to Buy from Hold at HSBC, tgt $229
    
  • Casey's General Stores (CASY) upgraded to Buy at Northcoast, tgt $950
    
  • Deckers Outdoor (DECK) upgraded to Buy from Hold at Jefferies, tgt $130
    
  • Humana (HUM) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $502
    
  • Keysight (KEYS) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $400
    
  • Nio (NIO) upgraded to Buy from Neutral at Goldman, tgt $7
    
  • Pembina Pipeline (PBA) upgraded to Overweight from Underweight at Wells Fargo
    
  • Saia (SAIA) upgraded to Buy from Neutral at BofA Securities, tgt $502
    
  • Shopify (SHOP) upgraded to Buy from Hold at Jefferies, tgt $160
    
  • Solstice Advanced Materials (SOLS) upgraded to Buy from Neutral at UBS, tgt $78
    
  • Verra Mobility (VRRM) upgraded to Neutral from Underweight at JPMorgan, tgt $6
• Downgrades:
  • AstraZeneca (AZN) downgraded to Hold from Buy at HSBC
    
  • Best Buy (BBY) downgraded to Hold from Buy at Loop Capital, tgt $82
    
  • Papa John's (PZZA) downgraded to Underperform from Neutral at BofA Securities, tgt $34
    
  • Porch Group (PRCH) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $16.25
    
  • ResMed (RMD) downgraded to Neutral from Buy at Citigroup, tgt $235
    
  • Sezzle (SEZL) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $190
    
  • Sun Life Financial (SLF) downgraded to In Line from Outperform at Evercore ISI
• Others:
  • Alkermes (ALKS) resumed with a Neutral at JPMorgan, tgt $60
    
  • Apyx Medical (APYX) initiated with a Buy at H.C. Wainwright, tgt $7
    
  • Atmos Energy (ATO) initiated with an Overweight at Wells Fargo, tgt $200
    
  • BioCryst (BCRX) resumed with a Neutral at JPMorgan, tgt $12
    
  • BrightSpring Health (BTSG) initiated with a Buy at Guggenheim, tgt $81
    
  • Candel Therapeutics (CADL) initiated with a Buy at Stifel, tgt $22
    
  • Cellectar Biosciences (CLRB) initiated with a Buy at Brookline Capital Markets, tgt $15
    
  • Costco (COST) initiated with a Sector Perform at RBC Capital, tgt $1,000
    
  • Deep Fission (FISN) initiated with a Buy at Benchmark, tgt $20
    
  • Denali Therapeutics (DNLI) resumed with an Overweight at JPMorgan, tgt $29
    
  • Equillium (EQ) initiated with an Overweight at Piper Sandler
    
  • Erasca (ERAS) initiated with an Early-Stage Biotech rating at Goldman
    
  • Fastenal (FAST) initiated with a Buy at Rothschild & Co Redburn, tgt $55
    
  • First Carolina Financial Services (FCBM) initiated with an Outperform at Raymond James, tgt $15
    
  • Honeywell Aerospace (HONA) initiated with an In Line at Evercore ISI, tgt $250
    
  • Kardigan (KARD) initiated with a Buy at Jefferies, tgt $40
    
  • Kardigan (KARD) initiated with a Buy at TD Cowen, tgt $46
    
  • Kardigan (KARD) initiated with an Overweight at JPMorgan, tgt $51
    
  • Legend Biotech (LEGN) resumed with a Neutral at JPMorgan, tgt $35
    
  • MDU Resources (MDU) initiated with an Overweight at Wells Fargo, tgt $25
    
  • MSC Industrial (MSM) initiated with a Buy at Rothschild & Co Redburn, tgt $155
    
  • NewcelX (NCEL) initiated with a Buy at Laidlaw, tgt $23
    
  • Novocure (NVCR) resumed with a Neutral at JPMorgan, tgt $17
    
  • Park Aerospace (PKE) initiated with a Buy at Needham, tgt $43
    
  • Praxis Precision Medicines (PRAX) initiated with a Buy at Goldman, tgt $447
    
  • SiteOne Landscape Supply (SITE) initiated with an Overweight at KeyBanc, tgt $145
    
  • Stoke Therapeutics (STOK) initiated with a Buy at Goldman, tgt $44
    
  • York Space Systems (YSS) resumed with a Buy at Jefferies, tgt $32

• Econ Data (Tuesday):
  • 06:00 ET: June NFIB Small Business Optimism Index (Briefing.com consensus: 95.6; prior 95.3)
  • 08:30 ET: June CPI (Briefing.com consensus: -0.1%; prior 0.5%) and Core CPI (Briefing.com consensus: 0.2%; prior 0.2%)
  • 16:00 ET: May Net Long-Term TIC Flows (prior $103.1 billion)

• Earnings:
  • Monday (July 13)
    • Pre-Market: FAST
    • After-Hours: None
      
    Tuesday (July 14)
    • Pre-Market: BAC C ERIC GS JPM WFC
    • After-Hours: PXED
      
  • Wednesday (July 15)
    • Pre-Market: ASML BLK BNY CTAS CAG ELV FHN JNJ MTB MS PNC PGR
      
    • After-Hours: HOMB JBHT UAL
      
  • Thursday (July 16)
    • Pre-Market: ABT CFG GE IIIN MAN PLD STT USB UNH TSM
    • After-Hours: AA CNS FNB NFLX SFNC
  • Friday (July 17)
    • Monday: ALV FITB RF TRV TFC
    • Afternoon: None