After Hours Report

The stock market absorbed a crowded slate of developments today, allowing the S&P 500 (+0.4%) and Nasdaq Composite (+0.9%) to recover some of yesterday's losses while the DJIA finished flat. As in the previous session, swings in semiconductor stocks and crude oil remained central to the market's direction, while investors also digested a softer inflation report, Fed commentary, and earnings from several major banks.

Stocks opened to relatively broad gains following the release of the June CPI report, which showed headline deflation (-0.4%; Briefing.com consensus: -0.2%) and a flat core CPI reading (Briefing.com consensus: +0.2%), slowing the year-over-year CPI rate to 3.5% from 4.2% and the core rate to 2.6% from 2.9%. The release had a tangible impact on the market's implied expectations of the Fed's policy path, with CME FedWatch now assigning an 83.4% probability to the FOMC leaving rates unchanged at the July meeting, up from 58.3% yesterday. However, the FedWatch tool still assigns a greater than 50% probability (56.5%) to a rate hike at the September meeting.

Treasury yields moved lower in response to the release, which was a welcome sight for a market that faced another surge in energy prices today. WTI crude oil surged past the $80 per barrel mark this morning after President Trump formally notified Congress that the U.S. is at war with Iran. President Trump announced just before midday that the U.S. naval blockade would apply only to ships departing Iranian ports, which briefly sent oil lower, though it steadily rose throughout the afternoon. Crude oil futures settled today's session $0.98 higher (+1.3%) at $79.40 per barrel.

Additionally, the improved rate backdrop helped support gains across mega-cap technology stocks, which were largely the driver of today's index-level gains. The top-weighted information technology sector (+1.3%) finished with the widest gain as investors stepped in to buy yesterday's dip across semiconductor stocks, sending the PHLX Semiconductor Index 2.5% higher. NVIDIA (NVDA 211.81, +8.28, +4.07%) was a "Magnificent Seven" standout, while memory names rebounded alongside another sharp gain in SK hynix Inc.'s (SKHY 194.16, +41.81, +27.44%) ADRs. Bloomberg reported that the premium of the ADRs over the company's Korean-listed shares widened to nearly 50% as options on the ADRs began trading in the U.S.

Strength across semiconductor names helped offset a massive slide in IBM (IBM 217.07, -73.16, -25.21%) after the company issued disappointing Q2 guidance that fell short of expectations on both EPS and revenue. Commentary around temporary customer spending shifts gave a boost to cybersecurity stocks, helping CrowdStrike (CRWD 210.73, +22.82, +12.14%) finish as the best-performing S&P 500 component.

Goldman Sachs (GS 1140.00, +94.09, +9.00%) finished with the second-widest gain in the S&P 500, which also helped offset IBM's weakness in the DJIA. The company delivered perhaps the strongest earnings beat among this morning's slate of major bank reports. JPMorgan Chase (JPM 342.89, +8.36, +2.50%) and Bank of America (BAC 60.62, +1.12, +1.88%) also moved higher after earnings, while Citigroup (C 133.30, -7.41, -5.27%) and Wells Fargo (WFC 85.52, -2.14, -2.45%) moved lower despite also topping expectations, limiting the financials sector's (+0.2%) gain.

Elsewhere, the communication services sector (+1.1%) was an outperformer, supported by a solid gain in Alphabet (GOOG 357.33, +6.66, +1.90%) after the company broke ground on its largest solar and battery storage project to date to help power data centers.

The Vanguard Mega Cap Growth ETF finished 1.0% higher, contributing to the outperformance of the market-weighted S&P 500 (+0.4%) over the S&P 500 Equal Weighted Index (-0.4%).

Meanwhile, the defensive health care (-1.9%) and consumer staples (-1.4%) sectors were the biggest laggards as investors rotated back into more growth-oriented pockets of the market.

Outside the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.5%) captured similar gains to the S&P 500.

Despite a crowded slate of earnings, inflation data, Fed commentary, and geopolitical developments, today's market action remained heavily influenced by the familiar back-and-forth across semiconductor stocks and oil prices. Softer-than-expected inflation helped investors look past another surge in crude oil, making it easier for growth-oriented technology stocks to reclaim leadership and the major averages to recover a portion of yesterday's losses.

U.S. Treasuries rebounded from two days of losses on Wednesday with relative strength in shorter tenors pressuring their yields from highest settlement levels of the year while longer tenors lagged but still ended in positive territory. The 2-year note yield settled down seven basis points to 4.19%, and the 10-year note yield settled down two basis points to 4.59%.

• Russell 2000: +19.5% YTD
• S&P Mid Cap 400: +14.3% YTD
• Nasdaq Composite: +12.3%
• S&P 500: +10.2% YTD
• DJIA: +9.3% YTD

Reviewing today's data:

• June NFIB Small Business Optimism 97.4 (Briefing.com consensus 95.6); Prior 95.3
• June CPI -0.4% (Briefing.com consensus -0.1%); Prior 0.5%, June Core CPI 0.0% (Briefing.com consensus 0.2%); Prior 0.2%
  • The key takeaway from the report is the softening in core inflation and the added softening in super core inflation, which excludes food, energy, and shelter. That component was up just 2.1% year-over-year. Inflation has not been slayed, but this report should be enough to keep the FOMC on hold at its July 28-29 meeting.

 Overseas:

• Europe: DAX +0.1%, FTSE +0.3%, CAC unch
• Asia: Nikkei +0.7%, Hang Seng +0.5%, Shanghai +1.4%

Commodities:

• Crude Oil +0.98 @ 79.40
• Nat Gas 0.00 @ 2.90
• Gold +63.40 @ 4069.70
• Silver +1.17 @ 59.12
• Copper +0.10 @ 6.38

After-Hours Spotlight:

• Aehr Test Systems (AEHR) beats by $0.12; beats on revs; provides FY27 revenue guidance; received $8 mln in new orders in just the last month for silicon carbide WLBI WaferPaks... AEHR +26.7%
• Celcuity (CELC) wins FDA approval for REVTORPYK in HR+/HER2-, PIK3CA wild-type advanced or metastatic breast cancer... CELC -7.2%
• Kestra Medical (KMTS) misses by $0.07, beats on revs; guides FY27 revs above consensus; secures up to $200 mln of non-dilutive financing... KMTS +0.2%
• Phoenix Education Partners (PXED) beats by $0.11, beats on revs; provides FY26 guidance... PXED -9.1%

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

• Earnings/Guidance (Full Earnings Calendar):
  • ADI Global Distribution (ADIG) outlines standalone strategy and financial framework at inaugural investor day; provides medium term financial targets
  • AngioDynamics (ANGO) beats on top and bottom lines; provides mixed outlook
  • Bank of America (BAC) beats by $0.08, beats on revs
  • BP (BP) reports Q2 trading statement; sees stronger Q2 refining and upstream realizations, offsets lower production
  • Citigroup (C) beats by $0.41, beats on revs
  • DHT (DHT) provides business update, sees Q2 time charter equivalent earnings for its fleet at $126,700 per day
  • Diamondback Energy (FANG) discloses that it expects a net gain on cash settlements for derivative instruments of $113 mln and a net non-cash loss on derivative instruments of $64 mln for Q2
  • Energy Fuels (UUUU) provides investor updates in presentation
  • FB Financial (FBK) beats by $0.04, reports revs in-line
  • Goldman Sachs (GS) beats by $6.47, beats on revs
  • Grupo Aeroportuario del Pacifico (PAC) reports Q2 EBITDA rises 8% yr/yr; updates FY26 outlook
  • HCA (HCA) lowers 2026 earnings outlook after payer mix headwinds
  • IBM (IBM) sees Q2 EPS and revenue below consensus
  • JPMorgan Chase (JPM) beats by $2.11, beats on revs
  • Wells Fargo (WFC) beats by $0.28, beats on revs
• General News
  • The U.S. launched new Iranian strikes last night, and President Trump said the U.S. would soon target the underground nuclear site, Pickaxe Mountain. WSJ
  • Darline Graham Nordone (R-SC) will fill the late Senator Lindsey Graham's Senate seat for the remainder of the year. The Republican primary will be held on August 11. South Carolina Lt. Gov. Pamela Evette is seen as a top contender. Politico
  • President Trump gave Saudi Crown Prince Mohammed Bin Salman his support for military action against the Houthis in Yemen. Axios
  • President Trump notified Congress of a new war with Iran, starting another 60 day clock. Politico
  • President Trump's Thursday address will include an update from Iran and news on election integrity. Axios
  • President Trump grants further regulatory relief from EPA restrictions to promote american security
  • Data center developers want to cut their equity stakes. WSJ
  • New York bans large data center construction for one year. WSJ
  • Chinese monthly car exports rise above 1 million. FT
  • Accelerant (ARX) partners with newly formed insurer WoodStar to add dedicated exchange capacity
  • AllianceBernstein (AB) June AUM rises to $905 bln from $899 bln
  • Almonty Industries (ALM) enters into an amendment to its long-term offtake agreement with Global Tungsten & Powders
  • AstraZeneca (AZN) to license Zegfrovy from Dizal in up to $1.5 bln lung cancer deal
  • Atrium Therapeutics (RNA) announces FDA clearance of Investigational New Drug Application for ATR 1072 for treatment of PRKAG2 syndrome
  • BHP (BHP) Port Hedland strike. Reuters
  • Biogen (BIIB), Eisai win FDA approval for subcutaneous LEQEMBI initiation dosing in early Alzheimer's disease
  • Bombardier (BDRBF) to provide the Global 6500 aircraft for a second special mission program in South Korea
  • Bread Financial (BFH) announces that Valerie Greer, Executive Vice President and Chief Commercial Officer, to retire after nearly four decades in financial services
  • Brown-Forman (BF.B) confirms Lawson Whiting to retire as President and Chief Executive Officer, effective upon the appointment of a successor
  • Ceva (CEVA) and COO Michael Boukaya mutually agree that Mr. Boukaya would resign as COO, effective Aug 1
  • Chipotle (CMG) opens first Mexico restaurant, plans more Nuevo León sites this year
  • Circle Internet Group (CRCL): JCB signs memorandum of understanding with Circle to explore collaboration utilizing stablecoins
  • CoStar Group (CSGP) names Robin Rossmann CFO, effective July 31, 2026
  • Cummins (CMI) raises quarterly dividend to $2.20/share from $2.00/share
  • Definium Therapeutics (DFTX): New Healthcare Claims Study Published in CNS Spectrums Finds High Rates of Treatment Switching, Discontinuation, and Prolonged Gaps in Care Among Patients with Generalized Anxiety Disorder
  • Dexcom (DXCM) announces that Health Canada has authorized the Dexcom G7 15 Day Continuous Glucose Monitoring System for people 18 years and older living with diabetes
  • Dream Finders (DFH) names former Lennar co-CEO Rick Beckwitt co-chairman, adds him to board
  • Entree Resources (ERLFF) announces it has selected Mr. Chris Adams to replace Stephen Scott as President and Chief Executive Officer of the Company
  • Erasca (ERAS) posts updated Phase 1 ERAS-0015 data; outlines registration-enabling lung and pancreatic trials
  • Eupraxia Pharmaceuticals (EPRX) announces executive leadership team changes to support next phase of growth
  • Fluence (FLNC) lands supply, EPC role for Avantus' 800 MWh Rexford 2 storage project in California
  • Google (GOOG, GOOGL) search feature investigated by Swiss regulators. Reuters
  • Goosehead Insurance (GSHD) settled the Dollens Action to avoid incurring significant expenses and diverting its management’s attention due to protracted litigation
  • Guardian Metal Resources plc (GMTL) updates across its non-core Nevada-based project portfolio
  • Inspired Entertainment (INSE) goes live in Alberta's newly regulated iGaming market
  • Iridium Communications (IRDM) announces commercial availability of Iridium PNT ASIC, bringing resilient GNSS protection to devices worldwide
  • Ironwood (IRWD) names Jeffrey Silber CMO, R&D head; Phase 3 STARS-2 now recruiting
  • L3Harris (LHX) wins U.S. Space Force contract for 18 missile-tracking satellites
  • MBX Biosciences (MBX) names Steve Hoerter CEO, appoints John Smither CFO
  • Merck KGaA (MRK) reports EU expands Erbitux label to include first-line BRAF-mutant metastatic colorectal cancer
  • Mesoblast (MESO) reaches 300 treated-patient target in pivotal Phase 3 chronic low back pain trial
  • Nvidia (NVDA) cuts authorized Asian artificial intelligence customers by 50%. FT
  • Parsons (PSN) awarded a $245 million indefinite delivery, indefinite quantity contract from the U.S. Naval Research Laboratory
  • Quantinuum (QNT) partners with Rolls-Royce to advance quantum computing for industrial simulation
  • Ranger Energy Services (RNGR) has entered into a contract with Hess Corporation, a wholly owned subsidiary of Chevron Corporation (CVX) to deploy three additional ECHO hybrid workover rigs in the Lower 48 United States
  • ResMed (RMD): Cleveland Medical Devices Inc. announces favorable PTAB outcomes in 5 out of 6 ResMed IPR challenges
  • Roche Hldg (RHHBY) launches first fully automated hepatitis D diagnostic test
  • Shutterstock (SSTK) CEO Hennessy steps down; CFO Rik Powell named interim CEO
  • SLB (SLB), Liberty Energy (LBRT) to form data center infrastructure and power alliance
  • SoftBank (SFTBY) founder Masayoshi Son says nuclear fusion technology could power artificial intelligence data centers. Bloomberg
  • Thomson Reuters (TRI) cutting "a small number of roles" in engineering, according to Reuters
  • Trade Desk (TTD) adds 7-Eleven Japan retail purchase data to ad platform in Japan
  • Trex (TREX) announces the realignment of its North American distribution network; Issues upside Q2 and FY26 revenue guidance
  • Trex (TREX) names Specialty Building Products sole national distribution partner
  • UMC (UMC), SILITH deliver first mass-produced silicon photonics wafers from Singapore fab
  • USA Rare Earth (USAR) produces commercial grade dysprosium oxide and neodymium-praseodymium oxide samples from recycled magnet material at Wheat Ridge Facility
  • Xcel Energy's (XEL) Public Service Company of Colorado filed a natural gas rate case with the Colorado Public Utilities Commission (CPUC) seeking an increase in revenue of $190 million
  • Xerox (XRX): STARTEEPO Invest has increased its beneficial ownership position in Xerox Holdings Corporation

• Upgrades:
  • AptarGroup (ATR) upgraded to Buy from Neutral at BofA Securities, tgt $173
    
  • AutoNation (AN) upgraded to Buy from Neutral at Northcoast, tgt $240
    
  • Cable One (CABO) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $40
    
  • FuelCell Energy (FCEL) upgraded to Buy from Neutral at UBS, tgt $27
    
  • Halliburton (HAL) upgraded to Overweight from Neutral at Piper Sandler, tgt $43
    
  • Independence Realty Trust (IRT) upgraded to Overweight from Equal Weight at Barclays, tgt $20
    
  • Newmont (NEM) upgraded to Buy from Hold at TD Cowen, tgt $127
    
  • Patterson-UTI Energy (PTEN) upgraded to Overweight from Neutral at Piper Sandler, tgt $13
    
  • Red Rock Resorts (RRR) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $75
    
  • TKO Group (TKO) upgraded to Buy from Neutral at Seaport Research, tgt $210
    
  • UL Solutions (ULS) upgraded to Buy from Neutral at UBS, tgt $110
    
  • Wesco (WCC) upgraded to Overweight from Equal Weight at Stephens, tgt $400
• Downgrades:
  • Apple (AAPL) downgraded to Underweight from Sector Weight at KeyBanc, tgt $250
    
  • AvalonBay (AVB) downgraded to Equal Weight from Overweight at Barclays, tgt $205
    
  • Circle Internet (CRCL) downgraded to Underperform from Neutral at Mizuho, tgt $50
    
  • CoStar Group (CSGP) downgraded to Neutral from Outperform at Robert W. Baird, tgt $34
    
  • EHang (EH) downgraded to Neutral from Buy at Goldman, tgt $7.30
    
  • Equity LifeStyle Properties (ELS) downgraded to Equal Weight from Overweight at Barclays, tgt $68
    
  • Equity Residential (EQR) downgraded to Equal Weight from Overweight at Barclays, tgt $76
    
  • Grainger (GWW) downgraded to Equal Weight from Overweight at Stephens, tgt $1,355
    
  • Greif (GEF) downgraded to Underperform from Neutral at BofA Securities, tgt $70
    
  • IBM (IBM) downgraded to Reduce from Hold at HSBC, tgt $191
    
  • International Paper (IP) downgraded to Neutral from Buy at BofA Securities, tgt $41
    
  • O-I Glass (OI) downgraded to Underperform from Buy at BofA Securities, tgt $11
    
  • Pattern Group (PTRN) downgraded to Hold from Buy at Jefferies, tgt $30
    
  • Pearson (PSO) downgraded to Neutral from Overweight at JPMorgan
    
  • Progressive (PGR) downgraded to Neutral from Overweight at JPMorgan, tgt $250
    
  • Qiagen (QGEN) downgraded to Hold from Buy at Berenberg, tgt $45.50
    
  • Skyworks Solutions (SWKS) downgraded to Sector Weight from Overweight at KeyBanc
    
  • Sylvamo (SLVM) downgraded to Neutral from Buy at BofA Securities, tgt $45
    
  • Taylor Morrison (TMHC) downgraded to Equal Weight from Overweight at Barclays, tgt $73
• Others:
  • Ambiq Micro (AMBQ) initiated with a Buy at Roth Capital, tgt $125
    
  • Arrowhead Pharmaceuticals (ARWR) initiated with a Buy at Stifel, tgt $98
    
  • Bel Fuse (BELFB) initiated with a Buy at BofA Securities, tgt $330
    
  • Bloom Energy (BE) initiated with a Hold at Truist, tgt $250
    
  • Cameco (CCJ) initiated with a Buy at Truist, tgt $129
    
  • Centrus Energy (LEU) initiated with a Buy at Truist, tgt $215
    
  • Clearway Energy (CWEN) initiated with a Buy at Truist,t gt $43
    
  • Denison Mines (DNN) initiated with an Outperform at RBC Capital
    
  • Enlight Renewable Energy (ENLT) initiated with a Buy at Truist, tgt $106
    
  • Eos Energy (EOSE) initiated with a Buy at Truist, tgt $7
    
  • First Solar (FSLR) initiated with a Hold at Truist, tgt $249
    
  • Fluence Energy (FLNC) initiated with a Hold at Truist, tgt $16
    
  • Graphic Packaging (GPK) resumed with a Neutral at BofA Securities, tgt $12
    
  • Intuit (INTU) assumed with an Underweight at Piper Sandler, tgt $250
    
  • NANO Nuclear Energy (NNE) initiated with a Hold at Truist, tgt $22
    
  • NextPower (NXT) initiated with a Buy at Truist, tgt $140
    
  • nVent Electric (NVT) initiated with a Buy at Clear Street, tgt $250
    
  • NuScale Power (SMR) initiated with a Hold at Truist, tgt $10
    
  • Oklo (OKLO) initiated with a Hold at Truist, tgt $55
    
  • One Stop Systems (OSS) initiated with a Buy at Clear Street, tgt $20
    
  • RXO (RXO) initiated with an Outperform at BMO Capital, tgt $35
    
  • SK Hynix (SKHY) initiated with an Overweight at Barclays, tgt $330
    
  • SpaceX (SPCX) initiated with an Outperform at Evercore ISI, tgt $230
    
  • Ur-Energy (URG) initiated with an Outperform at RBC Capital, tgt $1.75

• Econ Data (Wednesday):
  • 07:00 ET: Weekly MBA Mortgage Index (prior -2.2%)
  • 08:30 ET: June PPI (Briefing.com consensus 0.1%; prior 1.1%), June Core PPI (Briefing.com consensus 0.4%; prior 0.4%)
  • 08:30 ET: July Empire State Manufacturing survey (Briefing.com consensus 8.5; prior 5.7)
  • 10:30 ET: Weekly crude oil inventories (prior +3.00 mln)
  • 14:00 ET: July Fed Beige Book

• 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