After Hours Report

The major averages finished lower today, with the S&P 500 (-0.5%), Nasdaq Composite (-1.5%), and DJIA (-0.2%) retreating as another bout of weakness across semiconductor stocks, coupled with late selling in several other mega-cap technology names, outweighed continued rotational strength elsewhere in the market. While underlying participation remained relatively constructive, concentrated weakness across growth-oriented stocks ultimately dictated the direction of the major averages.

Semiconductor stocks remained the primary source of weakness throughout the session, with the PHLX Semiconductor Index falling 4.3%. Today's selling followed another double-digit overnight decline in SK hynix Inc.'s (SKHY 152.31, -24.15, -13.69%) Korean-listed shares, while Taiwan Semiconductor Manufacturing (TSM 410.06, -9.42, -2.25%) faced sell-the-news pressure despite delivering a beat-and-raise earnings report.

Memory stocks again bore the brunt of the weakness, with Sandisk (SNDK 1411.08, -203.92, -12.63%) and Seagate Tech (STX 745.49, -82.81, -10.00%) ranking among the worst-performing S&P 500 components.

Apple (AAPL 333.26, +5.76, +1.76%) and Microsoft (MSFT 401.10, +5.47, +1.38%) posted solid gains that helped cushion some of the pressure on the information technology sector (-1.8%), though they were not enough to offset the broader weakness across chipmakers.

Selling broadened across other mega-cap growth stocks as the afternoon progressed. The communication services sector (-3.0%) finished as the worst-performing S&P 500 sector after Alphabet (GOOG 353.81, -16.40, -4.43%) moved sharply lower on a Bloomberg report that the launch of its Gemini 3.5 Pro model has been delayed after missing internal performance targets. Meta Platforms (META 664.54, -16.77, -2.46%) also finished lower, while Netflix (NFLX 74.35, +0.67, +0.91%)edged higher ahead of its earnings report after the close.

Amazon (AMZN 249.89, -5.07, -1.99%) added to the weakness in the consumer discretionary sector (-0.3%), and the Vanguard Mega Cap Growth ETF fell 1.4%.

Even so, underlying participation remained stronger than the major averages suggested. The consumer staples sector (+2.9%) finished with the widest gain as broad-based strength, including solid advances in Coca-Cola (KO 84.92, +2.47, +3.00%) and Walmart (WMT 114.95, +2.42, +2.15%), helped cushion losses in the DJIA.

The health care sector (+2.2%) was another standout, supported by strong post-earnings gains in UnitedHealth (UNH 423.38, +4.86, +1.16%) and Abbott Labs (ABT 98.82, +9.55, +10.70%).

The real estate sector (+2.1%) also outperformed, while the S&P 500 Equal Weight Index (+1.0%) substantially outpaced the market-weighted S&P 500 (-0.5%).

The industrials sector finished little changed after a mixed slate of earnings reactions. GE Aerospace (GE 345.73, -14.62, -4.06%) traded lower despite delivering a beat-and-raise earnings report, while United Airlines (UAL 118.84, -2.13, -1.76%)declined after third-quarter guidance came in just below consensus despite a second-quarter earnings beat. Offsetting some of that weakness, J.B. Hunt Transport (JBHT 298.41, +22.13, +8.01%) rallied to a fresh record high after delivering a sizable earnings beat and offering encouraging commentary on its earnings call.

Meanwhile, the energy sector (+1.0%) extended this week's relative outperformance even as crude oil settled modestly lower following a comparatively quiet day of geopolitical headlines surrounding the U.S. and Iran.

Outside the S&P 500, the Russell 2000 (-0.3%) gave back its earlier gains, while the S&P Mid Cap 400 (+0.4%) managed to finish modestly higher.

Although today's session initially featured encouraging rotational strength outside of technology, renewed weakness across semiconductor stocks and late selling in several other mega-cap growth names ultimately overwhelmed that trend. Defensive sectors and the equal-weighted S&P 500 continued to demonstrate healthy underlying participation, but persistent pressure on the market's largest growth stocks remained the dominant influence on index-level performance.

U.S. Treasuries had a soft overnight session that was driven by selling across the curve that was mirrored by losses in other sovereign bond markets. The losses for the Treasury market dissipated as the cash session progressed, aided by a faltering stock market, a retreat in oil prices despite more saber rattling by Iran, and some technical resistance as the 10-yr note yield challenged the 4.60% level. The 2-year note yield settled up three basis points to 4.16%, and the 10-year note yield settled up two basis points to 4.57%. 

• Russell 2000: +19.9% YTD
• S&P Mid Cap 400: +14.9% YTD
• Nasdaq Composite: +11.4% YTD
• S&P 500: +10.1% YTD
• DJIA: +9.3% YTD

Reviewing today's data:

• July Philadelphia Fed Index 41.4 (Briefing.com consensus 11.0); Prior 10.3
• June Retail Sales 0.2% (Briefing.com consensus 0.3%); Prior was revised to 1.0% from 0.9%, June Retail Sales, ex-auto -0.2% (Briefing.com consensus 0.1%); Prior was revised to 1.0% from 0.8%
  • The key takeaway from the report is that the headline disappointments are misleading, as they were driven primarily by gasoline station sales (-5.3%). Excluding gasoline stations, retail sales were up a solid 0.7% in June on the heels of a 0.9% increase in May.
• Weekly Initial Claims 208K (Briefing.com consensus 219K); Prior was revised to 216K from 215K, Weekly Continuing Claims 1.805 mln; Prior was revised to 1.821 mln from 1.814 mln
  • The key takeaway from the report is that initial jobless claims remain historically low and a signpost for a labor market that is still light overall on layoff activity.
• May Business Inventories 0.3% (Briefing.com consensus 0.3%); Prior was revised to 0.6% from 0.5%
• July NAHB Housing Market 34 (Briefing.com consensus 37); Prior was revised to 36 from 35
• June Pending Home Sales -5.4% (Briefing.com consensus 0.4%); Prior was revised to 3.5% from 3.8%

 Overseas:

• Europe: DAX -0.5%, FTSE +0.5%, CAC -0.1%
• Asia: Nikkei -2.8%, Hang Seng +1.3%, Shanghai -1.9%

Commodities:

• Crude Oil -0.64 @ 78.98
• Nat Gas -0.07 @ 2.86
• Gold -65.20 @ 3992.30
• Silver -1.62 @ 56.06
• Copper -0.04 @ 6.32

After-Hours Spotlight:

• Alcoa (AA) misses by $0.13, misses on revs; provides Q3 (Sep) and FY26 guidance... AA -4.1%
• Coca-Cola (KO) says ransomware incident at fairlife temporarily suspends U.S. production... KO -1.1%
• Intuitive Surgical (ISRG) beats by $0.29, beats on revs, worldwide procedures grew approximately 16% yr/yr; Guides for 2026 worldwide da Vinci procedure growth of approximately 13.5-15.5%... ISRG -9.3%
• Netflix (NFLX) beats by $0.01, reports revs in-line; guides Q3 EPS and revenue below consensus; narrows FY26 revenue guidance... NFLX -7.8%
• Simmons First National (SFNC) misses by $0.02, reports revs in-line... SFNC +3.2%
• STAAR Surgical (STAA) issues in-line Q2 revenue guidance... STAA -12.7%
• Upwork (UPWK) announces Chief Financial Officer and principal financial officer, Erica Gessert, will take a temporary medical leave, effective July 14, 2026... no indication for UPWK

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

• Earnings/Guidance (Full Earnings Calendar):
  • ABB Ltd (ABBNY) reports Q2 results
  • Abbott Labs (ABT) beats by $0.03, reports revs in-line; guides Q3 EPS in-line; raises FY26 EPS guidance
  • BHP Group (BHP) posts record iron ore output, maintains FY27 iron ore guidance
  • BW LPG Ltd (BWLP) reports its Product Services posts Q2 trading loss on mark-to-market impact
  • Citizens Financial Group (CFG) beats by $0.06, beats on revs
  • GE Aerospace (GE) beats by $0.42, beats on revs; guides FY26 EPS above consensus
  • Great Southern Banc (GSBC) guides Q2 EPS above dual-estimate consensus
  • Home Bancshares (HOMB) beats by $0.03, beats on revs
  • Insteel Industries (IIIN) beats by $0.01, beats on revs; provides FY26 guidance
  • Invesco Mortgage Capital (IVR) reported financial highlights as of June 30, 2026
  • J.B. Hunt Transport (JBHT) beats by $0.17, beats on revs
  • Mako Mining Corp (MAKO) announces Q2 2026 production results with record gold sold of 14,610 Au oz., revenues of $63 million and cash and securities balance of $112 million
  • Manpower (MAN) beats by $0.04, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Matson (MATX) guides Q2 EPS above consensus; seeing momentum in its China service
  • State Street (STT) beats by $0.31, beats on revs; co raises FY26 fee revenue, NII, and expense guidance
  • Stellantis (STLA) reports H1 sales performance
  • Taiwan Semiconductor Manufacturing (TSM) beats by $0.50, reports revs in-line; guides Q3 revs above consensus
  • TotalEnergies SE (TTE) sees stronger upstream and downstream results in Q2
  • United Airlines (UAL) beats by $0.11, reports revs in-line, TRASM up 12.1%; guides Q3 EPS below consensus; guides FY26 EPS in-line, expects Q3 and Q4 TRASM growth to exceed Q2 levels
  • UnitedHealth (UNH) beats by $1.50, beats on revs; guides FY26 EPS above consensus
  • U.S. Bancorp (USB) beats by $0.07
  • Webull (BULL) reports June customer assets down 3% m/m as trading activity accelerates
  • Wipro (WIT) reports fiscal Q1 results
• General News
  • President Trump leaning towards expanding military operations in Iran that could include seizure of Iranian islands. WSJ
  • U.S. hit a sanctioned Iranian oil tanker as traffic in the Strait of Hormuz dwindles. Bloomberg
  • President Trump says Iran has allowed an American citizen, who was wrongfully detained in December of 2024 to leave the country
  • Iran laying down a "red line" for the U.S., saying it will crush key targets in the Middle East if the U.S. follows through next week on bombing Iran's bridges and power plants
  • Dallas Fed President Logan's (FOMC voter) "currently believes modestly higher interest rates would better balance the outlook and risks for the FOMC’s dual mandate goals."
  • Kansas City Fed President Schmid (non-FOMC voter) says inflation has been above target for too long, according to Bloomberg
  • USTR imposes 25% tariffs on certain imports from Brazil
  • Bank of Korea implemented first rate hike in 3 1/2 years (+25 bps to 2.75%, as expected)
  • South Korea's Financial Services Commission announces that it is meeting emergently to discuss market volatility and will soon have an announcement with respect to single, leveraged ETFs
  • King Street Capital restricts withdrawals from a key hedge fund. Bloomberg
  • AIRO (AIRO) completes major RQ-35 ISTAR drone delivery to global defense customer
  • Alarm.com (ALRM) launches commercial fire communicator, expanding business platform into fire category
  • Aldeyra Therapeutics (ALDX) provides update on FDA communications
  • Alphabet's (GOOGL/GOOG) Gemini 3.5 Pro model being delayed because the model missed internal goals, according to Bloomberg
  • American Airlines (AAL) elects John W. Dietrich, former CFO at FedEx, to board of directors
  • Anthropic in discussions to add billions to a credit line. The Information
  • Arbutus (ABUS) files patent actions against Pfizer (PFE) and BioNTech (BNTX), plans up to $230 mln capital return
  • Arcosa (ACA) received a section 107(a) order issued by the Mine Safety and Health Administration
  • Atlassian (TEAM) adds AI-native software development tools in Jira
  • Baidu (BIDU) board approves pursuit of Hong Kong dual-primary listing conversion
  • Bath & Body Works (BBWI) enters Brazil with first store and local e-commerce site
  • Bausch + Lomb (BLCO) launches EyeGility preloaded IOL delivery system in U.S.
  • Biogen (BIIB)-backed Synapticure launches virtual ataxia care program
  • Brazil Potash Corp (GRO): Brazil Potash provides update on Autazes project regarding Brazilian court filing
  • Broadcom (AVGO) wins Standard Chartered private cloud modernization deal
  • Cadence (CDNS) launches AuraStack AI Super Agent for PCB and advanced packaging design
  • Celldex (CLDX) CFO Sam Martin to retire in 2027; search underway
  • Clarivate (CLVT): USPTO launches AI image trademark search powered by Clarivate
  • Compass Pathways (CMPS) announces publication of post-hoc analysis demonstrating distinction of COMP360 trial monitoring & support from psychotherapy
  • Dorian LPG (LPG) declares irregular cash dividend of $1.00 per share and completion of the sale of Corsair
  • Elemental Royalty Corporation (ELE) increases Chapi project royalty through Quilla investment package
  • Eos Energy (EOSE) selected for Golden Dome defense power contract
  • Essential Utilities (WTRG) unit Aqua Pennsylvania wins $74.3 mln in PENNVEST funding for PFAS treatment projects
  • Gain Therapeutics (GANX) says FDA-cleared Phase 2 Parkinson's study for rexaceract remains on track for Q3 start
  • Garmin (GRMN) unveils G2000 PRIME flight deck for high-performance piston and electric aircraft
  • GE HealthCare (GEHC) lands $500 mln, 10-year Catholic Health Care Alliance on Long Island
  • Greenwich LifeSciences (GLSI) announces European Approval for combining both HLA populations in FLAMINGO-01
  • Hanover Insurance (HIG) names COO Richard Lavey CEO-elect as John Roche plans retirement at end of 2026
  • Hasbro (HAS) signs multi-year Nintendo (NTDOY) deal for Legend of Zelda toys
  • Insmed (INSM) reports positive 12-month TPIP extension data in PAH
  • Intapp (INTA) launches Celeste AI coworker for professional firms
  • Jabil (JBL) authorizes new $1.5 bln share repurchase program
  • Jabil (JBL) opens AI-enabled logistics hub in Penang
  • Jacobs (J) selected for TransnetBW grid expansion framework in Germany
  • John B. Sanfilippo (JBSS) declares $1.05/share special dividend, raises annual dividend to $0.95/share from $0.90/share
  • Kimball Electronics (KE) begins rebrand to Kimball Solutions; full corporate change targeted for July 2027
  • Lilly (LLY) to buy AtaiBeckley (ATAI) for $6.75/share cash plus CVR tied to depression pipeline milestones
  • Lockheed Martin (LMT) to invest at least $100 mln in U.K. and Europe through venture arm
  • Marex (MRX) launches USDC initial-margin capability for derivatives clients
  • Mattel (MAT) teams with 7-Eleven on limited-edition Hot Wheels Nissan GT-R collectible
  • Merck (MRK) FDA approves LIPFENDRA, first oral PCSK9 inhibitor for adults with hypercholesterolemia
  • Moderna (MRNA) announces first participant dosed in phase 1 clinical trial evaluating investigational tumor-targeted cancer antigen therapy in solid tumors
  • NetList (NLST) announces ITC opens second Samsung (SSNLF) patent investigation
  • NIKE (NKE) provides update on tariff collections
  • NVIDIA (NVDA) expands Japan physical AI push with Cosmos 3 Edge and planned coalition members
  • NVIDIA (NVDA), Noetra launch Japan physical AI infrastructure project with Vera Rubin AI factory
  • NVIDIA (NVDA): Japan to purchase Nvidia Rubin chips for robots. Bloomberg
  • NY Times (NYT) introduced a motion to stop the Trump administration's subpoenas of several reporters. NY Times
  • PJT Partners (PJT) names Arun Kalra CFO, effective Oct. 1, 2026
  • QIAGEN (QGEN) Highlights Molecular Testing Solutions Supporting Response to Growing U.S. Cyclospora Outbreak
  • QuickLogic (QUIK) and PQSecure complete post-quantum crypto IP trade study for SoCs
  • RxSight (RXST) names Aziz Mottiwala CEO; Ron Kurtz to become chief medical officer
  • Sigma Lithium (SGML) shareholders re-elected Ana Cabral, CEO and Co-Chairperson
  • Skyward Specialty Insurance (SKWD) increases share repurchase authorization to $100 mln from $50 mln
  • Taiwan Semiconductor Manufacturing (TSM): The Trump administration secures an additional $100 billion U.S. semiconductor manufacturing investment for a total of $265 billion from TSMC
  • Telix (TLX) doses first patients in Phase 2 OPTIMAL-e prostate cancer trial
  • Vertical Aerospace (EVTL) partners with Near Earth on autonomous Valo aircraft for defense, commercial use
  • Viasat (VSAT) demonstrates first integrated automotive satellite voice call capability with BMW Group (BMWKY)
  • Wayfair (W) launches Black Friday in July sales event
  • York Space (YSS) says second SDA tactical communications satellite lot is ready for launch

• Upgrades:
  • AeroVironment (AVAV) upgraded to Outperform from Market Perform at Raymond James, tgt $210
    
  • BlackRock (BLK) upgraded to Overweight from Neutral at JPMorgan, tgt $1,364
    
  • Cintas (CTAS) upgraded to Buy from Neutral at BofA Securities, tgt $230
    
  • Ero Copper (ERO) upgraded to Buy from Neutral at BofA Securities, tgt $34
  • Mueller Industries (MLI) upgraded to Buy from Neutral at Northcoast; tgt $75
  • Okta (OKTA) upgraded to Overweight from Equalweight at Capital One, tgt $171
    
  • Palo Alto Networks (PANW) upgraded to Overweight from Equalweight at Capital One, tgt $421
    
  • Rocket Companies (RKT) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $19
    
  • TFI International (TFII) upgraded to Outperform from Sector Perform at Scotiabank
• Downgrades:
  • American Electric Power (AEP) downgraded to Neutral from Buy at Goldman, tgt $147
    
  • Cinemark (CNK) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $31
    
  • Etsy (ETSY) downgraded to Neutral from Buy at BTIG Research
    
  • Evotec (EVO) downgraded to Hold from Buy at Berenberg
    
  • IMAX (IMAX) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $41
    
  • Ionis Pharmaceuticals (IONS) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • Intellia Therapeutics (NTLA) downgraded to Underperform from Peer Perform at Wolfe Research, tgt $9
    
  • Lululemon (LULU) downgraded to Sell from Hold at Truist, tgt $94
    
  • Nutrien (NTR) downgraded to Hold from Buy at Jefferies, tgt $63
    
  • Pentair (PNR) downgraded to Hold from Buy at Stifel, tgt $65
    
  • ResMed (RMD) downgraded to Sector Perform from Outperform at RBC Capital, tgt $234
    
  • W. R. Berkley (WRB) downgraded to Underperform from Neutral at BofA Securities, tgt $68
• Others:
  • Airbnb (ABNB) assumed with a Neutral at Wedbush, tgt $152
    
  • Alphabet (GOOG) assumed with an Outperform at Wedbush, tgt $445
    
  • Amazon (AMZN) assumed with an Outperform at Wedbush, tgt $293
    
  • Arm Holdings (ARM) assumed with a Hold at Benchmark
    
  • Arteris (AIP) initiated with a Outperform at Oppenheimer; tgt $40
  • AST SpaceMobile (ASTS) initiated with an Overweight at Piper Sandler, tgt $100
    
  • Block (XYZ) initiated with a Hold at Clear Street, tgt $82
    
  • Booking Holdings (BKNG) assumed with an Outperform at Wedbush, tgt $211
    
  • Cadence Design (CDNS) initiated with a Buy at Benchmark, tgt $450
    
  • CEVA (CEVA) initiated with a Hold at Benchmark
    
  • Claros Mortgage Trust (CMTG) resumed with a Neutral at UBS, tgt $2.75
    
  • Criteo (CRTO) assumed with an Outperform at Wedbush, tgt $30
    
  • CubeSmart (CUBE) resumed with an Outperform at Raymond James, tgt $44
    
  • DoorDash (DASH) assumed with a Neutral at Wedbush, tgt $205
    
  • Duolingo (DUOL) assumed with a Neutral at Wedbush, tgt $139
    
  • eBay (EBAY) assumed with an Outperform at Wedbush, tgt $135
    
  • Etsy (ETSY) assumed with a Neutral at Wedbush, tgt $80
    
  • Expedia (EXPE) assumed with an Outperform at Wedbush, tgt $334
    
  • Excelerate Energy (EE) initiated with a Buy at Goldman, tgt $49
    
  • Extra Space Storage (EXR) resumed with an Outperform at Raymond James, tgt $44
    
  • EyePoint (EYPT) initiated with a Buy at Stifel, tgt $40
    
  • Forgent Power Solutions (FPS) initiated with an Outperform at Robert W. Baird, tgt $55
    
  • Fresenius Medical Care (FMS) initiated with a Market Perform at Bernstein
    
  • Granite Point Mortgage Trust (GPMT) resumed with a Neutral at UBS, tgt $1.50
    
  • Instacart (CART) assumed with an Outperform at Wedbush, tgt $59
    
  • Mastercard (MA) initiated with a Buy at Clear Street, tgt $617
    
  • Meta Platforms (META) assumed with a Neutral at Wedbush, tgt $671
    
  • Mid-America Apartment Communities (MAA) initiated with a Neutral at JPMorgan, tgt $147
    
  • NextDecade (NEXT) initiated with a Neutral at Goldman, tgt $8.50
    
  • nVent Electric (NVT) initiated with an Outperform at Robert W. Baird, tgt $188
    
  • PayPal (PYPL) initiated with a Hold at Clear Street, tgt $61
    
  • Pinterest (PINS) assumed with a Neutral at Wedbush, tgt $24
    
  • Public Storage (PSA) resumed with a Market Perform at Raymond James
    
  • Rambus (RMBS) initiated with a Buy at Benchmark, tgt $165
    
  • Reddit (RDDT) assumed with an Outperform at Wedbush, tgt $250
    
  • Relay Therapeutics (RLAY) initiated with a Buy at Canaccord, tgt $29
    
  • Rocket Lab (RKLB) initiated with a Neutral at Piper Sandler, tgt $83
    
  • Rogers Communications (RCI) initiated with an Outperform at Raymond James
    
  • SmartStop Self Storage (SMA) resumed with a Strong Buy at Raymond James, tgt $39
    
  • SpaceX (SPCX) initiated with a Neutral at Piper Sandler, tgt $156
    
  • Synopsys (SNPS) initiated with a Buy at Benchmark, tgt $570
    
  • Teamshares (TMS) initiated with an Outperform at Northland, tgt $14
    
  • Telesat (TSAT) initiated with a Buy at Stifel
    
  • Uber (UBER) assumed with an Outperform at Wedbush, tgt $91
    
  • VeriSign (VRSN) assumed with an Outperform at Wedbush, tgt $318
    
  • Vertiv (VRT) initiated with an Outperform at Robert W. Baird, tgt $370
    
  • Visa (V) initiated with a Buy at Clear Street, tgt $403
    
  • Wayfair (W) assumed with a Neutral at Wedbush, tgt $104
    
  • Xometry (XMTR) assumed with an Outperform at Wedbush, tgt $126

• Econ Data (Friday):
  • 08:30 ET: June Housing Starts (Briefing.com consensus: 1328K; prior 1177K) and Building Permits (Briefing.com consensus: 1403K; prior 1413K)
  • 08:30 ET: June Import Prices (prior 1.9%), Nonfuel Import Prices (prior 0.8%), Export Prices (prior 1.3%), and Export Prices ex-ag (prior 1.2%)
  • 09:15 ET: June Industrial Production (Briefing.com consensus: 0.3%; prior 0.1%) and Capacity Utilization (Briefing.com consensus: 76.2%; prior 76.2%)
  • 10:00 ET: Preliminary July Univ. of Michigan Consumer Sentiment Index (Briefing.com consensus: 50.7; prior 49.5)

• 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