After Hours Report

The S&P 500 (+0.9%), Nasdaq Composite (+1.3%), and DJIA (+0.7%) finished firmly higher, holding onto the bulk of their gains throughout the afternoon as semiconductor stocks once again led the advance. Unlike yesterday's rebound attempt, buying interest remained intact into the close despite another rise in oil prices and Treasury yields, with the major averages settling near their session highs.

Semiconductor stocks remained the primary driver of the rally as investors continued buying into the group's recent pullback, which has been widely viewed as a technical correction despite its sharp magnitude. While the move lacked a single broad catalyst, the PHLX Semiconductor Index climbed 5.2%, with memory names such as Sandisk (SNDK 1589.40, +198.45, +14.27%) and Micron (MU 970.82, +105.36, +12.17%) leading the advance after a solid overnight session across related names in Asia.

Teradyne (TER 374.15, +40.39, +12.10%) outperformed for a second consecutive day, while Intel (INTC 105.45, +8.39, +8.64%) and Advanced Micro Devices (AMD 544.43, +40.86, +8.11%) also posted strong gains. Taiwan Semiconductor Manufacturing (TSM 424.44, +22.14, +5.50%) traded higher after Nikkei reported the company plans to raise chip-making prices by roughly 10% in 2027.

The information technology sector (+2.4%) finished with the widest gain, while semiconductor leadership helped the market-cap-weighted S&P 500 (+0.9%) comfortably outperform the S&P 500 Equal Weight Index (+0.2%). Elsewhere among the mega-cap names, Tesla (TSLA 378.88, +9.31, +2.52%) helped limit losses in the consumer discretionary sector (flat), while Alphabet (GOOG 346.19, -5.18, -1.47%) weighed on the communication services sector (-0.9%). Both companies are set to report earnings after the close tomorrow.

SpaceX (SPCX 123.46, +3.61, +3.01%) was also a notable outperformer, snapping a seven-day losing streak and contributing to a solid gain in the Vanguard Mega Cap Growth ETF (+1.0%).

Outside of technology, the latest batch of earnings reports continued to generate some notable stock-specific moves.

3M (MMM 170.76, +11.65, +7.32%) was the top-performing Dow component after delivering a beat-and-raise quarter, while Hasbro (HAS 88.78, +7.19, +8.81%) and General Motors (GM 79.51, +3.71, +4.89%) also posted solid gains.

Conversely, Danaher (DHR 179.14, -21.97, -10.92%), Equifax (EFX 173.06, -7.02, -3.90%), and Halliburton (HAL 33.20, -1.91, -5.44%) lagged after issuing cautious guidance despite topping earnings expectations.

In other corporate news, Coinbase Global (COIN 175.85, +15.42, +9.61%) and Robinhood Markets (HOOD 106.36, +7.08, +7.13%) led the financials sector (+0.1%) amid continued strength in Bitcoin and growing optimism that Congress is nearing passage of the Clarity Act, a bill aimed at establishing a clearer regulatory framework for digital assets.

The energy sector (+1.2%) was the only S&P 500 sector outside of information technology to gain more than 0.5%, as WTI crude oil futures settled $2.40 higher (+2.9%) at $84.99 per barrel. President Trump reiterated during a press conference with Lebanese President Joseph Aoun that he has no interest in ending the conflict until Iran agrees to meet in a "meaningful way." Higher oil prices also contributed to another rise in Treasury yields, though those headwinds did little to derail the broader rally.

A total of six S&P 500 sectors finished higher. The consumer staples sector (-0.9%) finished with the widest loss as investors rotated back into higher beta stocks today. The Invesco S&P 500 High Beta ETF gained 3.1%.

Elsewhere, the Russell 2000 (+1.6%) and S&P Mid Cap 400 (+1.0%) also joined the rebound after yesterday's retreat.

Unlike Monday's rally attempt, which steadily unraveled into the close, today's advance proved considerably more durable. Semiconductor leadership continued to support index-level gains throughout the session, allowing the broader market to shrug off higher oil prices and Treasury yields while maintaining its momentum into the closing bell. The major averages now hold week-to-date gains ahead of a busy stretch of earnings reports, with both the volume and importance of releases set to increase.

U.S. Treasuries saw an extension of their defensive start to the week, lifting the 5-year note yield to a fresh high for the year while yields on other tenors crept closer to 2026 highs of their own. The 2-year note yield settled up five basis points to 4.26%, and the 10-year note yield settled up three basis points to 4.63%. 

There was no economic data of note. 

• Russell 2000: +20.4% YTD
• S&P Mid Cap 400: +14.5% YTD
• Nasdaq Composite: +11.2% YTD
• S&P 500: +9.7% YTD
• DJIA: +8.7% YTD

 Overseas:

• Europe: DAX +0.6%, FTSE +0.6%, CAC +0.3%
• Asia: Nikkei +3.3%, Hang Seng flat, Shanghai +1.8%

Commodities:

• Crude Oil +2.40 @ 84.99
• Nat Gas +0.01 @ 2.87
• Gold +60.60 @ 4076.70
• Silver +2.04 @ 59.11
• Copper +0.21 @ 6.55

After-Hours Spotlight:

• AAR Corp (AIR) beats by $0.15, beats on revs; provides Q1 (Mar) and FY27 guidance...AIR -5.9%
• Alaska Air (ALK) beats by $0.07, reports revs in-line; guides Q3 EPS below consensus...ALK -1.5%
• Capital One (COF) beats by $1.14, reports revs in-line...COF +0.4%
• First Financial Bancorp (FFBC) misses by $0.05; also increases dividend...FFBC -2.3%
• Hancock Whitney (HWC) reports EPS in line, beats on revs; Board authorizes buyback program...HWC flat
• Interactive Brokers (IBKR) beats by $0.05, beats on revs; provides FY26 guidance...IBKR -0.6%
• Oklo Inc. (OKLO) and X-energy (XE) join Trump administration program to bring new nuclear reactors online faster for AI, according to Bloomberg...OKLO +5.5%, XE +5.8%
• Pegasystems (PEGA) misses by $0.08, misses on revs; provides FY26 guidance...PEGA -13.1%
• Super Micro Computer (SMCI) guides JunQ revs to the low end of guidance, but raises gross margin guidance; backlog rose to record levels...SMCI +18.1%

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

• Earnings/Guidance (Full Earnings Calendar):
  • 3M (MMM) beats by $0.15, beats on revs; raises FY26 EPS above consensus
  • Ally Financial (ALLY) misses by $0.01, beats on revs
  • Atlantic Union Bankshares (AUB) beats by $0.19, beats on revs; announces buyback
  • Bitdeer (BTDR) June bitcoin production rises to 990; AI Cloud ARR reaches about $76 mln
  • BOK Financial (BOKF) reports Q2 (Jun) results
  • Calix Networks (CALX) beats by $0.07, beats on revs; guides Q3 EPS below consensus, revs in-line
  • Charles Schwab (SCHW) beats by $0.06, beats on revs
  • Cracker Barrel (CBRL) completes 26-store sale-leaseback, exits Maple Street Biscuit; raises FY26 profitability outlook
  • Crown (CCK) beats by $0.33, beats on revs; provides Q2 (Jun) and FY26 guidance
  • Danaher (DHR) beats by $0.10, beats on revs; raises FY26 EPS mostly above consensus
  • D.R. Horton (DHI) beats by $0.23, beats on revs; guides FY26 revs below consensus
  • Eagle Nuclear Energy Corp. (NUCL) provided Q2 update; continues to methodically and responsibly advance the Aurora project
  • Equifax (EFX) beats by $0.05, reports revs in-line; guides Q3 EPS below consensus, revs in-line; guides FY26 EPS in-line, revs in-line; Signs Agreement to Acquire Círculo de Crédito
  • Forestar (FOR) misses by $0.11, misses on revs; provides FY26 guidance
  • General Motors (GM) beats by $0.38, beats on revs, Adjusted EBIT up 29.8%; raises FY26 EPS, Adjusted EBIT, automotive free cash flow guidance
  • GeoPark (GPRK) announces second quarter 2026 operational update
  • Genuine Parts (GPC) beats by $0.07, beats on revs; reaffirms FY26 EPS guidance, revs guidance
  • Halliburton (HAL) beats by $0.01, beats on revs
  • Hasbro (HAS) beats by $0.12, beats on revs; guides FY26 revs in-line
  • KeyCorp (KEY) beats by $0.02, reports revs in-line
  • Marsh McLennan (MRSH) beats by $0.06, beats on revs; raises dividend 10%
  • Monarch Casino & Resort (MCRI) beats by $0.11, beats on revs
  • MSCI (MSCI) misses by $0.05, reports revs in-line; raises FY26 free cash flow
  • Northrop Grumman (NOC) beats by $0.86, reports revs in-line; guides FY26 EPS above consensus, revs in-line
  • Novartis AG (NVS) beats by $0.24, beats on revs; reaffirms FY26 guidance
  • Phreesia's (PHR) MediFind launches AI chatbot to guide provider search and booking
  • Sasol (SSL) says FY26 production and sales metrics met or beat market guidance
  • Steel Dynamics (STLD) beats by $0.06, beats on revs; market conditions in place to support strong domestic steel and aluminum consumption through the remainder of 2026 and into 2027
  • Synchrony Financial (SYF) beats by $0.45; guides FY26 EPS in-line
  • Telix Pharmaceuticals (TLX) sees Q2 revs in-line with expectations; sees FY26 results at upper end of guidance
  • United Comm Banks (UCB) reports Q2 results
  • Valmont (VMI) beats by $0.34, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Vicor (VICR) beats by $0.39, beats on revs
  • Wintrust Fin (WTFC) beats by $0.16, total loans increased by 12% annualized
  • W.R. Berkley (WRB) beats by $0.19, beats on revs
  • Zions Bancorp (ZION) reports Q2 (Jun) results
• General News
  • Iranian mediators are pushing for a 10-day ceasefire, but President Trump is considering launching a massive new joint military campaign with Israel against Iran. Axios
  • Iranian officials will meet with mediators in Pakistan today. AP
  • Israel believes Iran moved thousands of uranium enrichment centrifuges into Pickaxe Mountain. WSJ
  • China aiming to shore up confidence in the stock market. Bloomberg
  • Houthi warns all vessels against calling at Saudi Arabian ports. Bloomberg
  • U.S. and China will hold talks on AI in September. Reuters
  • China mulling stricter artificial intelligence export controls. FT
  • The White House is expected to impose tariffs on dozens of countries this week to replace the tariffs that were invalidated by the Supreme Court. FT
  • White House imposes 50% tariffs on Canadian goods including motor vehicles, alcohol, hockey sticks, cement, and dairy; tariffs effective on August 20; Ontario Premier Doug Ford says "if these tariffs proceed, Canada should respond tariff for tariff, dollar for dollar"
  • IEA Executive Director issues statement on oil markets
  • FDA launches pilot program to incentivize manufacturing of animal drug products in the U.S.
  • Ontario Premier Doug Ford will not remove ban on the sale of American wine, according to Bloomberg
  • OpenAI introducing the ChatGPT for small business program
  • Some ships are changing routes in the Red Sea amid threats from Houthis, according to Bloomberg
  • UK Prime Minister Andy Burnham approves use of UK military bases for U.S. strikes against Iran, according to Bloomberg
  • 8x8 (EGHT) launches consumption-based UC offering for SMB resell partners
  • Abeona (ABEO) activates Cincinnati Children's as seventh ZEVASKYN treatment center
  • ACV Auctions (ACVA) enhances marketplace with new buyer and seller experiences for dealers
  • Agios (AGIO) drops tebapivat in sickle cell disease after Phase 2 fails to show differentiated profile
  • Airbus (EADSY) signs agreement with Voyageur for first Airbus U030 Flexrotor order in Canada
  • Alphabet (GOOG) still in the testing phase for Gemini 3.5 Pro, according to Business Insider
  • Amazon (AMZN) Business reaches $60 billion in annualized gross sales, serving over 11 million organizations worldwide
  • Amazon (AMZN): IRGC attacked Amazon’s data infrastructure in Bahrain, according to CNBC
  • Apple (AAPL) failed to overturn Masimo (DHR) patent award, according to Bloomberg
  • Apple's (AAPL) latest idea to combat prices, slumping sales -- own less, pay monthly: company plans to rolls out device leasing, according to Bloomberg
  • AptarGroup (ATR) launches next-generation auto-loading dropper technology
  • Arthur J. Gallagher (AJG) acquires W.N. Tuscano Agency
  • AST SpaceMobile (ASTS) closes $1.15 bln convertible notes offering due 2034
  • AvePoint (AVPT) announces new advancements to the AvePoint Confidence Platform that extend the trust layer
  • Bank of America (BAC) announces enhancements to EricaAssist, its human assisted AI agent that supports employees during client conversations, delivering real time insights that help resolve client needs faster while keeping the employee at the center of the experience
  • BlackBerry (BB) Secure Communications' SecuSUITE Server 6.0 and Client 6.0 have been officially relisted as certified products under the International Common Criteria - conforming to the latest NIAP Protection Profiles
  • Boeing (BA) says MSC Air Cargo orders five 777-8 Freighters
  • Boeing (BA) wins first Uganda Airlines order for eight jets
  • Boeing (BA) wins additional 737-10 order from Luxair
  • Boeing (BA) wants U.S. to intervene over EU loan to Airbus (EADSY). Reuters
  • Bombardier (BDRBF) and The Helicopter Company signed a LOI towards finalizing a firm order for 12 aircraft, including 5 Challenger 3500, 5 Global 5500 and 2 Global 8000 aircraft, with purchase options for 48 more aircraft across these platforms
  • Box (BOX) adds security controls for AI agents working across enterprise content
  • Capital One (COF): President Trump's family files a lawsuit against Capital One for alleged debanking. NY Post
  • CEMEX S.A. (CX) received a Statement of Objections from the European Commission that relates to Cemex's admixtures activity in France and Germany
  • Ceragon (CRNT) lands additional five-year $70 mln APAC mobile operator agreement
  • CME Group (CME) to launch Sorghum basis futures on Aug. 24, pending regulatory review
  • CO2 Energy Transition Corp. (NOEM) Nshareholders approved proposal to extend the deadline for the SPAC to complete its initial business combination
  • Comstock (LODE) and Illuminate USA sign service agreement for recycling solar panel manufacturing materials
  • CoreWeave (CRWV) CEO defends AI infrastructure bet, says company is on the "right side" of generational shift, according to WSJ
  • Critical Metals Corp. (CRML) advances to final round of Kenya Government tender for the world-class Mrima Hill rare earth and niobium project
  • CVS (CVS) expands pharmacy offering to include pet prescriptions nationwide
  • Disney (DIS) will serve Kraft Heinz (KHC) products at its properties under a new partnership. WSJ
  • Duos Technologies Group (DUOT) discloses purchase of building and related land for use as a data center
  • Eagle Nuclear (NUCL) outlines Aurora uranium project, SMR milestones in Q2 update
  • Ecopetrol (EC) says cyber incident impact limited to file downloads
  • Eldorado Gold (EGO) provides update on progress at its Skouries copper gold project in Northern Greece
  • Embraer SA (EMBJ): Abra Group announces an agreement to purchase up to 45 E195-E2 aircraft from Embraer
  • FedEx (FDX) expects its MD-11 fleet to be fully returned to service by the end of calendar year 2026
  • Fortive's (FTV) Accruent partners with PowerX on telecom tower energy management
  • Forward Air (FWRD) signs non-binding MOU that could retain 50%-75% of major customer revenue
  • Garmin (GRMN) launches screen-free CIRQA Smart Band at $199.99
  • General Motors (GM): Unifor to commence negotiations with General Motors
  • Gilead Sciences (GILD) and Merck (MRK) report investigational once-weekly oral HIV treatment regimen of islatravir and lenacapavir maintained virological suppression in adults with HIV who switched antiretroviral therapy
  • Goldman Sachs (GS) aims to create a private markets platform, according to CNBC
  • GSK plc, (GSK) Pfizer (PFE), Shionogi HIV venture ViiV Healthcare to present HIV data at AIDS 2026
  • Hexcel (HXL) has completed qualification of its HexPly M91 carbon fiber-reinforced epoxy prepreg system through the National Center for Advanced Materials Performance, an initiative of the National Institute for Aviation Research at Wichita State University
  • Honest Company (HNST) announces strategic leadership updates across finance and investor relations
  • IMAX (IMAX), CGV to upgrade three Vietnam locations to IMAX with Laser
  • Intel (INTC) planning to eliminate jobs in its data center unit, according to Business Insider
  • Jacobs (J) selected by Great British Energy - Nuclear for UK SMR planning work
  • J.B. Hunt (JBHT) backed Overroute launches AI freight execution platform after year of co-design
  • JP Morgan (JPM) among the banks that will finance Japan's $550 bln U.S. investment plan. Reuters
  • KORE Group (KORE) announced the successful completion of its acquisition by affiliates of Searchlight Capital Partners and Abry Partners
  • Lockheed Martin (LMT), Venus Aerospace sign propulsion development pact for long-range precision fires
  • lululemon athletica (LULU): Chip Wilson investor group disclosed slightly lower active stake of 8.6% (prior 8.7%)
  • Manchester United (MANU): Liverpool FC owner in talks to sell minority stake in $6 bln deal, according to FT
  • Maravai Life Sciences' (MRVI) TriLink BioTechnologies granted a new patent from the China National Intellectual Property Administration covering methods of synthesizing RNA molecules
  • Marqeta (MQ) expands Expensify card-issuing collaboration into UK and EU 
  • MDA Space Ltd. (MDA) has received a Pre-Authorisation to Proceed contract from OHB System AG, to deliver critical lunar landing sensors for the European Space Agency's Argonaut spacecraft
  • Medtronic (MDT) to unveil Touch Surgery Aide AI compute platform for OR; first Hugo robotic app has FDA clearance
  • Merck (MRK): Phanes Therapeutics announces expansion of clinical trial collaboration and supply agreement with Merck to evaluate spevatamig in combination with KEYTRUDA and chemotherapy for treatment of biliary tract cancer
  • Mesoblast (MESO) CEO makes investment to increase share ownership
  • Meta Platforms (META): Xbox, Meta expand partnership with Game Pass Starter perk for Horizon+ subscribers
  • Metropolitan Bank (MCB) raises quarterly dividend to $0.35/share from $0.25/share
  • Microsoft (MSFT) introduces Grok by SpaceXAI (SPCX) for Outlook
  • Mirum Pharmaceuticals (MIRM) granted FDA orphan designation for treatment of primary sclerosing cholangitis
  • Mobileye (MBLY) to supply cloud-enhanced ADAS for select future Stellantis vehicles from 2027
  • Motorola Solutions (MSI) announces that its APX NEXT XN P25 smart radio and XVN500 remote speaker microphone are the first in the industry to achieve the National Fire Protection Association’s 1930 certification
  • Myriad Genetics (MYGN) launches FirstGene multiple prenatal screen
  • Nektar (NKTR) starts Phase 3 ZENITH AD program for rezpegaldesleukin in atopic dermatitis
  • Neuronetics (STIM) names Axogen's Nir Naor CFO; legal chief to step down
  • Novo Nordisk A/S (NVO) has filed a lawsuit against Eli Lilly and Company (LLY) and Lilly USA, LLC in the United States District Court for the District of New Jersey for multiple violations of federal and state false advertising and unfair competition laws, including under the Lanham Act
  • NVIDIA (NVDA) unveils Spectrum-6 ethernet platform for Vera Rubin AI factories, wins early adoption from Microsoft, CoreWeave, Tesla
  • OpenAI and Anthropic executives are concerned about the rise of Chinese artificial intelligence models. WSJ
  • Philips (PHG) receives FDA 510 (k) clearance for next-generation reusabe SpO2 clip sensor
  • PolyPid Ltd. (PYPD) has entered into an exclusive commercial partnership agreement with Azurity Pharmaceuticals, the commercialization of D-PLEX100 in the United States and Canada for the prevention of surgical site infections
  • Redwire (RDW) opens 30,000-square-foot Indiana microgravity R&D and payload facility
  • Rio Tinto (RIO) and Cymat Technologies (CYMHF) signed commercial agreement to assume customers of aluminum metal matrix composites business
  • Ross Stores (ROST) opens 47 new locations in June and July, keeps pace for about 110 openings this year
  • RTX (RTX) awarded a $1.8 bln modification to previously awarded Navy contract
  • RTX's (RTX) Pratt & Whitney Canada signs nearly five-year Emerald Airlines MRO deal
  • RTX's (RTX) Raytheon UK unveils Red Kite precision weapon
  • RTX's (RTX) Pratt & Whitney signs MOU to supply GTF engines for 15 Tigerair Taiwan A321neo aircraft
  • RTX's (RTX) Collins Aerospace, Abu Dhabi Aviation's ADA form nacelle MRO JV in Abu Dhabi
  • RTX's (RTX) Pratt & Whitney Canada to invest C$275 mln in Longueuil manufacturing site
  • S&P Global's (SPGI) S&P DJI launches digital asset index with Pantera Capital
  • Samsung (SSNLF) and and Barclays (BCS) announced the launch of Samsung Galaxy Card, its first-ever credit card program in the United States
  • Sanofi (SNY) evolves its Executive Committee to support its next strategic chapter effective September 1, 2026
  • ServisFirst Bancshares (SFBS) declares 2-for-1 stock split as stock dividend
  • Sibanye-Stillwater (SBSW) appeals U.S. ruling on Russian palladium imports
  • SmartStop (SMA) adds first Canadian third-party managed facility
  • Target (TGT) launches limited-time Rosie Assoulin collaboration on July 25
  • Telix (TLX) doses first patient in Phase 3 LUTEON trial for TLX250-Tx in renal cancer
  • TSMC (TSM) aiming to increase chip-making prices by 10% in 2027. Nikkei
  • Venu Holding Corp. (VENU) secures $20 mln bridge loan for Texas amphitheater project
  • Veritone (VERI) has officially joined the Genesis Mission Consortium to collaborate with the DOE on its ambitious Genesis Mission and other key AI and advanced computing initiatives
  • Vertical Aerospace (EVTL) in advanced talks with UK on support package for first production sites
  • Vertical Aerospace (EVTL) joins EU-backed VERTI-GO airspace integration project with Honeywell
  • Vertiv (VRT) expands Italy cooling manufacturing, targets doubling regional chiller capacity by end of 2026
  • Vision Marine Technologies (VMAR) announces the next phase of its long-term strategy to advance and commercialize marine technologies through its operating platform
  • Walt Disney's (DIS) ESPN planning another round of job cuts, according to Business Insider
  • Western Copper (WRN) provided an update on recent developments relating to the Casino Project
  • Westlake Corporation's (WLK) business unit, Westlake Royal Building Products, announces launch of SturdiMount Woodgrain
  • Wise Group plc (WSE) launches £405 mln share buyback program
  • Wix.com (WIX) announces Wix Headless now connects to a wide array of AI coding tools
  • Woodward (WWD) signs elite repair agreement with HAECO for CFM LEAP engine components
  • ZoomInfo (GTM) says Tegus cut conversation-intelligence spend 50% after consolidating onto its platform
  • ZoomInfo (GTM) has reported that LINAK generated new sales quotes from a single targeted display campaign, its first measurable marketing return in years, according to the company

• Upgrades:
  • Daimler Truck (DTRUY) upgraded to Buy from Reduce at Kepler Cheuvreux
    
  • Five Below (FIVE) upgraded to Outperform from Market Perform at Bernstein, tgt $250
    
  • Fortinet (FTNT) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $133
    
  • Goldman Sachs (GS) upgraded to Hold from Reduce at HSBC, tgt $995
    
  • UDR (UDR) upgraded to Buy from Hold at Deutsche Bank
• Downgrades:
  • Adobe (ADBE) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $240
    
  • Apple Hospitality REIT (APLE) downgraded to Equal Weight from Overweight at Barclays, tgt $17
    
  • BlackLine (BL) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $33
    
  • Datadog (DDOG) downgraded to Hold from Buy at Jefferies, tgt $280
    
  • Elastic (ESTC) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $66
    
  • Gilead (GILD) downgraded to Market Perform from Outperform at Leerink, tgt $127
    
  • Intuit (INTU) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $335
    
  • JFrog (FROG) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $95
    
  • Live Nation (LYV) downgraded to Neutral from Positive at Susquehanna, tgt $186
  • MarineMax (HZO) downgraded to Neutral from Buy at B. Riley, tgt $35
    
  • Nice (NICE) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $111
    
  • PagerDuty (PD) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $9
    
  • Pembina Pipeline (PBA) downgraded to Sector Perform from Outperform at Scotiabank
    
  • Rapid7 (RPD) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $9
    
  • Salesforce (CRM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $185
    
  • Shopify (SHOP) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $130
    
  • SPS Commerce (SPSC) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $57
    
  • Tenable (TENB) downgraded to Hold from Buy at Truist, tgt $40
    
  • Travelers (TRV) downgraded to Market Perform from Outperform at BMO Capital, tgt $379
    
  • Vertex (VERX) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $15
    
  • Wix.com (WIX) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $60
    
  • Workday (WDAY) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $145
    
  • Zions Bancorp (ZION) downgraded to Underweight from Neutral at JPMorgan, tgt $75
• Others:
  • American Healthcare REIT (AHR) initiated with a Buy at Compass Point, tgt $70
    
  • Annexon (ANNX) initiated with an Underperform at Citizens, tgt $3
    
  • ATRenew (RERE) initiated with a Buy at UBS, tgt $5.50
    
  • Axsome Therapeutics (AXSM) initiated with an Outperform at BMO Capital, tgt $310
    
  • Digital Turbine (APPS) initiated with a Buy at Roth Capital, tgt $11.50
    
  • First American (FAF) initiated with a Buy at Benchmark, tgt $85
    
  • Forte Biosciences (FBRX) initiated with an Overweight at Barclays, tgt $74
    
  • Insmed (INSM) initiated with an Outperform at BMO Capital, tgt $192
    
  • LB Pharmaceuticals (LBRX) initiated with an Outperform at BMO Capital, tgt $46
    
  • Ligand (LGND) resumed with a Buy at Citigroup, tgt $387
    
  • MapLight Therapeutics (MPLT) initiated with an Outperform at BMO Capital, tgt $46
    
  • NewAmsterdam Pharma (NAMS) initiated with an Outperform at BMO Capital, tgt $58
    
  • Sinda (SIND) initiated with a Buy at Citigroup, tgt $18
    
  • Sinda (SIND) initiated with an Outperform at BMO Capital, tgt $16
    
  • Sinda (SIND) initiated with an Outperform at RBC Capital, tgt $19
    
  • Sinda (SIND) initiated with an Overweight at Morgan Stanley, tgt $16.40
    
  • Stewart (STC) initiated with a Buy at Benchmark, tgt $87
    
  • Trevi Therapeutics (TRVI) initiated with an Outperform at BMO Capital, tgt $36

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -2.7%)
  • 10:30 ET: Weekly crude oil inventories (prior -1.69 mln)

• Earnings:
  • Monday (July 20)
    • Pre-Market: AMC DPZ
    • After-Hours: BOKF CALX CCK MCRI STLD WRB WTFC ZION
  • Tuesday (July 21)
    • Pre-Market: MMM ALLY AUB SCHW DHI DHR EFX FOR GM GPC HAL HAS KEY MRSH MSCI NOC NVS SYF VMI VICR
    • After-Hours: AIR ALK OZK COF CB EWBC EQT FFBC HWC IBKR NBHC PEGA RRC WBS WAL WFRD
  • Wednesday (July 22)
    • Pre-Market: T BMI CALM CME GEV MCO NTRS ONB PM RPM SF TEL TDY TNL WAB OTIS
    • After-Hours: GOOG AVB CATY CCS CYH CCI CSX EGP ELS EQR EPRT FAF FR FULT GTY GL GSHD GGG IBM KALU KMI KNX LVS LBRT MEDP MOH OII PKG PNFP QS RJF RS RNR RLI ROL SEIC NOW SLG SON STC TSLA TCBI TXN WCN WEX WH LUV
  • Thursday (July 23)
    • Pre-Market: ACI ALLE AMP AMBP BX BFH CLF DOV DOW FCX THRM HOG HON HBAN LADR LAZ LMT HZO MBLY NDAQ NOK NSC NVCR ORI PCG POOL BPOP DGX ROP RTX R SNA STM TECK COCO TMO TMUS TSCO UNP VLY VC WST AAL IMAX URI
    • After-Hours: ABCB APPF ASB SAM BYD COLB CUBI DECK DLR EW ENVA GBCI HIG HTH INTC KNSL KN MXL NEM OVV PECO REXR RNG RHI SLM SAP SIGI SKYW SSB SSNC VRSN WKC WSFS
  • Friday (July 24)
    • Pre-market: AXP BAH CNI CHTR FHB FLG GNTX HCA LW NEE SXT SLB THC VZ
    • Afternoon: None