After Hours Report

The major averages finished sharply lower on Wednesday, with the S&P 500 (-1.5%), Nasdaq Composite (-1.7%), and DJIA (-2.2%) settling near their session lows after an initial post-FOMC relief rally ultimately gave way to renewed selling pressure.

Earlier weakness was driven by another sharp advance in oil prices and continued semiconductor selling, while the Federal Reserve's decision to leave interest rates unchanged briefly lifted growth stocks before that enthusiasm faded into the close. Crude oil futures settled $5.16 higher (+6.5%) at $84.48 per barrel following reports that the U.S. intercepted Iranian missiles targeting U.S. bases across the Middle East, with President Trump vowing retaliation. The energy sector (+2.1%) finished comfortably atop the leaderboard as a result, while the defensive consumer staples sector (+0.4%) also managed a modest gain amid the market's risk-off tone and another record close for Coca-Cola (KO 89.13, +0.86, +0.97%).

The communication services sector (+0.2%) managed to avoid a lower finish, supported by strength in Alphabet (GOOG 335.76, +3.16, +0.95%), although Meta Platforms (META 585.61, -7.80, -1.31%) traded lower ahead of its quarterly results.

This afternoon's focal point was the FOMC policy decision, which left the fed funds target range unchanged at 3.50%-3.75%, as widely expected. Unlike June's unanimous decision, however, three regional Fed presidents dissented in favor of a 25-basis point rate hike. The announcement initially fueled a broad rebound across growth-oriented stocks as investors welcomed the absence of another rate increase, lifting the Vanguard Mega Cap Growth ETF into positive territory and dramatically narrowing semiconductor losses. That momentum proved short-lived, however, as the post-FOMC rally steadily unraveled during Fed Chair Kevin Warsh's press conference, leaving the major averages back near their lows by the closing bell.

The top-weighted information technology sector (-2.5%) surrendered its post-Fed gains and finished among the session's laggards as semiconductor stocks resumed their retreat. The PHLX Semiconductor Index finished 5.3% lower, with KLA Corporation (KLAC 170.19, -20.61, -10.80%) remaining under pressure following its quarterly results and NVIDIA (NVDA 190.01, -7.00, -3.55%) ranking among the weakest-performing "Magnificent Seven" components.

SK hynix Inc.'s (SKHY 126.86, -3.31, -2.54%) U.S.-listed shares also declined despite another quarter of record results, as investors looked beyond continued strength in AI-driven HBM demand and instead focused on the company's elevated capital spending plans and aggressive capacity expansion.

The Vanguard Mega Cap Growth ETF likewise erased its afternoon rebound to finish down 1.6%.

The industrials sector (-3.2%) finished with an even wider loss as disappointing earnings from Lennox Int'l (LII 430.27, -113.84, -20.92%) and Vertiv (VRT 223.09, -46.47, -17.24%) weighed heavily on the group, while other electrical product names lagged amid the weakness in semiconductor names.

The utilities (-1.4%) and financials (-1.6%) sectors also ranked among the session's laggards.

Outside the S&P 500, the Russell 2000 (-1.6%) and S&P Mid Cap 400 (-1.7%) finished with losses comparable to those of the major averages.

Despite a brief post-FOMC rebound that temporarily lifted growth stocks and narrowed semiconductor losses, the market ultimately returned to the same themes that pressured the market throughout the morning. Higher oil prices, geopolitical uncertainty, and persistent weakness across semiconductor stocks kept broader sentiment in check, leaving attention squarely focused on quarterly results from Microsoft (MSFT 390.54, -2.81, -0.71%) and Meta Platforms (META 585.61, -7.80, -1.31%) after the close, which will provide the market's next major test of AI spending, earnings momentum, and investor sentiment. With little offsetting strength elsewhere in the market, another wave of semiconductor selling continued to weigh heavily on the major averages, leaving the Nasdaq Composite with less than half of the year-to-date gain it carried into July.

U.S. Treasuries had a mixed showing on Wednesday, as the 2-year note recorded a slim gain while longer tenors retreated, pulling back from three days of consecutive gains. The final standing was a change from the opening dynamic, which saw relative weakness up front and outperformance in the 30-year bond as the market awaited the FOMC Statement for July. The 2-year note yield settled down four basis points to 4.24%, and the 10-year note yield settled up two basis points to 4.62%. 

• Russell 2000: +17.1% YTD
• S&P Mid Cap 400: +13.0% YTD
• DJIA: +7.4% YTD
• S&P 500: +6.9% YTD
• Nasdaq Composite: +5.2% YTD

Reviewing today's data: 

• Weekly MBA Mortgage Applications Index -6.4%; Prior 1.9%

 Overseas:

• Europe: DAX -0.1%, FTSE +0.3%, CAC -0.6%
• Asia: Nikkei -1.5%, Hang Seng +2.0%, Shanghai +0.4%

Commodities:

• Crude Oil +5.16 @ 84.48
• Nat Gas +0.02 @ 2.72
• Gold -1.00 @ 4036.90
• Silver +0.50 @ 58.05
• Copper -0.05 @ 6.31

After-Hours Spotlight:

• Arm Holdings plc (ARM) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs in-line...ARM -3.1%
• Chipotle Mexican Grill (CMG) beats by $0.01, reports revs in-line; comps +2.2%; raises FY26 comp guidance...CMG +5.9%
• Corcept Therapeutics (CORT) beats by $0.34, beats on revs; provides FY26 guidance...CORT +21.1%
• FormFactor (FORM) beats by $0.21, beats on revs; provides Q3 (Sep) guidance...FORM +11.7%
• Fortinet (FTNT) beats by $0.15, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY26 EPS above consensus, revs above consensus...FTNT +11.6%
• FTAI Aviation Ltd. (FTAI) misses by $0.25, beats on revs; provides FY27 guidance...FTAI -18.1%
• Glaukos (GKOS) beats by $0.07, beats on revs; provides FY26 guidance...GKOS +9.8%
• L3Harris (LHX) beats by $0.33, beats on revs; raises FY26 EPS above consensus, revs in-line...LHX -2.9%
• Lam Research (LRCX) beats by $0.13, reports revs in-line; guides Q1 EPS above consensus, revs above consensus...LRCX +5.2%
• Meta Platforms (META) misses by $1.01, reports revs in-line; guides Q3 revs in-line, narrows FY26 CapEx guidance, raises low end of total expense guidance...META -9.8%
• MGM Resorts (MGM) beats by $0.03, beats on revs...MGM -0.1%
• Microsoft (MSFT) beats by $0.50, beats on revs; Azure growth of +43% vs +39-40% CC prior guidance...MSFT +2.6%
• Qualcomm (QCOM) misses by $0.02, beats on revs; guides Q4 EPS below consensus, revs in-line...QCOM -6.5%
• Robinhood Markets (HOOD) beats by $0.19, beats on revs; provides FY26 guidance...HOOD -4.4%
• Starbucks (SBUX) beats by $0.19, beats on revs; raises FY26 EPS above consensus; Q3 North America comps +8.1%...SBUX +5.1%
• Teladoc (TDOC) beats by $0.04, misses on revs; provides FY26 guidance...TDOC -23.3%
• Woodward (WWD) beats by $0.08, misses on revs...WWD -7.9%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Acadia Healthcare (ACHC) beats by $0.03, beats on revs; provides Q2 (Jun) and FY26 guidance
  • ADP (ADP) reports Q4 and FY26 results, issues FY27 outlook
  • Aeluma (ALMU) signs Commerce CHIPS LOI for up to $30 mln
  • AerCap (AER) beats by $1.00, beats on revs
  • Aon (AON) beats by $0.01, reports revs in-line
  • ArcBest (ARCB) beats by $0.12, beats on revs; provides Q3 (Sep) guidance
  • Artisan Partners Asset Mgmt (APAM) beats by $0.03, beats on revs
  • Ashland (ASH) beat by $0.04, beats on revs; provides guidance
  • Avantor (AVTR) beats by $0.02, beats on revs; provides Q2 (Jun) and FY26 guidance
  • Avis Budget (CAR) misses by $1.07, misses on revs
  • Banc of California (BANC) reports Q2 (Jun) results; announces strategic balance sheet repositioning to enhance long-term earnings
  • Bandwidth (BAND) beats by $0.01, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY26 EPS below consensus, revs above consensus
  • BASF AG (BASF) reports Q2 results; raises 2026 EBITDA outlook; to launch €1.0 bln share buyback program
  • Bausch + Lomb (BLCO) reports EPS in line, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Biogen (BIIB) beats by $0.66, beats on revs; raises FY26 EPS above consensus
  • Blackbaud (BLKB) beats by $0.05, misses on revs; provides FY26 guidance
  • Bloom Energy (BE) beats by $0.37, beats on revs; provides FY26 guidance
  • Boston Scientific (BSX) beats by $0.03, beats on revs; guides Q3 EPS below consensus; guides FY26 EPS below consensus
  • Bunge (BG) beats by $0.03, beats on revs; raises FY26 EPS in-line
  • BXP, Inc. (BXP) beats by $0.08, beats on revs; guides Q3 FFO in-line; raises FY26 FFO above consensus
  • Caesars Entertainment (CZR) reports Q2 (Jun) results, revs in-line
  • CBRE Group (CBRE) beats by $0.09, reports revs in-line; guides FY26 EPS above consensus
  • Cenovus Energy (CVE) reports Q2 (Jun) results, beats on revs; raises 2026 production outlook
  • CGI Group (GIB) beats by $0.65, beats on revs
  • Cheesecake Factory (CAKE) beats by $0.26, beats on revs; provides FY26 guidance; guides Q3 revenue above consensus; raises FY26 revenue above consensus
  • Chemed (CHE) beats by $0.46, beats on revs; provides Q1 (Mar) and FY26 guidance
  • Clean Harbors (CLH) beats by $0.41, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Cognizant Tech (CTSH) misses by $0.01, reports revs in-line; guides Q3 revs below consensus; guides FY26 EPS in-line, revs in-line
  • Constellium (CSTM) beats by $0.18, beats on revs; provides Q3 (Sep) and FY26 guidance
  • CoStar Group (CSGP) beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; reaffirms FY26 EPS guidance, guides FY26 revs below consensus
  • Crane (CR) beats by $0.11, beats on revs; provides FY26 guidance
  • Danone (DANOY) reports H1 results; revs rise 1%
  • Del Monte Corporation (DMC) beats by $0.19, misses on revs
  • Deutsche Bank (DB) reports Q2 results; announces new €500 mln buyback
  • Eagle Materials (EXP) misses by $0.08, beats on revs
  • Entergy (ETR) beats by $0.02; reaffirms FY26 EPS guidance
  • Eton (ETON) submits FDA supplement to expand KHINDIVI label to younger pediatric patients
  • Evercore (EVR) misses by $0.12, beats on revs
  • ExlService (EXLS) beats by $21.45, beats on revs; provides FY26 guidance
  • Expand Energy (EXE) beats by $0.20, misses on revs; announced additional ~$1 billion buyback authorization
  • Extra Space Storage (EXR) beats by $0.08, reports revs in-line; guides FY26 FFO in-line
  • FirstEnergy (FE) reports EPS in-line; reaffirms FY26 EPS guidance
  • Fiverr (FVRR) misses by $0.02, misses on revs; provides FY26 guidance
  • Flex (FLEX) beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY27 EPS in-line, revs above consensus
  • Ford Motor (F) beats by $0.06, beats on revs; raises FY26 outlook for Adjusted EBIT to $10-11 bln
  • Fortive (FTV) beats by $0.03, beats on revs; guides FY26 EPS in-line
  • Fortrea (FTRE) beats by $0.05, beats on revs; provides FY26 guidance
  • Garmin (GRMN) beats by $0.51, beats on revs; raises FY26 EPS above consensus, revs above consensus
  • Garrett Motion (GTX) beats by $0.06, beats on revs; provides FY26 guidance
  • GE HealthCare (GEHC) beats by $0.09, reports revs in-line; reaffirms FY26 EPS guidance
  • Generac (GNRC) beats by $0.90, reports revs in-line; Increases FY26 net income margin guidance
  • General Dynamics (GD) beats by $0.28, beats on revs
  • Greif (GEF) beats by $0.50, beats on revs
  • Hanover Insurance (THG) beats by $1.47, reports revs in-line
  • Highwoods Prop (HIW) beats by $0.04, beats on revs; ups FY26 FFO guidance
  • Hudbay Minerals (HBM) beats by $0.02, reports revs in-line; announces leadership changes
  • Humana (HUM) beats by $0.35, reports revs in-line; reaffirms FY26 EPS guidance, reaffirms insurance segment benefit ratio guidance
  • Huron Consulting (HURN) beats by $0.29, beats on revs; guides FY26 EPS above consensus, revs above consensus
  • Ionis Pharma (IONS) beats by $1.77, beats on revs; provides FY26 guidance
  • Johnson Controls (JCI) misses by $0.10, misses on revs; guides Q4 EPS above consensus
  • Kirby (KEX) beats by $0.04, beats on revs; provides FY26 guidance
  • KLA Corporation (KLAC) beats by $0.05, beats on revs; guides Q1 EPS in-line, revs in-line
  • Landstar System (LSTR) misses by $0.05, beats on revs; Increases quarterly dividend by 10% to $0.44/share
  • Lemonade (LMND) reports EPS in-line, beats on revs; guides Q3 revs above consensus; raises FY26 revs above consensus
  • Lennox Int'l (LII) beats by $0.05, misses on revs; lowers FY26 EPS below consensus, reaffirms FY26 revs guidance
  • Lithia Motors (LAD) beats by $1.30, beats on revs; provides Q3 (Sep) guidance; raises dividend 23%
  • Littelfuse (LFUS) beats by $0.41, beats on revs; provides Q3 (Sep) and FY26 guidance; raises dividend
  • Logitech Int'l SA (LOGI) beats by $0.60, beats on revs; guides Q2 revs below consensus
  • LXP Industrial Trust (LXP) beats by $0.01, beats on revs
  • Manhattan Assoc (MANH) beats by $0.07, beats on revs; provides Q2 (Jun) and FY26 guidance
  • Masco (MAS) beats by $0.32, misses on revs; guides FY26 EPS above consensus
  • Methanex (MEOH) misses by $0.13, misses on revs
  • M/I Homes (MHO) beats by $0.01, beats on revs
  • Mirion Technologies (MIR) beats by $0.02, misses on revs; provides FY26 guidance
  • Mondelez Int'l (MDLZ) beats by $0.05, beats on revs; increases quarterly dividend +4%
  • Monro Muffler (MNRO) misses by $0.10, reports revs in-line
  • MGP Ingredients (MGPI) beats by $0.25, misses on revs; provides FY26 guidance
  • Nabors Industries (NBR) misses by $0.74, beats on revs; provides Q3 (Sep) and FY26 guidance
  • NOV Inc. (NOV) beats by $0.14, beats on revs; provides Q3 (Sep) and FY26 guidance
  • NXP Semi (NXPI) beats by $0.09, reports revs in-line; guides Q3 EPS in-line, revs in-line
  • OGE Energy (OGE) beats by $0.01, misses on revs
  • O-I Glass (OI) misses by $0.15, reports revs in-line
  • Old Dominion (ODFL) beats by $0.15, reports revs in-line
  • Omnicom (OMC) misses by $0.02, beats on revs
  • OneMain Holdings (OMF) beats by $0.05, beats on revs; provides Q3 (Sep) guidance
  • OneSpaWorld (OSW) beats by $0.01, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Option Care Health (OPCH) beats by $0.02, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Parsons (PSN) misses by $0.82, misses on revs; guides FY26 revs below consensus
  • Penske Auto (PAG) beats by $0.20, beats on revs
  • Petrobras (PBR) reports Q2 results; reports record production
  • PPG Industries (PPG) misses by $0.02, beats on revs; reaffirms FY26 EPS guidance
  • Procter & Gamble (PG) beats by $0.02, reports revs in-line; guides FY27 EPS in-line, revs in-line
  • Qorvo (QRVO) beats by $0.53, beats on revs; provides FY27 guidance
  • Quad/Graphics (QUAD) posts Q2 sales growth, returns to profit, reaffirms FY26 guidance
  • Radware (RDWR) beats by $0.02, beats on revs; provides Q3 (Sep) guidance
  • Reynolds Consumer Products (REYN) beats by $0.02, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Ribbon Communications (RBBN) misses by $0.02, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Rio Tinto (RIO) reports H1 results; underlying EBITDA increased 28% yr/yr
  • Rush Enterprises (RUSHA) beats by $0.06, reports revs in-line; declares 3-for-2 stock split
  • Scotts Miracle-Gro (SMG) beats by $0.34, reports revs in-line; guides FY26 EPS in-line
  • Seagate Tech (STX) beats by $0.61, beats on revs; guides Q1 EPS above consensus, revs above consensus
  • Silgan Holdings (SLGN) beats by $0.02, beats on revs; provides Q3 (Sep) and FY26 guidance
  • SiteOne Landscape Supply (SITE) misses by $0.21, misses on revs; provides FY26 guidance
  • SK hynix Inc. (SKHY) reports Q2 results; misses on revs
  • Skyworks (SWKS) beats by $0.05, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; announces new $2 bln repurchase program, suspends dividend program
  • SoFi Technologies (SOFI) beats by $0.01, beats on revs; provides FY26 guidance
  • STAG Industrial (STAG) reports FFO in-line, revs in-line
  • Stanley Black & Decker (SWK) beats by $0.36, reports revs in-line; guides FY26 EPS in-line
  • Stepan Company (SCL) beats by $0.57, beats on revs; provides FY26 guidance
  • Strategic Education (STRA) misses by $0.04, beats on revs
  • Teradyne (TER) beats by $0.38, beats on revs; guides Q3 EPS above consensus, revs above consensus
  • Teva Pharma (TEVA) misses by $0.03, beats on revs; reaffirms FY26 EPS; raises FY26 revenue gudiance
  • Titan America (TTAM) misses by $0.05, beats on revs; provides FY26 guidance
  • Trustmark (TRMK) beats by $0.13, reports revs in-line
  • UBS AG (UBS) misses by $0.01, beats on revs; launches $3 bln buyback
  • United Micro (UMC) reports Q2 results, revenue increased 16.9%; Discloses review report from independent auditors
  • Varonis Systems (VRNS) beats by $0.03, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY26 EPS above consensus, revs above consensus
  • Veralto (VLTO) beats by $0.10, beats on revs; guides Q3 EPS in-line; raises FY26 guidance
  • Verisk Analytics (VRSK) beats by $0.05, reports revs in-line; reaffirms FY26 EPS guidance, revs guidance
  • Vertiv (VRT) beats by $0.10, misses on revs; provides Q3 (Sep) and FY26 guidance
  • V.F. Corp (VFC) misses by $0.03, beats on revs; provides Q1 (Mar) and FY27 guidance
  • Viatris (VTRS) gets FDA approval for Gwyn Lo once-weekly contraceptive patch
  • Visa (V) beats by $0.09, beats on revs
  • Vulcan Materials (VMC) beats by $0.13, reports revs in-line; reaffirms FY26 adjusted EBITDA guidance
  • Waste Mgmt (WM) beats by $0.04, misses on revs; provides Q2 (Jun) and FY26 guidance
  • Watsco (WSO) misses by $0.41, misses on revs
  • Werner Enterprises (WERN) misses by $0.02, beats on revs
  • Woodside Energy Group (WDS) reports Q2 results, beats on revs; narrows 2026 production outlook
  • W.P. Carey (WPC) beats by $0.01, beats on revs; guides FY26 FFO below consensus
  • Zurn Elkay Water Solutions (ZWS) beats by $0.03, beats on revs; provides Q3 (Sep) and FY26 guidance
• General News
  • Iran launched missiles at U.S. forces in the Middle East, but all the missiles were intercepted. The U.S. worked with Saudi Arabia to launch strikes against Tehran-backed militias in Iraq. NBC News
  • Iran rejected Oman's proposal to secure the Strait of Hormuz. WSJ
  • Senate votes to advance legislation that gives President Trump the authority to impose up to 100% tariffs on countries that purchase Russian energy. The bill also contains new Iran sanctions. Axios
  • Europe will not support a joint naval coalition in the Strait of Hormuz until there is a lasting ceasefire in Iran. Politico
  • Senate votes 51-47 to confirm Jay Clayton as Director of National Intelligence
  • The Trump administration planning to end subsidy program for Medicare drug plans, according to WSJ
  • U.S. adds entities to Iranian sanctions list
  • Israeli Prime Minister Benjamin Netanyahu played down chances of deal with Iran during meeting with President Trump; Mr. Netanyahu discussed increasing pressure on Iran "through kinetic and non-kinetic means", according to Axios
  • President Trump at White House event introduces $22 bln plan to renovate Dulles International Airport; says United Airlines (UAL) will be involved in the renovation
  • 3D Systems (DDD) says Saudi JV NAMI receives military manufacturing license
  • AbbVie (ABBV) gets EU approval for RINVOQ in non-segmental vitiligo; gets EU approval for RINVOQ in severe alopecia areata
  • AbCellera (ABCL), Vertex (VRTX) enter T-cell engager collaboration for autoimmune diseases
  • AEVEX (AVEX) wins $88.1 mln in production orders for long-range precision strike systems
  • Air France-KLM (AFLYY) submits a binding offer for an up to 49.9% stake in TAP Air Portugal
  • Allegiant (ALGT) to add free inflight drinks Aug. 1, launch Allegiant First premium seats in spring 2027
  • Allied Gold Corporation (AAUC) announces that the previously announced arrangement agreement between the Company and Zijin Gold International Company Ltd. has been terminated as both companies have concluded that there is no reasonable likelihood that the conditions relating to completion of the Transaction will be fulfilled by the outside date of July 29, 2026
  • Alphabet (GOOG): Google launches Lyria 3.5 music generation model in Flow Music
  • Alvotech (ALVO) announces successful closure of FDA inspection of manufacturing facility
  • Amazon (AMZN): STARZ (STRZ), Crunchyroll launch streaming bundle on Amazon Prime Video in U.S.
  • American States Water (AWR) increases quarterly cash dividend to $0.5455/share from $0.5040/share
  • Amgen (AMGN) announced the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion for Repatha for adults with established or at high risk for atherosclerotic cardiovascular disease to reduce cardiovascular risk by lowering LDL-C levels, as an adjunct to correction of other risk factors
  • AT&T (T) Internet Air has reached 2 mln customers, more than half pair it with AT&T wireless
  • AT&T (T) Business and Palo Alto Networks (PANW) expand partnership with new managed cybersecurity solutions
  • AVAV (AVAV) partners with Applied Intuition on autonomy software for Mayhem 10 launched effects system
  • Baker Hughes (BKR) wins major order for 76 NovaLT16 gas turbines from Dynamis
  • BioAge Labs (BIOA) partner Eisai (ESAIY) published the preliminary global revenue for Leqembi for the second quarter 2026, in conjunction with their partner Biogen's second quarter report
  • Bitzero Holdings Inc. (AIBZ) announces $25 mln private placement
  • BMW (BMWKY) aiming to eliminate 8000 jobs. Bloomberg
  • BNY (BNY) launches digital transfer agency platform for tokenized funds
  • Cadiz (CDZI) affiliate signs GMP construction contracts for Northern Pipeline; project capex set at about $403.3 mln
  • Capital Bank (CBNK) appoints Jay Como as COO
  • Capricor's (CAPR) deramiocel HOPE-3 Phase 3 data published in The Lancet ahead of Aug. 22 FDA date
  • Clarivate (CLVT) names Michael Easton CFO, effective Aug. 8
  • Commerce (CMRC) partners with WP Engine on WordPress-BigCommerce storefront offering
  • Community Trust Bancorp (CTBI) increases quarterly cash dividend to $0.65 per share from $0.53 per share beginning with the October 1, 2026
  • Coursera (COUR) to invest $100 mln in AI learning startup LearnVector
  • Criteo (CRTO) completes move to Luxembourg; board approves next step toward U.S. domicile
  • D. Boral ARC Acquisition I Corp. (BCAR) announces shareholder approval of business combination between Exascale and BCAR
  • Descartes (DSGX) announces that Chicago-based Forefront Global Logistics, is using Descartes’ transportation management suite to help build an AI-powered digital freight brokerage that automates freight execution, strengthens carrier security and helps FGL scale more efficiently
  • Energy Fuels (UUUU) announces that construction has begun on an expansion of its White Mesa Mill in Utah to enable the large-scale production of heavy rare earth oxides, which are planned to be used by Energy Fuels to produce rare earth metals, alloys and magnets essential to the automotive, robotics, data center, energy and defense industries
  • Everspin (MRAM) selected by Astro Digital to supply 64Mb STT-MRAM for GEO satellite mission
  • Factorial Energy (FAC) has signed a Memorandum of Understanding with SK On Co., Ltd.
  • Ferrari (RACE) reached Luce EV sales target within two months, according to FT
  • Flex (FLEX) names leadership teams for planned Cloud and Power Infrastructure spin-off
  • flyExclusive (FLYX) has secured a $30 mln grant from the State of North Carolina to expand its maintenance and repair operation and develop a new pilot training facility at the North Carolina Global TransPark in Kinston
  • FormFactor (FORM) expands Keystone Microtech partnership for probe card manufacturing and test support
  • Fortrea (FTRE) Board appointed David Smith as Interim Chief Financial Officer and principal financial officer
  • Fresenius Medical (FMS) announces BEACON-US, generating real-world evidence supporting high-volume hemodiafiltration for U.S. dialysis patients
  • GEO Group (GEO) wins five-year ICE contract for 1,320-bed Rivers Facility in North Carolina
  • GlobalFoundries (GFS) signs LOI for $300 mln CHIPS R&D award tied to silicon photonics work
  • GSK plc (GSK): ViiV Healthcare announces data to be presented this week at the 26th International AIDS Conference in Rio de Janeiro, Brazil
  • Hims & Hers Health (HIMS): FTC, States confirm lawsuit against HIMS over alleged privacy violations, deceptive subscription practices
  • Hims & Hers (HIMS) responds to FTC lawsuit, says it will vigorously defend against claims
  • Horizon Quantum (HQ) partners with Quantum Machines on embedded calibration for Ember-1 system
  • Humana (HUM) elects Paul Smith and Frederick Crawford as new Board members, effective immediately
  • Incyte's (INCY) Opzelura wins EU approval for moderate atopic dermatitis in adults
  • Jacobs (J) selected by LA Metro for zero-emission bus charging infrastructure project ahead of 2028 LA Games
  • Kennametal (KMT) names Joseph Alvarado incoming chairman; William Lambert to retire in October
  • Laureate Education (LAUR) signs three-year Google Cloud AI agreement
  • Luxfer (LXFR): Artisan Partners International Value Group sends letter to Board of Luxfer regarding recent acquisition announcement
  • MannKind (MNKD) reports positive Phase 1b INFLO-1 data for inhaled nintedanib in IPF
  • Marvell (MRVL) to invest $250 mln in India over three years to expand AI semiconductor R&D
  • Meta (META) CEO Mark Zuckerberg says U.S. should not restrict artificial intelligence development. WSJ
  • Microsoft (MSFT): UK CMA investigates Microsoft over marketing of subscription plans
  • Moonshot AI raised $3.5 bln in a new round of financing, according to Bloomberg
  • Morgan Stanley (MS): Bankers at Morgan Stanley were pushed to approve mortgages for richer clients. WSJ
  • NeuroPace (NPCE) receives FDA guidance on PMA supplement for indication expansion into idiopathic generalized epilepsy
  • Nexa Resources (NEXA) reports 1H drilling and assay results
  • NextNav (NN) signs Safran Electronics & Defense pact to test 5G-powered PNT interoperability
  • OpenAI agent compromised an account at another tech company, according to Reuters
  • Owens Corning (OC) names Clarivate's Jonathan Collins CFO, effective Aug. 10
  • P&G (PG) names CEO Shailesh Jejurikar board chairman; Jon Moeller to retire
  • Paysafe (PSFE) launched a transaction to amend and extend to 2030 its existing $814 million USD First Lien Term Loan and €586 million EUR First Lien Term Loan; reports prelim Q2 results
  • Pfizer (PFE) PREVNAR 20 selected for Québec's publicly funded Pediatric Pneumococcal Immunization Program
  • Phillips 66 (PSX) & Shell (SHEL) considering sale of stakes in a pipeline explorer, according to Reuters
  • Qualcomm (QCOM) named BMW's lead compute silicon provider for cockpit, automated driving programs
  • Qualys (QLYS) expands AI security with stronger governance to keep fast moving AI adoption under control
  • Republic Services (RSG) workers represented by Teamsters Local 104 have unanimously voted to authorize a strike
  • Rhino Resource Partners (RHNO) has accepted 500,000,000 Splendor Labs tokens of the Splendor mainnet as payment for Splendor’s purchase of 10,000,000 shares of common stock of Rhino Bitcoin
  • Robo.ai (AIIO) to form AI industrial joint venture in Abu Dhabi
  • Sandoz (SDZNY) receives Brazil approval for semaglutide diabetes treatment
  • Satellogic (SATL) CFO Rick Dunn notified the Company that his resignation as CFO will be effective August 21, 2026
  • SmartRent (SMRT) selects Databricks for multi-year data and AI platform buildout
  • Smith & Nephew (SNN) has been granted De Novo classification by the U.S. Food & Drug Administration for its TESSA Spatial Surgery System
  • Sony (SONY) could benefit from the release of Take Two's (TTWO) GTA VI. Reuters
  • SoundHound AI (SOUN) says MUSC Health expands Emily AI agent to retail and specialty pharmacies
  • SpaceX (SPCX) considering purchases of spectrum, according to Semafor
  • Teledyne (TDY) gets order from AeroVironment (AVAV) for counter-UAS systems under Air Force program
  • Teleflex (TFX): FDA licenses first-ever freeze-dried plasma product for emergency use in U.S.
  • Textron's (TXT) Cessna Citation CJ3 Gen3 completes first flight, moves toward FAA certification
  • Titan Mining (TII) announces that its wholly owned subsidiary, Empire State Mines, has entered into a non-binding Letter of Intent with a U.S. manufacturer serving the aerospace, defense and advanced industrial sectors for the supply of natural graphite products from Titan's planned commercial graphite facility in New York
  • Toll Brothers (TOL) opens Cambric Village Enclave Collection in Greenville, S.C.
  • Toyota (TM) recalls 4,100 replacement curtain airbags for Tundra and Tacoma models
  • Uber Eats (UBER) adds regional grocery partners across the U.S.
  • UMC (UMC) board approves phased Singapore fab expansion, new Tainan fab shell build for AI demand
  • United Therapeutics (UTHR) says Lancet published Phase 3 ralinepag PAH results; NDA was submitted in June
  • UnitedHealth (UNH) backs Tennessee health hub expansion with $4 mln commitment
  • V2X (VVX) unit wins $391 mln U.S. Marine Corps logistics support contract
  • Verastem (VSTM) doses first patient in registration-directed Phase 2 colorectal trial for VS-7375
  • Verra Mobility (VRRM) reaches framework agreement with Avis Budget (CAR) on new 7-year contract
  • WEX (WEX) launches SecureFuel AI fraud-prevention tool for North American fleet customers
  • WhiteHorse Finance (WHF) portfolio company H.I.G. Growth completes strategic investment in Rewind
  • Willis Lease (WLFC) signs five-year engine storage and lease return agreement with RTX's Pratt & Whitney
  • ZoomInfo (GTM) partners with DemandScience on demand generation, marketing measurement offering

• Upgrades:
  • Bloom Energy (BE) upgraded to Buy from Hold at Clear Street, tgt $290
  • CarMax (KMX) upgraded to Neutral from Underweight at JPMorgan, tgt $60
  • Cheesecake Factory (CAKE) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $80
  • Kering (PPRUY) upgraded to Buy from Hold at HSBC
  • Lineage (LINE) upgraded to Outperform from Neutral at Mizuho, tgt $47
  • Manhattan Associates (MANH) upgraded to Buy from Hold at Loop Capital, tgt $215
  • Swatch Group (SWGAY) upgraded to Buy from Reduce at Kepler Cheuvreux
  • Texas Instruments (TXN) upgraded to Buy from Neutral at Arete, tgt $405
  • UWM Holdings (UWMC) upgraded to Outperform from Market Perform at Citizens, tgt $3
  • W.P. Carey (WPC) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $88
  • Weatherford (WFRD) upgraded to Buy from Neutral at UBS, tgt $114
• Downgrades:
  • Brown & Brown (BRO) downgraded to Neutral from Buy at Citigroup, tgt $79
  • Caterpillar (CAT) downgraded to Neutral from Outperform at Robert W. Baird, tgt $900
  • Cheesecake Factory (CAKE) downgraded to Hold from Buy at Jefferies, tgt $88
  • CoStar Group (CSGP) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $29
  • Diageo (DEO) downgraded to Hold from Buy at Deutsche Bank
  • Gemini Space Station (GEMI) downgraded to Sell from Neutral at Goldman, tgt $4
  • MPLX (MPLX) downgraded to Peer Perform from Outperform at Wolfe Research
  • ONEOK (OKE) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $103
  • RLI Corp. (RLI) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $57
  • York Space Systems (YSS) downgraded to Market Perform from Outperform at Raymond James
• Others:
  • 908 Devices (MASS) initiated with a Buy at Roth Capital, tgt $11
  • Opus Genetics (IRD) initiated with a Buy at TD Cowen
  • Kinetik Holdings (KNTK) resumed with an Overweight at Morgan Stanley, tgt $64
  • Reddit (RDDT) initiated with an Overweight at KeyBanc, tgt $225
  • Steel Dynamics (STLD) reinstated with a Buy at Goldman, tgt $300
  • Uranium Royalty (UROY) initiated with an Outperform at National Bank, tgt $3.75
  • Xanadu Quantum (XNDU) initiated with an Outperformer at CIBC, tgt $22

• Econ Data (Thursday):
  • 8:30 ET: Advance Q2 GDP (Briefing.com consensus 2.3%; prior 2.1%), advance Q2 GDP Deflator (Briefing.com consensus 3.7%; prior 3.6%), June Personal Income (Briefing.com consensus 0.3%; prior 0.7%), Personal Spending (Briefing.com consensus 0.4%; prior 0.7%), PCE Prices (Briefing.com consensus -0.1%; prior 0.4%), Core PCE Prices (Briefing.com consensus 0.2%; prior 0.3%), weekly Initial Claims (Briefing.com consensus 203,000; prior 187,000), and Continuing Claims (prior 1.796 mln) 
  • 10:30 ET: Weekly natural gas inventories (prior +32 bcf)

• Earnings:
  • Monday (July 27)
    • Pre-Market: BKR BOH HOPE
    • After-Hours: AGYS AMKR APLD NTB BRX BRO CDNS CLS CINF ESI FFIV HAPN KFRC KRC NVTS NE NUE OPK PFG SANM SSD SUI UDR UHS WELL
  • Tuesday (July 28)
    • Pre-Market: ALKS AB AMT AWI ABG AXTA BA CARR CNC CNP CMS KO CBU CVLT GLW CURB DTE ECL XPRO FELE GSK HRI DINO HLT HUBB ITW INCY IVZ IQV ITRI OSK PCAR PYPL PNR PHG PJT PII RGEN SPGI SHW TXT TRU UPS XYL
    • After-Hours: ACHC AKR ACGL APAM ASH CAR AXS BE BXP CZR CAKE CHE CSGP CR ENPH EXLS EXE EXR FE F GEF THG HIW HURN KLAC LSTR MANH MIR MDLZ NBR NEO NOV NXPI OI OMC PPG QRVO RNST RBBN STX SWKS STAG TER TTAM TRMK UMBF UNM VRNS VLTO V WPC WM WERN JBLU RCL ZWS
  • Wednesday (July 29)
    • Pre-Market: AER APH AON ARCB ARCC ADP AVTR BANC BAND BLCO BIIB BLKB BG CBRE GIB CHEF CLVT CLH CTSH CSTM DMC EXP ETR EVR FVRR FLEX FTV FTRE ULCC GRMN GTX GEHC GNRC GD HBM HUM IEX IONS JCI KEX LMND LII LAD LFUS LXP MHO MAS MGPI MNRO NMRK OGE ODFL OMF OSW OPCH PSN BTU PAG PG PUMP PB RDWR SMG SLGN SITE SKHY SW SOFI SWK SCL STRA TEVA VFC VRSK VRT VMC WNC WSO WEC WIN
    • After-Hours: LHX ADPT AEM AGI ALGN ALKT AWK AM AR ARM ARXS BHE BOOT CHRW WHD CWH CP CSL CBZ CMG CHDN CRK CNMD CORT COUR CVI EIG EPR EQIX ESS ETD EG EFOR FICO FLS FMC FTNT FCPT FTAI GFL GKOS GRBK HAYW HXL HLI ICLR PI NSP INVH KGC LRCX TREE MTH META MTG MGM MSFT MAA MOD MC MYRG NFG NWE OHI ORLY PEB PFSI PPC PBI PLXS PCOR PFS PTC PSA QTWO QCOM HOOD RSI ST SIMO SONO SFM SBUX RGR TNK TDOC TENB TTEK TYL VTR VICI VKTX WAY WWD BSX FORM REG REYN SCI
  • Thursday (July 30)
    • Pre-Market: PTEN AOS ADT AGCO APD ALGM ALNY MO AMCX AEP APG MT AVY BAX BDC BMY BIP BC BLDR CWT CRS CCC CHKP CNK CNX CIGI CMCO CRH CROX CSW CFR DAR DFIN DTM EME EPD EEFT FSS AG FCN GATX GIL GVA GPI HSY HGV HNI HII H IDA ICE IDCC IP JLL KBR KKR LH LAUR DRS LTH LSPD LECO LNC LKQ MAIR MDGL MLM MA NEOG NCLH OIS OMCL PGY PATK PBF PIPR PWR RAL REGN RES SAIA SNY STNG SIRI SOLS SAH SO SPHR STGW SHOO SXC TRP FTI TEX CI TW TT TRS TNET TRN UPBD VLO VCEL VIRT WCC WTW XEL XHR XRX XPO YUMC YUM EX
    • After-Hours: ADC ALHC LNT AMZN AMH AAPL ATR AJG AX BJRI BFAM CPT CDNA CNO COHU COIN COLM CTVA CUZ CUBE DXCM DRH DLB DXC EMN EIX ES EXPO FHI FSLR FND GLPI GDDY LOPE GH HR HTGC HUN ILMN IR INGM LYV LPLA MTZ MMSI MTD MTX MHK MPWR MSA MYGN NBIX NXT NMIH OLN PTCT KWR RDDT RIVN RBLX RYAN SNDR SONY SPSC SPXC MSTR SYK TEM BWIN OLED VCYT WU WY BUD
  • Friday (July 31)
    • Pre-market: AEE ABBV ARES AN BTSG CCJ CBOE CVX CHD CL D ETN EQX XOM FRT FTS BEN GTES LEA LIN LYB MGA MOG.A NWL NVT PWP POR PRLB RBC TROW WT MRNA PAYP
    • Afternoon: None