After Hours Report

The S&P 500 (-0.3%), Nasdaq Composite (-0.6%), and DJIA (-0.3%) finished lower today as the major averages steadily faded from another quiet start amid rising oil prices and weakness across most mega-cap technology stocks.

A relatively light corporate news flow and some caution ahead of tomorrow's July Consumer Price Index (Briefing.com consensus 0.1%) kept the major averages near their flatlines through the first two hours of trading. Crude oil initially retreated from its overnight highs after Bloomberg reported that Pakistan's Defense Minister Khawaja Asif said the U.S. and Iran were close to "some sort of an arrangement." The tone shifted later in the morning, however, as reports reiterated that Iran's demands must be met before it will agree to reopen the Strait of Hormuz.

Stocks began to move lower as oil prices climbed, with WTI crude oil futures ultimately settling $1.00 higher (+1.2%) at $83.17 per barrel. The energy sector (+1.1%) was one of the best-performing S&P 500 sectors as a result.

While there were pockets of weakness throughout the broader market, losses were more pronounced across mega-cap technology names, with the Vanguard Mega Cap Growth ETF retreating 0.7%. The communication services sector (-2.1%) finished as the worst-performing S&P 500 sector as Alphabet (GOOG 343.00, -12.84, -3.61%) was a particular laggard, while weakness in Amazon (AMZN 272.27, -5.82, -2.09%) weighed on the consumer discretionary sector (-0.8%).

Within the information technology sector (-0.3%), software names such as Oracle (ORCL 145.44, -5.60, -3.71%) and AppLovin (APP 318.68, -20.32, -5.99%) added pressure following yesterday's rally.

Semiconductor stocks were a relative bright spot, though the PHLX Semiconductor Index (+0.9%) finished well off its earlier highs. NVIDIA (NVDA 217.48, -0.07, -0.03%) gave back the entirety of a strong opening gain that followed yesterday's late selloff on news of its initiative with several major asset managers to mobilize up to $500 billion for AI compute infrastructure. KKR (KKR 111.02, +7.18, +6.92%) and Apollo Global Management (APO 140.24, +8.22, +6.23%) both participants in the initiative, were among the day's best-performing S&P 500 components.

Elsewhere, the industrials sector (+0.6%) followed the semiconductor group higher, with the usual collection of electrical equipment names outperforming, while Axon (AXON 636.31, +39.98, +6.70%) was an S&P 500 standout as it recovered some of its sharp post-earnings slide from last week.

The defensive utilities sector (+1.1%) tied the energy sector for the day's top performance amid the weakness in mega-cap technology stocks.

While eight S&P 500 sectors finished lower, the market displayed some resilience beneath the surface. The S&P 500 Equal Weight Index (+0.3%) finished higher, and advancers still outpaced decliners on both the NYSE and Nasdaq. Additionally, the Russell 2000 (+0.3%) and S&P MidCap 400 (+0.3%) outperformed the major averages.

Still, below-average trading volume and the pullback across mega-cap stocks pointed to some caution ahead of tomorrow's July CPI release (Briefing.com consensus 0.1%). The inflation reading could play a decisive role in shaping the Fed's next policy move, as the CME FedWatch tool currently assigns equal odds to a rate hike or a hold at the September FOMC meeting.

U.S. Treasuries recorded modest gains on Tuesday, inching higher ahead of the highly anticipated Wednesday morning release of July CPI. The U.S. Treasury started this week's note and bond auction slate with a strong $58 billion 3-year note offering, though Treasuries held at their pre-auction levels into the close. The 2-year note yield settled down two basis points to 4.22%, and the 10-year note yield settle down two basis points to 4.68%. 

• Russell 2000: +22.0% YTD
• S&P Mid Cap 400: +17.5% YTD
• Nasdaq Composite: +13.8% YTD
• S&P 500: +12.9% YTD
• DJIA: +11.9% YTD

Reviewing today's data:

• July NFIB Small Business Optimism 99.8 (Briefing.com consensus 97.1); Prior 97.4
• July Existing Home Sales 4.06 mln (Briefing.com consensus 4.07 mln); Prior was revised to 4.13 mln from 4.09 mln
  • The key takeaway from the report is that mortgage rates above 6.00%, limited inventory, and elevated prices continue to work against stronger existing home sales activity.

 Overseas:

• Europe: DAX +0.3%, FTSE -0.2%, CAC -0.1%
• Asia: Nikkei market closed, Hang Seng -1.1%, Shanghai -0.8%

Commodities:

• Crude Oil +1.00 @ 83.17
• Nat Gas -0.03 @ 2.77
• Gold +20.50 @ 4440.80
• Silver -0.28 @ 64.96
• Copper +0.01 @ 6.63

After-Hours Spotlight:

• Absci (ABSI) Reports Business Updates and Second Quarter 2026 Financial and Operating Results...ABSI -17.2%
• Astronics (ATRO) beats by $0.11, beats on revs; provides Q3 (Sep) and FY26 guidance...ATRO +12.1%
• CAVA Group (CAVA) beats by $0.01, beats on revs; same-restaurant sales +9%; reaffirms FY26 same-restaurant sales growth of +4.5-6.5%...CAVA +6.9%
• CoreWeave (CRWV) reports Q2 (Jun) results, revs in-line...CRWV +13.9%
• Lumentum (LITE) beats by $0.26, beats on revs; provides Q1 guidance...LITE -0.3%
• Quantinuum (QNT) Reports Second Quarter 2026 Results...QNT -2.5%
• Super Micro Computer (SMCI) beats on EPS, reports revs in-line with prior guidance; guides SepQ EPS and revs well above consensus; guides FY27 revs well above consensus...SMCI +7.4%
• U.S. Antimony (UAMY) reports Q2 results; updates guidance...UAMY -14.1%
• Velo3D (VELO) announces second quarter 2026 financial results; raises 2026 revenue guidance...VELO +13.9%

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

• Earnings/Guidance (Full Earnings Calendar):
  • ACV Auctions (ACVA) reports Q2 (Jun) results, revs in-line; guides Q3 revs in-line; guides FY26 revs in-line
  • Aecom Tech (ACM) beats by $0.03, beats on revs; guides FY26 EPS in-line
  • Alcon Inc. (ALC) beats by $0.09, beats on revs; provides FY26 guidance
  • Amentum Holdings (AMTM) beats by $0.06, misses on revs; provides FY26 guidance
  • Aramark (ARMK) beats by $0.04, beats on revs; raises FY26 organic revenue growth outlook
  • Archer Aviation (ACHR) reports EPS in line, beats on revs; provides Q3 (Sep) guidance
  • AST SpaceMobile (ASTS) misses by $0.45, misses on revs; provides FY26 guidance
  • BridgeBio Pharma (BBIO) misses by $0.20, beats on revs
  • Cardinal Health (CAH) beats by $0.49, misses on revs; guides FY27 EPS above consensus
  • Cardinal Infrastructure Group (CDNL) Inc. misses by $0.20, beats on revs; provides Q2 (Jun) and FY26 guidance
  • ChipMOS TECHNOLOGIES (IMOS) beats by $0.16, misses on revs
  • DPC Holdings Limited (DPC) reports Q2 adj. EPS of $0.05 vs. $0.03 adj. FactSet consensus; revs $269 mln vs. $246 mln FactSet consensus; guides FY26 revs above consensus
  • EagleRock Land (EROK) reports Q2 (Jun) results
  • Enviri Corporation (NVRI) misses by $0.32, misses on revs; provides FY26 guidance
  • eToro Group Ltd (ETOR) beats by $0.07, beats on revs
  • Helios Technologies (HLIO) beats by $0.08, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Hims & Hers Health (HIMS) reports Q2 (Jun) results, beats on revs; guides Q3 revs above consensus; guides FY26 revs above consensus
  • Intercontinental Hotels Group (IHG) reports H1 results; EPS rises 13%; operating profit increases 10%
  • Janus International Group (JBI) beats by $0.03, misses on revs; provides Q3 (Sep) and FY26 guidance
  • JBS SA (JBS) misses by $0.11, beats on revs
  • Life360 (LIF) misses by $0.02, beats on revs; provides FY26 guidance
  • Middleby (MIDD) beats by $0.26, beats on revs; provides Q3 and FY26 guidance
  • National Health (NHI) misses by $0.06, misses on revs; guides FY26 FFO in-line
  • On (ONON) beats by CHF0.01, misses on revs
  • Plug Power (PLUG) beats by $0.01, beats on revs; Provides FY26 outlook
  • Rapid7 (RPD) beats by $0.09, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Repay Holdings (RPAY) reports Q2 (Jun) results, revs in-line; reaffirms FY26 revs guidance
  • Rocket Lab USA (RKLB) misses by $0.02, beats on revs; provides Q3 (Sep) guidance
  • Rumble (RUM) reports Q2 (Jun) results, beats on revs; guides Q3 revs above two analyst estimate
  • Sea Limited (SE) misses by $0.16, beats on revs; provides Q1 (Mar) and FY26 guidance
  • Silvercorp Metals (SVM) beats on top and bottom lines
  • Simon Properties (SPG) beats by $0.07, beats on revs; guides FY26 Real Estate FFO above consensus
  • Smithfield Foods (SFD) beats by $0.02, beats on revs; cuts FY26 sales and adjusted operating profit outlook
  • Tencent Music (TME) beats by RMB0.15, beats on revs
  • Upwork (UPWK) beats by $0.07, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY26 EPS below consensus, revs below consensus
  • USA Rare Earth (USAR) misses by $0.04, misses on revs
  • Venture Global (VG) beats by $0.03, misses on revs; provides Q4 (Dec) and FY26 guidance
  • Vera Therapeutics (VERA) beats by $0.06, provides update
  • WEBTOON Entertainment (WBTN) beats by $0.11, reports revs in-line; guides Q3 revs below consensus
• General News
  • Hopes for Strait of Hormuz deal are declining amid President Trump's demand that Iran pay reparations. Reuters
  • Oil prices dropping in recent trade following report form Pakistan that U.S. Iran situation is moving toward peace
  • New text messages show Dr. Fauci discussing COVID-19 vaccine risk to pregnant women. WSJ
  • 500 localities have banned data center construction. The Information
  • Judge blocks New York City Mayor Zohran Mamdani's new pied-a-terre tax. WSJ
  • AC Immune (ACIU) gets FDA Fast Track, IND clearance for Parkinson's candidate ACI-7104
  • ACV (ACVA) names Tim Fox CFO, succeeding Bill Zerella
  • Alamar Biosciences (ALMR) expands Alzheimer’s Disease Data Initiative, Gates Ventures partnership
  • Alumis (ALMS) reports 48-week psoriasis data for envudeucitinib; NDA submission remains on track for 4Q 2026
  • Amplify Energy (AMPY) announces share repurchase program authorizing the repurchase of up to $15.0 mln of the Company's common stock
  • Apple (AAPL) planning glass centric overhaul for iPhone in 2027. Bloomberg
  • Babcock & Wilcox (BW) signs Siemens Energy deal to start work on 20 steam turbines for data center power projects
  • Baker Hughes (BKR) wins multi-year Kuwait Oil contract for Ahmadi Innovation Valley
  • Best Buy (BBY) Canada renews exclusive retail financing partnership with Fairstone Bank
  • Bruker (BRKR) expands Atinary collaboration, makes minority investment in self-driving labs company
  • Celsius (CELH) names Bohannon chief commercial officer; President/COO Hanson departs
  • Commercial Vehicle Group (CVGI) appoints Angie O'Leary CFO
  • Curtiss-Wright (CW) expands 2026 share repurchase program by $100 mln
  • Diageo (DEO): India seized thousands of Diageo bottles amid food safety concerns. Reuters
  • Domino's (DPZ) to launch single-serve Detroit-style pizza nationwide Aug. 31
  • Enviri (NVRI) to exit two legacy rail contracts, take about $208 mln in charges
  • Everforth (EFOR) unit wins four-year, $30 mln Defense Health Agency health IT modernization contract
  • Everpure (P) wins supply agreement with second top-five hyperscaler
  • EverQuote (EVER) enters exclusive commercial partnership with Waniwani, makes minority equity investment
  • EVgo (EVGO), GM open new Detroit flagship charging site; see 100+ flagship stalls by end of 2026
  • Fermi America (FRMI) announces binding lease agreement with TensorWave
  • Hub Group (HUBG) provides first half 2026 business update
  • Infinity Natural Resources (INR) names Cary Baetz CFO; David Sproule resigns
  • Invesco (IVZ) July AUM slips 0.9% to $2,447 bln despite long-term inflows
  • Jacobs (J) selected for Utah Strawberry High Line water infrastructure program
  • L3Harris (LHX) completes NGI stage-two rocket motor hot-fire test with Lockheed Martin (LMT) team
  • Lockheed Martin (LMT) announces the Stage 2 rocket motor for the Next Generation Interceptor program has successfully completed a static fire test inside a high-vacuum chamber that replicates the conditions of low-Earth orbit, preparing it for its intended future missile defense mission
  • MaxLinear (MXL) introduces RackCommander AI infrastructure control-plane portfolio; also launches Carmel USB-to-UART chip for AI data center console access
  • Meta (META) and OpenAI agree to follow Texas data center rules. CBS News
  • Microchip (MCHP) rolls out Rev 2.0 PolarFire FPGA Ethernet Sensor Bridge for NVIDIA edge AI systems
  • Microsoft (MSFT): Open AI completed deal enabling employees to sell about $7 bln worth of shares ahead of possible IPO, according to Bloomberg
  • Morgan Stanley (MS) launches U.S. innovation infrastructure initiative targeting ~$1.5T over 10 years
  • Navitas (NVTS) sues Renesas over alleged GaN patent infringement
  • NioCorp Developments Ltd. (NB) announced last night it will expand production to 8 Made-in-USA critical minerals over a 40-year mine life with an estimated $4.1 billion pre-tax NPV8%
  • NVIDIA (NVDA) partners with Apollo, BlackRock (BLK), Blackstone (BX), Brookfield (BN), Goldman Sachs (GS) and KKR (KKR) on AI compute financing platforms
  • Nvidia (NVDA) CEO Jensen Huang in an interview says computing industry is experiencing a fundamental shift. CNBC
  • Organon (OGN) opens MIUDELLA REMS enrollment ahead of planned late-2026 launch
  • Ouster BlueCity (OUST) selected for Utah traffic expansion covering 160 more intersections
  • Parsons (PSN) wins $40 mln electronic warfare contract for U.S. national security work
  • Philips (PHG) updates Exor agreement, allowing stake increase to 22%
  • Phillips 66 (PSX), Kinder Morgan (KMI) and HF Sinclair (DINO) approve Western Gateway pipeline JV
  • QIAGEN (QGEN) gets FDA clearance for first QIAstat-Dx bloodstream infection panel
  • RADCOM (RDCM) wins multi-year CETIN Slovakia mobile network assurance contract
  • Riot Platforms (RIOT) signs $9 bln cloud computing deal with Anthropic. Bloomberg
  • Rocket Lab (RKLB) wins dedicated Neutron launch contract from Kepler
  • Rocket Lab (RKLB) unveils GHOST deployable launch system; Alaska site to be first operational location
  • Rocket Lab (RKLB) forms German unit to expand Europe space manufacturing footprint
  • Sony Semiconductor Solutions (SONY) announces signing of definitive agreement with TSMC (TSM) for establishment of joint venture
  • Tesla (TSLA) is recalling certain 2017-2023 Model 3 and 2020-2023 Model Y vehicles due to headlight issue; 20349 affected
  • Tower Semi (TSEM) expands PH18DA photonics ecosystem with OpenLight PDK on Cadence tools
  • Toyota Motor (TM) is recalling certain 2025-2026 Camry Hybrid vehicles due to instrument cluster issue; 508354 units affected
  • Veeva (VEEV) says Eli Lilly (LLY) selected Vault CRM for global rollout
  • VinFast (VFS) unit VinSpace signs 2027 satellite launch contract with SpaceX
  • X-Energy (XE) unit TRISO-X extends Oak Ridge nuclear fuel research partnership

• Upgrades:
  • Abercrombie & Fitch (ANF) upgraded to Equal Weight from Underweight at Barclays, tgt $114
    
  • Agilon Health (AGL) upgraded to Neutral from Sell at Citigroup, tgt $115
    
  • Alpha Teknova (TKNO) upgraded to Buy from Neutral at BTIG Research, tgt $8
    
  • BCE (BCE) upgraded to Buy from Underperform at BofA Securities, tgt $27
    
  • Best Buy (BBY) upgraded to Buy from Hold at Truist, tgt $95
    
  • Boeing (BA) upgraded to Buy from Hold at Argus
    
  • Columbia Financial (CLBK) upgraded to Overweight from Neutral at Piper Sandler, tgt $14
    
  • Evolent Health (EVH) upgraded to Buy from Neutral at Citigroup, tgt $6
    
  • Everpure (P) upgraded to Buy from Neutral at Citigroup, tgt $118
    
  • First Solar (FSLR) upgraded to Outperform from Neutral at Robert W. Baird, tgt $318
    
  • Grupo Cibest (CIB) upgraded to Overweight from Neutral at JPMorgan
    
  • Innate Pharma (IPHA) upgraded to Outperform from Market Perform at Leerink, tgt $4
    
  • Jabil (JBL) upgraded to Buy from Neutral at UBS, tgt $430
    
  • TIC Solutions (TIC) upgraded to Buy from Neutral at UBS, tgt $12.50
• Downgrades:
  • Accendra Health (ACH) downgraded to Neutral from Outperform at Robert W. Baird, tgt $1.50
    
  • Accendra Health (ACH) downgraded to Neutral from Buy at Citigroup, tgt $1.50
    
  • Airbnb (ABNB) downgraded to Reduce from Neutral at Phillip Securities, tgt $158
    
  • Allstate (ALL) downgraded to Sell from Neutral at Citigroup, tgt $240
    
  • AppLovin (APP) downgraded to Neutral from Buy at BofA Securities, tgt $400
    
  • ACV Auctions (ACVA) downgraded to Underweight from Equal Weight at Barclays, tgt $8
    
  • Bowman Consulting (BWMN) downgraded to Hold from Buy at Texas Capital, tgt $43
  • Ermenegildo Zegna (ZGN) downgraded to Underperform from Neutral at BNP Paribas Exane, tgt $12.20
    
  • Gap (GAP) downgraded to Equal Weight from Overweight at Barclays, tgt $20
    
  • Heron Therapeutics (HRTX) downgraded to Neutral from Buy at H.C. Wainwright
  • monday.com (MNDY) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • monday.com (MNDY) downgraded to Neutral from Overweight at Cantor Fitzgerald, tgt $90
    
  • N-able (NABL) downgraded to Sector Perform from Outperform at RBC Capital, tgt $4
    
  • Ondas (ONDS) downgraded to Sell from Hold at Raymond James, tgt $13
    
  • PowerFleet (AIOT) downgraded to Market Perform from Outperform at Raymond James
    
  • Root (ROOT) downgraded to Hold from Buy at Jefferies, tgt $58
    
  • Tenax Therapeutics (TENX) downgraded to In Line from Outperform at Evercore ISI, tgt $5
    
  • Under Armour (UAA) downgraded to Underweight from Equal Weight at Barclays, tgt $5
  • YPF (YPF) downgraded to Neutral from Outperform at Bradesco BBI, tgt $55
• Others:
  • Amcor (AMCR) initiated with a Buy at UBS, tgt $56
    
  • Autodesk (ADSK) initiated with a Neutral at Goldman, tgt $260
    
  • BAE Systems (BAESY) initiated with a Sector Perform at RBC Capital
    
  • Century Aluminum (CENX) initiated with a Buy at UBS, tgt $60
    
  • CTO Realty Growth (CTO) initiated with an Outperform at Huntington, tgt $24
    
  • Lincoln Electric (LECO) initiated with a Buy at UBS, tgt $340
    
  • Mobility Global (MBGL) initiated with a Neutral at Citigroup, tgt $23
    
  • Ondas (ONDS) initiated with a Buy at Roth Capital, tgt $13
    
  • PDF Solutions (PDFS) initiated with an Outperform at Bernstein, tgt $65
    
  • Saab (SAABF) initiated with a Sector Perform at RBC Capital
    
  • Securitize (SECZ) initiated with an Outperform at Citizens, tgt $15
    
  • Sonida Senior Living (SNDA) initiated with a Buy at Compass Point, tgt $65
    
  • Take-Two Interactive (TTWO) assumed at Overweight at JPMorgan, tgt $310
    
  • Valneva (VALN) initiated with a Buy at TD Cowen, tgt $12
    
  • Woodside Energy (WDS) initiated with a Neutral at BofA Securities, tgt $23.21

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -2.9%)
  • 8:30 ET: July CPI (Briefing.com consensus 0.1%; prior -0.4%) and Core CPI (Briefing.com consensus 0.2%; prior 0.0%)
  • 10:30 ET: Weekly crude oil inventories (prior +2.48 mln)
  • 14:00 ET: July Treasury Budget (Briefing.com consensus -$300.0 bln; prior -$120.3 bln)

• Earnings:
  • Monday (August 10)
    • Pre-Market: AXSM B BTDR CRC CAMT CECO CEVA DOLE EMBJ FERG INSW MPT MNDY NABL NESR RDNT SDRL SGRY
    • After-Hours: AAON ACVA ACM ALC AMTM ACHR ASTS BBIO EROK HLIO HPK HIMS JBS NHI PLUG RPD RKLB RUM SPG UPWK USAR WBTN
  • Tuesday (August 11)
    • Pre-Market: ARMK CAH CDNL NVRI ETOR JBI LEGN MIDD ONON SE SFD TME VG
    • After-Hours: ATRO BGS CAVA IMOS CRWV FLY FNV HRB LITE MOBI SMCI LIF
  • Wednesday (August 12)
    • Pre-Market: AMCR BETA EAT FRVO GLBE KTB KRNT LQDA MSGE MRX EYE NBIS PFGC WYFI
    • After-Hours: AVEX AOSL ANDG BTGO CAE CBRS CSCO COHR ENS ENVX GO HLIT JACK PAAS REZI STAA STUB
  • Thursday (August 13)
    • Pre-Market: ALH AIT BIRK BLSH FRMI FIGR GMRS LUNR JD LGN MH NOMD MWH SSYS TPR ELMT WWW XE YETI
    • After-Hours: AMAT DLO GEMI GLOB HTFL KLC
  • Friday (August 14)
    • Pre-market: SIND RMIX
    • Afternoon: None