After Hours Report

Stocks finished mostly higher on Wednesday, with the S&P 500 (+0.3%) and Nasdaq Composite (+0.5%) posting modest gains while the DJIA ended flat. Trading remained confined to relatively narrow ranges throughout the session as an in-line inflation report cleared the week's biggest macro hurdle without producing a major directional move.

The July Consumer Price Index matched expectations, with headline CPI increasing 0.1% and core CPI rising 0.2%. The lack of an upside surprise helped temper concerns about additional Fed tightening, with the CME FedWatch tool assigning a 60.1% probability to the FOMC leaving rates unchanged in September, up from 51.6% yesterday.

With the highly anticipated report offering little reason to alter the broader market outlook, attention quickly shifted back toward individual stocks and sectors. That was particularly evident in the information technology sector (+1.1%), which led the market as enthusiasm returned to semiconductor and AI-related names. The PHLX Semiconductor Index jumped 2.5%, with strong post-earnings reactions in CoreWeave (CRWV 107.73, +17.41, +19.28%), Super Micro Computer (SMCI 37.55, +5.95, +18.83%), and Lumentum (LITE 932.47, +111.88, +13.63%) reinforcing enthusiasm surrounding continued AI infrastructure spending.

Outside the information technology sector, SpaceX (SPCX 146.22, +12.93, +9.70%) was another momentum standout, surging after introducing Grok 4.6.

The real estate sector (+1.1%) matched information technology for the day's best performance amid some modest easing in Treasury yields.

Participation elsewhere was more mixed, however, with strength in semiconductor and AI-related names contrasting with weakness across several non-semiconductor mega-cap stocks. The consumer discretionary sector (-1.4%) finished at the bottom of the sector standings as Amazon (AMZN 267.28, -4.99, -1.83%) and Tesla (TSLA 327.51, -5.30, -1.59%) moved lower. Large apparel names also faced pressure, while homebuilders and related construction names struggled even as yields eased. The iShares U.S. Home Construction ETF fell 2.3%.

The communication services sector (-0.9%) was another laggard, with Meta Platforms (META 578.85, -20.27, -3.38%) among the weakest "Magnificent Seven" components. Charter Comm (CHTR 150.22, -7.47, -4.74%) also finished sharply lower despite little in the way of company-specific news.

Unlike the previous two sessions, geopolitical developments and oil prices had little influence on today's action. There were few meaningful developments surrounding the U.S.-Iran conflict, and WTI crude oil futures settled just $0.09 higher (+0.1%) at $83.26 per barrel. The energy sector (+0.2%) finished with a modest gain.

Overall, today's relatively uneventful session reflected a market that received some reassurance from the inflation data without a significant shift in the broader outlook. Reduced expectations for a September rate hike and renewed enthusiasm across semiconductor and AI-related stocks provided enough support to keep the S&P 500 and Nasdaq higher, even as mixed participation and weakness across several mega-cap names kept the advance contained.

U.S. Treasuries settled today's session mixed and little changed, surrendering a decent chunk of overnight gains in spite of a CPI report for July that was deemed market-friendly and a solid $42 billion 10-year note auction. The 2-year note yield settled down two basis points to 4.20%, and the 10-year note yield finished unchanged at 4.68%.

• Russell 2000: +22.7% YTD
• S&P Mid Cap 400: +18.0% YTD
• Nasdaq Composite: +14.4% YTD
• S&P 500: +13.2% YTD
• DJIA: +11.9% YTD

Reviewing today's data:

• Total CPI was up 0.1% month-over-month in July (Briefing.com consensus: 0.1%) following a 0.4% decline in June. That left the year-over-year rate at 3.4%, down from 3.5% in June. Core CPI, which excludes food and energy, was up 0.2% month-over-month (Briefing.com consensus: 0.2%) following an unchanged reading for June. On a year-over-year basis, core CPI was up 2.5% versus 2.6% in June.
  
  • The July CPI report, at the least, did not stoke "new" concerns that the Fed will have to raise rates at the September FOMC meeting. That is the key takeaway from the report, and it was embedded in the realization that this report came in as expected.
• The Treasury Department reported a $432.3 billion deficit for July versus a deficit of $291.1 billion for the same period in July 2025. Receipts totaled $334.0 billion, while outlays reached $766.3 billion.
  
  • The key takeaway from the report is that the net interest outlay exceeded the national defense outlay, which is saying something given that the U.S. is at war with Iran.

 Overseas:

• Europe: DAX -0.2%, FTSE -0.1%, CAC -0.5%
• Asia: Nikkei +0.8%, Hang Seng -0.8%, Shanghai +0.3%

Commodities:

• Crude Oil +0.09 @ 83.26
• Nat Gas +0.04 @ 2.81
• Gold +26.20 @ 4467.00
• Silver +0.73 @ 65.69
• Copper -0.02 @ 6.61

After-Hours Spotlight:

• AEVEX Corp. (AVEX) reports Q2 (Jun) results, beats on revs; guides FY26 revs above consensus; also to acquire BlackSea Technologies...AVEX -4.4%
• Cerebras Systems (CBRS) misses by $2.81, misses on revs; Issues Q3 and FY26 guidance...CBRS -15.3%
• Cisco (CSCO) beats by $0.05, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs above consensus...CSCO -3.8%
• Coherent (COHR) beats by $0.12, beats on revs; provides Q1 guidance...COHR -2.7%
• Grocery Outlet (GO) beats by $0.07, beats on revs; provides FY26 guidance...GO +13.8%
• Harmonic (HLIT) beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus...HLIT +19.1%
• Jack In The Box (JACK) beats by $0.15, misses on revs; provides FY26 guidance...JACK +3.8%
• Omeros Corporation (OMER) Reports Second Quarter 2026 Financial Results...OMER +21.8%
• StubHub Holdings (STUB) misses by $0.11, beats on revs; provides FY26 guidance...STUB -15.9%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Amcor (AMCR) beats by $1.26, beats on revs
  • Applied Aerospace & Defense (AADX) reports Q2 results
  • Astronics (ATRO) beats by $0.11, beats on revs; provides Q3 (Sep) and FY26 guidance
  • B&G Foods (BGS) reports EPS in line, misses on revs; provides FY26 guidance
  • BETA Technologies (BETA) misses by $0.09, beats on revs; provides FY26 guidance
  • Bio-Techne (TECH) reports EPS in-line, beats on revs
  • Brinker (EAT) misses by $0.03, beats on revs; provides Q1 (Mar) and FY27 guidance
  • 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%
  • CoreWeave (CRWV) reports Q2 (Jun) results, revs in-line; sees Q3 revenue above consensus, raises FY26 revenue
  • ERock (EROC) reports second quarter 2026 results
  • Fervo Energy (FRVO) reports Q2 (Jun) results, misses on revs; Expects total capital expenditures of approximately $850-$900 mln in 2H26
  • Firefly Aerospace (FLY) beats by $0.11, beats on revs; provides FY26 guidance
  • Franco-Nevada (FNV) misses by $0.15, misses on revs
  • Global-E Online (GLBE) reports EPS in line, beats on revs; provides Q3 (Sep) and FY26 guidance; Board authorizes $500 mln buyback program
  • H & R Block (HRB) beats by $0.17, beats on revs; provides guidance; raises dividend 10%
  • Hyliion Holdings (HYLN) Reports Second-Quarter 2026 Financial Results; awarded a $41.7 mln contract with U.S. Navy to scale the KARNO Power Module into multi-megawatt systems
  • Kontoor Brands (KTB) beats by $0.45, misses on revs; provides Q1 (Mar) and FY26 guidance
  • Kornit Digital (KRNT) beats by $0.05, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Liquidia Technologies (LQDA) misses by $0.02, beats on revs; provides Q3 (Sep) guidance
  • Lumentum (LITE) beats by $0.26, beats on revs; provides Q1 guidance
  • Madison Square Garden Entertainment (MSGE) beats by $0.23, beats on revs
  • Marex Group plc (MRX) beats by $0.28, beats on revs
  • Maze Therapeutics (MAZE) misses by $0.04
  • Mobia Medical (MOBI) misses by $0.39, beats on revs; guides FY26 revs above consensus
  • National Vision (EYE) beats by $0.07, misses on revs
  • Performance Food Group (PFGC) misses by $0.01, misses on revs; provides Q1 (Mar) and FY26 guidance
  • Pharvaris (PHVS) reports second quarter 2026 financial results and provides business update
  • Quantinuum (QNT) Reports Second Quarter 2026 Results
  • Silicon Labs (SLAB) beats by $0.02, reports revs in-line
  • 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
  • Trimble (TRMB) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY26 EPS above consensus, revs above consensus; approves new $1 bln share buyback
  • U.S. Antimony (UAMY) reports Q2 results; updates guidance
  • VinFast Auto (VFS) reports deliveries of 21,781 electric vehicles in July in Vietnam
  • WhiteFiber (WYFI) beats by $0.02, beats on revs; provides Q3 (Sep) and FY26 guidance
• General News
  • President Trump claimed the U.S. has control over the Strait of Hormuz and said that Iran would "get blown away" if they took any action. Bloomberg
  • Iran's President Masoud Pezeshkian held a meeting with Supreme Leader Mojtaba Khamenei. They discussed worsening living standards and unity in the country. Bloomberg
  • The U.S. economy was defined by a K-shaped gap for years. That divide is narrowing as lower income households catch up on consumer spending. Axios
  • David Crowley wins the Democratic primary for Wisconsin, delivering a major upset to democratic socialist Francesca Hong. Mr. Crowley will face Republican Tom Tiffany in November. NBC News
  • Francesca Hong, who lost the Democratic primary in Wisconsin, campaigned on a moratorium on data center construction. NY Times
  • Aehr Test Systems (AEHR) announced a $22 million follow-on production order from its lead wafer-level AI processor customer
  • Align (ALGN) wins China patent case against Angelalign subsidiaries; court orders halt to infringing products
  • Alphabet (GOOG): Google Cloud signs five-year AI and data partnership with Ryanair (RYAAY)
  • Amazon (AMZN): New York Mayor Zohran Mamdani wants Amazon & FedEx (FDX) to directly employ delivery workers. WSJ
  • American Public Education (APEI) to build AI student lifecycle platform with Salesforce (CRM)
  • Artisan Partners (APAM) reports July preliminary AUM of $183.0 bln
  • Bank of America (BAC) launches $250 bln U.S. critical infrastructure finance initiative
  • BD (BDX) completes enrollment in PREVENT trial for Phasix Mesh in incisional hernia prevention
  • Belite Bio (BLTE) says FDA accepts tinlarebant NDA, grants Priority Review for Stargardt disease
  • Canadian Solar's (CSIQ) Recurrent Energy starts commercial operations at 150 MWac Carwarp solar project in Australia under long-term Microsoft PPA
  • Darling Ingredients (DAR) to sell about $150 mln of production tax credits
  • Definium Therapeutics (DFTX) reports positive Phase 3 Voyage data for DT120 ODT in generalized anxiety disorder
  • D-Wave Quantum (QBTS) awarded up to CAD300,000 in Canadian funding for quantum computing software
  • Einride (ENRD) partners with PACCAR's DAF on Level 4 autonomous electric truck platform
  • Eli Lilly (LLY) files six lawsuits over illegal retatrutide sales, urges platforms and payment firms to cut off black market
  • Fermi America (FRMI) and Hillcore Energy Capital announce 2.6 GW power strategic alliance for Project Matador (
  • Firefly (FLY) extends Lockheed Martin (LMT) multi-launch agreement through 2031
  • General Motors (GM) announces a Master IPU Agreement with Procura Auto Parts
  • Globant (GLOB) selected by FIFA to build AI-driven fan engagement ecosystem
  • Kamada (KMDA) CFO Chaime Orlev to step down at year-end
  • KBR (KBR) selected for Pre-FEED work on Morocco low-carbon ammonia project
  • Kilroy Realty (KRC) says CFO Jeffrey Kuehling departs; Eliott Trencher named interim CFO, treasurer
  • Kontoor Brands (KTB) names Joseph Alkire president while he remains CFO
  • KT (KT) details 'Value-Up Plan' to achieve a consolidated ROE of 9%–10% by 2028 (maintaining the target announced in 2024) in the Mid-to-Long-Term
  • Lazard (LAZ) July AUM rises to $286.9 bln from $284.7 bln in June
  • Leonardo DRS (DRS) announces its SGT STOUT M-SHORAD Mission Equipment Package successfully defeated Group 1–2 small, unmanned aircraft system threats during a U.S. Government test event
  • Leonardo DRS (DRS) signs MoU with Space42 for UAE national security mission systems
  • Lockheed Martin (LMT), Verizon (VZ), Keysight (KEYS), ODC and Astris AI Demonstrate Technology for Public Airspace Protection with NVIDIA (NVDA) Technology
  • Marti Technologies (MRT) launches ride-hailing service in 10 new cities across Turkiye
  • Matthews International (MATW) names Lincoln Electric's (LECO) Michael Whitehead as president, CEO
  • Natera (NTRA) to support Phase 1 Kupando skin cancer trial with Latitude MRD assay
  • Nova Minerals Limited (NVA) provides an update on its 2026 field season activities
  • Oracle (ORCL) is preparing for further layoffs this month, according to Business Insider
  • Perma-Fix (PESI) wins Hanford mixed low-level waste master IDIQ subcontract
  • Quantinuum (QNT) confirms partnership with Oracle (ORCL) to bring Helios quantum system to OCI
  • Stubhub (STUB) could face a class action lawsuit over delayed refunds. WSJ
  • TechnipFMC (FTI) wins significant flexible pipe contract for Azule's West Hub Tails project
  • Two Harbors (TWO) defends CCM sale, calls UWMC lawsuit meritless
  • WisdomTree (WT) July net inflows top $1.3 bln; year-to-date inflows exceed $10 bln

• Upgrades:
  • AkzoNobel (AKZOY) upgraded to Overweight from Equal Weight at Barclays
  • Entegris (ENTG) upgraded to Buy from Hold at Deutsche Bank, tgt $200
    
  • Grupo Aval (AVAL) upgraded to Neutral from Underweight at JPMorgan, tgt $5.50
  • Hilton (HLT) upgraded to Buy from Hold at Deutsche Bank, tgt $365
    
  • IDEX (IEX) upgraded to Outperform from Neutral at Mizuho, tgt $280
    
  • Intuitive Surgical (ISRG) upgraded to Outperform from Perform at Oppenheimer, tgt $500
    
  • JOYY (JOYY) upgraded to Overweight from Neutral at JPMorgan, tgt $98
    
  • Merck (MRK) upgraded to Outperform from Neutral at Daiwa, tgt $143
    
  • Okta (OKTA) upgraded to Outperform from Market Perform at Citizens, tgt $170
    
  • Summit Therapeutics (SMMT) upgraded to Market Perform from Underperform at Leerink, tgt $13
• Downgrades:
  • Amerant Bancorp (AMTB) downgraded to Equal Weight from Overweight at Stephens, tgt $32
  • Cardiff Oncology (CRDF) downgraded to Market Perform from Outperform at William Blair
    
  • Gap (GAP) downgraded to Hold from Buy at Jefferies, tgt $23
    
  • Legend Biotech (LEGN) downgraded to Perform from Outperform at Oppenheimer
  • Novo Nordisk (NVO) downgraded to Hold from Buy at Berenberg
    
  • On Holding (ONON) downgraded to Outperform from Strong Buy at Raymond James, tgt $38
    
  • Tencent Music (TME) downgraded to Hold from Buy at China Renaissance, tgt $9.30
    
  • Tigo Energy (TYGO) downgraded to Neutral from Buy at Roth Capital, tgt $1.30
    
  • WSFS Financial (WSFS) downgraded to Equal Weight from Overweight at Stephens, tgt $87
• Others:
  • Flutter Entertainment (FLUT) initiated with a Neutral at JPMorgan, tgt $114
    
  • Jasper Therapeutics (JSPR) initiated with an Overweight at Piper Sandler, tgt $2
    
  • LightPath (LPTH) initiated with an Overweight at Piper Sandler, tgt $15
    
  • Mercury Systems (MRCY) initiated with an Overweight at Piper Sandler, tgt $126
    
  • Monolithic Power Systems (MPWR) initiated with a Buy at GF Securities, tgt $1,706
    
  • QumulusAI (QMLS) initiated with a Buy at Chardan, tgt $24.50
    
  • Unusual Machines (UMAC) initiated with an Overweight at Piper Sandler, tgt $38

• Econ Data (Thursday):
  • 08:30 ET: July PPI (Briefing.com consensus +0.1%; prior -0.3%)
  • 08:30 ET: July Core PPI (Briefing.com consensus +0.3%; prior -0.2%)
  • 08:30 ET: Weekly Initial Jobless Claims (Briefing.com consensus at 205K; prior 199K)
  • 08:30 ET: Weekly Continuing Jobless Claims (prior 1.801 mln)

• 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