After Hours Report

Stocks advanced on Thursday as a softer-than-expected July PPI report further eased Fed tightening concerns, while strength across mega-cap technology helped lift the S&P 500 to fresh record territory. The S&P 500 (+0.7%) crossed 7,800 for the first time and notched record intraday and closing highs, while the Nasdaq Composite (+0.8%) outperformed and the DJIA (+0.1%) eked out a modest gain.

July PPI was unchanged (Briefing.com consensus: 0.1%), while core PPI increased 0.2% (Briefing.com consensus: 0.3%), leaving both measures slightly below expectations despite modest upward revisions to the prior month's readings. Coming on the heels of Wednesday's in-line CPI report, the data reinforced the market's increasingly favorable view of the policy outlook. The shift was evident in fed funds futures, with the probability of a 25-basis-point rate hike at the September FOMC meeting now at 34.6%, according to the CME FedWatch tool. That compares with 40.6% just before this morning's PPI release and 55.0% a week ago.

The friendlier rate backdrop helped fuel another strong showing from growth stocks. The information technology sector (+1.0%) finished among the leaders, with memory stocks driving much of the early strength following positive takeaways from Sandisk (SNDK 1528.11, +183.82, +13.67%) investor day. Sandisk and Western Digital (WDC 487.29, +33.19, +7.31%) were among the top-performing S&P 500 components, while SK hynix Inc. (SKHY 165.65, +11.24, +7.28%) extended its August rebound and moved back toward its $170 July 10 IPO opening price after falling to post-IPO lows late last month.

Strength across the semiconductor group faded considerably during the afternoon, however, leaving the PHLX Semiconductor Index up just 0.5% after gaining more than 2.0% earlier in the session. Coherent (COHR 327.35, -28.29, -7.95%) was a notable laggard within the group following its earnings report. More broadly, the semiconductor retreat coincided with a sharp pickup in software stocks, suggesting some rotation within technology during the afternoon. The iShares Expanded Tech-Software ETF (IGV) jumped 3.1%, helped by an impressive surge in Workday (WDAY 206.45, +31.16, +17.78%) after Reuters reported that Silver Lake is in talks to acquire the company.

Mega-cap stocks also provided meaningful support after yesterday's weaker showing. The communication services sector (+1.6%) led all S&P 500 sectors as Meta Platforms (META 594.97, +16.12, +2.78%) ranked among the strongest "Magnificent Seven" names. Netflix (NFLX 78.24, +4.03, +5.43%) also advanced sharply following reports that Bill Ackman's Pershing Square fund established a new stake.

The real estate sector (+1.3%) was another standout as Treasury yields moved lower following the inflation data.

Oil provided another source of support, although the path lower was somewhat choppy. Crude moved around considerably without a meaningful geopolitical headline, contributing to the major averages' retreat from their opening highs before stocks recovered through the afternoon. WTI crude ultimately settled $2.20 lower (-2.6%) at $81.06 per barrel, while the energy sector (-0.1%) finished only modestly lower. 

The materials sector (-0.7%) was the day's weakest performer amid lower precious metals prices and weakness across fertilizer names.

Ultimately, Thursday's advance capped another constructive response to this week's inflation data, with softer producer prices further reducing expectations for additional Fed tightening and helping the S&P 500 establish fresh record highs. The afternoon rotation from semiconductors toward software kept technology firmly supportive even as the early chip rally faded, while lower Treasury yields and oil prices provided a favorable backdrop elsewhere in the market.

U.S. Treasuries took some solace in a July PPI report that reinforced the belief coming out of the July CPI report that the Fed won't be raising rates at its September FOMC meeting. The 2-year note yield settled down six basis points to 4.14%, and the 10-year note yield settled down four basis points to 4.64%. 

• Russell 2000: +23% YTD
• S&P Mid Cap 400: +18.4% YTD
• Nasdaq Composite:  +15.3% YTD
• S&P 500: +13.9% YTD
• DJIA: +12.0% YTD

Reviewing today's data:

• July PPI 0.0% (Briefing.com consensus 0.1%); Prior was revised to -0.1% from -0.3%, July Core PPI 0.2% (Briefing.com consensus 0.3%); Prior was revised to 0.4% from 0.2%
  • The key takeaway from the report is that, like the CPI, it was devoid of "new" inflation-baked surprises. Headline and core readings trended in the right direction of disinflation, which is an appeasement for today's trading dynamic, but of course the inflation rates themselves remain on the high side and need to come down much more to appease inflation hawks.
• Weekly Initial Claims 209K (Briefing.com consensus 205K); Prior was revised to 200K from 199K, Weekly Continuing Claims 1.777 mln; Prior was revised to 1.799 mln from 1.801 mln
  • The key takeaway from the report is the 4-week moving average for initial claims running below 200,000 (currently 199,000), which is an historically low number consistent with a labor market that is light on layoff activity.

 Overseas:

• Europe: DAX -0.2%, FTSE -0.6%, CAC -0.3%
• Asia: Nikkei +1.2%, Hang Seng -0.2%, Shanghai -0.5%

Commodities:

• Crude Oil -2.20 @ 81.06
• Nat Gas -0.09 @ 2.72
• Gold -46.50 @ 4420.50
• Silver -0.74 @ 64.95
• Copper unch @ 6.61

After-Hours Spotlight:

• Applied Materials (AMAT) beats by $0.10, beats on revs; guides Q4 EPS above consensus, revs above consensus...AMAT -4.8%
• Birkenstock Holding Plc (BIRK) announces launch of $1 bln secondary offering and concurrent share repurchase...BIRK -3.0%
• Gemini Space Station (GEMI) misses by $0.19, beats on revs...GEMI -5.1%
• Globant (GLOB) misses by $0.10, beats on revs; provides Q3 (Sep) and FY26 guidance...GLOB -11.2%
• Heartflow (HTFL) beats by $0.06, beats on revs; guides FY26 revs above consensus...HTFL +15.9%
• KinderCare Learning Companies (KLC) misses by $0.02, misses on revs; provides FY26 guidance...KLC -22.%
• QXO, Inc (QXO) reports in line earnings, beats on revs...QXO +2.6%
• Swarmer (SWMR) Reports Second Quarter 2026 Financial Results and Provides Business Update...SWMR -9.1%
• Tyson Foods (TSN) to close two beef-related facilities, pursue sale of Pasco plant in beef network overhaul...TSN +1.2%
• Winnebago Industries (WGO) to realign RV manufacturing, close two facilities...WGO flat
• York Space Systems (YSS) Reports Second Quarter 2026 Results...YSS -22.9%

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

• Earnings/Guidance (Full Earnings Calendar):
  • AEVEX Corp. (AVEX) reports Q2 (Jun) results, beats on revs; guides FY26 revs above consensus; also to acquire BlackSea Technologies
  • Alliance Laundry Systems (ALH) beats by $0.07, misses on revs; provides Q3 (Sep) and FY26 guidance
  • Alpha and Omega Semi (AOSL) beats by $0.11, beats on revs; provides Q1 guidance
  • Andersen Group (ANDG) misses by $0.18, beats on revs; provides FY26 guidance
  • Applied Industrial (AIT) beats by $0.26, beats on revs; provides Q4 (Dec) and FY27 guidance
  • Bending Spoons S.p.A. (BSP) beats by $0.22, beats on revs; guides Q3 revs in-line; guides FY26 revs below consensus
  • Birkenstock Holding Plc (BIRK) misses by €0.02, reports revs in-line; reaffirms FY27 EPS guidance, guides FY27 revs in-line
  • BitGo Holdings (BTGO) misses by $0.11, beats on revs; Board authorizes $50 mln buyback program
  • Bullish (BLSH) reports Q2 (Jun) results, beats on revs
  • CAE (CAE) beats by CAD$0.03, beats on revs; reaffirms FY27 guidance
  • Cerebras Systems (CBRS) misses by $2.81, misses on revs; Issues Q3 and FY26 guidance
  • 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
  • Coherent (COHR) beats by $0.12, beats on revs; provides Q1 guidance
  • CuriosityStream (CURI) beats by $0.11, beats on revs; mid-point of FY26 revenue guidance above consensus
  • Dillard’s, Inc. (DDS) reports second quarter and year-to-date results
  • Enersys (ENS) beats by $0.83, beats on revs; provides Q2 (Jun) and FY27 guidance
  • Enovix (ENVX) beats by $0.02, beats on revs; provides Q3 (Sep) guidance
  • Fermi America (FRMI) beats by $0.01
  • Figure Technology Solutions (FIGR) beats by $0.11, beats on revs; provides FY26 guidance
  • GMR Solutions (GMRS) reports Q2 (Jun) results, beats on revs; reaffirms FY26 revs guidance
  • Grocery Outlet (GO) beats by $0.07, beats on revs; provides FY26 guidance
  • 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
  • Intuitive Machines (LUNR) misses by $0.20, misses on revs; provides Q2 (Jun) and FY26 guidance
  • Jack In The Box (JACK) beats by $0.15, misses on revs; provides FY26 guidance
  • JD.com (JD) beats by RMB0.68, beats on revs
  • Kimball Electronics (KE) Reports Q4 Results; Company Provides Guidance for Fiscal 2027 Highlighted by Organic Sales Growth and Accretive Impact of the Helvoet Acquisition
  • McGraw Hill (MH) beats by $0.11, beats on revs; guides FY27 revs in-line
  • MSG Sports (MSGS) beats by $0.52, beats on revs
  • Legence Corp. (LGN) misses by $0.74, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Lenovo (LNVGY) reports Q1 results revenue rises 43% to record high
  • Lithium Americas (LAC) reports second quarter 2026 results
  • Nomad Foods (NOMD) beats by $0.02, beats on revs; provides FY26 guidance
  • Pan Am Silver (PAAS) misses by $0.14, misses on revs
  • Parabilis Medicines (PBLS) reports second quarter 2026 financial results and provides business updates
  • Pershing Square USA, Ltd. (PSUS) releases 2026 Semi-Annual Report/Financial Statements
  • Resideo (REZI) beats by $0.36, beats on revs; provides Q3 (Sep) and FY26 guidance
  • SOLV Energy (MWH) beats by $0.06, beats on revs; raises FY26 revs above consensus
  • Spire Global (SPIR) Announces Second Quarter 2026 Results; Reaffirms Full-Year Revenue Guidance
  • STAAR Surgical (STAA) reports Q2 (Jun) results, beats on revs
  • Stratasys (SSYS) beats by $0.02, misses on revs; provides FY26 guidance
  • StubHub Holdings (STUB) misses by $0.11, beats on revs; provides FY26 guidance
  • Suzano (SUZ) reports Q2 adjusted EBITDA of R$4.7 bln, net income of R$1.8 bln
  • Tapestry (TPR) beats by $0.04, reports revs in-line; guides Q1 EPS in-line; guides FY27 EPS in-line, revs in-line
  • Virgin Galactic (SPCE) Announces Second Quarter 2026 Financial Results and Provides Business Update
  • Wolverine (WWW) beats by $0.02, beats on revs; provides FY25 guidance
  • X-Energy (XE) misses by $0.05, beats on revs
  • Yesway (YSWY) reports Q2 (Jun) results, beats on revs; raises FY26 adjusted EBITDA outlook
  • YETI Holdings (YETI) beats by $0.13, beats on revs; provides FY26 guidance
• General News
  • Japan's government will support a faster rate increase from the Bank of Japan. Bloomberg
  • The Trump administration will rely on economic sanctions and the naval blockade to hurt Iran economically. Bloomberg
  • Mexico wants lower auto tariffs amid trade talks. WSJ
  • Republican states rolling back property taxes. WSJ
  • The White House is expected to expand the AI framework to include open models. Wired
  • White House expands capabilities to combat transnational cyber-enabled crime
  • Global EV sales rise in July, with the exception of North America, according to Electrek
  • Apple (AAPL) discussing new deals with publishers so content can be used by the upcoming Siri AI service. WSJ
  • BitGo Holdings (BTGO) CFO Edward Reginelli intends to resign, effective September 15, 2026
  • BTQ (BTQ) signs Korea post-quantum security MOU with ITCENGLOBAL unit ITCEN PNS
  • Bullish (BLSH) launches tokenized trading in its own shares on GFSC-regulated exchange
  • Canadian Solar (CSIQ) subsidiary, Recurrent Energy, announces the successful close of $695 mln in project financing and tax equity for its Cobalt Solar facility
  • Canadian Solar (CSIQ) announces that e-STORAGE, its energy storage solutions business, has successfully completed Large-Scale Fire Testing for its KuBank 3.0 commercial and industrial energy storage system under the latest UL 9540A:2026 standard, becoming the industry's first to pass this rigorous large-scale fire test
  • Carpenter Technology (CRS) authorizes new $1.0 bln share repurchase program
  • Cellebrite DI (CLBT) announces that Shiven Ramji, who joined Cellebrite as President, Products and Technology in May 2026, has succeeded Thomas E. Hogan as the Company's CEO as part of a planned transition, effective immediately
  • Centuri (CTRI) names Kelly Youngblood CFO, Danielle Hunter chief legal and administrative officer
  • Citi (C) wins $380 bln Aegon Asset Management middle-office mandate
  • Collegium (COLL) launches $50 mln accelerated share repurchase
  • Cullinan Therapeutics (CGEM): zipalertinib plus chemotherapy meets Phase 3 PFS endpoint in first-line EGFR exon 20 NSCLC
  • Fermi America (FRMI) names Lee McIntire as Chief Executive Officer
  • Ford (F) aiming to move some Lincoln production to the U.S. beginning in 2030. Reuters
  • Granite (GVA) wins $31 mln early works package for Willow Rock energy storage project in California
  • IBM (IBM) partners with OpenAI on enterprise AI deployment, launches dedicated OpenAI practice
  • Innovative Aerosystems (ISSC) selected to supply avionics and main display system for eVTOL program
  • IREN (IREN) delivers Horizon 1 to Microsoft, gains NVIDIA Exemplar Cloud status on GB300 NVL72
  • Meta (META) removed 756,000 teen accounts in Australia following the teen social media ban. Reuters
  • M/I Homes (MHO) authorizes new $250 mln share repurchase program
  • NACCO (NC) unit North American Mining wins multi-year contract extensions in Florida and Arkansas
  • NextEra Energy (NEE) reaches funding milestone for up to 10 GW of gas generation in Texas and Pennsylvania
  • Okeanis Eco Tankers (ECO) increases quarterly dividend 162.5% to $5.25/share from $2.00/share
  • Olema Oncology (OLMA) names former Vir CFO Jason O'Byrne as CFO
  • OptimizeRx (OPRX) announces finance leadership transition
  • Parsons (PSN) wins first task order under DTRA CTRIC IV contract
  • Pharming Group N.V. (PHAR) launches Joenja in Japan for APDS patients aged 4 and older
  • PulteGroup (PHM) entered into a Master Repurchase Agreement with Truist Bank (TFC) as of August 11, 2026
  • Radian (RDN) names Mike Weinbach CEO, adds him to board
  • Rentokil Initial plc (RTO) provided organisational structure update and leadership appointments
  • Resideo (REZI) names Shane Harrison CFO, effective Sept. 1
  • Rio Tinto (RIO)-backed Tomago Aluminium secures power agreement through 2038
  • Robinhood (HOOD) July funded customers edge up; platform assets fall 4% m/m as crypto volumes weaken
  • Rocket Lab (RKLB) replaces ATM program with $1.94 bln agreement tied to remaining unsold amount
  • Royalty Pharma (RPRX) to fund Zealand Pharma with $100 mln for rusfertide economics
  • Sagimet (SGMT) gets FDA study may proceed letter for Phase 3 denifanstat acne trial
  • Tutor Perini (TPC) unit wins $42 mln Tabuk Air Base project in Saudi Arabia
  • Uber (UBER), Hinomaru Kotsu set Tokyo robotaxi pilot for late 2026 with Nissan and Wayve
  • Vale S.A. (VALE) Base Metals is proceeding with the Coarse Particle Flotation ("CPF") project at its Salobo Copper Complex in Pará, Brazil
  • WhiteFiber (WYFI) partners with Krambu for 100MW of GPU data center capacity starting in 2027

• Upgrades:
  • AbbVie (ABBV) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $300
    
  • Abbott (ABT) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $130
    
  • Akamai (AKAM) upgraded to Neutral from Underweight at JPMorgan, tgt $158
    
  • Annexon (ANNX) upgraded to Market Perform from Underperform at Citizens
    
  • Biogen (BIIB) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $300
    
  • Establishment Labs (ESTA) upgraded to Buy from Neutral at Citigroup, tgt $92
    
  • Five Below (FIVE) upgraded to Buy from Hold at Jefferies, tgt $350
    
  • Hyliion Holdings (HYLN) upgraded to Outperform from Market Perform at Northland, tgt $10
    
  • Inovio (INO) upgraded to Buy from Hold at Jefferies, tgt $3
    
  • One Gas (OGS) upgraded to Buy from Neutral at Ladenburg, tgt $85.50
    
  • Silgan Holdings (SLGN) upgraded to Outperform from Sector Perform at RBC Capital, tgt $58
    
  • SM Energy (SM) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $47
    
  • WhiteFiber (WYFI) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $36
• Downgrades:
  • Alcon (ALC) downgraded to Neutral from Outperform at BNP Paribas Exane, tgt $79
    
  • Better Home & Finance (BETR) downgraded to Neutral from Overweight at Cantor Fitzgerald, tgt $16
    
  • Bowman Consulting (BWMN) downgraded to Neutral from Buy at Roth Capital, tgt $43
    
  • Coca-Cola Europacific Partners (CCEP) downgraded to Neutral from Buy at UBS, tgt $107
    
  • Monopar Therapeutics (MNPR) downgraded to Neutral from Overweight at Cantor Fitzgerald, tgt $119
    
  • O-I Glass (OI) downgraded to Sector Perform from Outperform at RBC Capital, tgt $8
    
  • Stryker (SYK) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • StubHub (STUB) downgraded to Underperform from Neutral at BofA Securities, tgt $7.50
    
  • Tronox (TROX) downgraded to Underweight from Neutral at JPMorgan, tgt $5
• Others:
  • Achieve Life Sciences (ACHV) initiated with an Overweight at Morgan Stanley, tgt $13
    
  • Allegro MicroSystems (ALGM) initiated with a Buy at Benchmark, tgt $60
    
  • Kazia Therapeutics (KZIA) initiated with a Buy at Canaccord, tgt $29
  • MACOM Technology Solutions (MTSI) resumed with a Buy at Benchmark, tgt $375
  • Polaryx Therapeutics (PLYX) initiated with a Strong Buy at Raymond James, tgt $6
  • Salesforce (CRM) resumed with an Overweight at JPMorgan, tgt $250
  • Sibanye Stillwater (SBSW) initiated with a Buy at Citigroup, tgt $13.50
  • Vail Resorts (MTN) initiated with a Sell at Goldman, tgt $132

• Econ Data (Friday):
  • 08:30 ET: July Retail Sales (Briefing.com consensus: 0.2%; prior 0.2%) and Retail Sales, Ex-Auto (Briefing.com consensus: 0.2%; prior -0.2%)
  • 10:00 ET: June Business Inventories (Briefing.com consensus: 0.1%; prior 0.3%)
  • 10:00 ET: Preliminary August Univ. of Michigan Consumer Sentiment (Briefing.com consensus: 54.5; prior 55.2)

• 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