After Hours Report

Stocks finished mixed on Monday as another sharp retreat across semiconductor stocks weighed on the technology-heavy averages, while strength across much of the broader market helped the DJIA (+0.3%) buck the negative trend. The S&P 500 (-0.3%) posted a modest loss, while the Nasdaq Composite (-0.8%) underperformed.

Semiconductors remained at the center of the weakness throughout the session. The PHLX Semiconductor Index fell 2.7%, extending its recent pullback and leaving the information technology sector (-1.6%) at the bottom of the sector standings. Memory and semiconductor-component stocks were among the laggards following another weak showing in Asian markets, while NVIDIA (NVDA 208.46, -6.26, -2.92%) remained under pressure ahead of its earnings report Wednesday after the close, extending its losing streak to seven consecutive sessions.

Related weakness spilled into the industrials sector (-0.7%), where electronic equipment names remained under pressure alongside the semiconductor trade. Caterpillar (CAT 811.02, -16.88, -2.04%) and Boeing (BA 210.46, -3.74, -1.75%) were additional drags, while aerospace and defense stocks also struggled.

The losses in those areas contrasted with a considerably firmer showing across most of the market. Eight S&P 500 sectors finished higher, allowing the S&P 500 Equal Weighted Index (+0.1%) to outperform its market-cap-weighted counterpart.

The consumer staples sector (+1.8%) led the way as Walmart (WMT 106.49, +2.79, +2.69%) rebounded from its post-earnings weakness, while the financials sector (+1.2%) also posted a solid gain, with major banking and payment names contributing to the DJIA's outperformance.

Strength in Alphabet (GOOG 344.59, +2.84, +0.83%) and Meta Platforms (META 559.02, +9.12, +1.66%) helped the communication services sector (+1.0%) outperform as well.

Another decline in oil prices provided a favorable backdrop for many consumer and other oil-sensitive stocks. WTI crude settled $2.09 lower (-2.4%) at $84.98 per barrel, leaving the energy sector (-0.8%) among the relatively few groups to finish lower. Treasury yields also declined, providing additional relief for rate-sensitive areas following the recent volatility in longer-term rates. The afternoon brought the formal launch of the Trump administration's new economic pressure campaign against Iran, dubbed "Operation Economic Outcast." Treasury Secretary Scott Bessent outlined plans targeting Iran-linked entities, brokerage networks, shadow-fleet vessels, and several critical sectors, while also warning of potential consequences for countries that continue cooperating with Iran. Bessent characterized the initial measures as a "warning shot," but stocks and oil prices showed little reaction to the announcement.

Despite the more constructive backdrop from lower oil prices and Treasury yields, strength did not extend evenly across the market. The Russell 2000 (-0.8%) and S&P MidCap 400 (-0.8%) underperformed the large-cap benchmarks.

Monday's session ultimately reflected a sharp divide between continued weakness in semiconductor-related stocks and a much firmer showing elsewhere. Selling in chips was substantial enough to keep the S&P 500 lower and weigh heavily on the Nasdaq, but gains across eight S&P 500 sectors, along with lower oil prices and Treasury yields, helped limit the broader damage and allowed the DJIA to finish in positive territory.

U.S. Treasuries began the week with gains in longer tenors while the short end underperformed, finishing with a slim loss. The 2-year note yield settled up one basis point to 4.24% and the 10-year note yield settled down three basis points to 4.70%. 

There was no economic data of note today.

• Russell 2000: +20.7% YTD
• S&P Mid Cap 400: +15.0% YTD
• S&P 500: +11.8% YTD
• Nasdaq Composite: +11.8% YTD
• DJIA: +11.1% YTD

 Overseas:

• Europe: DAX -0.1%, FTSE +0.4%, CAC -0.4%
• Asia: Nikkei -0.7%, Hang Seng -1.9%, Shanghai -0.6%

Commodities:

• Crude Oil -2.09 @ 84.98
• Nat Gas +0.06 @ 2.83
• Gold +14.90 @ 4695.00
• Silver -0.99 @ 68.57
• Copper +0.01 @ 6.60

After-Hours Spotlight:

• Aggreko, Inc. files prospectus with SEC for an IPO; Number of shares offered and expected price range not yet determined
• Gorilla Technology Group (GRRR) reports 1H26 revenue growth of 99.3%; increases Q1 and FY26 revenue guidance; guides FY27 revs below consensus...GRRR -10.6%
• Grand Canyon Education (LOPE) places CFO Daniel Bachus on administrative leave; Lori Browning named interim CFO...LOPE -1.5%
• Nebius (NBIS) closes $5.75 bln private convertible notes offering...NBIS flat
• Parker-Hannifin (PH) files mixed securities shelf offering...PH +3.0%
• Real REMAX Group (REAX) authorizes up to $450 mln share repurchase...REAX +7.9%
• The Trade Desk (TDD) files mixed securities shelf offering...TTD -1.1%
• Vistra Corp (VST): President and CEO James Burke bought 2000 shares at $135 worth ~$270K...VST +0.8%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Napco Security Systems (NSSC) beats by $0.12, beats on revs; provides Q4 (Dec) and FY26 guidance
  • PDD Holdings (PDD) beats by RMB0.88, misses on revs
  • Robo.ai Inc. (AIIO) reports first half 2026 financial results
  • XPENG (XPEV) reports second quarter 2026 unaudited financial results
• General News
  • Treasury Secretary Scott Bessent will hold a press conference today at 1:00 PM ET to reveal sanctions against Iran. Mr. Bessent warned that an "economic D-Day is coming for Iran, and the Iran war is entering its endgame." CNN
  • Treasury Secretary Scott Bessent could tap into Treasury's $1 trillion General Account to buy back bonds, according to CNBC
  • The U.S. Navy is escorting ships through the Strait of Hormuz at night with their transponders off. Oil traffic could be double what Wall Street analysts and tracking sites suggest. CNN
  • Iran threatens to seize vessels that violate transit rules in the Strait of Hormuz. CNBC
  • House Minority Leader Hakeem Jeffries met with Jared Kushner, President Trump's top outside adviser to discuss areas of common ground if Democrats win the House. NY Times
  • Minneapolis Fed President Neel Kashkari (voting FOMC member) says the Treasury market is functioning as it should and the recent increase in yields should not impact how the Fed conducts monetary policy. CBS News
  • Canadian Prime Minister Mark Carney sees little chance of resuming trade talks with U.S. in the near future (see 6:01, EWC). Bloomberg
  • Mexico is optimistic it can get lower tariffs on cars and steel amid U.S. trade talks. Bloomberg
  • Iran's currency trading at an all-time low, nearing 2 million to one U.S. dollar. Bloomberg
  • Axios reporter Barak Ravid says "Around 40 tankers transited in and out of the Strait of Hormuz through the southern deep channel on Friday night. Around 16 million barrels of oil moved out of the strait through the southern channel on Friday night, three U.S. officials told me"
  • Texas Governor Greg Abbott says data center companies deserve the backlash they are facing. Axios
  • Canadian Prime Minister Mark Carney decides to suspend trade negotiations; U.S. imposed 50% tariffs on roughly $28 billion of Canadian goods; Canada will match those tariffs dollar for dollar effective September 8
  • Heavy rain in Brazil has compromised the quality of arabica coffee beans. Bloomberg
  • The Trump administration expected to impose a 7.5% "overcapacity" tariff on China, which would restore China's tariff rate to the previous level of 20% (prior to the Supreme Court ruling), according to Bloomberg
  • OpenAI releases the GPT-5.6 model family in Kiro
  • Acadia (ACAD) says EU approves DAYBU for Rett syndrome
  • AIB Data Centers (AIB) COO Eyal Rozen resigns effective immediately – 8-K filing
  • Alcoa (AA) breaks ground on gallium plant at Wagerup refinery in Western Australia
  • Alibaba (BABA) to introduce WAN 3.0 artificial intelligence video model. Reuters
  • Altria (MO) says Philip Morris USA entered manufacturing arrangement with Philip Morris International
  • Amazon (AMZN) planning new 'Tetromino' warehouse, according to Business Insider
  • Anthropic furthers hardware development by recruiting former Google (GOOG/GOOGL) chip expert, according to Bloomberg
  • Anthropic's Fable 5 is seeing weak demand from corporate clients. FT
  • Arbutus (ABUS) launches $230 mln modified Dutch auction tender at $5.00-$5.75/share
  • AeroVironment (AVAV) plans $100 mln Moorpark campus to consolidate five Southern California sites
  • Bayer's (BAYRY) Hyrnuo (sevabertinib) approved in Japan for HER2-mutant advanced NSCLC, including first-line treatment
  • Booz Allen Hamilton (BAH) awarded a modification to a previously awarded US Navy contract; modifications increase the shared maximum ordering value by a combined $96.7 mln, resulting in a ceiling of $198.1 mln for all contracts
  • Canadian Pacific Kansas City (CP) and IBEW agree to binding arbitration, ending strike that began May 31; employees return Aug. 24
  • Coinbase (COIN) taps Chainlink for oracle infrastructure on tokenized stocks launch
  • Curaleaf (CURLF) responds to Aurora Cannabis' (ACB) latest attempt to deflect from shareholder value creation
  • Cytek (CTKB) says jury backed it on 3 of 4 patent claims; to challenge $56 mln damages on remaining finding
  • Deere (DE): Workers reject Deere's (DE) contract offer. WSJ
  • Ecovyst (ECVT) names Laurie Bergman CFO, replacing Michael Feehan
  • Eli Lilly (LLY) to introduce Foundayo in UK, according to Reuters
  • Emerson (EMR) selected by Equinor for 13-year measurement technology agreement
  • Endeavour Silver (EXK) says Terronera mine blockade removed; operations to resume Aug. 24
  • Equinor (EQNR) signs 15-year natural gas supply agreement with Uniper for more than 30 TWh annually to Germany
  • Exelon (EXC) unit ComEd wins Illinois approval for DeKalb County transmission project
  • Extra Space Storage (EXR) names Noah Springer CEO effective Jan. 1, 2027; Joe Margolis to retire
  • FS Bancorp (FSBW) authorizes $5 mln share repurchase program
  • Gemini (GEMI) signs LOI with Apex to distribute crypto event contracts through Apex FCM
  • Gilead (GILD) wins EU approval for Trodelvy plus Keytruda in first-line PD-L1-positive metastatic TNBC
  • GSK's (GSK) Jemperli receives FDA priority review for dMMR/MSI-H locally advanced rectal cancer; PDUFA in Feb. 2027
  • GSK's (GSK) Hibsago receives first global approval in Japan for functional cure of chronic hepatitis B
  • Guardant Health (GH): TwinStrand Biosciences announces that the U.S. District Court for the District of Delaware entered final judgment in favor of the company and the University of Washington in their patent infringement suit against Guardant Health
  • Guardant Health (GH) to appeal Delaware patent judgment; royalty collection stayed pending appeal
  • Hims and Hers (HIMS) put on notice by Visa (V) for excessive complaints in its weight loss subscription unit. Bloomberg
  • IBM (IBM) unveils dual-architecture processor for future IBM Z and LinuxONE systems
  • Infleqtion (INFQ) says Japan's first operational neutral-atom full-stack quantum computer is now online
  • Insmed (INSM) says Japan approves BRINSUPRI for non-cystic fibrosis bronchiectasis
  • Insteel (IIIN) to close Upper Sandusky, Ohio facility by end of October 2026
  • Intercontinental Hotels Group (IHG) signs 14-hotel portfolio deal in Japan with GCP Hospitality, adding 1,063 rooms in Kyoto
  • Ivanhoe Electric (IE) receives preliminary project letter from the Export-Import bank of the United States for $1.1 billion in potential debt financing for the Santa Cruz copper project
  • JetBlue (JBLU) to open BlueHouse lounge at Boston Logan on Aug. 27; expands access for eligible Mint fares
  • KBR (KBR) wins technology contract for Kazakhstan's first SAF plant
  • Kratos (KTOS) to supply J85 engines for Boeing's JDAM LR program
  • Kroger (KR) launches grocery-plus-prescription delivery with Instacart (CART)
  • Labcorp (LH) to offer Roche's FDA-cleared Elecsys pTau-217 blood test for Alzheimer's pathology
  • Lithium Argentina (LAR) and Ganfeng Lithium Group entered into definitive agreements to finalize new joint venture; Ganfeng has agreed to invest $180 mln in Lithium Argentina through a six-year unsecured convertible note
  • Live Nation (LYV): President Trump directed that the DOJ settle the case against Live Nation. WSJ
  • Monte Rosa Therapeutics (GLUE) announces first patient dosed in MODeFIRe-1, a phase 2 study of MRT-2359 in combination with apalutamide in patients with ar mutation-positive metastatic castration-resistant prostate cancer
  • Micron (MU) opened a 60,000-square-foot Micron Training Center in Boise
  • Nvidia (NVDA) customers were notified of artificial intelligence price increases of 15%. Bloomberg
  • Nvidia (NVDA) spending $6 billion to build a powerful open-weight AI model to compete with Chinese models. WSJ
  • Nvidia (NVDA) talking about investing in Perplexity at $30 bln valuation. The Information
  • NVIDIA (NVDA) to partner with Lancium to facilitate deployment of NVIDIA technology across Lancium's growing portfolio
  • Oculis Holding (OCS) treats first patient in PIONEER-1 registrational trial of Privosegtor for optic neuritis; plans IND for acute MS relapses in Q4
  • PagSeguro (PAGS) Digital Chariman and Founder Luis Frias is stepping down from the Board
  • Parsons (PSN) wins $514 mln Missile Defense Agency contract option
  • Paychex (PAYX) rolls out Paycor Perks benefits marketplace across Paycor platform
  • Paysafe (PSFE) launches gaming arena for publishers and developers
  • Polestar Automotive Holding UK PLC (PSNY) states it didn't not see U.S. market ban coming, according to WSJ
  • Precision BioSciences (DTIL) doses first patient in Phase 1/2 FUNCTION-DMD study
  • Quest Diagnostics (DGX) to add Roche pTau217 Alzheimer’s blood test, launch new AD-Detect panel
  • QXO (QXO) names former Honeywell executive Ken West president and COO
  • REGENXBIO (RGNX) says FDA places clinical hold on RGX-121; no near-term BLA resubmission for MPS II program
  • REVOLVE (RVLV) launches limited-edition Porsche collection
  • RoboStrategy, Inc. (BOT) releases first shareholder letter
  • Roche's (RHHBY) Genentech signs up to $2.3 bln licensing deal with Hanmi Pharm for novel obesity therapy HM17321
  • Roche Hldg (RHHBY) receives FDA clearance for Elecsys pTau217 blood test for Alzheimer's disease assessment
  • Sigma Lithium (SGML) resumes full mining, industrial operations after TAC agreement with Minas Gerais
  • SLB (SLB) launches ExaCT electrical downhole coiled tubing control system
  • Softbank (SFTBY) planning to conduct $6.3 bln retail bond sale in Japan, according to Bloomberg
  • STMicroelectronics (STM) and National University of Singapore launch four-year Edge AI R&D initiative focused on generative and embodied AI
  • StoneX's (SNEX) FOREX.com launches overnight Japan stock CFDs and knock-out options in Japan
  • United (UAL) CEO Scott Kirby wants to expand JFK airport. CNBC
  • United Bankshares (UBSI) authorizes repurchase of up to 6.8 mln shares – 8-K filing
  • United Therapeutics (UTHR) says FDA accepts ralinepag NDA for PAH; PDUFA set for June 24, 2027
  • UPS (UPS) to invest more than $2 bln across international, healthcare and supply chain network
  • Taiwan Semiconductor Manufacturing (TSM) to partner with Xiaomi for production of new chip, according to Reuters
  • Takeda (TAK) says Japan approves ORZEYFUL for narcolepsy type 1 in adults
  • Vanda (VNDA) says EU grants orphan designation to imsidolimab for generalized pustular psoriasis
  • VERAXA Biotech (VRXA) and Secarna Pharmaceuticals Achieve Research Milestone in Antibody Oligonucleotide Conjugate Alliance
  • Walmart (WMT) plans to introduce a new fashion brand for women. WSJ
  • XPENG robotics (XPEV) unit raises over $900 mln at post-money valuation above $6.3 bln
  • Yum's (YUM) KFC launches Hot Ranch Big Dip nationwide with returning Double Crispy Hot Wings

• Upgrades:
  • Celestica (CLS) upgraded to Buy from Neutral at UBS, tgt $430
    
  • Darden Restaurants (DRI) upgraded to Outperform from Neutral at Baird, tgt $250
    
  • Janux Therapeutics (JANX) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $23
    
  • PulteGroup (PHM) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $158
• Downgrades:
  • Banco Santander Brasil (BSBR) downgraded to Neutral from Buy at UBS
    
  • Black Rock Coffee Bar (BRCB) downgraded to Neutral from Outperform at Baird, tgt $10
    
  • Canada Goose (GOOS) downgraded to Underweight from Overweight at Wells Fargo
    
  • Chipotle Mexican Grill (CMG) downgraded to Neutral from Outperform at Baird, tgt $40
    
  • Domino's Pizza (DPZ) downgraded to Neutral from Outperform at Baird, tgt $350
    
  • Klarna (KLAR) downgraded to Neutral from Buy at UBS, tgt $16
• Others:
  • Aeva Technologies (AEVA) initiated with a Neutral at Goldman Sachs, tgt $20
    
  • Alvotech (ALVO) initiated with a Buy at BofA Securities, tgt $7
    
  • ArcelorMittal (MT) initiated with an Overweight at Morgan Stanley, tgt $82
    
  • Brinker International (EAT) initiated with an Outperform at Baird, tgt $325
    
  • Clear Secure (YOU) assumed with an Overweight at JPMorgan, tgt $55
    
  • Cummins (CMI) initiated with an Outperform at CICC, tgt $781
    
  • EverQuote (EVER) assumed with an Overweight at JPMorgan, tgt $29
    
  • Fortune Brands Innovations (FBIN) initiated with an Overweight at Wells Fargo, tgt $52
    
  • Frontdoor (FTDR) assumed with a Neutral at JPMorgan, tgt $95
    
  • Funko (FNKO) initiated with a Buy at Seaport Research, tgt $8
    
  • Inhibrx Biosciences (INBX) initiated with a Buy at H.C. Wainwright, tgt $245
    
  • Insight Molecular Diagnostics (IMDX) initiated with a Buy at Lucid Capital, tgt $8
    
  • Ionic Digital (IOND) initiated with a Buy at BTIG, tgt $85
    
  • Ionic Digital (IOND) initiated with a Buy at Jefferies, tgt $85
    
  • Jersey Mike's Subs (JMKE) initiated with an Outperform at Baird, tgt $27
    
  • Jersey Mike's Subs (JMKE) initiated with a Market Perform at Bernstein, tgt $26
    
  • Jersey Mike's Subs (JMKE) initiated with a Buy at BTIG, tgt $28
    
  • Jersey Mike's Subs (JMKE) initiated with a Buy at Guggenheim, tgt $28
    
  • Jersey Mike's Subs (JMKE) initiated with a Buy at Jefferies, tgt $29
    
  • Jersey Mike's Subs (JMKE) initiated with an Overweight at JPMorgan, tgt $26
    
  • Jersey Mike's Subs (JMKE) initiated with an Outperform at Mizuho, tgt $31
    
  • Jersey Mike's Subs (JMKE) initiated with an Overweight at Morgan Stanley, tgt $29
    
  • Jersey Mike's Subs (JMKE) initiated with an Overweight at Piper Sandler
    
  • Jersey Mike's Subs (JMKE) initiated with an Outperform at Raymond James, tgt $29
    
  • Jersey Mike's Subs (JMKE) initiated with an Outperform at RBC Capital, tgt $28
    
  • Jersey Mike's Subs (JMKE) initiated with a Buy at Stifel, tgt $27
    
  • Jersey Mike's Subs (JMKE) initiated with a Buy at TD Cowen, tgt $26
    
  • Jersey Mike's Subs (JMKE) initiated with a Buy at Truist, tgt $30
    
  • Jersey Mike's Subs (JMKE) initiated with a Buy at UBS, tgt $27
    
  • Jersey Mike's Subs (JMKE) initiated with an Equal Weight at Wells Fargo, tgt $25
    
  • Jersey Mike's Subs (JMKE) initiated with a Peer Perform at Wolfe Research
    
  • Match Group (MTCH) assumed with a Neutral at JPMorgan, tgt $43
    
  • MediaAlpha (MAX) assumed with a Neutral at JPMorgan, tgt $15
    
  • nCino (NCNO) assumed with an Overweight at Piper Sandler, tgt $25
    
  • Nuvectis Pharma (NVCT) initiated with an Overweight at Cantor Fitzgerald
    
  • Q32 Bio (QTTB) initiated with an Overweight at Morgan Stanley, tgt $34
    
  • Reformation (REF) initiated with an Outperform at Baird, tgt $19
    
  • Reformation (REF) initiated with a Buy at BTIG, tgt $20
    
  • Reformation (REF) initiated with a Buy at Citi, tgt $20
    
  • Reformation (REF) initiated with a Buy at Guggenheim, tgt $20
  • Reformation (REF) initiated with an Overweight at JPMorgan, tgt $21
    
  • Reformation (REF) initiated with an Equal Weight at Morgan Stanley, tgt $16
    
  • Reformation (REF) initiated with an Outperform at RBC Capital, tgt $18
    
  • Reformation (REF) initiated with an Outperform at William Blair
    
  • Rio Tinto (RIO) initiated with an Underweight at Morgan Stanley, tgt $90
    
  • Roku (ROKU) assumed with a Neutral at JPMorgan, tgt $160
    
  • Shattuck Labs (STTK) initiated with a Strong Buy at Raymond James, tgt $18
    
  • Talen Energy (TLN) initiated with an Outperform at Mizuho, tgt $405
    
  • Veeva Systems (VEEV) assumed with an Overweight at Piper Sandler, tgt $295
    
  • Vistra (VST) initiated with an Outperform at Mizuho, tgt $169
    
  • Whirlpool (WHR) initiated with an Equal Weight at Wells Fargo, tgt $42
    
  • Xometry (XMTR) assumed with an Overweight at JPMorgan, tgt $120

• Econ Data (Tuesday):
  • 9:00 ET: June FHFA Housing Price Index (prior 0.3%) and July S&P Case-Shiller Home Price Index (Briefing.com consensus 1.8%; prior 1.6%)
  • 10:00 ET: July New Home Sales (Briefing.com consensus 620,000; prior 628,000) and August Consumer Confidence (Briefing.com consensus 90.6; prior 90.8)

• Earnings:
  • Monday (August 24)
    • Pre-Market: NSSC PDD
    • After-Hours: None
  • Tuesday (August 25)
    • Pre-Market: BMO BNS DKS
    • After-Hours: BOX HEI INTU NCNO SMTC ZM
  • Wednesday (August 26)
    • Pre-Market: ANF BBWI DCI SJM KSS LI PLAB SFL WSM
    • After-Hours: A CRWD P HPQ NTNX NVDA OKTA CRM SNPS URBN VEEV
  • Thursday (August 27)
    • Pre-Market: BBY BILI BURL CSIQ DG DLTR HQY HRL MBUU TD
    • After-Hours: AFRM ADSK ESTC GAP MRVL PD RBRK S ULTA WDAY
  • Friday (August 28)
    • Pre-market: None
    • Afternoon: None