After Hours Report

Stocks ended Tuesday with modest gains as renewed buying interest in semiconductor stocks helped offset a mixed showing across the broader market. The Nasdaq Composite (+0.7%) led the major averages, while the S&P 500 (+0.3%) and DJIA (+0.3%) logged smaller advances during a session that otherwise featured relatively limited conviction.

Chip stocks provided the clearest source of leadership after coming under considerable pressure over the past several sessions. The PHLX Semiconductor Index gained 1.4%, lifting the information technology sector (+1.0%) to the top of the sector standings. NVIDIA (NVDA 212.95, +4.47, +2.14%) broke a seven-session losing streak ahead of its earnings report Wednesday after the close, while Super Micro Computer (SMCI 38.45, +3.28, +9.33%) ranked among the best-performing S&P 500 components after Cisco (CSCO 111.11, +0.88, +0.80%) expanded its NVIDIA AI partnership to include Supermicro rack-scale systems in its Secure AI Factory.

Strength among large chipmakers also helped the Vanguard Mega Cap Growth ETF rise 0.6%, although performance among mega-cap stocks outside of the semiconductor trade was less consistent. SpaceX (SPCX 137.97, +2.97, +2.20%) was a notable standout after confirming that construction of its Starbase launch facility in Louisiana will begin in 2027, while Meta Platforms (META 570.05, +11.03, +1.97%) provided support for the communication services sector (+0.5%).

The health care sector (+0.3%) also edged higher, with Moderna (MRNA 158.83, +19.94, +14.36%) again standing out. The stock continued its volatile stretch following last week's triple-digit surge on positive melanoma vaccine results, rebounding sharply after some recent profit-taking.

The positive finish for the major averages contrasted with weakness across several areas that had performed better recently. Retail stocks generally struggled, contributing to a 0.9% decline in the consumer staples sector and a 0.3% loss in the consumer discretionary sector. Athletic apparel stocks were a particularly weak pocket following Dick's Sporting Good's (DKS 124.31, -55.02, -30.68%) earnings report, which featured disappointing results from Foot Locker. NIKE (NKE 39.48, -1.28, -3.13%) finished as the worst-performing DJIA component, while Deckers Outdoor (DECK 88.74, -3.34, -3.63%) and lululemon athletica (LULU 118.33, -4.45, -3.62%) were also notable S&P 500 laggards as the results weighed on sentiment across the group.

Oil provided another notable crosscurrent. Crude oil futures settled $2.69 lower (-3.2%) at $82.29 per barrel amid a relatively quiet day of geopolitical headlines, sending the energy sector (-1.7%) to the bottom of the sector standings. The decline in crude was more constructive for oil-sensitive areas of the market, while Treasury yields also moved lower across the curve.

Ultimately, Tuesday's advance was driven more by a return to semiconductor stocks than by broad-based buying. The rebound in chips was enough to lift the major averages and give the Nasdaq a clear edge, while broader participation was mixed. The subdued overall tone came ahead of a potentially more consequential Wednesday, when the July Personal Income and Spending report will provide an update on the Fed's preferred inflation gauge before NVIDIA reports earnings after the close.

U.S. Treasuries had a solid outing on Tuesday, adding to their gains from the start of the week with some help from falling energy prices. The U.S. Treasury kicked off this week's note auction slate with a good $69 billion 2-year note offering ahead of tomorrow's $70 billion 5-year note sale. The 2-year note yield settled down four basis points to 4.20%, and the 10-year note settled down seven basis points to 4.64%.

• Russell 2000: +21.3% YTD
• S&P Mid Cap 400: +15.0% YTD
• Nasdaq Composite: +12.5% YTD
• S&P 500: +12.2% YTD
• DJIA: +11.5% YTD

Reviewing today's data:

• June FHFA Housing Price Index 0.0%; Prior 0.3%
• July S&P Case-Shiller Home Price Index 2.1% (Briefing.com consensus 1.8%); Prior 1.6%
• August Consumer Confidence 89.4 (Briefing.com consensus 90.6); Prior was revised to 90.2 from 90.8
  • The key takeaway from the report is that the overall decrease in sentiment was owed to another worsening in the Expectations Index, which was somewhat offset by a rebound in the Present Situation Index after three months of deterioration.
• July New Home Sales 607K (Briefing.com consensus 620K); Prior was revised to 678K from 628K
  • The key takeaway from the report is that changes in monthly sales varied greatly by region, but the overall pace of sales slowed. This increased the month's supply of new homes for sale, which could result in some pressure on prices.

 Overseas:

• Europe: DAX +0.7%, FTSE +0.3%, CAC -0.2%
• Asia: Nikkei +0.5%, Hang Seng flat, Shanghai +0.2%

Commodities:

• Crude Oil -2.69 @ 82.29
• Nat Gas unch @ 2.83
• Gold -0.80 @ 4694.20
• Silver +0.11 @ 68.68
• Copper +0.11 @ 6.71

After-Hours Spotlight:

• American Tower (AMT): Director bought 2,829 shares at $177 worth ~$501K...AMT +0.4%
• Box (BOX) reports EPS in line, beats on revs; provides Q3 (Sep) and FY27 guidance...BOX -0.1%
• HEICO (HEI) beats by $0.16, beats on revs...HEI +2.5%
• Intuit (INTU) beats by $0.45, beats on revs; guides OctQ EPS and revs below consensus; guides FY27 EPS and revs below consensus...INTU -10.3%
• nCino (NCNO) reports Q2 (Jul) results, beats on revs; guides Q3 revs in-line; guides FY27 revs in-line; Announces new $100 mln stock repurchase authorization...NCNO -6.8%
• Qfin Holdings (QFIN) reports Q2 results...QFIN -13.3%
• Semtech (SMTC) beats by $0.10, beats on revs; provides Q3 (Sep) and FY27 guidance...SMTC +3.3%
• Spyre (SYRE) Phase 2 SPY072 shows RA benefit but misses bar for monotherapy prioritization...SYRE -12.4%
• Zoom Communications (ZM) beats by $0.07, beats on revs; provides Q3 (Sep) and FY27 guidance...ZM -4%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Bank of Montreal (BMO) beats by CAD0.19, beats on revs; plans to repurchase up to 25 mln common shares
  • Bank of Nova Scotia (BNS) beats by CAD0.18, beats on revs
  • Dick's Sporting Goods (DKS) misses by $0.23, misses on revs, DICK'S Business delivered 4.9% comp sales growth; lowers FY27 EPS, revenue, and Foot Locker comp guidance
  • EHang (EH) reports Q2 results
  • Gorilla Technology Group (GRRR) reports 1H26 revenue growth of 99.3%; increases Q1 and FY26 revenue guidance; guides FY27 revs below consensus
  • SCHMID Group N.V. (SHMD) reports H1 2026 financial results and updates full-year 2026 guidance
  • Vipshop (VIPS) reports Q2 results
  • Woodside Energy Group (WDS) reports H1 results
• General News
  • Iran threatens to retaliate against new U.S. sanctions. Reuters
  • Supreme Court allows President Trump to carry out parts of an executive order intended to restrict mail voting, but more legal challenges are expected. CNN
  • Stanley Druckenmiller says Treasury Secretary Scott Bessent's bond repurchase program is a mistake. Bloomberg
  • SEC sent subpoenas to banks that handled trading at Situational Awareness. NY Times
  • OpenAI's new custom inference chip, Jalapeno, provides significant performance improvements during recent testing
  • Canada will imposes CAD 27.6 bln in retaliatory tariffs between 15-50% on several products steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics; effective September 8
  • Omani, Iranian officials propose temporary shipping lane through Strait of Hormuz
  • Chinese Foreign Ministry spokesperson Lin Jian says China will take “all necessary measures” to safeguard its interests with Iran, according to Bloomberg
  • HHS planning to name new deputy commissioners for technology and drugs at the FDA, according to CNBC
  • Anthropic will tell investors it sees $30 trillion in revenue opportunities, according to WSJ
  • OpenAI data center executive Chris Malone has left the company, according to WSJ
  • Abbott (ABT) gets FDA De Novo authorization for Libre Duo 10 Day dual glucose-ketone sensor
  • Akamai (AKAM) forms cybersecurity alliance with Deloitte Canada
  • Alkermes (ALKS) says Lancet Neurology published positive phase 2 alixorexton data in narcolepsy type 1
  • Allegion (ALLE) launches Schlage XE360 wireless access-control locks with persistent Wi-Fi
  • Alphabet's (GOOG) Waymo announces upcoming service in Germany
  • Amazon (AMZN): New York City Mayor Zohran Mamdani putting pressure on Amazon over delivery workers and e-bikes. WSJ
  • Amrize (AMRZ) names Sam Poletti CFO, succeeding Baris Oran
  • Apple (AAPL) plans to release its first foldable phone, according to Bloomberg
  • Apple (AAPL) planning to introduce a new Mac Mini. Bloomberg
  • Aptiv (APTV) expands NVIDIA Jetson support to Orin Nano 2 for edge AI deployments
  • AstroNova (ALOT) shareholders approve $29/share cash sale to Arcline
  • Barrick Mining (B) and GFG Resources sign strategic earn-in to accelerate exploration at the Pen Gold Project
  • Bausch + Lomb (BLCO) advancing two first-in-class eye health therapies based on trial results
  • BeOne Medicines (ONC) also confirms FDA approval for TEVIMBRA combo in first-line HER2-positive GEA
  • BioCryst (BCRX) wins Japan approval for ORLADEYO in pediatric HAE patients ages 2 to under 12
  • Boeing (BA) awarded a $131.2 bln ceiling IDIQ Air Force contract for the F-15 Eagle Crest in support of the F-15 Program Office
  • Braskem SA (BAK) files for extrajudicial reorganization covering $10.9 bln of unsecured financial debt; discloses previously non-public information shared with creditors during restructuring talks
  • Bristol-Myers (BMY) ends partnership with Cellares, according to EndPoint News
  • Builders FirstSource (BLDR) partners with Digs, leads $25.3 mln Series A and signs five-year commercial agreement
  • Charter's Spectrum (CHTR) to include Amazon (AMZN) Prime for qualifying low-income internet customers
  • Cisco (CSCO) launches sovereign critical infrastructure portfolio in Canada
  • CME Group (CME) marks first trade in U.S. Zinc Futures
  • Collective Mining (CNL) reports Apollo metallurgical recoveries of 95% gold, 92% silver, 85% copper; maiden resource now targeted for September 2026
  • DaVita (DVA), Humana launch value-based CKD care partnership for Medicare Advantage members
  • Digital Realty (DLR) selected for 50 MW Singapore data center development
  • Einride (ENRD) expands Lidl Sweden electric freight partnership
  • Equinor (EQNR) starts Troll Phase 3 Stage 2 production ahead of schedule and below budget; project accelerates 55 bcm of North Sea gas
  • Garmin (GRMN) launches fenix 9 and fenix 9 Pro multisport smartwatches
  • Grand Canyon Education (LOPE) places CFO Daniel Bachus on administrative leave; Lori Browning named interim CFO
  • Honda Motor (HMC) is looking to build their newest manufacturing facility in the US, according to Bloomberg
  • Hormel Foods (HRL) names Tyson Foods' Ash Bhumbla CFO, effective Sept. 8
  • Huntsman (HUN), Olin shareholders approve merger of equals
  • Intapp (INTA) and Legora partner to deliver governed AI and AI-driven time capture for law firms
  • Interactive Brokers (IBKR) partners with Daol Investment & Securities for Korean global-equities access
  • Jazz Pharma (JAZZ) wins FDA approval for Ziihera regimens in first-line HER2-positive advanced gastroesophageal adenocarcinoma; will host webcast Aug. 25 at 4:30 p.m. ET
  • Johnson & Johnson (JNJ) wins FDA approval for IMAAVY in warm autoimmune hemolytic anemia
  • Johnson & Johnson (JNJ): FDA approves first drug for warm autoimmune hemolytic anemia
  • JP Morgan (JPM) eases guidelines regarding lending money against shares held by employees. FT
  • Lakefront Biotherapeutics NV (LKFT) announces that the FDA has granted Orphan Drug Designation to gamgertamig for the treatment of pemphigus
  • Leidos (LDOS) awarded $56 mln Naval Health Research Center contract
  • McEwen Mining (MUX) COO William Shaver to retire; company restructures responsibilities with three senior leadership promotions
  • Meta (META) aiming to introduce the "Hatch" artificial intelligence agent platform in a few weeks. The Information
  • Molecular Partners (MOLN) says MP0712 advances to cohort 2 in Phase 1/2a study
  • Morningstar (MORN), PitchBook join Google Cloud launch of Gemini Enterprise for Financial Services
  • NexGen Energy (NXE) announces results from the early portion of 2026 summer drilling at PCE
  • NextNav (NN) partners with Tiami Networks on 5G-powered counter-UAS sensing
  • NIQ (NIQ) partners with OpenAI Deployment Company to expand AI products into client workflows
  • Nordson (NDSN) launches ASYMTEK Vantage XL dispensing system for panel-level packaging
  • NuScale (SMR) deploys nuclear-specific AI tools with NPX and Nuclearn
  • Nutex Health (NUTX) discloses unauthorized network access with suspected data exfiltration
  • NVIDIA (NVDA): A Nvidia employee was accused of smuggling chips into China. FT
  • NVIDIA (NVDA) supported Lambda wants to raise $3 bln. Bloomberg
  • NVIDIA (NVDA) launches Jetson Orin Nano 2 robotics computer for entry-level edge AI
  • NVIDIA (NVDA): Semianalysis posts blog titled "OpenAI Jalapeno: Better Than Nvidia Blackwell"
  • OrthoPediatrics (KIDS) launches 3P Pediatric Plating Platform Hip System in U.S. after limited rollout
  • Paramount Skydance (PSKY) considered selling HGTV or Food Network to gain approval for Warner Brothers (WBD) deal, according to updated Bloomberg story
  • Parsons (PSN) unit wins up to $750 mln USCYBERCOM Joint Cyber Hunt Kit production award
  • Penguin Solutions' (PENG) Cree LED, Nanolumens settle patent dispute in cross-license deal
  • Penumbra (PEN): Incuvate sues Penumbra, alleges patent infringement over THUNDERBOLT system
  • PepsiCo (PEP) ends insurance coverage of weight loss drugs for some employees, according to Bloomberg
  • Plexus (PLXS) authorizes new $100 mln share repurchase program
  • Real REMAX Group (REAX) authorizes up to $450 mln share repurchase
  • Redwire (RDW) makes strategic investment in phased array antenna technology
  • Qnity Electronics (Q) expands AI-driven advanced packaging capabilities with end-to-end process solutions
  • Ritchie Bros. (RBA) launches redesigned mobile app with native bidding
  • Rocket's (RKT) Redfin keeps Zillow rentals partnership in FTC resolution
  • Royal Bank of Canada (RY) combines transaction banking operations under new global business
  • Sagimet (SGMT) targets Q4 start for Phase III AURORA acne trial enrollment
  • Six Flags (FUN) to move corporate headquarters to Arlington, Texas in 2027
  • SLB (SLB) secured contract to gain access to Venezuela's oilfield data, according to Reuters
  • Snap (SNAP): PA Attorney General Dave Sunday announces lawsuit against Snapchat for "failures to protect children from compulsive use"
  • Soluna (SLNH), Bitdeer sign 28 MW co-mining deal at Project Kati
  • SpaceX (SPCX) confirms Starbase, Louisiana launch facility in Vermilion Parish - construction to start 2027
  • Spire (SPIR) wins €4M EUMETSAT weather-data contract renewal and expansion
  • Starbucks (SBUX): Starbucks Workers United union calls for boycott
  • Summit Therapeutics (SMMT) says Lancet Oncology published Phase III HARMONi data for ivonescimab in EGFR-mutated NSCLC
  • Sun Communities (SUI) announces that Robert Garechana will join the Company as Executive Vice President and Chief Financial Officer, effective September 8, 2026, succeeding Fernando Castro-Caratini, who will transition to an advisory role with the company
  • Targa Resources (TRGP) names Ben Branstetter CFO; adds Enterprise Products' Brent Secrest as President-Logistics and Transportation
  • Tesla (TSLA) increasing prices of Cybertrucks in U.S. Reuters
  • UL Solutions (ULS) launches Retail Total Access supply-chain quality software
  • United (UAL) to add 10 international cities in 2027 in largest network expansion in company history
  • United Airlines (UAL) CEO Scott Kirby in an interview says airfares are expected to remain elevated this year, but airfares will remain below pre-pandemic levels, according to ABC News
  • U.S. Antimony (UAMY) provides update on mining success at Stibnite Hill, Montana
  • Veeva (VEEV) says Biogen (BIIB) selects Vault CRM globally; says Regeneron (REGN) selects Vault CRM globally
  • VersaBank (VBNK) announces signing of reorganization agreement and filing and mailing of materials for special meeting of shareholders to approve proposed reorganization
  • Vishay Intertechnology (VSH) automotive grade ferrite common mode chokes save board space while increasing efficiency
  • WisdomTree (WT) expands Stable Sea tie-up with two additional tokenized cash funds
  • Woodside Energy (WDS) put its Beaumont facility in Texas under review. WSJ
  • Xanadu (XNDU), Mitsubishi Chemical expand quantum semiconductor research collaboration
  • Zymeworks (ZYME) confirmed U.S. FDA approval of Ziihera (zanidatamab-hrii) with and without tislelizumab plus chemotherapy in first-line HER2+ advanced gastroesophageal adenocarcinoma

• Upgrades:
  • Air France-KLM (AFLYY) upgraded to Hold from Reduce at Kepler Cheuvreux
    
  • AMD (AMD) upgraded to Strong Buy from Outperform at Raymond James, tgt $641
    
  • Bread Financial (BFH) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $130
    
  • Capricor Therapeutics (CAPR) upgraded to Outperform from Perform at Oppenheimer, tgt $54
    
  • Dynatrace (DT) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $65
    
  • Fluence Energy (FLNC) upgraded to Neutral from Sell at UBS, tgt $12
    
  • Moderna (MRNA) upgraded to Peer Perform from Underperform at Wolfe Research
    
  • Shift4 Payments (FOUR) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $59
    
  • Summit Therapeutics (SMMT) upgraded to Market Perform from Underperform at Bernstein, tgt $11.90
• Downgrades:
  • Daqo New Energy (DQ) downgraded to Sell from Neutral at Goldman, tgt $10
    
  • Fidelity Nat'l Info (FIS) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $46
    
  • Five Below (FIVE) downgraded to Hold from Buy at Loop Capital, tgt $250
    
  • Klarna (KLAR) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • Nutrien (NTR) downgraded to Sector Perform from Outperform at National Bank, tgt $77
    
  • Paymentus (PAY) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • RLI Corp. (RLI) downgraded to Underperform from Hold at Jefferies, tgt $53
    
  • VTEX (VTEX) downgraded to Market Perform from Outperform at Itau BBA, tgt $4.50
• Others:
  • Advanced Drainage Systems (WMS) initiated with a Buy at DA Davidson, tgt $190
    
  • Agomab Therapeutics (AGMB) initiated with an Overweight at Piper Sandler, tgt $60
    
  • Amrize (AMRZ) initiated with a Neutral at DA Davidson, tgt $50
    
  • Apnimed (APMD) initiated with an Overweight at Cantor Fitzgerald, tgt $60
    
  • Apnimed (APMD) initiated with an Outperform at Evercore ISI
    
  • Apnimed (APMD) initiated with an Outperform at LifeSci Capital, tgt $50
    
  • Apnimed (APMD) initiated with a Buy at BofA Securities, tgt $41
    
  • Armstrong World Industries (AWI) initiated with a Buy at DA Davidson, tgt $215
    
  • Carlisle (CSL) initiated with a Neutral at DA Davidson, tgt $410
    
  • Curbline Properties (CURB) initiated with a Buy at Jefferies, tgt $36
    
  • CRH (CRH) initiated with a Buy at DA Davidson, tgt $137
  • Eagle Materials (EXP) initiated with a Neutral at DA Davidson, tgt $220
    
  • Fortune Brands (FBIN) initiated with a Buy at DA Davidson, tgr $64
    
  • JBT Marel (JBTM) initiated with an Overweight at KeyBanc, tgt $150
    
  • Jersey Mike's Subs (JMKE) initiated with a Neutral at Goldman, tgt $26
    
  • Knife River (KNF) assumed with a Buy at DA Davidson, tgt $85
    
  • Kodiak AI (KDK) initiated with an Outperform at Oppenheimer, tgt $9
    
  • Martin Marietta Materials (MLM) initiated with a Neutral at DA Davidson, tgt $625
    
  • Masco (MAS) initiated with a Neutral at DA Davidson, tgt $80
    
  • MasterBrand (MBC) initiated with a Neutral at DA Davidson, tgt $10
    
  • Midera Food Processing (MFP) initiated with a Sector Weight at KeyBanc
    
  • Owens Corning (OC) initiated with a Buy at DA Davidson, tgt $190
    
  • Pool Corp. (POOL) initiated with a Neutral at DA Davidson, tgt $210
    
  • QXO (QXO) initiated with a Buy at DA Davidson, tgt $26
    
  • Sherwin-Williams (SHW) initiated with a Buy at DA Davidson, tgt $400
  • Vivmark Residential (VMRK) resumed at Overweight at Morgan Stanley, tgt $75
  • Vulcan Materials (VMC) initiated with a Buy at DA Davidson, tgt $330

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -0.4%)
  • 8:30 ET: Q2 GDP -- second estimate (Briefing.com consensus 1.5%; prior 1.5%), Q2 GDP Deflator -- second estimate (Briefing.com consensus 6.3%; prior 6.3%), July Personal Income (Briefing.com consensus 0.2%; prior 0.2%), Personal Spending (Briefing.com consensus 0.2%; prior 0.3%), PCE Prices (Briefing.com consensus 0.1%; prior -0.1%), Core PCE Prices (Briefing.com consensus 0.2%; prior 0.1%), July Durable Orders (Briefing.com consensus 0.5%; prior 0.3%), and Durable Orders ex-transport (Briefing.com consensus 0.5%; prior 0.6%)
  • 10:30 ET: Weekly crude oil inventories (prior +4.41 mln)

• 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