After Hours Report

Technology stocks powered the major averages higher on Thursday, with another round of strong earnings reactions allowing the Nasdaq Composite (+1.6%) to outperform the S&P 500 (+0.7%) and DJIA (+0.2%). The gains returned all three major averages to positive territory for the week, although the strength at the index level masked a notably weaker showing across most of the market.

The information technology sector (+3.4%) was the only S&P 500 sector to finish higher, supported by substantial gains across both semiconductor and software stocks. NVIDIA (NVDA 227.91, +18.25, +8.70%) surged after another strong earnings report and bullish commentary surrounding the AI buildout, putting further distance between the stock and its 50-day moving average following its recent seven-session losing streak. The PHLX Semiconductor Index (+2.3%) finished firmly higher.

Software stocks provided even stronger leadership, sending the iShares Expanded Tech-Software Sector ETF up 7.7%. Salesforce (CRM 252.10, +46.48, +22.60%) led both the S&P 500 and DJIA after its results featured encouraging forward demand indicators and expectations for accelerating organic revenue growth in the second half. CrowdStrike (CRWD 227.96, +38.78, +20.50%) was another major post-earnings winner, adding to the broad strength across software names.

The concentration of today's gains was evident in the S&P 500 Equal Weighted Index (-0.3%), which finished lower despite the solid advance for its market-cap-weighted counterpart. Defensive groups were among the weakest performers, with the consumer staples sector (-1.5%) finishing at the bottom of the sector standings. Hormel Foods (HRL 21.28, -2.44, -10.27%) finished as the worst-performing S&P 500 component after its earnings release. The health care sector (-1.1%) also lagged as Moderna (MRNA 142.77, -6.89, -4.60%) faced pressure again after last week's monumental surge.

Retail stocks remained another source of weakness. The consumer discretionary sector (-1.0%) finished firmly lower as disappointing earnings reactions from Best Buy (BBY 83.58, -3.86, -4.41%) and Burlington Stores (BURL 289.89, -24.10, -7.68%) weighed on the group, helping send the State Street SPDR S&P Retail ETF down 1.8%.

Oil prices provided a late-session crosscurrent after spending much of the day lower. WTI crude rallied sharply during the afternoon following a report that the White House has no intention of returning to the terms of the June memorandum of understanding with Iran, eventually settling $1.36 higher (+1.7%) at $83.61 per barrel. The move helped the energy sector (-0.4%) recover from a larger decline and finish with the narrowest loss among the ten sectors that ended lower.

Ultimately, Thursday's advance was almost entirely a technology-driven affair, as strong reactions to NVIDIA, Salesforce, CrowdStrike, and other earnings reports outweighed rotational weakness throughout the rest of the market. Attention remains on the earnings calendar after the close, with Marvell (MRVL 241.45, -3.66, -1.49%) and Workday (WDAY 193.57, +2.82, +1.48%) set to report, but the focus will shift back toward monetary policy tomorrow when Fed Chair Kevin Warsh delivers his keynote address at the Jackson Hole Symposium. With the CME FedWatch Tool assigning roughly a one-in-three probability to a September rate hike, Warsh's comments could provide the next major catalyst for rates and the broader market.

U.S. Treasuries recorded slim losses on Thursday after a sideways session concluded with a late slip to lows alongside an uptick in the price of oil. The U.S. Treasury completed this week's note auction slate with a good $44 billion 7-year note offering. The 2-year note yield settled up one basis point to 4.23%, and the 10-year note yield settled up one basis point to 4.67%.

• Russell 2000: +21.5% YTD
• S&P Mid Cap 400: +15.7% YTD
• Nasdaq Composite: +14.2% YTD
• S&P 500: +12.9% YTD
• DJIA: +11.5% YTD

Reviewing today's data:

• July Adv. Intl. Trade in Goods -$118.8 bln; Prior was revised to -$101.4 bln from -$101.5 bln
• July Adv. Retail Inventories 0.7%; Prior 0.0%
• July Adv. Wholesale Inventories 1.3%; Prior 0.3%
• Weekly Initial Claims 203K (Briefing.com consensus 210K); Prior was revised to 207K from 206K, Weekly Continuing Claims 1.778 mln; Prior was revised to 1.796 mln from 1.799 mln
  • The key takeaway from the report is that initial claims continue hovering just above the 200,000 mark, showing little change in overall layoff activity while continuing claims are just above their lowest level of the year.

 Overseas:

• Europe: DAX +0.3%, FTSE -0.8%, CAC -1.7%
• Asia: Nikkei -0.2%, Hang Seng -0.3%, Shanghai +1.1%

Commodities:

• Crude Oil +1.36 @ 83.61
• Nat Gas +0.04 @ 2.91
• Gold +17.20 @ 4664.30
• Silver +1.46 @ 69.46
• Copper +0.09 @ 6.69

After-Hours Spotlight:

• Affirm (AFRM) reports Q4 (Jun) results, beats on revs, GMV grew 36%; guides Q1 revs above consensus, sees GMV of over $64 bln for FY27; Also announces that COO Michael Linford has been promoted to role of President...AFRM +8.9%
• Autodesk (ADSK) beats by $0.18, beats on revs; guides Q3 EPS below consensus, revs above consensus; guides FY27 EPS in-line, revs above consensus...ADSK -5.2%
• Elastic (ESTC) beats by $0.12, beats on revs; provides Q2 (Jun) and FY27 guidance; Board authorizes $0.5 bln buyback program...ESTC +16.8%
• Gap (GAP) beats by $0.04, misses on revs; comp sales -1%; guides OctQ revs in-line; guides FY27 EPS above consensus, revs above consensus...GAP +15.5%
• IREN (IREN) Reports FY26 Results...IREN -4.6%
• Kazia Therapeutics (KZIA) announces commencement of registered public offering of ADSs and accompanying warrants...KZIA -17.3%
• Marvell (MRVL) beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line...MRVL -6.3%
• Rubrik (RBRK) beats by $0.16, beats on revs; provides Q3 (Sep) and FY27 guidance...RBRK -9.9%
• SentinelOne (S) beats by $0.01, beats on revs; provides Q2 (Jun) and FY27 guidance...S -3.1%
• Solstice Advance Materials (SOLS) announces mutual termination of merger agreement with Element Solutions; also authorizes $500 mln repurchase program and reaffirms guidance
• Ulta Beauty (ULTA) beats by $0.35, beats on revs; raises FY27 EPS, revenue, comparable sales guidance...ULTA -3.2%
• Workday (WDAY) beats by $0.14, reports revs in-line; Issues Q3 guidance, raises low end of FY27 subscription revenue guidance range, raises non-GAAP operating margin guidance...WDAY +2.8%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Agilent (A) beats by $0.13, beats on revs; guides FY26 EPS above consensus, revs above consensus
  • Best Buy (BBY) beats by $0.08, beats on revs, comparable sales +4.1%; raises FY27 EPS, revenue, and comparable sales guidance
  • Bilibili (BILI) beats by RMB0.07, reports revs in-line
  • Burlington Stores (BURL) beats by $0.77, reports revs in-line; guides Q3 EPS below consensus; guides FY27 EPS in-line
  • Canadian Solar (CSIQ) reports Q2 (Jun) results, beats on revs; guides Q3 revs in-line
  • CrowdStrike (CRWD) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY27 EPS above consensus, revs above consensus
  • Dollar General (DG) beats by $0.47, reports revs in-line; raises FY27 guidance; Q2 comps +3.5%
  • Dollar Tree (DLTR) beats by $1.55, reports revs in-line; guides Q3 revs in-line; guides FY27 EPS above consensus, revs in-line
  • Everpure (P) beats by $0.12, beats on revs; guides Q3 revs above consensus; raises FY27 revs above consensus
  • Hormel Foods (HRL) beats by $0.02, misses on revs; narrows FY26 EPS guidance; lowers FY26 revenue guidance
  • HP Inc. (HPQ) beats by $0.17, beats on revs; guides Q4 EPS above consensus
  • Lantronix (LTRX) Reports Fiscal Fourth-Quarter and Full-Year 2026 Financial Results
  • Malibu Boats (MBUU) beats by $0.14, beats on revs; provides FY27 guidance; Board authorizes $70 mln buyback program
  • Nutanix (NTNX) beats by $0.11, beats on revs; guides Q1 revs in-line; guides FY27 revs in-line
  • NVIDIA (NVDA) beats by $0.13, beats on revs; guides Q3 revs above consensus
  • Okta (OKTA) beats by $0.08, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY27 EPS above consensus, revs above consensus
  • Ooma (OOMA) Reports Fiscal Second Quarter 2027 Financial Results
  • Prudential Plc (PUK) reports H1 2026 IFRS profit after tax of $995 mln vs. $1.359 bln last year; provides guidance
  • Salesforce (CRM) beats by $2.63, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs above consensus
  • Standard Nuclear (STDN) reports Q2 results
  • Synopsys (SNPS) beats by $0.24, beats on revs; guides Q4 EPS above consensus, revs in-line
  • Toronto-Dominion Bank (TD) beats by CAD0.34, beats on revs
  • Urban Outfitters (URBN) reports EPS in line, beats on revs; provides guidance
  • Veeva Systems (VEEV) beats by $0.13, beats on revs; provides Q3 (Sep) and FY27 guidance
• General News
  • Iran warning of expanded strikes on regional oil producers and European countries in response to sanctions. CNN
  • Iran is experiencing panic buying of food and fuel and labor shortages amid U.S. economic pressure. WSJ
  • House will vote next week on a bill to extend government funding from September 30 through December 11. The bill already passed the Senate. Politico
  • CIA Director John Ratcliffe traveled to Moscow to warn Russia against attacking NATO allies. WSJ
  • The Trump administration is considering new tariffs on semiconductors. Politico
  • USTR Jamieson Greer, in an interview, says there are currently no ‘open channels' to get the U.S. & Canada back to the negotiating table. CBC
  • Kansas City Fed President Jeff Schmid (not a voting FOMC member) says Fed policy is not restrictive, according to Bloomberg
  • President Trump signed an executive order to protect the security, integrity, and reliability of bulk-power system electric equipment used in the United States, particularly from interference by foreign actors
  • President Trump signed a proclamation to temporarily increase the quantity of lean beef trimmings that are imported with no above-quota tariff
  • 3D Systems (DDD) partners with Savannah River National Laboratory on additive manufacturing for energy, national security
  • AbbVie (ABBV) files with EMA for SKYRIZI subcutaneous induction in Crohn's disease
  • Alphabet (GOOG) & Wipro (WIT) Cloud expand partnership to scale AI into core enterprise operations
  • Alphabet (GOOG): Clearlake Capital and Google Cloud form strategic partnership to deliver full-stack enterprise AI across portfolio companies
  • Amazon's (AMZN) AWS, NVIDIA (NVDA) expand AI partnership; AWS to deploy 2 mln additional NVIDIA GPUs in 2027-2028
  • Amgen (AMGN), AstraZeneca say TEZSPIRE met Phase 3 endpoints in eosinophilic esophagitis
  • American Airlines (AAL): A crew of American Airlines Flight 3280 reported two blown tires while taxiing for departure at Chicago O'Hare International Airport; FAA is investigating
  • AstraZeneca (AZN), Amgen's (AMGN) TEZSPIRE posts positive Phase III EoE results
  • Baidu (BIDU) says Hong Kong dual-primary listing conversion effective Sept. 1
  • Becton Dickinson (BDX) announced a significant milestone in its advanced tissue regeneration strategy and expansion efforts with the STANCE clinical trial evaluating GalaFLEX LITE
  • BWXT (BWXT) selected by U.S. Army for Janus microreactor program at Fort Campbell
  • CME Group (CME) to launch E-mini Equity Factor futures Sept. 21, pending regulatory review
  • Corvus (CRVS) publishes final Phase 1/1b soquelitinib data in Blood, citing support for Phase 3 PTCL trial
  • CuriosityStream (CURI) names Sean Piche CFO, effective Sept. 1, as Brady Hayden steps down
  • Digital Realty (DLR) breaks ground on ZUR4 data center in Switzerland
  • Einride (ENRD) launches Flip AI for electric fleet and charging operations
  • Enbridge (ENB) forms Westcoast pipeline JV with KKR, Apollo to invest C$2.7 bln
  • GE Vernova (GEV) to support electricity transmission network upgrade across England and Wales
  • Google (GOOG/GOOGL): Barret Zoph is joining Google. WSJ
  • Granite (GVA) wins $12.3 mln Burke-Gilman Trail project in Seattle
  • Hanover Bancorp (HNVR) approves new buyback for up to 370,000 share
  • HF Sinclair (DINO) authorizes new $1.5 bln share repurchase program
  • Karman Space (KRMN) names Chris Boynton CFO, effective Sept. 14
  • KBR (KBR) wins UK Ministry of Justice workplace services management contract
  • KKR (KKR) settles antitrust case that accused the company of merger violations. Reuters
  • Lam Research (LRCX) breaks ground on Oregon R&D lab as part of $3 bln global lab expansion
  • Lockheed Martin (LMT): British Columbia's premier wants Canada to stop purchasing F-35 fighter jets in response to tariffs. NY Times
  • Mercury (MCY) names CEO Gabriel Tirador chairman after founder George Joseph dies at 104
  • Natera (NTRA) and Angiex Partner to assess response to investigational nuclear-delivered antibody-drug conjugate using Signatera
  • NCLH's (NCLH) Oceania Cruises floats out first Sonata-class ship ahead of August 2027 debut
  • NeoGenomics (NEO) gets Medicare coverage expansion for RaDaR ST in immunotherapy monitoring
  • Nova Minerals Limited (NVA) achieves key milestone on path to antimony production
  • NVIDIA (NVDA): U.S. investigating Apex Logistics for allegedly smuggling Nvidia chips to China. Bloomberg
  • Phibro (PAHC) to close Chicago Heights manufacturing facility in summer 2027
  • REPAY (RPAY) partners with NxtEdge to embed AP payments in hospitality inventory platform
  • Salesforce (CRM), Anthropic launch Claudeforce enterprise AI partnership
  • Sandisk (SNDK), Kioxia plan over $31 bln Japan memory investment through 2032
  • SharonAI Holdings Inc. (SHAZ) expands executive leadership team to support next phase of growth and delivery; changes will take effect Sept 7
  • Six Flags Entertainment (FUN): Some riders of SIX roller coasters had to have emergency brain surgery, according to CNN
  • Solowin Holdings (AXG) announces AI infrastructure expansion with 100 MW high-performance computing target
  • Southern's (SO) Georgia Power wins approval for OpenAI power contract
  • Spire Global (SPIR) wins $28 mln NOAA contract for hyperspectral microwave sounding work
  • SS Innovations (SSII) says Sarah Romano no longer serving as CFO
  • Standard Nuclear (STDN) signs multi-year TRISO fuel supply deal with Antares
  • Teledyne (TDY) FLIR Marine launches M364C-USV camera for autonomous vessels
  • Unum (UNM) board authorizes new $1 bln share repurchase program
  • U.S. GoldMining (USGO) updates Whistler exploration; initial assays due in coming weeks
  • Verra Mobility (VRRM) expands Hertz technology partnership under renewed five-year contract
  • Vistance Networks (VISN) authorizes additional $150 mln share repurchase
  • Willis Lease Finance (WLFC) to build third engine repair center in Malaysia

• Upgrades:
  • BWX Technologies (BWXT) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $170
    
  • Extra Space Storage (EXR) upgraded to Outperform from Market Perform at BMO Capital, tgt $170
    
  • First Solar (FSLR) upgraded to Outperform from Market Perform at BMO Capital, tgt $263
    
  • LTC Properties (LTC) upgraded to Buy from Hold at Deutsche Bank, tgt $55
    
  • Macerich (MAC) upgraded to Overweight from Neutral at Piper Sandler, tgt $30
    
  • Okta (OKTA) upgraded to Neutral from Underperform at BofA Securities, tgt $170
    
  • Semtech (SMTC) upgraded to Outperform from Market Perform at Northland, tgt $182
    
  • Sociedad Quimica y Minera (SQM) upgraded to Buy from Neutral at Citigroup, tgt $95
    
  • Sun Communities (SUI) upgraded to Neutral from Underperform at BofA Securities, tgt $140
    
  • Synopsys (SNPS) upgraded to Outperform from Neutral at Robert W. Baird, tgt $560
    
  • Waters (WAT) upgraded to Overweight from Neutral at Piper Sandler, tgt $480
• Downgrades:
  • Abercrombie & Fitch (ANF) downgraded to Neutral from Buy at Citigroup, tgt $156
    
  • Celsius (CELH) downgraded to Hold from Buy at Deutsche Bank, tgt $35
    
  • Deutsche Telekom (DTEGY) downgraded to Hold from Buy at Kepler
    
  • Novo Nordisk (NVO) downgraded to Sell from Hold at Deutsche Bank
    
  • Primerica (PRI) downgraded to Hold from Buy at Truist, tgt $320
    
  • Regions Financial (RF) downgraded to Hold from Buy at Deutsche Bank, tgt $34
    
  • SmartStop Self Storage (SMA) downgraded to Market Perform from Outperform at BMO Capital, tgt $38
• Others:
  • Ascendis Pharma (ASND) initiated with a Buy at H.C. Wainwright, tgt $345
    
  • Choice Hotels (CHH) initiated with a Neutral at Mizuho, tgt $106
    
  • CNB Financial (CCNE) initiated with an Outperform at Raymond James, tgt $39
    
  • CNO Financial (CNO) initiated with a Buy at Texas Capital, tgt $70
    
  • DigitalOcean (DOCN) initiated with a Buy at Truist, tgt $175
    
  • Fannie Mae (FNMA) initiated with a Hold at Texas Capital, tgt $7
    
  • First Financial Bankshares (FFIN) initiated with a Neutral at Piper Sandler, tgt $35
    
  • Goosehead Insurance (GSHD) initiated with a Hold at Texas Capital, tgt $80
    
  • Hanover Bancorp (HNVR) initiated with a Market Perform at Raymond James
    
  • Horizon Technology Finance (HRZN) initiated with a Buy at Compass Point, tgt $5.50
    
  • Interactive Brokers Group (IBKR) initiated with a Market Perform at Raymond James
    
  • Kearny Financial (KRNY) initiated with an Outperform at Raymond James, tgt $11
    
  • Lufax Holding (LU) resumed with a Hold at Deutsche Bank, tgt $1.40
    
  • Odyssey Therapeutics (ODTX) initiated with a Buy at H.C. Wainwright, tgt $44
    
  • Prenetics (PRE) initiated with a Buy at B. Riley, tgt $37
    
  • Third Coast Bancshares (TCBX) initiated with an Overweight at Piper Sandler, tgt $53

• Econ Data (Friday):
  • 9:45 ET: August Chicago PMI (Briefing.com consensus 57.0; prior 57.6)
  • 10:00 ET: Final August University of Michigan Consumer Sentiment (Briefing.com consensus 51.0; prior 51.0)

• 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