After Hours Report

The major averages finished broadly lower on Tuesday as a sharp surge in oil prices, escalating U.S.-Iran hostilities, and weakness across technology and other growth stocks weighed on the market. The S&P 500 (-0.7%), Nasdaq Composite (-1.0%), and DJIA (-0.8%) all ended with sizable losses, while the Russell 2000 (-1.2%) and S&P Mid Cap 400 (-1.1%) also struggled.

Crude oil was the central influence on today's action, extending its intraday surge to settle $4.45 higher (+5.2%) at $90.28 per barrel. Oil prices had already been sharply higher during the morning before the geopolitical situation escalated around midday, when U.S. Central Command confirmed that U.S. forces had begun striking Islamic Revolutionary Guard Corps targets in Iran following recent attempted attacks against commercial shipping in the Strait of Hormuz and American service members deployed to the region.

President Trump later said via Truth Social that the U.S. was conducting "large and powerful" strikes against Iranian targets near the Strait of Hormuz in retaliation for Iran's attack on Jordan. He also warned that any Iranian retaliation would be met with strikes at a "much harder and higher level" and suggested an even larger attack remains an option. Iran issued threats of retaliation of its own, with Axios reporter Barak Ravid quoting the IRGC as saying, "A severe punishment awaits the aggressors. The United States will regret its latest attacks."

The escalation erased an earlier attempt by the major averages to recover from their opening losses and kept pressure on equities through the afternoon. Higher Treasury yields provided an additional headwind, particularly for technology and other growth-oriented stocks, while increased expectations for a rate hike at this month's FOMC meeting also remained in focus.

The information technology sector (-1.0%) finished among the weakest performers as both semiconductor and software stocks came under pressure. The PHLX Semiconductor Index fell 2.1%, while the iShares Expanded Tech-Software Sector ETF dropped 3.5%, with packaged software names among the day's notable laggards. Apple (AAPL 325.13, +8.28, +2.61%) was an important exception, advancing as John Ternus officially took over as CEO and helping offset some of the broader technology weakness.

Several technology names also faced pronounced selling ahead of earnings reports after the close. Dell (DELL 424.82, -31.18, -6.84%) retreated sharply ahead of its Q2 report, with expectations elevated following the company's strong Q1 results and outlook, while Palo Alto Networks (PANW 362.09, -20.04, -5.24%) also lagged ahead of its fiscal Q4 report.

The consumer discretionary sector (-1.9%) finished at the bottom of the sector standings amid broad pressure on oil- and rate-sensitive names. Amazon (AMZN 254.92, -4.85, -1.87%) and Tesla (TSLA 356.09, -11.86, -3.22%) were notable mega-cap laggards, contributing to the broader weakness across growth stocks. The Vanguard Mega Cap Growth ETF finished 1.0% lower.

The industrials sector (-1.4%) was another major source of weakness as the surge in oil prices pressured many of its components. Axon (AXON 518.30, -48.26, -8.52%) finished as the worst-performing S&P 500 component. The materials (-1.4%) and financials (-0.9%) sectors also posted sizable losses as cyclical stocks joined growth names in underperforming.

The other side of today's rotation was evident across energy and defensive areas of the market. The energy sector (+1.5%) finished comfortably higher as crude oil surged above $90 per barrel, while the utilities (+0.7%), health care (+0.6%), and consumer staples (+0.2%) sectors also ended in positive territory as investors sought more defensive positions.

Edison (EIX 58.79, +4.81, +8.91%) and PG&E (PCG 14.06, +0.78, +5.92%) were notable standouts in the utilities sector after KCRA News reporter Ashley Zavala reported that the California Assembly will kill the wildfire liability plan agreed to by lawmakers and Gov. Newsom just days ago. The proposed plan had been a source of concern for PG&E and Southern California Edison because it would not have allowed the utilities to shift future wildfire costs to insurance.

Meanwhile, Moderna (MRNA 154.27, +13.93, +9.93%) continued to experience sharp swings following its recent surge on positive melanoma-vaccine results.

Ultimately, Tuesday's session was dominated by the sharp rise in crude oil and escalating U.S.-Iran hostilities. The midday U.S. strikes and subsequent threats of further escalation from both sides pushed crude above $90 per barrel and reinforced the pressure already facing equities from elevated Treasury yields. Energy and defensive sectors benefited from the resulting rotation, but broad weakness across technology, cyclical stocks, and smaller companies left the major averages firmly lower to begin what has historically been one of the weakest months for the stock market.

U.S. Treasuries tried to fight off early weakness on Tuesday but could not escape selling pressure that sent yields on 10-year note and shorter tenors to fresh highs for the year. The 2-year note yield settled up four basis points to 4.39%, and the 10-year note yield settled up four basis points to 4.80%. 

• Russell 2000: +17.7% YTD
• S&P Mid Cap 400: +12.6% YTD
• Nasdaq Composite: +12.3% YTD
• S&P 500: +11.5% YTD
• DJIA: +9.8% YTD

Reviewing today's data:

• August S&P Global U.S. Manufacturing PMI - Final 53.9; Prior 53.2
• July Construction Spending -0.5% (Briefing.com consensus 0.2%); Prior was revised to 0.0% from -0.1%
  • The key takeaway from the report is the weakness in the residential sector and particularly in new single-family construction, which is being tested by higher financing costs.
• August ISM Manufacturing Index 54.6% (Briefing.com consensus 55.3%); Prior 55.6%
  • The key takeaway from the report is that slower growth was indicated across most report categories. The notable exception was prices, which increased at the same pace as the prior month.
• July JOLTs - Job Openings 7.271 mln (Briefing.com consensus 7.390 mln); Prior was revised to 7.182 mln from 7.359 ml

 Overseas:

• Europe: DAX -1.1%, FTSE -0.3%, CAC -0.4%
• Asia: Nikkei -0.2%, Hang Seng -0.9%, Shanghai -0.2%

Commodities:

• Crude Oil +4.45 @ 90.28
• Nat Gas -0.02 @ 2.91
• Gold -81.30 @ 4398.50
• Silver -1.54 @ 65.41
• Copper -0.09 @ 6.60

After-Hours Spotlight:

• AST SpaceMobile (ASTS): Director bought 10,822 shares at $57.00 - $58.87 worth ~$619K...ASTS +0.5%
• Credo Technology Group (CRDO) beats by $0.03, beats on revs; provides Q2 (Jun) and FY27 guidance...CRDO -4.0%
• Dell (DELL) beats by $2.13, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs above consensus...DELL +8.4%
• GitLab (GTLB) beats by $0.06, beats on revs; provides Q3 (Sep) guidance...GTLB +17.9%
• MongoDB (MDB) beats by $0.28, beats on revs; provides Q3 and FY27 guidance...MDB -11.9%
• OpenAI plans to release Astra model soon, but will limit access to its most advanced cybersecurity capabilities
• Palantir (PLTR) awarded U.S. Army agreement to produce and deliver eight TITAN systems...PLTR -0.1%
• Palo Alto Networks (PANW) beats by $0.04, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs above consensus; also acquires AI-native platform Console...PANW +0.3%
• Ryman Hospitality (RHP) lowers adjusted FFO guidance, raises operating income guidance; Closes on previously announced acquisition of Grande Lakes Orlando Resort...RHP flat

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

• Earnings/Guidance (Full Earnings Calendar):
  • Aduro Clean Technologies (ADUR) reports fourth quarter and fiscal year 2026 results and provides business update
  • Humana maintains FY26 adjusted EPS guidance of at least $9.00 ahead of investor and analyst meetings (HUM)
  • Medtronic (MDT) beats by $0.06, beats on revs; raises FY27 guidance
  • MiniMed (MMED) reports Q1 (Jul) results, beats on revs; raises outlook
  • NIO (NIO) beats by RMB0.38, misses on revs; guides Q3 revs below consensus
  • Rezolve Ai (RZLV) reports $130.8 million H1 revenue, up nearly 21-fold, as google validates its infrastructure strategy for the agentic economy
  • Sasol (SSL) reports FY results
  • YD Bio Limited (YDES) reports H1 results
• General News
  • Delek backs EPA decision granting 2025 small refinery exemptions
  • Walt Disney: President Trump says he wants Congress to pass tax incentives for U.S. film production
  • White House releases details on oil agreement with Venezuela
  • President Trump will meet with oil and gas retailers and refineries today at 13:30 ET, per White House schedule
  • Treasury Secretary Scott Bessent putting pressure on Japan to increase rates amid increasing bond yields. Bloomberg
  • Iranian President Masoud Pezeshkian says Iran would immediately reciprocate if the U.S. returns to the June deal. A tanker was struck by three projectiles while transiting through the Strait of Hormuz. CNBC
  • House will vote on bill today to extend government funding from September 30 through December 11. Both President Trump and House Democrats support the legislation. Politico
  • The House wants to vote on the Russia sanctions bill by the end of the month, but it's unclear if it can pass amid Democratic concerns that the bill gives President Trump too much power on tariffs (RSX). Politico
  • Tropical Storm warnings issued for the Texas and Louisiana coast. CBS News
  • Treasury Secretary Scott Bessent wants less regulation for small banks. Axios
  • Anthropic agreed to a $35 billion cloud computing deal with Nvidia supported Lambda. WSJ
  • The Trump administration escalates arrests of immigrant truck drivers. WSJ
  • Stoke Therapeutics and Biogen Announce Presentations of Clinical Data from Studies of Zorevunersen, an Investigational Medicine for the Treatment of Dravet Syndrome, at the 16th European Epilepsy Congress (EEC)
  • Biogen and Stoke Therapeutics (STOK) announce presentations of clinical data from studies of zorevunersen, an investigational medicine for the treatment of dravet syndrome, at the 16th European Epilepsy Congress (
  • Kanzhun Limited announces that Mr. Xu Chen has ceased to act as the president of the Company by rotation with effect from September 1, 2026
  • After Hours Summary: EAF +5.3% after closing manufacturing facility; MTUS -3% and GBX -1.5% lower on CEO transitions
  • Airbnb (ABNB) aiming to introduce a pilot program to lower host fees. Bloomberg
  • Alumis says envudeucitinib Phase 2b SLE trial missed primary, secondary endpoints; plans Phase 3 talks on IFNGS-high subgroup - halted (ALMS)
  • ArcelorMittal ends plans to takeover CLN-Coils Lamiere joint venture, according to Bloomberg (MT)
  • AstraZeneca and Daiichi Sankyo's Enhertu plus pertuzumab approved in EU for first-line HER2-positive metastatic breast cancer (AZN)
  • BlossomHill Therapeutics to present updated data from ongoing Phase 1/2 SOLARA trial of its macrocyclic OMNI-EGFR inhibitor, BH-30643, in EGFR-mutant NSCLC at the 2026 World Conference on Lung Cancer (BLSM)
  • BOXABL (BXBL) signs multiyear agreement contemplating up to 1,500 homes with LC Vegas Acquisitions
  • Butterfly Network (BFLY) signs multi-year ultrasound BCI licensing deal with Merge Labs
  • Charter CFO Jessica Fischer to step down Oct. 15; Kevin Howard named interim CFO (CHTR)
  • Elbit Systems (ESLT) wins $270 mln ISR and targeting payload contracts
  • Elliott Management aims to build a stake in Air Liquide (AIQUY, INSID). FT
  • Emergent BioSolutions (EBS) gets approx. $24 mln BARDA contract modification for CYFENDUS anthrax vaccine
  • FIS teams with Ericsson (ERIC) on wallet-led financial services platform
  • Glacier Bancorp (GBCI) names Byron Pollan deputy CFO; to succeed Ron Copher as CFO in mid-2027
  • GoPro shares higher by 82% pre-market; trading at $1.62/share; Bloomberg out highlighting Mark Fischbach's stake in the company (GPRO)
  • GSK plc to advance mRNA seasonal flu vaccine into Phase III following positive Phase II results
  • HUTCHMED's ORPATHYS plus AstraZeneca's (AZN) TAGRISSO significantly improves PFS in Phase III first-line lung cancer trial
  • Intuitive Machines (LUNR) wins order for two IM 300 spacecraft platforms
  • Iron Horse Acquisition II Corp & ELECTRA AI selected by Mooving to power battery intelligence across its battery swapping network (SPACS)
  • Jack Henry says recent cyber incident was limited, not financially material (JKHY)
  • KBR wins expanded NOAA weather data contract with $1.1 bln ceiling
  • Medtronic partners with Cornerstone Robotics in ~$700 mln robotic surgery deal (MDT)
  • Micron (MU) workers in Taiwan could strike over bonuses. Reuters
  • Mirion authorizes new $250 mln share repurchase program – 8-K filing (MIR)
  • Novartis' remibrutinib meets primary endpoint in two Phase III relapsing multiple sclerosis trials (NVS)
  • Nutex Health says data was exfiltrated in cyber incident; threat actor threatens external posting – 8-K filing (NUTX)
  • Solar surpasses coal in China for power use (TAN, FSLR, SPWR, CSIQ, ENPH). Bloomberg
  • Sony (SONY) chip unit will partner with Saudi Aramco. Nikkei
  • Trump-backed Venezuelan oil company plans major drilling expansion, according to WSJ (SPY)
  • WPP plc to eliminate 1000 jobs, according to FT

• Upgrades:
  • Akamai Technologies (AKAM) upgraded to Overweight from Neutral at Piper Sandler, tgt $125
  • Capricor Therapeutics (CAPR) upgraded to Overweight from Neutral at Piper Sandler, tgt $25
  • Columbia Banking System (COLB) upgraded to Buy from Neutral at DA Davidson, tgt $36
  • Duolingo (DUOL) upgraded to Outperform from In Line at Evercore ISI, tgt $210
  • Hercules Capital (HTGC) upgraded to Buy from Neutral at UBS, tgt $18.50
  • Lloyds Banking Group (LYG) upgraded to Buy from Neutral at BofA Securities
  • Nuveen Churchill Direct Lending (NCDL) upgraded to Buy from Neutral at UBS, tgt $13
  • Park Hotels & Resorts (PK) upgraded to Outperform from Market Perform at BMO Capital, tgt $18
  • Sempra Energy (SRE) upgraded to Buy from Hold at Jefferies, tgt $97
  • TC Energy (TRP) upgraded to Buy from Hold at Jefferies
  • Tempus AI (TEM) upgraded to Overweight from Neutral at Piper Sandler, tgt $76
  • Tidewater (TDW) upgraded to Buy from Neutral at BTIG Research, tgt $120
  • Timken (TKR) upgraded to Buy from Neutral at BofA Securities, tgt $135
• Downgrades:
  • Barclays (BCS) downgraded to Neutral from Buy at BofA Securities
  • Edison International (EIX) downgraded to Neutral from Buy at BofA Securities, tgt $51
  • LexinFintech Holdings (LX) downgraded to Neutral from Buy at Citigroup, tgt $1.20
  • Miami International Holdings (MIAX) downgraded to Equal Weight at Morgan Stanley, tgt $50
  • Myriad Genetics (MYGN) downgraded to Underweight from Overweight at Piper Sandler, tgt $2
  • PG&E (PCG) downgraded to Neutral from Buy at BofA Securities, tgt $13
  • Xenia Hotels & Resorts (XHR) downgraded to Market Perform from Outperform at BMO Capital, tgt $20.50
• Others:
  • A10 Networks (ATEN) initiated with a Hold at Deutsche Bank, tgt $28
  • Aclaris Therapeutics (ACRS) initiated with a Buy at Canaccord, tgt $10
  • Airbnb (ABNB) initiated with a Buy at Rosenblatt, tgt $220
  • Arista Networks (ANET) initiated with a Buy at Deutsche Bank, tgt $220
  • Assembly Biosciences (ASMB) initiated with a Buy at UBS, tgt $52
  • BlossomHill Therapeutics (BLSM) initiated with an Outperform at LifeSci Capital
  • BlossomHill Therapeutics (BLSM) initiated with a Buy at Guggenheim, tgt $30
  • BlossomHill Therapeutics (BLSM) initiated with a Buy at H.C. Wainwright, tgt $35
  • BlossomHill Therapeutics (BLSM) initiated with an Overweight at JPMorgan, tgt $28
  • Booking Holdings (BKNG) initiated with a Buy at Rosenblatt, tgt $245
  • BorgWarner (BWA) resumed with an Outperform at RBC Capital, tgt $87
  • Cisco (CSCO) initiated with a Buy at Deutsche Bank, tgt $135
  • Coherent (COHR) initiated with a Buy at Deutsche Bank, tgt $400
  • DoorDash (DASH) initiated with a Buy at Rosenblatt, tgt $270
  • Dell Technologies (DELL) initiated with a Hold at Deutsche Bank, tgt $480
  • eToro Group (ETOR) initiated with an Overweight at KeyBanc, tgt $45
  • Expedia Group (EXPE) initiated with a Neutral at Rosenblatt, tgt $360
  • Gates Industrial (GTES) initiated with a Neutral at DA Davidson, tgt $29
  • HPE (HPE) initiated with a Buy at Deutsche Bank, tgt $62
  • Ingram Micro (INGM) initiated with a Hold at Deutsche Bank, tgt $30
  • Instacart (CART) initiated with a Neutral at Rosenblatt, tgt $55
  • Interactive Brokers Group (IBKR) assumed with a Neutral from Buy at UBS, tgt $102
  • Latigo Biotherapeutics (LTGO) initiated with a Buy at Jefferies, tgt $50
  • Latigo Biotherapeutics (LTGO) initiated with an Outperform at Leerink, tgt $36
  • Latigo Biotherapeutics (LTGO) initiated with a Buy at Guggenheim, tgt $50
  • Latigo Biotherapeutics (LTGO) initiated with a Buy at Goldman, tgt $73
  • LPL Financial (LPLA) initiated with a Hold at Truist, tgt $389
  • Lumentum (LITE) initiated with a Buy at Deutsche Bank, tgt $1,200
  • Lyft (LYFT) initiated with a Neutral at Rosenblatt
  • Mettler-Toledo (MTD) initiated with a Sector Perform at RBC Capital, tgt $1,515
  • Mobility Global (MBGL) initiated with an Equal Weight at Barclays, tgt $23
  • Patrick Industries (PATK) initiated with a Buy at Northcoast, tgt $121
  • Perpetua Resources (PPTA) initiated with an Outperform at Scotiabank
  • Raymond James (RJF) initiated with a Hold at Truist, tgt $188
  • Red Violet (RDVT) initiated with a Buy at Needham, tgt $90
  • Revvity (RVTY) initiated with a Sector Perform at RBC Capital, tgt $135
  • 10x Genomics (TXG) initiated with a Sector Perform at RBC Capital, tgt $70
  • Uber (UBER) initiated with a Buy at Rosenblatt, tgt $100
  • Vogenx (VOGX) initiated with a Buy at Jones Trading, tgt $55

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -1.0%)
  • 8:15 ET: August ADP Employment Change (Briefing.com consensus 47,000; prior 44,000)
  • 10:00 ET: July Factory Orders (Briefing.com consensus 0.6%; prior -0.3%)
  • 10:30 ET: Weekly crude oil inventories (prior +4.41 mln)
  • 14:00 ET: September Fed Beige Book

• Earnings:
  • Monday (August 31)
    • Pre-Market: SAIC
    • After-Hours: None
  • Tuesday (September 1)
    • Pre-Market: MDT MMED NIO YEXT
    • After-Hours: CRDO DELL GTLB MDB PANW
  • Wednesday (September 2)
    • Pre-Market: GIII OLLI
    • After-Hours: AGX, AI, AVGO, FIVE, HPE, NTAP, NTSK, PHR, PVH, SNOW, WOOF
  • Thursday (September 3)
    • Pre-Market: BRC, CIEN, CPB, DOO, MOMO, TTC, VSXY, WLY
    • After-Hours: AMBA, ASAN, DOCU, GWRE, IOT, LULU, OXM, PATH, PL, SWBI, ZS
  • Friday (September 4)
    • Pre-market: None
    • Afternoon: None