After Hours Report

The stock market enjoyed a broad rebound in the midweek session after rising oil prices and Treasury yields pressured equities through the first two sessions of the week. While both remain elevated, relative stability in crude oil and yields today provided some relief for equities, helping the S&P 500 (+0.5%), Nasdaq Composite (+0.5%), and DJIA (+0.6%) recoup a portion of their recent losses. The Russell 2000 (+1.2%) and S&P Mid Cap 400 (+0.7%) posted even stronger gains.

WTI crude settled $0.68 higher (+0.8%) at $90.96 per barrel, remaining below its overnight high near $92, while the 10-year note yield finished unchanged at 4.80% after reaching 4.82% overnight. The relatively contained moves in both stood in contrast to the sharper increases that pressured equities earlier in the week, helping create a more supportive backdrop for Wednesday's rebound.

The strength was widespread, with ten of the 11 S&P 500 sectors finishing higher. The S&P 500 Equal Weighted Index (+0.6%) matched the gain in its market-cap-weighted counterpart, while the outperformance of the Russell 2000 provided another indication of solid participation beyond the largest stocks.

Several cyclical areas were among the beneficiaries of the broader rebound. The materials sector (+1.5%) finished atop the sector standings, supported by strength in steel names such as Steel Dynamics (STLD 247.64, +13.55, +5.79%) amid some focus on U.S.-Canada trade negotiations, while other metals names also outperformed.

The financials sector (+0.8%) also participated in the advance, with several of its largest components contributing to the outperformance of the DJIA.

Meanwhile, the communication services sector (+1.3%) was another source of strength, with Charter Comm (CHTR 158.97, +12.78, +8.74%) and Reddit (RDDT 158.11, +13.47, +9.31%) among the day's stronger S&P 500 performers and the sector's mega-cap components also contributing to the advance.

The information technology sector (+0.3%) finished with a modest gain despite a sharp divide beneath the surface. Semiconductor stocks provided support, lifting the PHLX Semiconductor Index 0.5% as NVIDIA (NVDA 224.40, +6.96, +3.20%) posted a solid gain. Attention now turns to Broadcom's (AVGO 367.24, -2.44, -0.66%) earnings report after the close, with investors looking for further evidence that strong AI demand can support the company's ambitious growth expectations.

Dell (DELL 492.00, +67.00, +15.76%) was another notable technology winner following its better-than-expected earnings report. The company delivered a sizable earnings beat and raised its FY27 AI-Optimized Servers revenue outlook to $74 billion from $60 billion, reinforcing expectations for continued strength in AI infrastructure demand. The results also provided a positive read-through for Hewlett Packard Enterprise (HPE 51.86, +0.98, +1.94%), which moved higher ahead of its own earnings report after the close.

Software stocks moved sharply in the opposite direction, leaving the iShares Expanded Tech-Software Sector ETF down 2.6% and extending what has already been a difficult week for the group. Palo Alto Networks (PANW 328.39, -33.70, -9.31%) fell sharply despite beating Q4 expectations and issuing an above-consensus FY27 outlook, with its negative reaction appearing more reflective of elevated expectations than a meaningful deterioration in underlying execution. MongoDB (MDB 375.40, -58.81, -13.54%) also struggled following its earnings report, while Palantir Technologies (PLTR 169.44, -10.48, -5.83%) and CrowdStrike (CRWD 203.42, -11.65, -5.42%) added to the broader software weakness.

The real estate sector (-0.8%) was the lone S&P 500 sector to finish in negative territory, providing one of the few areas of weakness in an otherwise broadly positive session.

On the policy front, the Federal Reserve's Beige Book indicated that economic activity continued to expand modestly since early July, with the outlook remaining positive despite uncertainty surrounding higher energy prices, policy developments, and international conflicts. The 10-year note yield showed little reaction to the report and remained at 4.80%.

Ultimately, Wednesday's rebound provided some relief following the weakness that began the week. The absence of another sharp increase in crude oil or Treasury yields allowed buying interest to broaden across nearly the entire sector lineup, with smaller-cap stocks also participating in the advance. Persistent software weakness remained a notable blemish, but strength across several other areas helped the market recover a portion of its recent losses.

U.S. Treasuries finished Wednesday near their unchanged levels, but the flat finish masked a brief morning dip that sent yields on the 10-year note and shorter tenors to fresh highs for the year. The 2-year note yield finished unchanged at 4.39%, and the 10-year note yield finished unchanged at 4.80%. 

• Russell 2000: +19.0% YTD
• S&P Mid Cap 400: +13.4% YTD
• Nasdaq Composite: +12.8% YTD
• S&P 500: +12.0% YTD
• DJIA: +10.4% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 0.8%; Prior -1.0%
• August ADP Employment Change 38K (Briefing.com consensus 47K); Prior was revised to 46K from 44K
• July Factory Orders 0.9% (Briefing.com consensus 0.6%); Prior was revised to -0.2% from -0.3%
  • The key takeaway from the report is that factory orders were running at a good clip in July for durable and nondurable goods. Although business spending was flat, that was likely just a normal slowdown from the solid increases registered in May and June.

 Overseas:

• Europe: DAX -0.5%, FTSE -0.3%, CAC -0.3%
• Asia: Nikkei -2.9%, Hang Seng -0.1%, Shanghai -1.2%

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:

• Broadcom (AVGO) beats by $0.10, beats on revs; guides Q4 revs above consensus...AVGO -3.8%
• C3.ai (AI) beats by $0.06, reports revs in-line; guides Q2 revs below consensus; guides FY27 revs in-line...AI -1.4%
• Costco (COST) August net sales rise 9.9%; comp sales up 8.4%...COST -0.1%
• Five Below (FIVE) beats by $0.28, beats on revs, comps +14.1%; guides Q3 EPS and revs above consensus; raises FY27 EPS, revenue and comps guidance...FIVE +6.1%
• Hewlett Packard Enterprise (HPE) beats by $0.18, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus...HPE -3.1%
• Microsoft (MSFT) announces that it will transition to two reporting segments for FY27, that it's updating certain metrics; Also restates financials to reflect new reporting structure and reaffirms Q1 guidance...MSFT +0.4%
• NetApp (NTAP) beats by $0.46, beats on revs; guides Q2 EPS above consensus, revs above consensus; raises FY27 EPS above consensus, revs above consensus...NTAP -7.4%
• Netskope (NTSK) beats by $0.04, beats on revs; provides Q3 (Sep) and FY27 guidance...NTSK +12.4%
• Phreesia (PHR) misses by $0.06, beats on revs; provides FY27 guidance...PHR flat
• PVH (PVH) beats by $0.62, beats on revs; provides Q3 (Sep) and FY26 guidance...PVH +3.7%
• Snowflake (SNOW) beats by $0.17, beats on revs; provides Q3 (Sep) and FY27 guidance...SNOW +22.3%
• Ultragenyx (RARE) Phase 3 Aspire misses primary, key secondary endpoints in Angelman syndrome...RARE -45.1%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Albany Intl (AIN) announces completion of strategic review of its Amelia Earhart Drive facility in Salt Lake City and announces new contract agreements with Boeing and Lockheed Martin; Also raises Q3 EPS guidance, reaffirms revenue guidance, and issues in-line Q4 EPS and revenue guidance
  • Credo Technology Group (CRDO) beats by $0.03, beats on revs; provides Q2 (Jun) and FY27 guidance
  • Daktronics, Inc. (DAKT) announces fiscal 2027 first quarter results
  • 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
  • FuelCell Energy (FCEL) reports third fiscal quarter 2026 results; executes first data center power agreement, increases annualized production rate & focuses on capacity expansion
  • G-III Apparel (GIII) beats by $0.03, misses on revs; provides Q3 (Sep) and FY27 guidance
  • GitLab (GTLB) beats by $0.06, beats on revs; provides Q3 (Sep) guidance
  • MongoDB (MDB) beats by $0.28, beats on revs; provides Q3 and FY27 guidance
  • Ollie’s Bargain Outlet (OLLI) beats by $0.30, misses on revs; provides FY26 guidance
  • 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
  • REX American Resources (REX) reports record fiscal second quarter 2026 net income per share attributable to rex common shareholders of $1.06 vs. $0.22 in fiscal second quarter 2025
  • Robo.ai (AIIO) reports more than $180 mln in revenue for June-August period following its acquisition of Quantum Core Capital
  • Ryman Hospitality (RHP) lowers adjusted FFO guidance, raises operating income guidance; Closes on previously announced acquisition of Grande Lakes Orlando Resort
  • Sprinklr (CXM) beats by $0.01, misses on revs; provides Q3 (Sep) and FY27 guidance
  • Yasten Holding (YSG) reports Q2 results
• General News
  • President Trump says he is not trying to force Iran to the bargaining table; says he "couldn’t care less if they sign a worthless agreement"
  • SEC released agenda for Sept. 17 roundtable on preparations for 24-hour trading
  • The U.S. military attacked two Iranian government tankers as part of a new "tanker for tanker" policy approved by President Trump. Iran launched missiles at various countries, but most were intercepted. Axios
  • Treasury Secretary Scott Bessent says elevated bond yields should be viewed as a sign of economic strength rather than weakness. Barron's
  • Russia secretly assisting Iran in the development of advanced supersonic cruise missiles. FT
  • Iran attempted cyberattacks on infrastructure in U.S. NBC News
  • Energy Secretary Chris Wright says several deals will be announced to double oil production in Venezuela. Bloomberg
  • Commerce Secretary Howard Lutnick CNBC interview: Semiconductor tariffs are being considered; there will be a targeted tariff policy
  • Calumet gets EPA small refinery exemptions for 2025 petitions; cuts RIN liability by 71 mln
  • AEVEX, Divergent partner on next-gen autonomous UAS development and production (AVEX)
  • Alphabet: New Google Gemini model said to deliver significantly improved coding capabilities, according to WSJ (GOOG)
  • Berkshire Hathaway CEO Greg Abel CNBC interview: Not a single trading company in Japan raised JGBs as a fundamental challenge right now (BRK.A)
  • Cardinal unit wins approximately $40 mln Walmart (WMT) sorting facility contract
  • CME Group reports second-highest August ADV on record at 29.7 mln contracts, up 6% yr/yr
  • Coinbase (COIN) co-founder Fred Ehrsam wants control of three oil fields in Venezuela. Bloomberg
  • CrowdStrike expands OpenAI partnership to secure Codex agents, bring GPT-5.6 Cyber to Falcon (CRWD)
  • Energy Secretary Chris Wright CNBC interview: Venezuela's oil production will be over 1.5 million barrels per day by the first half of next year (CVX)
  • Everspin, Teledyne (TDY) partner on MRAM for aerospace and defense
  • Evotec enters preclinical solid tumor immunotherapy collaboration with Plectonic (EVO)
  • GE Aerospace awarded a $2.87 bln not-to-exceed Navy logistics contract for F414 engine components
  • Honda (HMC) telling suppliers to lower costs. Reuters
  • HPE expands Tottenham Hotspur partnership to modernize stadium IT and fan experience
  • Iron Mountain expands Saudi Arabia presence with AI-powered Social Development Bank partnership (IRM)
  • Lamar Advertising increases quarterly cash dividend to $1.65/share from $1.60/share (LAMR)
  • Lowe's CEO Marvin Ellison CNBC interview (LOW)
  • NIQ, Similarweb partner on AI commerce measurement tool; initial launch slated for Q4 2026
  • Nova authorizes $200 mln share repurchase program (NVMI)
  • Nvidia (NVDA) in discussions to acquire Hugging Face for $14 bln. Bloomberg
  • PagSeguro authorizes $150 mln Class A share repurchase program, sets 2027-2028 dividend target – 6-K filing (PAGS)
  • Paramount Gold Nevada (PZG) receives BLM approval for Grassy Mountain Plan of Operations
  • Perfect Corp. partners with QWEEN on 3D jewelry virtual try-on in India (PERF)
  • PG&E (PCG) launches strategic review, defers about $2 bln of 2027 spending
  • Phillips Edison & Company increases monthly cash dividend to $0.115/share from $0.1083/share (PECO)
  • Rubrik, CrowdStrike expand partnership on identity attack recovery automation (CRWD)
  • Sprouts Farmers Market (SFM) names Nick Konat CEO effective Jan. 2027; Jack Sinclair to become executive chairman
  • Super Hi says CFO Qu Cong resigned; appoints deputy CFO Li Lu as successor – 6-K filing (HDL)
  • Tesla (TSLA) China-produced EV sales increased 3.6% yr/yr in August. Reuters
  • Teva says Phase 2a celiac study for TEV '408 met primary endpoint (TEVA)
  • The EU is looking into licensing practices at Oracle (ORCL). Reuters
  • Uber aiming to eliminate 3300 jobs as it tries to reduce management layers, according to Bloomberg (UBER)
  • Ultragenyx publishes 96-week Phase 3 GENGLYCOS data in GSDIa (RARE)
  • uniQure submits FDA BLA for accelerated approval of Huntington's gene therapy AMT-130 (QURE)
  • Volkswagen (VWAGY) CEO Oliver Blume wants to take the cost-cutting plan directly to shareholders. WSJ
  • WTW signs multi-year partnership with WSL Football as official insurance partner

• Upgrades:
  • Deutsche Bank (DB) upgraded to Buy from Neutral at Goldman
  • GitLab (GTLB) upgraded to Market Perform from Underperform at William Blair
  • ING Groep (ING) upgraded to Overweight from Equal Weight at Morgan Stanley
  • InterContinental Hotels Group (IHG) upgraded to Buy from Neutral at UBS, tgt $188
  • L'Oreal (LRLCY) upgraded to Outperform from Neutral at BNP Paribas
  • Martin Marietta (MLM) upgraded to Overweight from Neutral at JPMorgan, tgt $680
  • NatWest (NWG) upgraded to Overweight from Equal Weight at Morgan Stanley
  • OGE Energy (OGE) upgraded to Outperform from Sector Perform at RBC Capital, tgt $54
  • Sirius XM (SIRI) upgraded to Buy from Hold at Deutsche Bank, tgt $45
• Downgrades:
  • Amrize (AMRZ) downgraded to Underperform from Neutral at BofA, tgt $40
  • Amrize (AMRZ) downgraded to Neutral from Overweight at JPMorgan, tgt $52
  • Barclays (BCS) downgraded to Equal Weight from Overweight at Morgan Stanley
  • EyePoint (EYPT) downgraded to Hold from Buy at TD Cowen, tgt $4
  • Knife River (KNF) downgraded to Underweight from Neutral at JPMorgan, tgt $73
  • Nio (NIO) downgraded to Neutral from Overweight at JPMorgan, tgt $4.50
  • Pearson (PSO) downgraded to Neutral from Buy at Citigroup
  • Reckitt Benckiser (RBGLY) downgraded to Neutral from Outperform at BNP Paribas
  • Smith & Nephew (SNN) downgraded to Equal Weight from Overweight at Morgan Stanley
  • Societe Generale (SCGLY) downgraded to Neutral from Buy at Goldman
  • Toast (TOST) downgraded to Neutral from Outperform at BNP Paribas, tgt $35
• Others:
  • Aevex (AVEX) initiated with a Neutral at Piper Sandler, tgt $20
  • Ally Financial (ALLY) resumed with a Strong Buy at Raymond James, tgt $55
  • Almonty (ALM) initiated with a Buy at Jefferies, tgt $26.25
  • Arrow Financial (AROW) initiated with an Outperform at Raymond James, tgt $44
  • AST SpaceMobile (ASTS) initiated with a Buy at Berenberg, tgt $92
  • Bank OZK (OZK) assumed with a Market Perform at Raymond James
  • BillionToOne (BLLN) initiated with a Buy at Canaccord, tgt $120
  • Boyd Gaming (BYD) initiated with a Peer Perform at Wolfe Research
  • CareDx (CDNA) initiated with a Buy at Canaccord, tgt $65
  • Chemung Financial (CHMG) initiated with an Outperform at Raymond James, tgt $87
  • Churchill Downs (CHDN) initiated with an Outperform at Wolfe Research, tgt $119
  • Community Trust (CTBI) assumed with an Outperform at Raymond James, tgt $82
  • Curtiss-Wright (CW) initiated with a Neutral at Piper Sandler, tgt $665
  • DraftKings (DKNG) initiated with an Outperform at Wolfe Research, tgt $40
  • Eagle Nuclear (NUCL) initiated with a Buy at H.C. Wainwright, tgt $11.50
  • Element Solutions (ESI) initiated with a Buy at Jefferies, tgt $55
  • Flagstar Bank (FLG) assumed with a Market Perform at Raymond James
  • Flutter Entertainment (FLUT) initiated with an Outperform at Wolfe Research, tgt $150
  • GFL Environmental (GFL) reinstated with an Overweight at Barclays, tgt $58
  • GlobalFoundries (GFS) initiated with a Buy at Stifel, tgt $60
  • HawkEye 360 (HAWK) initiated with a Buy at Berenberg, tgt $24
  • Hilton (HLT) initiated with a Peer Perform at Wolfe Research
  • Hyatt (H) initiated with an Outperform at Wolfe Research, tgt $203
  • IperionX (IPX) initiated with a Buy at Jefferies, tgt $26
  • Las Vegas Sands (LVS) initiated with a Peer Perform at Wolfe Research
  • Marriott (MAR) initiated with a Peer Perform at Wolfe Research
  • Materion (MTRN) initiated with a Buy at Jefferies, tgt $314
  • Mercantile Bank (MBWM) assumed with an Outperform at Raymond James, tgt $65
  • Mettler-Toledo (MTD) initiated with a Sell at Rothschild & Co Redburn, tgt $1,200
  • NioCorp (NB) initiated with a Hold at Jefferies, tgt $4.70
  • Planet Labs (PL) initiated with a Buy at Berenberg, tgt $25
  • Rare Earths Americas (REA) initiated with a Hold at Jefferies, tgt $12.30
  • Red Cat (RCAT) initiated with a Neutral at Piper Sandler, tgt $9
  • Red Rock Resorts (RRR) initiated with an Outperform at Wolfe Research, tgt $73
  • Republic Bancorp (RBCAA) resumed with a Market Perform at Raymond James
  • Ring Energy (REI) initiated with a Neutral at Mizuho, tgt $2
  • Rocket Lab (RKLB) initiated with a Buy at Berenberg, tgt $83
  • Southern Missouri Bancorp (SMBC) initiated with a Market Perform at Raymond James
  • Sportradar (SRAD) initiated with an Outperform at Wolfe Research, tgt $22
  • Standard Lithium (SLI) initiated with a Hold at Jefferies, tgt $2.90
  • Strategy (MSTR) initiated with a Buy at Alliance Global, tgt $217
  • Tempus AI (TEM) initiated with an Overweight at Cantor Fitzgerald, tgt $80
  • Tower Semiconductor (TSEM) initiated with a Buy at Stifel, tgt $270
  • TSMC (TSM) initiated with a Buy at Stifel, tgt $515
  • uniQure (QURE) resumed with an Outperform at William Blair
  • USA Rare Earth (USAR) initiated with a Buy at Jefferies, tgt $21
  • Vertex Pharmaceuticals (VRTX) resumed with an Overweight at Morgan Stanley, tgt $665
  • Wise (WSE) initiated with a Buy at Canaccord
  • Wynn Resorts (WYNN) initiated with an Outperform at Wolfe Research, tgt $128
  • Xtant Medical (XTNT) initiated with a Buy at Lucid Capital, tgt $1

• Econ Data (Thursday):
  • 8:30 ET: July Trade Balance (Briefing.com consensus -$89.6 bln; prior -$73.3 bln), revised Q2 Productivity (Briefing.com consensus 1.4%; prior 1.4%), revised Q2 Unit Labor Costs (Briefing.com consensus 1.3%; prior 1.3%), weekly Initial Claims (Briefing.com consensus 205,000; prior 203,000), and Continuing Claims (prior 1.778 mln)
  • 9:45 ET: Final August S&P Global U.S. Services PMI (prior 56.8)
  • 10:00 ET: August ISM Non-Manufacturing Index (Briefing.com consensus 54.1%; prior 54.1%)
  • 10:30 ET: Weekly natural gas inventories (prior +15 bcf)

• 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