After Hours Report

The major averages finished mixed on Tuesday as continued strength in semiconductor stocks and improving participation beneath the surface offset pronounced weakness in financials and other pockets of the large-cap market. The S&P 500 ended unchanged following Monday's sizable advance, while the Nasdaq Composite (+0.5%) outperformed, reaching record highs. The DJIA (-0.4%) lagged, while the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.3%) showed relative strength.

Semiconductor stocks remained the clearest source of support throughout the session. The PHLX Semiconductor Index climbed 2.1%, helping the information technology sector (+0.6%) finish among the better-performing groups, with memory stocks again showing pronounced strength. Chip stocks reached fresh highs during the session after President Trump reiterated his support for continued AI development during his UN General Assembly address, saying the U.S. should be careful with the technology but should not stifle its growth.

The broader mega-cap picture was less supportive than Monday, however. The communication services sector (-1.0%) finished among the laggards after trading higher early in the session, limiting the benefit of semiconductor strength for the cap-weighted S&P 500. That divergence was evident in the stronger performance of small and mid-cap stocks, with the Russell 2000 and S&P Mid Cap 400 both comfortably outperforming the large-cap index.

The financials sector (-1.6%) remained a significant drag through the close. Selling extended across banks, regional banks, insurers, and asset managers amid increased attention to a flattening yield curve, technical weakness across several industry groups, and concerns about softer trading and investment banking activity. Charles Schwab (SCHW 100.35, -6.53, -6.11%), Allstate (ALL 229.36, -13.50, -5.56%), and Wells Fargo (WFC 83.16, -3.38, -3.91%) were particularly pressured, with the group's weakness weighing particularly heavily on the DJIA.

Allstate also faced another potential source of pressure after a New York Times report indicated that Meta Platforms' (META 736.60, -4.65, -0.63% )Muse AI agent has helped users find insurance, highlighting the potential for AI agents to disrupt established consumer-service channels. The same report initially pressured Expedia Group (EXPE 280.70, -0.32, -0.11%), although the stock subsequently recovered after Expedia announced a partnership with Muse to bring AI-powered trip planning to hotels and other travel offerings.

Strength elsewhere was fairly broad. The materials (+1.9%) and consumer staples (+1.2%) sectors finished atop the standings, while the health care sector (+0.6%) also outperformed as Moderna (MRNA 182.56, +9.62, +5.56%) extended its recent surge to fresh multi-year highs.

Homebuilders were another standout pocket of strength, with the iShares U.S. Home Construction ETF climbing 3.2%. Lennar (LEN 83.05, +4.97, +6.37%) remained a notable outperformer after Berkshire Hathaway increased its stake in the company, building on the group's early-session strength.

Crude oil ultimately finished lower despite recovering substantially from its overnight decline. WTI crude settled $0.56 lower (-0.6%) at $95.21 per barrel after President Trump said during his UN address that he believes Iran will reach a deal with the U.S. after the midterm elections. He later said U.S. representatives met with Iranian officials for three hours today in a meeting that went "very well."

The swings in crude were mirrored to some extent in the Treasury market. The overnight decline in oil initially helped pull yields lower, with the 2-year note yield reaching 4.71% and the 10-year note yield falling to 4.92%, before those moves reversed as crude recovered during the session. The 2-year note yield finished unchanged at 4.75%, and the 10-year note yield settled up one basis poiint to 4.97%.

Tuesday's session ultimately featured a sharp divide across the market, with semiconductor strength and gains among small and mid-cap stocks contrasting with pronounced weakness in financials and several mega-cap areas. That dynamic left the S&P 500 little changed, while continued strength in chip stocks helped propel the Nasdaq to record highs

There was no economic data of note today.

• Nasdaq Composite: +17.2% YTD
• Russell 2000: +16.4% YTD
• S&P 500: +13.4% YTD
• S&P Mid Cap 400: +11.2% YTD
• DJIA: +7.9% YTD

Overseas:

• Europe: DAX +0.1%, FTSE -0.3%, CAC +0.2%
• Asia: Nikkei market closed, Hang Seng +0.2%, Shanghai +0.1%

Commodities:

• Crude Oil -0.56 @ 95.21
• Nat Gas +0.14 @ 2.97
• Gold -4.50 @ 4376.60
• Silver +0.27 @ 66.59
• Copper +0.08 @ 6.84

After-Hours Spotlight:

• Biomea Fusion (BMEA) launches underwritten public offering of common stock and pre-funded warrants...BMEA -20%
• IonQ (IONQ) demonstrates industry's first end-to-end real-time quantum error decoder...IONQ +9.0%
• KB Home (KBH) beats by $0.16, reports revs in-line...KBH -2%
• Labcorp Holdings Inc. (LH) reaffirms 2026-2029 outlook following preliminary CMS lab payment rates...LH -1.4%
• Qualcomm (QCOM) unveils its newest premium mobile lineup, including Snapdragon 8 Elite Extreme Gen 6 Mobile Platform...QCOM -0.2%
• Spire Global (SPIR) wins $33.2 mln NOAA satellite weather data task order...SPIR +0.1%
• TriSalus (TLSI) gets FDA 510(k) clearance for TriNav Advance embolization device...TLSI +11.7%
• Voyager Technologies (VOYG) launches $350 mln convertible senior notes offering due 2032...VOYG -6.9%
• Worthington Enterprises (WOR) beats by $0.07, beats on revs...WOR +15.7%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Abivax (ABVX) Presents Business Updates and First Half 2026 Financial Results
  • ArrowMark Financial (BANX) announces estimated NAV of $21.00 as of August 31, 2026
  • AutoZone (AZO) beats by $2.40, misses on revs
  • MillerKnoll (MLKN) beats by $0.18, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY27 EPS in-line, revs in-line
  • On Holding (ONON) sets 2029 targets, authorizes up to $1 bln Class A share repurchase; reaffirms FY26 outlook
  • RTB Digital dba Roundtable (RTB) forecasts $102 mln in 2027 revenue, targets adjusted EBITDA profitability
  • Thor Industries (THO) misses by $0.11, beats on revs
  • Vicor (VICR) guides Q3 revenue above consensus
• General News
  • China and the U.S. discussed artificial intelligence and investments on the second day of trade talks. Bloomberg
  • Iran will attend today's UN meeting, as President Trump indicated that major decisions on Iran may be approaching (Note: President Trump will speak at 10:00 AM ET at the UN General Assembly). CNN
  • Iran says it can reopen the Strait of Hormuz within seven days if the U.S. eases military pressure. Reuters
  • Saudi Arabia has restarted the East-West oil pipeline, but the pipeline is pumping at a low rate. Reuters
  • Republicans pressuring President Trump to restrict exports of diesel. Politico
  • OpenAI President Greg Brockman will attend dinner with President Trump and Chinese President Xi. Politico
  • MediWound awarded additional $3.3 million from U.S. Department of War to advance room-temperature-stable formulation of NexoBrid
  • Secretary of State Marco Rubio on NBC's Today Show says President Trump is open to meeting with the Iranians at the UNGA this week, but no meeting is currently scheduled
  • AbbVie (ABBV) wins EU approval for Rinvoq in pediatric polyarticular juvenile idiopathic arthritis
  • Accenture (ACN) launches AWS collaboration for mid-market AI, cloud offerings
  • Argentina does not (ARGT) have the votes to ratify the bilateral trade agreement with U.S., according to Bloomberg
  • Beta Bionics partners with Senseonics (SENS) to integrate iLet, mint with Eversense 365
  • Celldex (CLDX) says Phase 3 barzolvolimab studies in CSU met primary and all key secondary endpoints
  • China investigating DeepSeek and Moonshot for possible leaks to Anthropic, according to The Information (GOOG)
  • Citigroup (C) and other banks handled billions of dollars from a Russian-supported fintech company. FT
  • CNX Resources (CNX) appointed Ravi Srivastava, the current Senior Vice President Operations, to serve as Chief Financial Officer
  • CPI Card (PMTS) Group partners with Bankjoy to offer push provisioning to community banks and credit unions
  • DoorDash (DASH) agreed to $131 mln settlement with NYC for alleged underpayment of tips for delivery workers, according to NY Post
  • Eledon (ELDN) posts updated Phase 2 tegoprubart kidney transplant data; FDA grants Fast Track
  • Endava (DAVA) names AlixPartners' Conor McShane interim CFO; current CFO placed on leave amid accounting probe
  • General Motors (GM) awarded a $697 mln modification to Army contract
  • H2O America (HTO) unit wins regulatory approval for Cibolo Valley wastewater acquisition
  • ILPT (DHC) names Anthony Paula CFO, treasurer effective Oct. 1
  • Ionis, Otsuka (AZN) report positive Phase 3 topline data for ulefnersen in FUS-ALS
  • IonQ (IONQ) partners with SDT to deploy Superion 256 system and quantum memory module in South Korea
  • Jacobs (J) wins contract to support Germany's Konrad Repository project
  • Kazia Therapeutics (KZIA) earns $2 mln milestone as Sovargen begins Phase 1b/2a paxalisib seizure trial
  • Kroger (KR) stops selling Red Bull and Boar's Head products at several stores. Bloomberg
  • Lantheus (NVS) wins final FDA approval for BRAVNETSA in GEP-NETs
  • Lockheed Martin (LMT) wins U.S. Army IDIQ contract worth up to $1.2 bln for PrSM Increment 2
  • McDonald's (MCD) tests ads from other brands on digital menu boards, according to Bloomberg
  • Merck (MRK)'s WINREVAIR label updated by FDA with Phase 3 HYPERION data in recently diagnosed PAH
  • Natera (NTRA)'s Signatera wins PMDA approval in Japan as companion diagnostic for muscle-invasive bladder cancer
  • Novo Nordisk (NVO) CEO Mike Doustdar says company is considering M&A opportunities. CNBC
  • Novo Nordisk (NVO) CEO Mike Doustdar says the company has to do more to build investor confidence. Bloomberg
  • Nvidia (NVDA) CEO Jensen Huang says there is a "zero percent chance" AI destroys humanity and said such statements are overblown "doomsday narratives." CBS News
  • Nyxoah (NYXH) S.A. announces Chief Financial Officer transition
  • Oracle (ORCL) partners with Wipro to expand pharmacovigilance services
  • Pentair (PNR) names former Fiserv CFO Bob Hau as CFO, effective Nov. 1, 2026
  • Pharming (PHAR) reports positive Phase II topline data for leniolisib in primary immunodeficiencies with immune dysregulation – 6-K filing
  • ProPetro's PROPWR signs long-term power contracts with Targa (TRGP) for about 230 MW
  • Qnity (Q) added to PHLX Semiconductor Sector Index
  • Rhythm (RYTM) wins Health Canada approval for IMCIVREE in acquired hypothalamic obesity
  • Roche Hldg (RHHBY) : Biocon's pertuzumab becomes first biosimilar to secure EMA CHMP approval recommendation under new tailored clinical approach
  • Roche's enicepatide delivers 15.5% weight loss, 2.65% HbA1c reduction in Phase II diabetes trial (RHHBY)
  • Smith & Nephew (SNN) received 510(k) clearance from the U.S. FDA and has completed the first surgical cases with LANDMARK Total Knee System, a next-generation knee replacement solution designed to replicate healthy knee anatomy and the knee’s natural motion and support a more personalized approach to total knee arthroplasty
  • SoFi goes live with stablecoin settlement across Mastercard (MA) network
  • Sprouts Farmers Market (SFM) +1.2% higher after market close on settlement with Texas AG
  • Stewards terminates Hawthorne property acquisition (SWRD) ; settles deposit dispute – 8-K filing
  • Summit Therapeutics (SMMT)' ivonescimab Phase III biliary cancer data selected for ESMO Presidential Symposium
  • Tencent introduced a new AI image model. Bloomberg (TCEHY)
  • Travere Therapeutics (BMRN) names former Amicus CEO Bradley Campbell to succeed Eric Dube as CEO in Dec. 2026
  • Vertex (VRTX) posts positive Phase 2b inaxaplin data in additional AMKD populations; AMPLITUDE enrollment complete
  • Wabtec (WAB) signs $700 mln-plus long-term rail services deal for Guinea's Simandou project
  • Weyerhaeuser (WY) to invest $1 mln in Drayton Valley, Alberta through Thrive program

• Upgrades:
  • Brinker (EAT) upgraded to Buy from Neutral at Northcoast, tgt $275
  • Eldorado Gold (EGO) upgraded to Buy from Underperform at BofA Securities, tgt $54
  • Fifth Third (FITB) upgraded to Buy from Neutral at Citigroup, tgt $62
  • Heritage Financial Corp. (HFWA) upgraded to Buy from Neutral at Brean Capital; tgt $33
  • MetLife (MET) upgraded to Overweight from Neutral at Piper Sandler, tgt $110
  • Omeros (OMER) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $22
  • Plexus (PLXS) upgraded to Overweight from Sector Weight at KeyBanc, tgt $300
  • Quince Therapeutics (QNCX) upgraded to Outperform from Market Perform at Citizens, tgt $77
  • West Pharmaceutical (WST) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $400
• Downgrades:
  • Endava (DAVA) downgraded to Underperform from Market Perform at William Blair
  • Ericsson (ERIC) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $9
  • Marathon Petroleum (MPC) downgraded to Hold from Buy at Jefferies, tgt $413
  • Valero (VLO) downgraded to Hold from Buy at Jefferies, tgt $401
• Others:
  • Adidas (ADDYY) initiated with a Buy at StoneX
  • Butterfly Network (BFLY) initiated with a Buy at Needham, tgt $10
  • Bilibili (BILI) initiated with an Outperform at BNP Paribas Exane, tgt $23
  • Crane NXT (CXT) initiated with a Buy at Jefferies, tgt $60
  • Deep Fission (FISN) initiated with a Buy at Roth Capital, tgt $18
  • Driven Brands (DRVN) assumed with an Equal Weight at Barclays, tgt $14
  • Enact Holdings (ACT) assumed with a Neutral at BTIG
  • Entera Bio (ENTX) initiated with an Overweight at Cantor Fitzgerald
  • Essent Group (ESNT) assumed with a Neutral at BTIG
  • Everest Group (EG) initiated with an Outperform at RBC Capital, tgt $455
  • GE HealthCare (GEHC) initiated with a Buy at Needham, tgt $93
  • iRadimed (IRMD) initiated with a Hold at Needham
  • Liftoff Mobile (LFTO) initiated with a Neutral at Piper Sandler, tgt $19
  • NMI Holdings (NMIH) assumed with a Buy at BTIG, tgt $54
  • MGIC Investment (MTG) assumed with a Neutral at BTIG
  • NetEase (NTES) initiated with an Outperform at BNP Paribas Exane, tgt $180
  • Nike (NKE) initiated with a Hold at StoneX
  • Nintendo (NTDOY) initiated with a Neutral at BNP Paribas Exane
  • Obsidian Therapeutics (OBX) initiated with an Outperform at Leerink, tgt $32
  • Pasqal (PSQL) initiated with a Buy at Canaccord, tgt $16
  • Radian Group (RDN) assumed with a Buy at BTIG, tgt $48
  • RenaissanceRe (RNR) initiated with a Sector Perform at RBC Capital, tgt $365
  • Rush Street Interactive (RSI) initiated with a Buy at Stifel, tgt $34
  • SanDisk (SNDK) initiated with a Buy at Rosenblatt, tgt $2,400
  • Silver Bow Mining Corp (SBMT) initiated with a Buy at Roth Capital; tgt $11
  • SiriusPoint (SPNT) initiated with an Outperform at RBC Capital, tgt $30
  • Terrestrial Energy (IMSR) initiated with a Buy at Roth Capital, tgt $15
  • W.P. Carey (WPC) initiated with a Buy at Jefferies, tgt $73
  • Western Alliance (WAL) initiated with an Outperform at Raymond James, tgt $90
  • Yesway (YSWY) initiated with an Outperform at William Blair

• Econ Data (Wednesday):
  • 07:00 ET: MBA Mortgage Applications Index (prior -4.1%)
  • 09:45 ET: Preliminary September S&P Global U.S. Manufacturing PMI (prior 53.9)
  • 09:45 ET: Preliminary September S&P Global U.S. Services PMI (prior 56.5)
  • 10:05 ET: Fed Governor Barr (FOMC voter) speech on "Economic Outlook and Housing"
  • 10:30 ET: EIA crude oil inventories (prior -0.64 mln)

• Earnings:
  • Monday (September 21)
    • Pre-Market: None
    • After-Hours: None
  • Tuesday (September 22)
    • Pre-Market: AZO, MLKN, THO
    • After-Hours: KBH, WOR
  • Wednesday (September 23)
    • Pre-Market: CBRL, CTAS, GIS, PAYX
    • After-Hours: FUL, SFIX
  • Thursday (September 24)
    • Pre-Market: DRI, SNX
    • After-Hours: BB, COST, FDXF
  • Friday (September 25)
    • Pre-market: None
    • Afternoon: None