After Hours Report

The major averages finished Monday broadly lower after a volatile session shaped by sharp swings in crude oil, elevated Treasury yields, and shifting headlines surrounding U.S.-Iran negotiations. The S&P 500 (-0.8%), Nasdaq Composite (-0.9%), and DJIA (-0.7%) ended near their late-session lows, though still above the worst levels reached during the morning.

Oil and interest rates provided the primary macro headwinds. WTI crude surged more than 3.0% to above $95 per barrel during the morning after President Trump rejected Iran's ceasefire proposal, while the 10-year note yield climbed as high as 5.26%. Those moves fueled broad selling that briefly pushed losses in the major averages toward or beyond 1.0%.

The tone improved considerably around midday as a series of headlines suggested that diplomatic channels remain open despite substantial differences between the U.S. and Iran. President Trump was reported by CNN to be open to sanctions relief in exchange for progress toward a nuclear deal, while Alhadath reported that Iran had agreed to halt uranium enrichment in exchange for easing U.S. sanctions. Other reports indicated that talks between the two sides are expected to continue this week. Those developments prompted a sharp reversal in crude oil, although uncertainty surrounding negotiations remained elevated.

A later Bloomberg report indicated that Iranian officials are pessimistic about reaching an agreement to end the war and reopen the Strait of Hormuz before the midterms. WTI ultimately settled just $0.27 higher (+0.3%) at $92.44 per barrel, far below its morning high.

Despite the intraday recovery, selling remained relatively broad into the close, with cyclical and growth-oriented areas accounting for much of the weakness. The communication services (-1.7%), consumer discretionary (-1.6%), financials (-1.1%), and industrials (-1.0%) sectors were among the largest laggards. Mega-cap stocks also remained under pressure, leaving the Vanguard Mega Cap Growth ETF down 0.9%, with Meta Platforms (META 715.62, -36.04, -4.79%) a particular laggard back after last week's double-digit advance.

Semiconductor stocks were another source of weakness, with the PHLX Semiconductor Index falling 1.6%. NVIDIA (NVDA 228.86, +3.79, +1.68%) remained a notable exception after increasing its share repurchase authorization by $150 billion to $235 billion and launching its Open Agent Safety Platform, helping the information technology sector (-0.7%) hold up better than several other growth-oriented areas.

Defensive-oriented stocks provided relative support. The consumer staples (+0.4%) and health care (+0.3%) sectors finished higher, while the energy sector (+0.2%) eked out a gain after surrendering much of its earlier advance as crude oil retreated.

Weakness also extended beyond the largest companies, with the Russell 2000 and S&P Mid Cap 400 both falling 0.7%.

There were several notable stock-specific moves outside the broader market narrative. MongoDB (MDB 334.68, -75.76, -18.46%) plunged after President and CEO Chirantan "CJ" Desai stepped down effective immediately to take a senior role at Meta Platforms, marking the company's second CEO transition in less than a year just ahead of its September 29 Investor Day. Former CEO Dev Ittycheria was named interim president and CEO as the company begins an external search, while MDB reaffirmed its Q3 and FY27 guidance.

NIKE (NKE 36.37, +0.62, +1.73%), meanwhile, displayed notable relative strength ahead of its fiscal Q1 report Thursday afternoon. The gain provided a reprieve from a difficult year for the stock, which remains down roughly 43% year-to-date amid an uneven turnaround marked by weakness in Greater China, discounting, competitive pressures, and questions surrounding the company's product pipeline and direct-to-consumer strategy.

Ultimately, the market was unable to sustain its midday recovery as elevated Treasury yields and lingering uncertainty surrounding the U.S.-Iran conflict kept pressure on equities. The sharp reversal in crude oil removed one of the morning's biggest headwinds, but weakness across cyclical stocks, mega-cap names, and semiconductors left the major averages with sizable losses at the close.

U.S. Treasuries had a rough start to the week, pinched at first by rising oil prices and then languishing on the back of ongoing secular issues that include stubbornly high inflation and increased debt issuance to cover a large budget deficit. Notably, Treasuries didn't recover much ground after oil prices scaled lower amid reports that the U.S. and Iran might be making progress toward a deal. The 2-year note yield settled up eight basis points to 4.93%, and the 10-year note yield settled up nine basis points to 4.25%. 

There was no economic data of note today.

• Nasdaq Composite: +15.4% YTD
• Russell 2000: +13.5% YTD
• S&P 500: +12.2% YTD
• S&P Mid Cap 400: +9.6% YTD
• DJIA: +7.1% YTD

Overseas:

• Europe: DAX flat, FTSE -0.1%, CAC flat
• Asia: Nikkei -0.7%, Hang Seng +0.5%, Shanghai -1.7%

Commodities:

• Crude Oil +0.27 @ 92.44
• Nat Gas -0.10 @ 3.11
• Gold -148.80 @ 4171.70
• Silver -2.93 @ 61.81
• Copper -0.12 @ 6.65

After-Hours Spotlight:

• AAR Corp (AIR) reports first quarter FY27 results; to acquire 65% controlling interest in MRO Holdings at $4.0 bln implied enterprise value...AIR +5.2%
• AMD (AMD) to acquire World Labs in $8.2 bln all-stock deal; Fei-Fei Li to join as chief scientist...AMD +0.2%
• Gen Digital (GEN) discloses that Q2 and FY27 results are tracking toward the high end of guidance...GEN +1.6%
• IDT Corp (IDT) reports fourth quarter and FY26 results...IDT +2.2%
• Jefferies (JEF) beats by $0.08, beats on revs...JEF -1.7%
• Navitas (NVTS) selected by U.S. Army for ALATTIS 10 kV SiC semiconductor program...NVTS +15.4%
• PCB Bancorp (PCB) authorizes repurchase of up to 700,000 shares...PCB flat
• RTX (RTX) Raytheon wins up to $20.7 bln AMRAAM production contract...RTX +1.0%
• Vail Resorts (MTN) reports Q4 (Jul) results, beats on revs; Issues FY27 guidance, including net income of $158-$233 mln...MTN -2.1%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Gray Media (GTN) raises bottom end of Q3 revenue guidance
  • Vestis (VSTS) reaffirms FY26 guidance
  • Zymeworks (ZYME) provides updated FY26 guidance following completion of Thera Vance Biopharma acquisition
• General News
  • Pentagon-backed oil company looks to challenge Chevron's position in Venezuela, according to WSJ
  • White House advances a fair and reciprocal relationship with China; both countries cut tariffs on $30 bln of goods; established the U.S.-China Super Intelligence dialogue to exchange views
  • President Trump reverses Biden-era fuel economy standards
  • Negotiators want Iran to make nuclear concessions. WSJ
  • President Trump rejected Iran's ceasefire proposal and told aides he expects to resume bombing after the midterms. U.S. officials say talks are continuing between the two sides. WSJ
  • President Trump says the U.S. and Iran are expected to continue talks this week but remain far apart. Axios
  • President Trump and Anthropic CEO Dario Amodei had dinner last night. WSJ
  • President Trump tells reporters he is looking "very seriously" at a diesel export ban. Bloomberg
  • President Trump to make an announcement at 2pm ET from the Oval Office, per White House schedule
  • 4DMT (FDMT) starts Phase 3 4SIGHT trial of 4D-150 in diabetic macular edema
  • AbbVie (ABBV) wins FDA approval for JUVMO in Parkinson's disease
  • Acadia Healthcare (ACHC) provided notice of proposed derivative action settlement
  • Adobe (ADBE) partners with NHL on AI-powered fan experiences
  • Airbus investigating the A321Neo flaw. Reuters (EADSY)
  • ALX Oncology (ALXO) publishes Phase 2 ASPEN-06 gastric cancer data; biomarker subgroup showed higher evorpacept response
  • Amprius (AMPX) awarded up to $75 mln U.S. grant to convert EV battery line for drone cells
  • AN2 Therapeutics says Gates Foundation extends funding for TB research collaboration with GSK (GSK)
  • Armani (LRLCY) will hold meetings with L'Oreal and LVMH regarding stake sale. FT
  • Barrick (B) secured a deal with unions in western Mali. Bloomberg
  • Bayer AG (BAYRY) announces the FDA has accepted the company’s supplemental New Drug Application and granted Priority Review designation for Lynkuet (elinzanetant)
  • Boeing (BA) discovered a 737 Max software issue. WSJ
  • Braskem (BAK) SA clarifies Extrajudicial Reorganization proceeding updates
  • China considering allowing Alibaba (BABA) to purchase new Nvidia chips. The Information
  • Circle (CRCL) CFO Fox-Geen to step down; search underway for successor
  • Citigroup (C) targeting $3 bln for Grupo Financiero Banamex IPO. Bloomberg
  • Comstock (CRK) signs framework agreement for $1.65 bln strategic partnership with SOCAR
  • Foreign banks interested in merging with UBS (UBS). Reuters
  • General Motors (GM) will continue making EVs affordable. FT
  • Goldfields interested in (GFI) acquiring Northern Star Resources. Bloomberg
  • HUTCHMED (GSK) starts global Phase I trial of HMPL-A830 in solid tumors
  • ICICI Bank (IBN) provides litigation update
  • Janus International (JBI) details 2026 restructuring actions tied to about $10.8 mln in annualized savings – 8-K filing
  • Jury rules that Apple (AAPL) owes Taction Technology $5.7 billion for patent infringement. CNBC
  • Kodiak Sciences (KOD) to report DAYBREAK Phase 3 wet AMD topline data Sept. 28
  • Kodiak (KOD)'s Zenkuda, tabirafusp-ted meet primary endpoints in Phase 3 DAYBREAK trial in wet AMD
  • Kontoor Brands (KTB)' Wrangler launches denim collaboration with imogene + willie
  • Lilly's Olumiant (INCY) wins FDA approval for severe alopecia areata in patients 12 and older
  • MediciNova (MNOV) reports mixed Phase 2 topline data for MN-001 in hypertriglyceridemia and NAFLD with T2DM
  • Metallus (MTUS) awarded a $995 mln Defense Logistics Agency contract for High Fragmentation 1 Steel
  • Mirum Pharmaceuticals (MIRM) announces the primary endpoint was met in the Phase 3 portion of the AZURE-1 study evaluating brelovitug, an investigational fully human monoclonal antibody that binds to hepatitis B surface antigen, for the treatment of chronic hepatitis delta virus
  • Mirum, Incyte (INCY) say FDA approves Atebrioz for fibrodysplasia ossificans progressiva
  • Monster Beverage (MNST) affirmed CEO Americas Rob Gehring of his intention to resign as of November 30, 2026 o return to The Coca-Cola Company
  • MVB Financial (MVBF)'s bank unit partners with DingoBlu on mobile-first banking platform, Visa debit program
  • Northrop Grumman (NOC) awarded a $111 mln modification to previously awarded Air Force contract
  • NU Holdings in discussions to purchase Monzo Bank. Bloomberg (NU)
  • NVIDIA (NVDA) boosts share repurchase authorization by $150 bln, raises remaining capacity to $235 bln
  • OMS Energy Technologies (OMSE) secures $9.4 million in new orders, including $7.1 million competitive tender win from Saudi Aramco
  • OpenAI (XLK) says agents leaked ChatGPT user images, according to Reuters
  • OpenAI agents accessed government websites ( (XLK) see 6:01 -- XLK, PANW, CRWD, FTNT, ZS, NET, HACK, MSFT, GOOG, GOOGL). WSJ
  • Palvella (PVLA) gets additional FDA orphan-products grant funding for QTORIN rapamycin
  • Paramount Skydance extends WBD note exchange and tender offers to Oct. 6; may push settlement to acquisition close (WBD)
  • Pepsi aiming to (PEP) invest $1 billion in Columbia over the next five years. Reuters
  • QIAGEN (QGEN) gets FDA clearance for QIAstat-Dx gram-negative bloodstream infection panel
  • Rank One Computing (ROC) Secures $64.3 million U.S. Department of Justice contract for digital evidence technology
  • Rio Tinto (RIO) awarded a $995 mln Defense Logistics Agency contract for high purity aluminum
  • Sagimet Biosciences (SGMT) to review 52-week Phase 3 denifanstat acne data; U.S. Phase 3 AURORA trial remains on track for Q4
  • Saudi Arabia restarts oil exports using East-West oil pipeline, according to Bloomberg (XLE)
  • Siemens hoping to (SIEGY) increase returns with AI innovation. Bloomberg
  • Soluna (SLNH) expands Bitdeer partnership at Project Kati 1 to 35 MW
  • Stellantis (STLA): Momenta partners with DSAT to bring intelligent driving to Peugeot and Jeep models worldwide
  • Suncor Energy (SU): Barron's out positive on SU
  • Tempus (TEM) wins FDA 510(k) clearance for ECG-MR AI tool for mitral regurgitation detection
  • The Trump administration's plan to reduce U.S. reliance on China for critical minerals is starting to work, according to WSJ (REMX)
  • Uber (UBER)'s Kenya business is facing local resistance, according to WSJ
  • US appeals court rules states can regulate Kalshi prediction markets under gambling laws, according to Reuters (MGM)
  • Vestis (VSTS) appoints Russell Tiejema CFO, reiterates FY26 outlook
  • Vodafone (VOD) PLC: EU Commission clears acquisition of OXG by Vodafone and Societe Generale (SCGLY)

• Upgrades:
  • Acuity Brands (AYI) upgraded to Market Perform from Outperform at William Blair
  • CF Industries (CF) upgraded to Neutral from Sell at Rothschild & Co Redburn, tgt $110
  • First Solar (FSLR) upgraded to Sector Weight from Underweight at KeyBanc
  • Park Hotels & Resorts (PK) upgraded to Strong Buy from Market Perform at Raymond James, tgt $19
  • Royal Caribbean Cruises (RCL) upgraded to Buy from Hold at Deutsche Bank, tgt $330
  • Sweetgreen (SG) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $11
  • Teleflex (TFX) upgraded to Buy from Neutral at BofA Securities, tgt $158
• Downgrades:
  • Braskem (BAK) downgraded to Hold from Buy at HSBC, tgt $1.50
  • Manhattan Associates (MANH) downgraded to Neutral from Buy at DA Davidson, tgt $210
  • PepsiCo (PEP) downgraded to Hold from Buy at Deutsche Bank, tgt $138
  • RLJ Lodging Trust (RLJ) downgraded to Market Perform from Outperform at Raymond James
  • Roblox (RBLX) downgraded to Underperform from Hold at Jefferies, tgt $38
  • UiPath (PATH) downgraded to Underperform from Neutral at DA Davidson, tgt $10
  • Pegasystems (PEGA) downgraded to Neutral from Buy at DA Davidson, tgt $32
• Others:
  • ADI Global Distribution (ADIG) initiated with an In Line at Evercore ISI, tgt $23
  • Agenus (AGEN) initiated with a Buy at Rodman & Renshaw, tgt $19
  • American Bitcoin (ABTC) initiated with a Buy at Jones Trading, tgt $14
  • Applied Digital (APLD) initiated with a Buy at Jones Trading, tgt $70
  • Argo Blockchain (ARBK) initiated with a Hold at Jones Trading
  • Axe Compute (AGPU) initiated with a Buy at Jones Trading, tgt $20
  • Big Digital Energy (BGDE) initiated with a Buy at Jones Trading, tgt $10
  • Bit Digital (BTBT) initiated with a Buy at Jones Trading, tgt $3.50
  • Bitdeer (BTDR) initiated with a Buy at Jones Trading, tgt $22
  • BitFuFu (FUFU) initiated with a Buy at Jones Trading, tgt $3
  • Buda Juice (BUDA) initiated with a Buy at Roth Capital, tgt $12
  • Canaan (CAN) initiated with a Buy at Jones Trading, tgt $1
  • Cango (CANG) initiated with a Buy at Jones Trading, tgt $4
  • Cipher Mining (CIFR) initiated with a Buy at Jones Trading, tgt $35
  • CleanSpark (CLSK) initiated with a Buy at Jones Trading, tgt $25
  • Coinbase (COIN) resumed with an Outperform at Keefe Bruyette, tgt $237
  • CoinShares (CSHR) initiated with a Buy at Jones Trading, tgt $8
  • Core Scientific (CORZ) initiated with a Buy at Jones Trading, tgt $25
  • CoreWeave (CRWV) initiated with a Buy at Jones Trading, tgt $160
  • DarkHorse Technologies (DRK) initiated with a Buy at Jones Trading, tgt $5
  • DeFi Technologies (DEFT) initiated with a Buy at Jones Trading, tgt $1
  • Digi Power X (DGXX) initiated with a Buy at Jones Trading, tgt $8
  • Exodus Movement (EXOD) initiated with a Hold at Jones Trading
  • Fold Holdings (FLD) initiated with a Buy at Jones Trading, tgt $1
  • Fortive (FTV) initiated with an In Line at Evercore ISI, tgt $60
  • Hive Digital Technologies (HIVE) initiated with a Buy at Jones Trading,t gt $6
  • Hut 8 (HUT) initiated with a Buy at Jones Trading, tgt $130
  • IonQ (IONQ) initiated with a Buy at BofA Securities, tgt $60
  • IREN (IREN) initiated with a Hold at Jones Trading
  • Jack Henry (JKHY) initiated with a Buy at Seaport Research Partners, tgt $193
  • Keel Infrastructure (KEEL) initiated with a Buy at Jones Trading, tgt $7.50
  • Korsana Biosciences (KRSA) initiated with a Buy at Guggenheim, tgt $70
  • LENSAR (LNSR) initiated with a Buy at Lucid Capital Markets, tgt $11
  • Lexicon Pharmaceuticals (LXRX) initiated with an Overweight at Cantor Fitzgerald, tgt $8
  • MARA Holdings (MARA) initiated with a Buy at Jones Trading, tgt $22
  • MBody AI (MBAI) initiated with an Outperform at Northland, tgt $10
  • Mobility Global (MBGL) initiated with a Neutral at JPMorgan, tgt $21
  • Procore Technologies (PCOR) assumed with an Overweight at Piper Sandler, tgt $68
  • Q32 Bio (QTTB) initiated with a Buy at Jefferies, tgt $29
  • Resideo Technologies (REZI) initiated with an Outperform at Evercore ISI, tgt $30
  • Riot Platforms (RIOT) initiated with a Buy at Jones Trading, tgt $30
  • SharonAI Holdings (SHAZ) initiated with a Buy at Jones Trading, tgt $80
  • SharpLink Gaming (SBET) initiated with a Buy at Jones Trading, tgt $13
  • Snowflake (SNOW) initiated with a Buy at Phillip Securities, tgt $423
  • TeraWulf (WULF) initiated with a Buy at Jones Trading, tgt $30
  • WaterBridge Infrastructure (WBI) assumed with an Overweight at Piper Sandler, tgt $37
  • WhiteFiber (WYFI) initiated with a Buy at Jones Trading, tgt $40

• Econ Data (Tuesday):
  • 09:00 ET: July FHFA Housing Price Index (prior 0.0%)
  • 09:00 ET: July S&P Case-Shiller Home Price Index (prior 2.1%)
  • 10:00 ET: September Consumer Confidence (Briefing.com consensus: 90.0; prior 89.4)
  • 10:00 ET: August JOLTS - Job Openings (Briefing.com consensus: 7.150M; prior 7.271M)
  • 11:00 ET: Fed Governor Bowman (FOMC voter) opening remarks at community bank cyber workshop
  • 12:40 ET: Fed Governor Barr (FOMC voter) speech on economic outlook
  • 3:00 p.m. ET: Fed Governor Waller (FOMC voter) speech on payments

• Earnings:
  • Monday (September 28)
    • Pre-Market: None
    • After-Hours: MTN, JEF
  • Tuesday (September 29)
    • Pre-Market: CCL, KMX
    • After-Hours:AIR, CNXC, FDXF
  • Wednesday (September 30)
    • Pre-Market: CAG, CALM, FDS, JBL
    • After-Hours: MU, PRGS
  • Thursday (October 1)
    • Pre-Market: ACN, AYI, MKC
    • After-Hours: NKE
  • Friday (October 2)
    • Pre-market: None
    • Afternoon: None