After Hours Report

The stock market rebounded from early session lows following some new tariff headlines, driven by a steady, mechanical trade that saw the major averages finish with modest gains and the Nasdaq close at a new record high.

A proposed 30% tariff on the EU and Mexico, starting August 1, was enough to incite a sluggish start, but true to form, the market displayed resilience to tariff headlines that have done little so far to sway the market's upward momentum.

The head of the EU's Executive Commission and the President of Mexico both expressed a willingness to negotiate a better trade deal before the August 1 deadline. That mindset helped temper today's selling activity.

Separately, the markets were unfazed by President Trump's announcement of secondary tariffs on Russia of up to 100% starting September 1 if Russia hasn't agreed to a ceasefire or an end to the war with Ukraine.

Though there was strength in the wake of the tariff developments, today's gains were modest. Buyer conviction was lacking ahead of consequential economic data releases and a plethora of earnings reports this week.

Tomorrow will bring the release of June CPI data, with June PPI on Wednesday and June Retail Sales on Thursday.

Several large banks, such as Wells Fargo (WFC 83.43, +0.88, +1.1%), Citigroup (C 87.50, +0.77, +0.9%), and JPMorgan Chase (JPM 288.70, +1.84, +0.6%), will release their earnings reports before the open tomorrow. Positioning before earnings contributed to the financials sector (+0.7%) finishing among the top-performing sectors.

The communication services sector (+0.7%) was another leader today, as Netflix (NFLX 1260.81, +15.70, +1.26%) traded higher ahead of its earnings report on Thursday.

Additionally, the sector benefitted from strength in its mega-cap components Alphabet (GOOG 182.76, +1.45, +0.8%) and Meta Platforms (META 720.37, +2.86, +0.5%).

Mega-cap stocks as a cohort slightly outperformed the market. The Vanguard Mega Cap Growth ETF posted a gain of 0.3%, while the S&P 500 increased 0.1%. The Russell 2000 (+0.5%) and the S&P Mid Cap 400 (+0.2%) outperformed the S&P 500 as well.

Seven S&P 500 sectors finished in positive territory with gains ranging from 0.1% to 0.7%.

The energy sector (-1.2%) was the only sector that saw a change of more than 1%, falling in tandem with the 2.3% decline in oil prices to $66.90 per barrel.

Treasuries traded in a tight range, exhibiting a similar wait-and-see disposition in front of this week's key economic releases.

There was no U.S. economic data of note today.

Overseas:

• Europe: DAX -0.4%, FTSE +0.6%, CAC -0.3%
• Asia: Nikkei -0.3%, Hang Seng +0.3%, Shanghai +0.3%

Commodities:

• Crude Oil -1.81 @ 66.59
• Nat Gas +0.11 @ 3.36
• Gold +4.60 @ 3325.60
• Silver +0.68 @ 37.32
• Copper +0.09 @ 5.59

After-Hours Spotlight:

• Ascendis Pharma (ASND): New 3-Year phase 3 data confirmed sustained response to TransCon PTH (Palopegteriparatide) Therapy in Adults with Hypoparathyroidism, including improvements in biochemistries, kidney function, and quality of life... ASND -1.9%
• Cavco Industries (CVCO) announces planned acquisition of manufactured home builder and retailer, American Homestar Corporation for $190 mln in cash... CVCO -1.8%
• Churchill Downs (CHDN) signs definitive agreement to acquire a majority of the outstanding equity interests of a Salem, New Hampshire joint venture with right to develop a charitable gaming, entertainment and dining destination featuring historical horse racing machines... CHDN unchanged
• La-Z-Boy (LZB) signs asset purchase agreement to acquire a La-Z-Boy Furniture Galleries store network in the southeast region of the U.S. from Atlanta Furniture Galleries, LLC; Also expects Q1 sales and adj. operating margin to be around low end of ranges in previously issued outlook... LZB -4.4%
• Marriott (MAR) announces that Leeny Oberg, its Chief Financial Officer and Executive Vice President, Development, decided to retire effective March 31, 2026; Jen Mason, a 33-year Marriott veteran, to replace her as CFO... MAR unchanged
• Power Integrations (POWI) names Jennifer Lloyd as its next CEO, effective July 21... POWI unchanged
• Simulations Plus (SLP) beats by $0.24, beats on revs; guides FY25 EPS above consensus, reaffirms FY25 revs guidance... SLP +1.0%

Fair Value for Tuesday, July 15:

• S&P 500: 6,308
• Nasdaq 100: 23,025
• DJIA: 44,680

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

• Earnings/Guidance (Full Earnings Calendar):
  • Diginex Limited (DGNX) Announces 57% Increase in Revenues and Transformed Balance Sheet for Fiscal Year ended March 31, 2025
  • Fastenal (FAST) beats by $0.01, reports revs in-line; also updated 2025 investment plans
  • Hingham Savings (HIFS) Reports Second Quarter 2025 Results
  • Occidental Petro (OXY) provided a summary of factors management believes will impact the Company's second quarter of 2025 results
• General News
  • President Trump announces 30% tariffs on EU & Mexico effective August 1, sends letters to both
  • White House NEC Director Kevin Hassett says tariffs will go into place if President Trump doesn't get a deal that is "good enough." He said President Trump has authority to fire Fed Chairman Jerome Powell for cause amid criticism over Fed building cost overruns, according to ABC News
  • EU plans to keep tariff countermeasures on hold until August, according to Reuters
  • Mexican President Claudia Sheinbaum confident she can reach a deal with President Trump to avoid tariffs, according to Bloomberg
  • U.S. to impose secondary tariffs on Russia of up to 100%, starting September 1, if Russia hasn't agreed to ceasefire or end of war with Ukraine -- CNBC
  • President Trump says Senate Majority Leader John Thune is coming to the White House today to discuss Senate Russia sanctions bill that allows President Trump to impose up to 500% tariffs on any country that buys Russian oil
  • Iran mulling offer to restart nuclear talks, according to Bloomberg
  • White House Economic Advisor Kevin Hassett is now a leading contender for Fed Chair in 2026 when Jerome Powell's term expires, according to Washington Post
  • White House Trade Advisor Peter Navarro says goods imported under USMCA trade deal will not be subject to tariffs, according to Bloomberg
  • Economists expecting stronger job growth and lower inflation as tariffs were less costly than feared, according to WSJ
  • House will vote this week on stablecoin legislation that Senate already passed, according to Politico
  • President Trump expected to announce plan to arm Ukraine with offensive weapons, according to Axios
  • House GOP bill seeks to block marijuana rescheduling, maintains state protections with new penalties, according to Marijuana Moment
  • Trump administration to unveil $70B AI and energy investment push in Pennsylvania, backed by Blackstone, tech, and energy leaders, according to Bloomberg
  • EU plans to talk with other nations impacted by U.S. tariffs, according to Bloomberg
  • "Superman" earned $122 mln at box office over the weekend, according to Variety
  • Alcoa (AA) and its joint venture partner, IGNIS Equity Holdings, SL, announce that the restart process of the San Ciprián smelter in Spain will resume
  • Amazon (AMZN) Prime Day 2025 Delivers Record Sales and Savings in Expanded Four-Day Shopping Event
  • Amazon (AMZN) delaying Alexa Web introduction that was expected before July 31, according to Washington Post
  • Amylyx Pharmaceuticals (AMLX) Presents New Exploratory Analyses from Phase 2 and Phase 2b Clinical Trials of Avexitide in Post-Bariatric Hypoglycemia at ENDO 2025
  • Archer Aviation (ACHR) CFO Mark Mesler steps down, has been on medical leave since Sept 2024
  • AstraZeneca (AZN) reports Baxdrostat met primary endpoint in BaxHTN PhIII trial
  • Autodesk (ADSK) provided business update - confident in plans to drive long-term shareholder value
  • Avadel Pharmaceuticals (AVDL): ASL Strategic Value Fund issues open letter to Avadel urging shareholders to vote against all Director nominees
  • Bayer (BAYRY) receives FDA approval for KERENDIA
  • Bio-Techne's (TECH) Simple Western Technology Utilized in Recent FDA Approval of ZEVASKYN™ Cell-Based Gene Therapy
  • Blue Owl Capital (OWL) and Voya Financial announce strategic partnership to develop private markets investment products for defined contribution retirement plans
  • Boeing (BA): Authorities in India release initial conclusions on Air India crash; engines fuel cutoff switches shifting from cutoff to run within seconds of each other, according to Reuters
  • Boeing (BA): South Korea wants airlines to check fuel switches on Boeing jets, according to Reuters
  • Boeing (BA): FAA believes Boeing fuel switch locks are safe, according to Reuters
  • Camping World (CWH) and FreedomRoads Holding Company, LLC, subsidiaries of Camping World Holdings, won a total victory in the latest legal proceeding arising out of the unscripted television series on CNBC, The Profit
  • CG Oncology (CGON) announces that Corleen Roche, CFO, resigns
  • Collective Mining (CNL) announces assay results for six diamond drill holes
  • DeFi Technologies (DEFT) reports all-time high in bitcoin assets under management and treasury holdings
  • FirstCash (FCFS) settles CFPB litigation related to Military Lending Act
  • General Motors (GM) aiming to pause production at key truck plant in Mexico for weeks, according to Reuters
  • General Motors (GM) / LG Energy jv Ultium Cells to upgrade Tennessee plant for low-cost EV battery cell production
  • GlaxoSmithKline (GSK) submits Arexvy to FDA for adults 18-49 AIR
  • Google (GOOG, GOOGL) aims to pay $2.4 bln for Windsurf artificial intelligence licensing rights and talent, according to Bloomberg
  • Iovance Biotherapeutics (IOVA): Real-world data demonstrate a 49% response rate for commercial Amtagvi in patients with advanced melanoma
  • Kenvue (KVUE) announces CEO transition and actions to unlock shareholder value; provides Q2 guidance
  • Kraft Heinz (KHC): Berkshire Hathaway (BRK.B) could possibly sell stake in KHC if breakup reports are true, according to CNBC
  • Lucid Group (LCID) expecting price increases even for cars produced in U.S., according to Bloomberg
  • Merck (MRK) to initiate Phase 3 trials for investigational once-monthly HIV prevention pill
  • Meta Platforms (META) has hired two more OpenAI researchers, according to The Information
  • Meta Platforms' (META) Zuckerberg discusses plans to invest hundreds of billions of dollars into compute to build superintelligence
  • Meta Platforms (META) mulling changes to artificial intelligence strategy, according to NY Times
  • Nutex Health (NUTX) COO Joshua DeTillio to resign, effective August 8
  • NVIDIA (NVDA): The Chinese military is unlikely to use Nvidia artificial intelligence chips, according to Bloomberg
  • NVIDIA (NVDA) CEO Jensen Huang will hold media call in China on Wednesday, according to Reuters
  • NVIDIA (NVDA) key CPU experiencing another delay, according to Semi Accurate
  • Rhythm Pharmaceuticals (RYTM) Presents Data on MC4R Agonists Setmelanotide and Bivamelagon at ENDO 2025
  • Rocket Pharmaceuticals (RCKT) names Christopher Stevens as COO
  • Seabridge Gold (SA) announces tunnel Status for Seabridge's KSM Project challenged by Tudor Gold
  • SpaceX aiming to invest $2 bln into xAI, according to WSJ
  • Starbucks (SBUX) confirms plan to shift from required three-days in office to minimum of four-days in office
  • Stepan Company (SCL) announces appointment of Ruben Velasquez as Vice President and Chief Financial Officer, effective as of July 15, 2025
  • Synopsys (SNPS) receives all necessary approvals for proposed acquisition of Ansys (ANSS); expected to close on or about Thursday, July 17
  • Takeda Pharma (TAK) reports results from Two Pivotal Phase 3 Studies of Oveporexton (TAK-861) in Narcolepsy Type 1
  • Tesla (TSLA) CEO Elon Musk says "If it was up to me, Tesla would have invested in xAI long ago. We will have a shareholder vote on the matter."
  • Ultragenyx (RARE) receives complete response letter from FDA for UX111 AAV gene therapy to treat sanfilippo syndrome Type A (MPS IIIA)
  • Universal Corp (UVV) announces that Johan Kroner will retire from his role as CFO; co initiates search for successor; Kroner to serve in role until new CFO appointed
  • Verastem Oncology (VSTM) announces publication of the primary results from the Phase 2 RAMP 201 trial of avutometinib in combination with Defactinib in patients with recurrent low-grade serous ovarian cancer in the journal of clinical oncology

• Upgrades:
  • Ally Financial (ALLY) upgraded to Neutral from Sell at BTIG Research
  • American Axle (AXL) upgraded to Buy from Neutral at UBS, tgt $7
  • Global Payments (GPN) upgraded to Buy from Hold at TD Cowen, tgt $84
  • Hyatt (H) upgraded to Buy from Hold at Deutsche Bank
  • MasterCard (MA) upgraded to Buy from Neutral at Seaport Research, tgt $616
  • MVB Financial (MVBF) upgraded to Outperform from Market Perform at Hovde Group, tgt $28
  • nCino (NCNO) upgraded to Outperform from Neutral at Robert W. Baird, tgt $38
  • Omega Healthcare (OHI) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $41
  • PayPal (PYPL) upgraded to Neutral from Sell at Seaport Research
  • Paymentus (PAY) upgraded to Outperform from Market Perform at Raymond James, tgt $84
  • SolarEdge (SEDG) upgraded to Equal Weight from Underweight at Barclays
  • Stitch Fix (SFIX) upgraded to Outperform from Market Perform at William Blair
  • Synchrony (SYF) upgraded to Buy from Neutral at BTIG Research, tgt $100
  • Visteon (VC) upgraded to Buy from Neutral at UBS, tgt $142
  • WK Kellogg (KLG) upgraded to Hold from Sell at TD Cowen, tgt $23
• Downgrades:
  • Affirm (AFRM) downgraded to Neutral from Buy at BTIG Research
  • Ametek (AME) downgraded to Hold from Buy at Melius Research, tgt $192
  • Best Buy (BBY) downgraded to Neutral from Overweight at Piper Sandler, tgt $75
  • Borr Drilling (BORR) downgraded to Neutral from Buy at BTIG Research
  • Church & Dwight (CHD) downgraded to Sell from Neutral at Rothschild & Co Redburn, tgt $8
  • CrowdStrike (CRWD) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $495
  • Enlight Renewable (ENLT) downgraded to Underperform from Neutral at Mizuho, tgt $21
  • Evercore (EVR) downgraded to Market Perform from Outperform at Citizens JMP
  • Ferrovial (FER) downgraded to Neutral from Outperform at Grupo Santander
  • Fluence Energy (FLNC) downgraded to Neutral from Outperform at Mizuho, tgt $10
  • Goldman Sachs (GS) downgraded to Market Perform from Outperform at Citizens JMP
  • Henry Schein (HSIC) downgraded to Neutral from Outperform at Robert W. Baird, tgt $72
  • Ingersoll-Rand (IR) downgraded to Hold from Buy at Melius Research, tgt $93
  • Intapp (INTA) downgraded to Underweight from Equal Weight at Barclays, tgt $44
  • KKR (KKR) downgraded to Market Perform from Outperform at Citizens JMP
  • MiNK Therapeutics (INKT) downgraded to Market Perform from Outperform at William Blair
  • Nextracker (NXT) downgraded to Neutral from Outperform at Mizuho, tgt $65
  • Oscar Health (OSCR) downgraded to Neutral from Overweight at Piper Sandler, tgt $14
  • Procter & Gamble (PG) downgraded to In Line from Outperform at Evercore ISI, tgt $170
  • Prog Holdings (PRG) downgraded to Sell from Neutral at BTIG Research, tgt $24
  • Rivian (RIVN) downgraded to Neutral from Buy at Guggenheim
  • Shoals Technologies (SHLS) downgraded to Neutral from Outperform at Mizuho, tgt $7
  • SoFi Technologies (SOFI) downgraded to Market Perform from Outperform at Citizens JMP
  • SoundHound (SOUN) downgraded to Neutral from Overweight at Piper Sandler, tgt $12
  • TechnipFMC (FTI) downgraded to Neutral from Buy at BTIG Research
  • Tidewater (TDW) downgraded to Neutral from Buy at BTIG Research
  • Verona Pharma (VRNA) downgraded to Neutral from Buy at H.C. Wainwright, tgt $107
  • Vestis (VSTS) downgraded to Underweight from Neutral at JPMorgan, tgt $6
• Others:
  • BridgeBio (BBIO) initiated with a Buy at Jefferies
  • CarGurus (CARG) initiated with a Hold at Gordon Haskett
  • Caris Life Sciences (CAI) initiated with an Outperform at Wolfe Research
  • Caris Life Sciences (CAI) initiated with a Buy at Citigroup
  • Caris Life Sciences (CAI) initiated with a Buy at TD Cowen
  • Caris Life Sciences (CAI) initiated with a Buy at Guggenheim
  • Caris Life Sciences (CAI) initiated with an Overweight at JPMorgan
  • Caris Life Sciences (CAI) initiated with a Buy at BofA Securities
  • Carvana (CVNA) initiated with a Hold at Gordon Haskett
  • Cava Group (CAVA) initiated with a Hold at Melius Research
  • Chipotle (CMG) initiated with a Hold at Melius Research
  • Cisco (CSCO) initiated with an Outperform at CICC
  • Cintas (CTAS) resumed with an Overweight at JPMorgan
  • Darden (DRI) initiated with a Hold at Melius Research
  • Domino's Pizza (DPZ) initiated with a Hold at Melius Research
  • Gen Digital (GEN) initiated with a Buy at B. Riley
  • Gossamer Bio (GOSS) initiated with an Outperform at Scotiabank
  • Hinge Health (HNGE) initiated with an Outperform at Citizens JMP
  • Hillman Solutions (HLMN) initiated with a Buy at Stifel
  • Innoviva (INVA) initiated with a Buy at H.C. Wainwright
  • Manhattan Associates (MANH) initiated with an Underweight at Morgan Stanley
  • McDonald's (MCD) initiated with a Sell at Melius Research
  • Nebius (NBIS) initiated with a Buy at Goldman
  • Oklo (OKLO) initiated with a Hold at Daiwa
  • One Group Hospitality (STKS) initiated with a Neutral at Piper Sandler
  • ProMIS Neurosciences (PMN) initiated with a Buy at H.C. Wainwright
  • Provident Financial (PROV) resumed with a Neutral at Piper Sandler
  • Restaurant Brands (QSR) initiated with a Buy at Melius Research
  • Ralliant (RAL) initiated with a Neutral at Seaport Research
  • Serina Therapeutics (SER) initiated with a Buy at H.C. Wainwright
  • SGHC (SGHC) initiated with an Outperform at Citizens JMP
  • Shopify (SHOP) initiated with a Buy at Needham
  • Slide Insurance (SLDE) initiated with an Overweight at Piper Sandler
  • Slide Insurance (SLDE) initiated with an Outperform at Citizens JMP
  • Slide Insurance (SLDE) initiated with an Equal Weight at Morgan Stanley
  • Texas Roadhouse (TXRH) initiated with a Buy at Melius Research
  • TripAdvisor (TRIP) initiated with a Neutral at BofA Securities
  • UniFirst (UNF) resumed with an Underweight at JPMorgan
  • Wingstop (WING) initiated with a Hold at Melius Research
  • Yum! Brands (YUM) initiated with a Buy at Melius Research

• Econ Data (Tuesday):
  • 08:30 ET: June CPI (Briefing.com consensus: 0.2%; prior 0.1%) and Core CPI (Briefing.com consensus: 0.3%; prior 0.1%)
  • 08:30 ET: July Empire State Manufacturing Survey (Briefing.com consensus: -11.6; prior 16.0)
• Earnings:
  • Monday (July 14)
    • Pre-Market: FAST
    • After-Hours: FBK SLP
    Tuesday (July 15)
    • Pre-Market: ACI ANGO BLK BK C ERIC JPM STT WFC
    • After-Hours: FULT HWC JBHT OMC PNFP
      
  • Wednesday (July 16)
    • Pre-Market: ASML BAC CBSH FHN GS JNJ MTB MS PNC PGR PLD
      
    • After-Hours:  AIR AA FR HOMB KBI REXR SLG SNV TFIN UAL
  • Thursday (July 17)
    • Pre-Market:  ABT CTAS CFG ELV FITB FOR GE IIIN MAN MMC NVS OFG PEP SNA TCBI TSM TRV USB WBS
    • After-Hours:  OZK CNS FNB IBKR NFLX SFNC WAL
  • Friday (July 18)
    • Pre-Market: MMM ALLY AXP ALV SCHW CMA HBAN RF SLB TFC
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike