After Hours Report

With little in the way of macro catalysts or corporate news, the major averages traded sideways for much of the session before an uptick in buying activity saw the Nasdaq Composite (+0.4%) establish a new record high (21,891.42) and closing high, while the S&P 500 (+0.3%) and DJIA (+0.4%) captured record closing highs of their own.

The major averages benefitted from broad-based sector strength, with the communication services sector (+1.7%) leading the way, supported by strong leadership in its mega-cap components, Alphabet (GOOG 239.94, +5.78, +2.47%) and Meta Platforms (META 765.70, +13.40, +1.78%).

Mega-caps as a unit had a relatively subdued session, though they especially benefitted from the late afternoon buying pickup. The Vanguard Mega Cap Growth ETF (+0.3%) closed with a decent gain after spending the day oscillating around its flatline.

Yesterday's top movers, the information technology (flat) and consumer discretionary (+0.1%) sectors, clawed just above their opening levels after a long stint in negative territory, though their improvement was particularly supportive to the final standings of the S&P 500 and Nasdaq Composite.

While today's advances were modest in nature, they were broad-based, as only the materials (-1.6%), industrials (-0.7%), and real estate (-0.1%) sectors finished lower. 

Despite a scarcity of corporate headlines, UnitedHealth (UNH 348.18, +27.93, +8.72%) made a significant upward move following amendments to the company's guidance disclosure.

Meanwhile, Apple (AAPL 234.35, -3.53, -1.48%) traded lower following the company's annual product launch event, with investor focus on iPhone pricing. The iPhone Air will debut at $999 as the slimmer entry model, while the price of the iPhone Pro rose by $100 to $1,099. 

There were no notable economic data releases today, though attention centered on the preliminary benchmark revision to payroll growth estimates for March 2024-March 2025. The revision showed a record overstatement of 911,000 jobs, confirming expectations for a significant downward adjustment.

The stock market had a muted reaction to the revision, as rate cut expectations hardly changed in response. The market is still fully pricing in a 25-basis point rate cut at the September FOMC meeting, while the CME FedWatch assigns an 8.2% probability of a 50-basis point cut, down from 10.6% yesterday.

While smaller cap indices might have gained momentum in response to heightened expectations for a 50-basis point cut, the Russell 2000 retreated 0.6%, with the S&P Mid Cap 400 slipping 0.9%.

Market focus now turns to tomorrow's release of August PPI data, with CPI to follow on Friday. Those inflation readings, if hotter than expected, could revive concerns about the broader health of the economy and test the market's conviction in its current rate cut expectations for the October and December FOMC meetings.

U.S. Treasuries retreated on Tuesday, making for a shallow pullback after four days of gains that sent yields to their lowest levels in at least three months. There was some light buying after the U.S. Treasury kicked off this week's note and bond auction slate with a strong sale of 3-year notes that saw stellar foreign demand. The 2-year note yield settled up five basis points to 3.54% and the 10-year note yield settled up three basis points to 4.72%.

• Nasdaq Composite: +13.3% YTD
• S&P 500: +10.7% YTD
• DJIA: +7.4% YTD
• Russell 2000: +6.8% YTD
• S&P Mid Cap 400: +4.7% YTD

Reviewing today's economic data:

• The NFIB Small Business Optimism Index rose to 100.8 in August from 100.3 in July.

Overseas:

• Europe: DAX -0.3%, FTSE +0.2%, CAC +0.2%
• Asia: Nikkei -0.4%, Hang Seng +1.2%, Shanghai -0.5%

Commodities:

• Crude Oil +0.37 @ 62.62
• Nat Gas +0.03 @ 3.12
• Gold +4.20 @ 3682.10
• Silver -0.58 @ 41.32
• Copper +0.01 @ 4.57

After-Hours Spotlight:

• AeroVironment (AVAV) misses by $0.01, beats on revs; guides FY26 EPS above consensus, revs in-line...AVAV +1.2%
• Calavo Growers (CVGW) beats by $0.03, misses on revs...CVGW -5.6%
• Oracle (ORCL) misses by $0.01, reports revs in-line; RPO of $455 bln, up 359%...ORCL +26.68%
• Rubrik (RBRK) beats by $0.31, beats on revs, Subscription ARR grew 36% yr/yr; guides Q3 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus...RBRK -1.4%
• Synopsys (SNPS) reports Q3 results; provides Q4 and FY25 EPS and revenue guidance...SNPS -14.4%

Fair Value for Wednesday, September 10:

• S&P 500: 6,519
• Nasdaq 100: 23,871
• DJIA: 45,747

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

• Earnings/Guidance (Full Earnings Calendar):
  • ArcBest (ARCB) provided update on the most recent information related to its third quarter 2025 financial results and business trends
  • AT&T (T) provides details on what it plans to say at fireside chat on Tuesday morning; reiterates FY25 financial guidance and reiterates goal of $20 bln of share repurchase capacity during 2025-2027
  • Bread Financial (BFH) provides performance update for August 2025
  • Casey's General (CASY) beats by $0.72, beats on revs; same-store sales +4.3%
  • Clear Channel Outdoor (CCO) reaffirms FY25 guidance ahead of today's Investor Day
  • Comerica (CMA) provides investor updates in presentation
  • Core & Main (CNM) beats by $0.09, misses on revs; guides FY26 revs below consensus
  • Cousins Prop (CUZ) provides investor updates in presentation
  • Gamehaus Holdings (GMHS) reports Q4 results; provides Q1 revs outlook
  • Hello Group (MOMO) reports Q2 (Jun) results, revs in-line; guides Q3 revs in-line
  • Korn/Ferry (KFY) beats by $0.07, beats on revs; guides Q2 EPS in-line
  • Mission Produce (AVO) beats by $0.12, beats on revs
  • Open Text (OTEX) provides investor updates in presentation
  • SailPoint (SAIL) beats by $0.03, beats on revs, ARR increased 28%; guides Q3 EPS in-line, revs below consensus; raises FY26 EPS, ARR and revenue guidance
  • Talen Energy (TLN) releases presentation ahead of today's Investor Day
  • Yext (YEXT) beats by $0.01, beats on revs; On August 18, CEO Michael Walrath, submitted proposal to acquire all outstanding shares of company not already owned by him
• General News
  • President Trump stops IRS from focusing on tax shelters, according to NY Times
  • Accenture (ACN) acquires identity and access management company IAMConcepts to expand cybersecurity footprint in Canada; financial terms were not disclosed
  • Aclaris Therapeutics (ACRS) announces late-breaking abstract and oral presentation on ATI-2138 Phase 2a Results at the 2025 European Academy of Dermatology and Venereology (EADV) Congress
  • Alstom (ALSMY) announced that NJ TRANSIT has exercised options to purchase an additional 200 Multilevel III commuter cars and 12 ALP 45 dual-power locomotive
  • Alto Neuroscience (ANRO) announces "positive" results from an independent, prospective replication study evaluating electroencephalography (EEG) biomarkers in people with schizophrenia
  • ALT5 Sigma Corporation (ALTS) revises Trump-linked Board roles amid Nasdaq listing rules ahead of $1.5 bln crypto token purchase; Eric Trump no longer joining Board, according to Forbes
  • Amazon's (AMZN) water conservation and replenishment efforts around the world
  • Ambow Education (AMBO) launched HybriU 3D Mobile Station, a breakthrough self-contained cart that brings cinematic-grade, interactive 3D production out of the studio and into everyday environments
  • Anavex (AVXL) announces the latest findings for blarcamesine, an oral small molecule for the potential treatment of early Alzheimer’s disease
  • Anthropic: Federal judge blocks Anthropic $1.5 bln settlement, according to Bloomberg
  • Apple (AAPL) product refresh event coming up
  • Atlassian (TEAM) released blog post and investor deck announcing certain updates relating to its data center products
  • Avis Budget (CAR) amended Cooperation Agreement with SRS
  • BAE Systems (BAESY) opens new, state-of-the-art engineering facility in Minneapolis; new facility will develop advanced capabilities to warfighters and attract top talent to Minnesota's workforce
  • Baidu (BIDU) unveils reasoning model ERNIE X1.1 with upgrades in key capabilities
  • BHP Group (BHP) has reached an agreement to settle the Australian Samarco shareholder class action. The settlement is subject to approval by the Federal Court of Australia
  • Boeing (BA) reports August order data; 26 gross orders in August, YTD deliveries now stand at 385, delivered 57 aircraft in August
  • C3.ai (AI) announced C3 AI Agentic Process Automation, a new product that allows enterprises to encapsulate both business and operational work through autonomous AI agents
  • Cboe Global Markets (CBOE) plans to launch continuous futures for Bitcoin and Ether, beginning November 10
  • Charles Schwab (SCHW) Trading Activity Index increased to 43.69 in August, up from its score of 41.79 in July
  • Circle Internet Group (CRCL): Fireblocks and Circle strategically collaborate to accelerate stablecoin adoption for financial institutions
  • CMS Energy (CMS) subsidiary Consumers Energy reaches agreement to sell 13 Michigan hydroelectric dams to Confluence Hydro, an affiliate of Hull Street Energy
  • Columbia Financial (CLBK) authorizes new stock repurchase program
  • ConocoPhillips (COP) signs long-term sales and purchase agreement to lift 1 million tonnes per annum of liquefied natural gas from the Rio Grande LNG project
  • Constellium (CSTM) extends long-term partnership with Embraer (ERJ) for the supply of high-performance aluminum solutions
  • CoreWeave (CRWV) launches CoreWeave Ventures, a new initiative committed to backing founders and companies developing the platforms and technologies shaping the AI ecosystem
  • Cullinan Therapeutics (CGEM) and Taiho Oncology Present Data on Zipalertinib at the IASLC 2025 World Conference on Lung Cancer
  • Dell (DELL) announces CFO transition
  • dLocal Limited (DLO) and Western Union (WU) announce a strategic alliance to enable digital payment methods on Western Union's online platforms in Latin America
  • EchoStar (SATS) discloses Chairman of the FCC sent a follow-up letter - directed the staff of the FCC to terminate the agency's investigation of EchoStar
  • Eli Lilly (LLY) launches TuneLab platform to give biotechnology companies access to AI-enabled drug discovery models built through over $1 billion in research investment
  • Electrovaya (ELVA) launches next-generation Energy Storage Systems
  • Eli Lilly (LLY): Circle Pharma announced an agreement with Eli Lilly and Company that enables the company to use Lilly TuneLab
  • Emergent BioSolutions (EBS) announces that a contract modification has been executed in the amount of $56 mln to supply ACAM2000, to the U.S. government
  • Energy Fuels (UUUU): U.S. mined and processed rare earths successfully manufactured into permanent magnets for use in EVs and Hybrids
  • EQT Corp. (EQT) secures 1.0 million tonnes per annum of liquefaction capacity under a 20-year Sale and Purchase Agreement with Commonwealth LNG
  • Exxon Mobil (XOM) buys Superior Graphite assets, aims to strengthen domestic EV battery supply chain, according to NYT
  • Fluor (FLR) awarded position on the Cooperative Threat Reduction Integrating Contract IV
  • Ford Motor (F) recalling 1,456,417 certain 2015-2019 vehicles
  • General Motors (GM) and EVgo (EVGO) announce that their collaborative network now reaches more than 200 locations across nearly 40 states
  • GFL Environmental (GFL): Red Dog Equity announced it has sold Superior Waste Industries to GFL Environmental
  • Gilat Satellite (GILT) received and accepted commitments from Israeli institutional and accredited investors
  • GlaxoSmithKline's (GSK) RSV Vaccine Arexvy Included in Publicly Funded Prevention Programs for Older Adults in Canada
  • Grupo Aeroportuario Del Sureste (ASR) announces that passenger traffic for August 2025 reached a total of 6.0 million passengers, representing an increase of 0.6% compared to August 2024
  • Intel (INTC) announces series of new senior leadership appointments; Kevork Kechichian Appointed to Lead Data Center Group
  • Invesco (IVZ) reports August AUM of $2.06 tln
  • Ionis Pharma (IONS) announces that the U.S. FDA has granted Breakthrough Therapy designation to ION582 for the treatment of Angelman syndrome, a rare neurological disease that often presents in infancy and is characterized by profound intellectual disability, impaired communication, motor impairment and debilitating seizures
  • Jazz Pharma (JAZZ) announces that Modeyso is recommended by the National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology as a category 2A single-agent treatment option for pediatric and adult patients with recurrent or progressive diffuse high-grade glioma harboring an H3 K27M mutation
  • JetBlue Airways (JBLU) celebrates a significant milestone in its 25-year history: the final revenue flight of its Embraer (ERJ) E190 aircraft, marking the official retirement of the aircraft from JetBlue’s fleet
  • Kolibri Global Energy (KGEI) provides an operations update on its latest wells in its Tishomingo field in Oklahoma
  • Leonardo DRS (DRS) announces launch of new product line of high-performance AI-enabled Ground Vehicle Architecture Smart Display systems
  • MasterCraft (MCFT) Boat Company announces an international expansion with new dealerships in Mexico and Germany
  • Meta (META) sued over security flaws by former WhatsApp executive, according to NY Times
  • Meta Platforms (META): Andruil and Meta receive Army contract, according to Bloomberg
  • Meta Platforms (META) signs deal with AI image startup Black Forest Labs to use imagery, according to Bloomberg
  • Microsoft (MSFT) to purchase AI Technology from Anthropic, shifting away from OpenAI collaboration, according to The Information
  • Nano Dimension (NNDM) announces that its Board of Directors has initiated a process to explore and evaluate a comprehensive range of strategic alternatives to reinforce the Company’s commitment to maximize shareholder value
  • NANO Nuclear Energy (NNE) announces it has been selected by AFWERX for a Direct to Phase II Small Business Innovation Research contract in the approximate amount of $1.25 million, focused on the KRONOS MMR Energy System to address the most pressing challenges in the Department of the Air Force
  • Nebius Group N.V. (NBIS) announces an agreement to deliver AI infrastructure to Microsoft
  • Nektar (NKTR) Announces REZOLVE-AD Phase 2b Results for Rezpegaldesleukin Selected for Late-Breaker Oral Presentation at EADV 2025
  • News Corp. (NWSA) announces resolution of Murdoch Family Trust matter
  • Norfolk Southern (NSC): The Justice Department announces settlement with Norfolk Southern, resolving claims that the company violated federal law by delaying Amtrak passenger trains on the Crescent Route by prioritizing freight trains over Amtrak; the Justice Department has moved to dismiss its lawsuit against Norfolk Southern
  • NOVAGOLD’s (NG) 2025 Donlin Gold Drill Program Returns High-Grade Gold Intercepts, Strengthens Resource Conversion, and Supports Bankable Feasibility Study Progression
  • NVIDIA's (NVDA) VP of Accelerated Computing Ian Buck unveiled a bold new vision: the transformation of traditional data centers into fully integrated AI factories
  • OpenAI could leave California, according to WSJ
  • Osisko Development (ODV) intercepts 57.29 g/t Gold Over 3.05 Meters, 625.95 g/t Gold Over 0.5 Meters and 15.26 g/t Gold Over 4.4 Meters in Lowhee Infill Drilling at Cariboo Gold Project
  • PACS Group (PACS) disclosed resignation of Derick Apt as Chief Financial Officer
  • Regeneron Pharma (REGN) and Sandoz reach patent litigation agreement related to its US aflibercept biosimilar
  • Regeneron Pharma (REGN) reports Libtayo plus chemotherapy results at five years reinforce significant and durable improvements in survival outcomes
  • RTX's (RTX) Pratt & Whitney Canada has been selected by the European Union's Clean Aviation Joint Undertaking to lead the Powerplant Hybrid Application REgional Segment project
  • Samsara (IOT): Motive wins ITC ruling as Samsara patent claims dismissed
  • Sibanye-Stillwater (SBSW) completes the acquisition of Metallix
  • Sight Sciences (SGHT) announced that UnitedHealthcare has updated its Glaucoma Surgical Treatments policy
  • Sphere Entertainment Co.'s (SPHR) MSG Networks President/CEO Andrea Greenberg left MSG Networks following the expiration of her employment agreement on September 1, 2025
  • Talen Energy (TLN) also approved the upsizing of its existing share repurchase program (Investor day today)
  • Telix Pharmaceuticals (TLX) and FDA agree on resubmission pathway for TLX101-CDx (Pixclara) U.S. NDA
  • TotalEnergies (TTE) to supply 1 million tons per year of LNG to KOGAS for 10 years
  • Toyota (TM) to consolidate U.S. production of Lexus brand, according to Nikkei
  • Tutor Perini's (TPC) Black Construction-Tutor Perini Joint Venture has been awarded a task order valued at approximately $181.8 mln
  • Ultragenyx (RARE) Announces Positive Longer-term Data from Phase 3 Study of DTX401 AAV Gene Therapy for the Treatment of Glycogen Storage Disease Type Ia (GSDIa)
  • Vertical Aerospace Group (EVTL) completes Phase 3 piloted wingborne flight testing of its VX4 prototype
  • Warby Parker (WRBY): Monumental Sports & Entertainment appoints Steven Miller as CFO
  • Wolfspeed (WOLF) receives Court approval of its Plan of Reorganization; Company expects to emerge from chapter 11 process in the next several weeks
  • Willis Towers Watson (WTW) announces several leadership changes within its Global Construction and Global Surety teams
  • Yum! Brands (YUM) Announces Key Leadership Appointments to Accelerate Global Growth and Strategic Focus Under Incoming CEO Chris Turner

• Upgrades:
  • Charles River (CRL) upgraded to Buy from Hold at Jefferies, tgt $195
    
  • Dick's Sporting Goods (DKS) upgraded to Buy from Neutral at Citigroup, tgt $280
    
  • Femsa (FMX) upgraded to Buy from Neutral at Citigroup, tgt $97
    
  • Hyatt Hotels (H) upgraded to Buy from Neutral at Citigroup, tgt $167
    
  • IQVIA Holdings (IQV) upgraded to Buy from Hold at Jefferies, tgt $225
    
  • Kingsoft Cloud (KC) upgraded to Buy from Neutral at BofA Securities
    
  • Remitly Global (RELY) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $25
    
  • Roblox (RBLX) upgraded to Neutral from Sell at Arete, tgt $116
    
  • Sealed Air (SEE) upgraded to Overweight from Neutral at JPMorgan, tgt $36
    
  • Thomson Reuters (TRI) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $212
    
  • Universal Music Group (UMGNF) upgraded to Buy from Neutral at Citigroup
• Downgrades:
  • AST SpaceMobile (ASTS) downgraded to Neutral from Buy at UBS, tgt $43
    
  • Boston Properties (BXP) downgraded to In Line from Outperform at Evercore ISI, tgt $76
    
  • Commerzbank (CRZBY) downgraded to Neutral from Overweight at JPMorgan
    
  • ICON plc (ICLR) downgraded to Hold from Buy at Jefferies, tgt $175
    
  • Lululemon Athletica (LULU) downgraded to Sector Weight from Overweight at KeyBanc
    
  • Park Hotels & Resorts (PK) downgraded to Neutral from Buy at Citigroup, tgt $12
    
  • Pinnacle West Capital (PNW) downgraded to Neutral from Outperform at Mizuho, tgt $90
    
  • SEACOR Marine (SMHI) downgraded to Neutral from Buy at Clarksons Platou, tgt $7
    
  • TaskUs (TASK) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $16.50
    
  • TKO Group (TKO) downgraded to Neutral from Buy at Seaport Research Partners
• Others:
  • Acadia Realty Trust (AKR) initiated with a Neutral at Ladenburg, tgt $21
    
  • American Public Education (APEI) initiated with a Buy at DA Davidson, tgt $40
    
  • Badger Meter (BMI) initiated with an Overweight at JPMorgan, tgt $230
    
  • Bicara Therapeutics (BCAX) initiated with a Buy at JonesResearch, tgt $22
  • Blaize (BZAI) initiated with a Buy at B. Riley Securities, tgt $9
    
  • Brixmor Property (BRX) initiated with a Buy at Ladenburg, tgt $32
    
  • Curbline Properties (CURB) initiated with a Neutral at Ladenburg, tgt $25
    
  • Gartner (IT) initiated with a Sector Perform at RBC Capital, tgt $263
    
  • I-Mab (IMAB) initiated with a Buy at BTIG Research, tgt $7
    
  • InvenTrust Properties (IVT) initiated with a Neutral at Ladenburg, tgt $31
    
  • Kimco Realty (KIM) initiated with a Buy at Ladenburg, tgt $27
    
  • Kite Realty Group (KRG) initiated with a Buy at Ladenburg, tgt $30
    
  • Madison Square Garden Sports (MSGS) initiated with a Buy at Citigroup, tgt $285
    
  • Metsera (MTSR) initiated with an Outperform at Leerink Partners, tgt $77
    
  • Monopar Therapeutics (MNPR) initiated with a Buy at BTIG Research, tgt $87
    
  • Natural Gas Services (NGS) initiated with a Buy at Texas Capital, tgt $36
    
  • Palvella Therapeutics (PVLA) initiated with an Outperform at Oppenheimer, tgt $85
    
  • PepGen (PEPG) initiated with a Buy at Guggenheim, tgt $6
    
  • Phillips Edison (PECO) initiated with a Buy at Ladenburg, tgt $40
    
  • Regency Centers (REG) initiated with a Neutral at Ladenburg, tgt $76
    
  • Reliance Steel & Aluminum (RS) initiated with an Overweight at JPMorgan, tgt $350
    
  • Rithm Property Trust (RPT) initiated with a Buy at Lucid Capital
    
  • SITE Centers (SITC) initiated with a Neutral at Ladenburg, tgt $10
    
  • Urban Edge Properties (UE) initiated with a Neutral at Ladenburg, tgt $23
    
  • USA Compression Partners (USAC) initiated with a Hold at Texas Capital, tgt $23

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -1.2%)
  • 8:30 ET: August PPI (Briefing.com consensus 0.3%; prior 0.9%) and Core PPI (Briefing.com consensus 0.3%; prior 0.9%)
  • 10:00 ET: July Wholesale Inventories (Briefing.com consensus 0.2%; prior 0.1%)
  • 10:30 ET: Weekly crude oil inventories (prior +2.42 mln)

• Earnings:
  • Monday (Sep 8)
    • Pre-Market: PL NFE
    • After-Hours: CASY AVO
      
    Tuesday (Sep 9)
    • Pre-Market: CNM MOMO KFY SAIL
    • After-Hours: AVAV CVGW GME RBRK SNPS
      
  • Wednesday (Sep 10)
    • Pre-Market: CHWY
      
    • After-Hours: OXM
      
  • Thursday (Sep 11)
    • Pre-Market: KR LOVE
    • After-Hours:  ADBE RH
  • Friday (Sep 12)
    • Pre-Market: None
    • After-Hours: None