After Hours Report

The stock market notched a winning session to start the week, with the S&P 500 (+0.5%), Nasdaq Composite (+0.6%), and DJIA (+1.1%) advancing on broad strength as the market rebounded from a mostly lower finish last week. The Russell 2000 (+1.0%) and S&P Mid Cap 400 (+0.9%) finished similarly after underperforming in the previous week. 

Stocks had a relatively easy session despite some volatility in other parts of the market. Gold and silver extended their pullback from recent record highs, Bitcoin and other cryptocurrencies faced a sharp retreat over the weekend, and a path towards negotiations between the U.S. and Iran sent oil prices sharply lower. Those factors were not completely absent from today's trade, as Robinhood Markets (HOOD 89.91, -9.57, -9.62%) was the worst performing S&P 500 name amid the weakness in crypto, and the energy sector (-2.0%) was the worst performing S&P 500 sector. 

However, they did not come to define today's session, as the market advanced with a strong "risk on" disposition. 

This morning's economic data added juice to a market that was arguably already primed for some buy-the-dip action after Friday's lower finish. The ISM Manufacturing Index (52.6%; Briefing.com consensus: 48.3%) showed manufacturing activity expanded in January, an encouraging sign for both economic and earnings growth. 

Growth names in turn rebounded from Friday's more defensive posturing, as evidenced by solid gains across smaller-cap indices, a 1.2% gain in the Invesco S&P 500 High Beta ETF, and a 1.7% gain in the PHLX Semiconductor Index. 

Strength was broad for the entirety of the session, with eight S&P 500 sectors finishing higher.

Though typically a more defensive sector, the consumer staples sector (+1.6%) finished with the widest gain, expanding upon a similar gain on Friday as Walmart (WMT 124.06, +4.92, +4.13%) and Costco (COST 968.36, +28.11, +2.99%) provided solid leadership. 

The industrials (+1.3%) sector finished similarly, with Caterpillar (CAT 690.91, +33.55, +5.10%) rebounding after a post-earnings slide, while airline names such as United Airlines (UAL 107.35, +5.03, +4.92%) and Delta Air Lines (DAL 69.08, +3.19, +4.84%) were boosted by the falling price of oil. 

The financials sector (+1.0%) rounds out the top three S&P 500 sectors, with strength also led by a rebound in several stocks that reported earnings last week, including Visa (V 333.84, +12.01, +3.73%).

Fifth Third (FITB 51.95, +1.73, +3.44%) notched a similar gain after announcing it has completed its merger with Comerica Incorporated (CMA 90.39, -2.47, -2.66%) to become the ninth largest U.S. bank. 

Meanwhile, the top-weighted information technology sector finished near the middle of the pack. 

Strength in the sector's mega-cap components was mixed today.  Apple (AAPL 270.01, +10.53, +4.06%) surged higher after a flattish response to an impressive earnings report on Friday, while Microsoft (MSFT 423.37, -6.92, -1.61%) continues to struggle after its earnings.

NVIDIA (NVDA 185.61, -5.52, -2.89%) also slid lower throughout the session, despite a relatively strong day for chipmakers.

The Vanguard Mega Cap Growth ETF (+0.2%) still notched a slight gain, with Amazon (AMZN 242.96, +3.66, +1.53%) and Alphabet (GOOG 344.90, +6.37, +1.88%) trading higher ahead of their earnings reports this week. 

In addition to the energy sector (-2.0%), the utilities (-1.5%) and real estate (-1.1%) sectors also finished lower. 

All told, today's session marked a solid rebound from a softer end to the previous week. Solid buy-the-dip interest combined with optimistic economic data lifted stocks in broad fashion, putting them on more solid footing ahead of another busy week of earnings. 

U.S. Treasuries began February with losses across the curve after backing down from their opening highs. The 2-year note yield settled up four basis points to 3.57%, and the 10-year note yield settled up three basis points to 4.28%. 

• Russell 2000: +6.4% YTD
• S&P Mid Cap 400: +4.9% YTD
• DJIA: +2.8% YTD
• S&P 500: +1.9% YTD
• Nasdaq Composite: +1.5% YTD

Reviewing today's data:

• January S&P Global U.S. Manufacturing PMI - Final 52.4; Prior 51.9
• January ISM Manufacturing Index 52.6% (Briefing.com consensus 48.3%); Prior 47.9%
  • The key takeaway from the report is that activity in the manufacturing sector revved up in January, breaking a streak of eleven straight months in a state of contraction, paced by the highest level in the new orders index since February 2022.

Overseas:

• Europe: DAX +1.0%, FTSE +1.2%, CAC +0.7%
• Asia: Nikkei -1.3%, Hang Seng -2.2%, Shanghai -2.5%

Commodities:

• Crude Oil -3.00 @ 62.19
• Nat Gas -1.10 @ 3.25
• Gold -113.00 @ 4653.90
• Silver -0.61 @ 77.02
• Copper -0.10 @ 5.82

After-Hours Spotlight:

• Capital Southwest Corp. (CSWC) beats by $0.05...CSWC +3.4%
• DaVita (DVA) beats by $0.16, beats on revs; guides FY26 EPS above consensus...DVA +12.4%
• Fabrinet (FN) beats by $0.11, beats on revs; guides Q3 EPS above consensus, revs above consensus...FN -9.1%
• Kforce (KFRC) misses by $0.04, reports revs in-line; guides Q1 revs above consensus; increases dividend...KFRC -3.2%
• MGIC Investment (MTG) reports EPS in-line, misses on revs...MTG -4.8%
• NXP Semi (NXPI) beats by $0.04, reports revs in-line; guides Q1 EPS in-line, revs in-line...NXPI -5.6%
• Palantir Technologies (PLTR) beats by $0.02, beats on revs; guides Q1 revs above consensus; guides FY26 revs above consensus...PLTR +7.1%
• Rambus (RMBS) Reports Fourth Quarter and Fiscal Year 2025 Financial Results...RMBS -19.7%
• Simon Properties (SPG) beats by $0.01, beats on revs; guides FY26 FFO in-line; increases dividend...SPG +0.1%
• Teradyne (TER) beats by $0.42, beats on revs; guides Q1 EPS above consensus, revs above consensus...TER +19.4%
• Woodward (WWD) beats by $0.52, beats on revs; raises FY26 EPS and revenue guidance above consensus...WWD +15.6%

Fair Value for Tuesday, February 3:

• S&P 500: 7,002
• Nasdaq 100: 25,850
• DJIA: 49,522

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

• Earnings/Guidance (Full Earnings Calendar):
  • IDEXX Labs (IDXX) reports Q4 (Dec) results, beats on revs; guides FY26 EPS in-line, revs in-line
  • Li Auto (LI) reports January deliveries
  • Napco Security Systems (NSSC) beats by $0.06, reports revs in-line; Increases quarterly dividend by 7%
  • NIO (NIO) reports January deliveries increased 96% yr/yr
  • NRG Energy (NRG) sees FY26 EPS in line
  • Opera (OPRA) sees Q4 revs above consensus
  • Revvity (RVTY) beats by $0.13, beats on revs; guides FY26 EPS above consensus, revs above consensus
  • Tenet Healthcare (THC) completes strategic transaction with CommonSpirit Health involving Tenet’s Conifer subsidiary; estimates 2025 adj EBITDA will be at upper end of guidance range of $4.47-4.57 bln
  • Twist Bioscience (TWST) reports Q1 results; beats on revs; guides Q2 revs above consensus; guides FY26 revs above consensus
  • Tyson Foods (TSN) beats by $0.02, beats on revs; guides FY26 revs in-line
  • Walt Disney (DIS) beats by $0.06, beats on revs; provides outlook
  • XPeng (XPEV) reports January deliveries
  • Zegna Group (ZGN) reports FY 2025 revenues of €1,917 Million, with an improvement in Q4 driven by DTC at the ZEGNA brand
• General News
  • Chinese President Xi wants the renminbi to become a global reserve currency, according to FT
  • President Trump joked about suing Kevin Warsh if he didn't lower rates, but said he did not extract any concessions from Mr. Warsh, according to WSJ
  • President Trump expected to launch strategic critical minerals stockpile valued at $12 bln to counter China, according to Bloomberg
  • The Trump administration tells Iran it is ready to meet and negotiate a deal, according to Axios
  • The Senate passes a bill to fund most government agencies through September 30 and DHS through February 13. The government will be shut down at least until Tuesday, as House Democrats are opposed to the funding bill, and some conservatives want to attach an election reform bill to the funding bill. The House plans to vote Tuesday, according to Politico
  • House Speaker Mike Johnson in an interview says he is confident the government will reopen on Tuesday with only Republican votes in House, according to NBC News
  • House Speaker Mike Johnson in an interview says Congress is on a path to an agreement on immigration enforcement, according to NBC News
  • President Trump intends to pick Brett Matsumoto for Bureau of Labor Statistics head role, according to WSJ
  • Fed releases speech transcript from Fed Board Governor Michelle Bowman entitled: Outlook for the Economy and Monetary Policy
  • CME raises margin requirements for gold and silver
  • OPEC nations reaffirm commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories
  • India to lower taxes to order to increase rare earth processing, according to Bloomberg
  • The Trump administration approved $15.7 billion in weapons sales to Saudi Arabia and Israel, according to Bloomberg
  • MLCO Macau Gaming Inspection and Coordination Bureau reported January gross revs +24 yr/yr
  • President Trump confirms trade deal between the United States and India with reduced reciprocal tariff
  • U.S. and Iranian officials will meet on Friday in Istanbul, according to NY Times
  • President Trump says he doesn't want House to change government funding bill (as some conservatives have demanded)
  • Abacus Global Management (ABX) announces $20 mln share repurchase program
  • Air France-KLM (AFLYY) renews Marjan Rintel’s mandate as President & CEO of KLM
  • Alibaba (BABA) delivered 100,000 units of Zhenwu 810E AI chip, according to SCMP
  • Alphabet (GOOG/GOOGL): Waymo wants to raise $16 bln in funding, according to Bloomberg
  • Alvotech (ALVO) enters supply and commercialization agreements with Sandoz (SDZNY) for Canada, Australia and New Zealand
  • Apple (AAPL) secures a tax victory in India, according to Reuters
  • AZZ (AZZ) approves a new $100 mln share repurchase program
  • Beta Bionics (BBNX) receives warning letter from the FDA following inspection
  • BlackLine (BL) confirmed that Engaged Capital has submitted notice of nomination of three director candidates
  • Boeing (BA) awarded a not-to-exceed $2.81 bln US Air Force contract for F-15 Republic of Korea aircraft upgrades
  • Boeing (BA), GE examine 777X engine seal issue, no impact expected on 2027 delivery, according to Bloomberg
  • Byrna Technologies (BYRN) COO John Brasseur to step down in order to pursue other professional opportunities, effective Feb 17
  • Cboe Global Markets (CBOE) mulling relaunch of “all-or-nothing” options, according to WSJ
  • Columbia Financial (CLBK) promoted Dennis E. Gibney to Chief Banking Officer and appointed Thomas Splaine Jr. as Executive Vice President and Chief Financial Officer
  • Edgewell Personal Care (EPC) completes the sale of its feminine care business to Essity, a global health and hygiene company based in Sweden, for $340 million
  • Enlight Renewable Energy Ltd. (ENLT) announces the achievement of development milestones at the CO Bar complex
  • Equinox Gold (EQX) announces significant new AI-supported gold discovery 8 km from Valentine Mill and additional high-grade gold mineralization outside of resources at The Valentine Gold Mine, Canada
  • Ford (F) in discussions with Xiaomi for an electric vehicle partnership, according to FT
  • Ford Motor (F): NHTSA starts investigation into unintended transmission downshift and rear wheel lock-up in Ford F-150 vehicles
  • GE Aerospace (GE) partners with Singapore to accelerate next-generation aviation and aerospace technologies
  • General Dynamics (GD) awarded a $255.1 mln US Navy contract
  • Google (GOOG, GOOGL) will not face billions in penalties from a class action case, according to Reuters
  • Harrow (HROW) reaffirms FY25 revenue guidance; announce the promotion of Patrick Sullivan to serve as its Chief Commercial Officer
  • IBM (IBM) elects Ramon Laguarta to the board, effective March 1
  • Interactive Brokers (IBKR) reports its Electronic Brokerage monthly performance metrics for January; 4.411 mln Daily Average Revenue Trades, 27% higher than prior year and 30% higher than prior month
  • Kelly Services (KELYA) partners with Hunt Equity Opportunities; expands Board of Directors
  • L3Harris's (LHX) Red Wolf selected by U.S. Navy for precision attack strike munition program
  • Lannett (LCI): NY Attorney General James secures more than $17 million from drug manufacturers Bausch (BHC) and Lannett for "conspiracy to inflate prices"
  • Lockheed Martin (LMT) awarded $328.5 million contract to deliver Legion-ES Systems by The U.S. government
  • Marathon Petroleum (MPC): The union extended talks with Marathon Petroleum, according to Reuters
  • Marathon Petroleum (MPC): Steelworkers hold off on Marathon deal offering 15% pay hike across refineries, according to Reuters
  • MarineMax (HZO) follow up to reports Donerail is prepared to offer $35/share, according to Reuters
  • Molecular Partners AG (MOLN) presents first imaging and dosimetry data for DLL3-targeting radiotherapy MP0712 at TWC 2026
  • National Health (NHI) announces $105.5 million SHOP investment
  • NIKE (NKE): The resale market is soaring for the Nike collaboration with Costco (COST), according to Fox Business
  • Nvidia's (NVDA) CEO Jensen Huang says the company will be involved in OpenAI funding, but it won't be $100 billion, according to WSJ
  • Olema Pharmaceuticals (OLMA) announces that COO and CFO Shane Kovacs is departing, effective January 30
  • Oracle (ORCL) outlines equity and debt financing plan for calendar year 2026
  • Orsted A/S (DNNGY) confirms US federal court grants preliminary injunction allowing Sunrise Wind construction to resume
  • Parsons (PSN) has been awarded a six-year, $60 mln new contract by the Foothill Gold Line Construction Authority
  • Peloton (PTON) reduces workforce 11%, including engineering roles, according to Bloomberg
  • Personalis (PSNL) announces new publication expanding evidence for ultrasensitive ctDNA monitoring of cancer immunotherapy response across solid tumors
  • Pharming Group N.V. (PHAR) receives FDA Complete Response Letter for pediatric Joenja sNDA
  • Polestar Automotive Holding UK PLC (PSNY) secures $400 million equity investment
  • Regeneron Pharma (REGN) reports EYLEA HD (aflibercept) 8 mg data at Angiogenesis 2026 reinforce durability across retinal diseases
  • Restaurant Brands Int'l (QSR) and CPE completed previously announced joint venture, marking an important step forward in Burger King China's next phase of growth
  • Roche Hldg (RHHBY): SanegeneBio announces a global licensing agreement with Genentech to advance one of its RNAi programs based on its proprietary RNAi platform
  • Robinhood UK (HOOD) is launching a stocks & shares ISA, bringing its signature low-cost, intuitive investing experience to one of the UK’s most established financial products
  • Saneamento Basico (SBS) filed request for registration of a public tender offer to acquire up to all common shares issued by EMAE not already owned
  • Sanofi (SBY) reports venglustat met primary endpoints in phase 3 type 3 Gaucher disease study
  • STAAR Surgical (STAA) appoints Warren Foust and Deborah Andrews interim Co-CEOs
  • Strategy Inc (MSTR) bitcoin holdings were briefly below purchase price, according to MarketWatch
  • Tesla (TSLA) CEO Elon Musk expressed interest in visiting Jeffrey Epstein's island, according to NBC News
  • Vale S.A. (VALE) responds to prosecutor request seeking R$1 bln asset freeze tied to Fábrica mine incident
  • Veeco Instruments (VECO) provides update on regulatory approvals
  • Venture Global (VG) subsidiary entered into an engineering, procurement and construction contract with Worley Field Services
  • Volkswagen AG (VWAGY) South Carolina plant will cost more than expected, according to Handelsblatt
  • Walt Disney (DIS) a name to watch as CEO Bob Iger has told associates he plans to step down before the Dec. 31 end of his contract, board expected to vote on new CEO next week, according to WSJ
  • Walt Disney (DIS) could soon select Josh D'Amaro as its new CEO, according to Bloomberg

• Upgrades:
  • Anglo American (NGLOY) upgraded to Buy from Neutral at Citigroup
  • Autodesk (ADSK) upgraded to Overweight from Neutral at JPMorgan, tgt $319
  • Church & Dwight (CHD) upgraded to Neutral from Underweight at JPMorgan, tgt $100
  • Darling Ingredients (DAR) upgraded to Outperform from Neutral at Robert W. Baird, tgt $62
  • Futu Holdings (FUTU) upgraded to Buy from Neutral at Goldman, tgt $213.39
  • Liberty Energy (LBRT) upgraded to Overweight from Neutral at Piper Sandler, tgt $32
    
  • McDonald's (MCD) upgraded to Buy from Neutral at BTIG Research; tgt $360
  • Mosaic (MOS) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $36
  • Shopify (SHOP) upgraded to Buy from Neutral at Arete
    
  • Teck Resources (TECK) upgraded to Buy from Neutral at Citigroup
• Downgrades:
  • Best Buy (BBY) downgraded to Neutral from Overweight at JPMorgan, tgt $76
    
  • BioNTech (BNTX) downgraded to Market Perform from Outperform at Leerink, tgt $113
    
  • Chevron (CVX) downgraded to Hold from Buy at HSBC, tgt $180
    
  • Cirrus Logic (CRUS) downgraded to Hold from Buy at Loop Capital; tgt $130
  • Fortinet (FTNT) downgraded to Sector Perform from Outperform at Scotiabank, tgt $85
    
  • Humana (HUM) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $174
    
  • Independent Bank (INDB) downgraded to Underweight from Equal Weight at Barclays, tgt $80
    
  • International Paper (IP) downgraded to Neutral from Buy at UBS, tgt $44
    
  • Kaspi.kz (KSPI) downgraded to Neutral from Positive at Susquehanna, tgt $87
    
  • Prosperity Bancshares (PB) downgraded to Underweight from Equal Weight at Barclays, tgt $68
    
  • PTC (PTC) downgraded to Underweight from Neutral at JPMorgan, tgt $162
• Others:
  • American Bitcoin Corp. (ABTC) initiated with a Buy at H.C. Wainwright; tgt $4
  • Avalo Therapeutics (AVTX) initiated with a Buy at Guggenheim; tgt $50
  • Circle Internet (CRCL) initiated with an Equal Weight at Morgan Stanley, tgt $66
    
  • Cullinan Therapeutics (CGEM) initiated with a Buy at Guggenheim, tgt $30
    
  • Helus Pharma (HELP) initiated with a Buy at Jefferies, tgt $22
    
  • Here Group (HERE) initiated with an Outperform at CICC, tgt $6.50
    
  • Hut 8 (HUT) assumed with a Buy at H.C. Wainwright, tgt $80
    
  • Micron (MU) initiated with a Buy at Phillip Securities, tgt $500
    
  • Praxis Precision Medicines (PRAX) initiated with an Equal Weight at Wells Fargo, tgt $282
    
  • Rapport Therapeutics (RAPP) initiated with an Overweight at Wells Fargo, tgt $43
  • Stewart Information Services (STC) initiated with an Outperform at Citizens, tgt $80
  • Synergy CHC (SNYR) initiated with a Buy at Ascendiant, tgt $5
  • Venture Global (VG) initiated with an Outperform at Raymond James; tgt $11
  • WEX (WEX) resumed with an Equal-Weight at Morgan Stanley; tgt $144

• Econ Data (Tuesday):
  • 10:00 ET: December Job Openings (prior 7.146 mln)

• Earnings:
  • Monday (Feb 2)
    • Pre-Market: APTV HESM IDXX NSSC RVTY TSN DIS
    • After-Hours: ASH CSWC DVA FN DOC KFRC MTG NJR NXPI PLTR SPG TER WWD
      
    Tuesday (Feb 3)
    • Pre-Market: ADM AME ATI ATKR BALL BRBR BR CPRI ETN EPD FUBO GLXY IT GWW GPK HLNE HUBB ITW INGR JJSF MSGE MPC MRK MPLX PYPL PNR PEP PFE PJT RES SR MZTI TDG WTW
    • After-Hours: AMD AMCR DOX AFG AMGN APAM ATO BHE BV CBT CSL SKY CMG CB CRUS CLX COLM CTVA EA EMR ENPH HRB THG HMN IAC INTA JKHY J LUMN LITE MTCH MRCY MDLZ POWL PRU RNR SIMO SWKS SONO SU SMCI TTWO VRNS VLTO VOYA WFRD ZWS
  • Wednesday (Feb 4)
    • Pre-Market: ABBV ADNT ARCC AVY AZTA TECH BSX BG CDW COR CME CTSH LLY EFX EVR FSV FLEX FTV FOXA GEHC GSK IEX JCI KMT LEA NYT NVS OCSL ODFL PFGC PSX REYN SLGN SWK TROW TKR UBER UBS VVV VSH YUMC YUM
      
    • After-Hours: ATEN AFL ALGN ALGT ALL GOOG ARM ASGN AVB BKH BLBD BOOT CENT COHR CMP CLB CPAY CCK CCI DHT DGII ELF EGP ENS EQH ESS EG FR FLNC FMC FORM GL GBDC KMPR KLIC MCK MET MAA MOD MC MCRI MWA MUSA NTGR NOV ORLY OHI PTC PTEN QGEN QCOM RAL RRX REXR SITM SNAP SONY STE STC SYM TENB TTMI UGI VCTR WEX WOLF
  • Thursday (Feb 5)
    • Pre-Market: WMS AGCO AB MT ARES ABG BCE BMY BLSH GOOS CAH CARR CMS COP ROAD CMI EMBC ENR NVST EL FCFS GPRE GFF HAE HP HSY HII NSIT ICE IDCC IQV ITT KKR LADR LSPD LIN MTSI MBUU MMS MDU NTCT OMCL OMF PATK BTU PTON PBH RL RBC RBLX ROK SCSC SIRI SNA SPB TPR CI THR TRI TW WEC XEL XPO
    • After-Hours: ADPT AFRM AOSL AMZN ATR ARW ARWR TEAM BILL BE BYD CPT CNO CDP COTY COUR CUZ DLR DOCS EHC EQR ESE EXPO FLS FTNT GEN G GOLD HUBG ILMN PI IREN KN LION RAMP MGY MTD MCHP MOH MPWR OTEX PCTY PECO POST POWI QLYS QNST RDDT REG RGA SSNC STEP MSTR SYNA UDMY UNM VTR VRSN VSAT WERN WMG
  • Friday (Feb 6)
    • Pre-Market: AER AN BIIB CG CBOE CNC IMVT MKTX NWL NVT PWP PM PIPR PAA PRLB ROIV RXO UAA
    • After-Hours: None