After Hours Report

Stocks finished higher in a holiday-shortened week, with the S&P 500 (+1.1%) and Nasdaq Composite (+1.5%) outpacing the DJIA (+0.3%). Importantly, the S&P 500 closed above its 50-day moving average on Friday and the Nasdaq Composite snapped a five-week losing streak.

Mid- and small-cap stocks also participated, with the S&P Mid Cap 400 (+1.2%) and Russell 2000 (+0.7%) posting solid gains, highlighting broad-based buying amid ongoing rotation. Several mega-cap technology and communication services names, which had slipped in recent weeks following earnings-related weakness, garnered renewed buying interest, helping lift indexes and ETFs such as the Vanguard Mega Cap Growth (+1.5%) and PHLX Semiconductor (+1.5%). At the same time, software-focused areas like the iShares Expanded Tech-Software ETF (-2.4%) continued to lag.

Corporate earnings and guidance remained central to market action, driving notable moves across multiple sectors and individual stocks throughout the week. Cyclical sectors including industrials (+1.7%), financials (+1.6%), and energy (+1.7%) contributed meaningfully to the advance, while defensives such as consumer staples (-2.3%) and health care (-0.6%) underperformed, giving back some of their strong gains from previous weeks.

Economic releases underscored a mixed backdrop. Advance fourth-quarter GDP came in at 1.4% versus the Briefing.com consensus of 3.0% (prior 4.4%), while the Q4 Chain Deflator was 3.6% (Briefing.com consensus 3.3%; prior 3.8%), confirming that inflation remains above the Fed’s comfort level even as growth slows. December personal income rose 0.3% (Briefing.com consensus 0.3%; prior revised 0.4%), and personal spending increased 0.4% (Briefing.com consensus 0.2%; prior revised 0.4%), while the December PCE Price Index came in at 0.4% (Briefing.com consensus 0.3%; prior 0.2%), with the core reading also 0.4% (Briefing.com consensus 0.4%; prior 0.2%). The data collectively suggested that the economy continues to expand at a moderate pace, but elevated inflation keeps near-term rate-cut expectations in check.

Geopolitical and policy developments added further complexity. Oil experienced a volatile week amid escalating tensions between the U.S. and Iran, while Friday’s Supreme Court ruling on tariffs briefly unsettled trade-sensitive sectors and contributed to short-term market swings. These events, together with earnings-driven moves, created a dynamic week of headline-driven rotation across sectors and individual names.

Overall, the market demonstrated resilience, with mega-cap technology and communication services seeing a technical rebound, mid- and small-cap stocks participating broadly, and cyclical sectors contributing to gains. Defensive areas lagged, reflecting selective positioning amid a mix of macro, policy, and geopolitical developments, setting the stage for continued focus on earnings, inflation, and international risks in the weeks ahead.

• Nasdaq Composite: +1.5% week-to-date
• S&P Mid Cap 400: +1.2% week-to-date
• S&P 500: +1.1% week-to-date
• Russell 2000: +0.7% week-to-date
• DJIA: +0.3% week-to-date

Monday:

Market closed for President's Day.

Tuesday:

Stocks had a volatile start to the holiday-abbreviated week, with the slight gains across the S&P 500 (+0.1%), Nasdaq Composite (+0.1%), and DJIA (+0.1%) belying the intraday swings of the market. The Russell 2000 (flat) and S&P Mid Cap 400 (+0.1%) followed a similar course today and ended up on near flat lines. 

The major averages faced considerable losses this morning as the market opened to what appeared to be a continuation of weakness across its mega-cap components and many of its tech components. 

The information technology sector (+0.5%) traded as much as 1.0% lower in the morning but steadily chipped away at the early weakness, rising as much as 1.1% in the afternoon before finishing with a more modest gain. 

Several of the sector's largest components mounted solid advances that masked broader weakness in the sector. Apple (AAPL 263.88, +8.10, +3.17%) was a mega-cap standout ahead of potential new product launches on March 4, while NVIDIA (NVDA 184.97, +2.16, +1.18%) and Broadcom (AVGO 332.54, +7.37, +2.27%) helped the PHLX Semiconductor Index (flat) erase its early losses that neared 2.5%.

However, software names never found their footing, sending the iShares GS Software ETF (-2.2%) firmly lower.

Mega-cap performance was mixed outside of the technology sector, with the communication services sector (-0.6%) finishing lower amid weakness in Alphabet (GOOG 302.82, -3.20, -1.05%). 

CNBC reported that Netflix (NFLX 77.00, +0.13, +0.17%) has granted Warner Bros. Discovery (WBD 28.75, +0.76, +2.72%) a seven-day waiver to reopen potential deal talks with Paramount Skydance (PSKY 10.83, +0.51, +4.94%), which traded sharply higher today.

The consumer discretionary sector finished flat, as Tesla (TSLA 410.63, -6.81, -1.63%) was a mega-cap laggard, while Amazon (AMZN 201.15, +2.36, +1.19%) notched its first higher finish since Monday, February 2. All told, the Vanguard Mega Cap Growth ETF finished 0.3% higher. 

Elsewhere in the sector, Norwegian Cruise Line (NCLH 24.12, +2.63, +12.24%) was the best-performing S&P 500 stock after Eliott Investment Management disclosed a roughly 10% stake in the company, while Genuine Parts (GPC 125.75, -21.41, -14.55%) was the worst-performing S&P 500 component following an earnings miss and plans to split into two distinct companies. 

Other cyclical sectors posted mixed performances today. 

The financials sector (+1.0%) outperformed amid solid performances across major banking and card names, while Fiserv (FISV 63.45, +4.09, +6.89%) notched the widest after The Wall Street Journal reported that Jana Partners has built a stake of undetermined size in the company.

The industrials sector also finished nicely higher as Southwest Air (LUV 54.24, +3.14, +6.13%) rose after UBS upgraded the stock to Buy from Neutral, sending airline peers higher as well. 

Meanwhile, the energy sector (-1.4%) retreated as crude oil futures settled today's session $0.52 lower (-0.8%) at $62.33 per barrel amid optimistic developments in the negotiations between the U.S. and Iran. 

Similarly, decreasing precious metals prices sent the materials sector (-1.2%) lower, with Vulcan Materials (VMC 302.19, -25.46, -7.77%) a notable post-earnings laggard. 

Defensive sectors generally retreated as tech and other growth stocks shook off their early weakness. The consumer staples sector (-1.5%) closed with the widest loss today. After an impressive run-up, Walmart (WMT 128.85, -5.04, -3.76%) moved lower ahead of its earnigns this week. 

General Mills (GIS 44.96, -3.38, -6.98%) sunk after lowering its FY26 outlook, while other food brands such as Campbell Soup (CPB 27.77, -1.72, -5.83%) and Conagra (CAG 18.89, -0.87, -4.40%) lagged after HHS Secretary Kennedy said on 60 Minutes that ultra-processed foods are responsible for the country's obesity problems.

All told, it was an eventful start to the week, with earnings, guidance, brokerage research, and activist investors all generating some notable moves today. Action remains volatile across mega-cap and tech spaces, though the major averages were able to shake off the early weakness to notch slight gains today. 

U.S. Treasuries started the holiday-shortened week with a modest gain in the 30-year bond, while the 2-year note underperformed, giving back a chunk of its solid gain from Friday. The 2-year note yield settled up three basis points to 3.44%, the 10-year note yield finished unchanged at 4.05%, and the 30-year note yield settled down two basis points to 4.68%. 

Reviewing today's data:

• February Empire State Manufacturing 7.1 (Briefing.com consensus 7.1); Prior 7.7
• February NAHB Housing Market Index 36 (Briefing.com consensus 38); Prior 37

Wednesday:

Stocks had a solid session today, though they finished off their session highs as the market reacted to the release of the January FOMC minutes this afternoon. 

Several participants indicated that they would have supported a two-sided description of the Committee's future interest rate decisions, reflecting the possibility that upward adjustments to the target range for the federal funds rate could be appropriate if inflation remains at above-target levels. Still, the market's expected timeline for its next rate cut remains relatively unchanged. While there was some profit-taking in reaction to the release, the market reversed its downward course and moved higher for the final half hour of the session. 

The S&P 500 (+0.6%), Nasdaq Composite (+0.8%), and DJIA (+0.3%) finished with roughly half of their earlier gains, supported by solid mega-cap leadership and relatively broad strength. The S&P 500 moved back into positive territory for the year, eclipsing its 50-day moving average (6,894.53) in the session but failing to close above the level. 

Strength was broad, with eight S&P 500 sectors finishing with gains. 

The information technology sector (+1.2%) was among the outperformers, as mega-cap and tech names led the market higher from the open. 

Software stocks were among the outperformers, garnering some bargain-hunting interest after prolonged weakness. Cadence Design (CDNS 305.01, +21.55, +7.60%) finished with the widest gain after Rosenblatt upgraded the stock to Buy from Neutral, while AppLovin (APP 404.39, +28.01, +7.44%) posted a similar gain. Even Microsoft (MSFT 399.60, +2.74, +0.69%), which has struggled in recent weeks following its latest earnings release, notched a higher finish. The iShares GS Software ETF finished 1.3% higher

NVIDIA (NVDA 187.98, +3.01, +1.63%) performed even better, contributing to the PHLX Semiconductor Index's 1.0% gain. Micron (MU 420.95, +21.17, +5.30%) and other memory storage names rebounded particularly well from a weaker showing yesterday. 

Amazon (AMZN 204.79, +3.64, +1.81%) was another mega-cap standout, helping the consumer discretionary sector (+1.0%) finish higher. All told, the Vanguard Mega Cap Growth ETF (+0.6%) captured a nice gain despite some profit-taking in the afternoon. 

Elsewhere in the sector, Garmin (GRMN 236.95, +19.97, +9.20%) was one of the top-performing S&P 500 names after an earnigns beat, while MGM Resorts (MGM 37.17, +2.90, +8.46%) finished similarly amid a strong day for casino stocks after Caesars Entertainment's (CZR 21.42, +2.47, +13.03%) earnings release. 

Global Payments (GPN 81.25, +11.48, +16.46%) was the S&P 500's top performer as a result of its own earnings beat, leading strength in the financials sector (+0.8%), which benefitted from some buying activity across financial publishing and servicing stocks that have recently slid amid fears of AI disruption. 

Meanwhile, this year's best-performing sector, the energy sector (+2.0%), once again captured the widest gain. Crude oil futures settled today's session $2.66 higher (+4.3%) at $64.99 per barrel as tensions between the U.S. and Iran escalate, with reports that both sides are preparing for military conflict. 

With growth and cyclical stocks mounting solid gains today, weakness was limited to the defensive utilities (-1.7%) and consumer staples (-0.5%) sectors, while the real estate sector (-1.5) also retreated. 

Outside of the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.5%) followed a similar trajectory to the major averages, finishing with around half of their earlier gains. 

Ultimately, today's session was an encouraging sign given last week's volatility and yesterday's flattish showing. While the January FOMC minutes carried a hawkish tilt that trimmed some of the market's earlier strength, the major averages still posted solid gains, supported by firm mega-cap leadership and constructive breadth. The ability to rebound after the initial reaction to the minutes suggests underlying demand remains intact, even as rate-cut expectations stay largely unchanged.

U.S. Treasuries had a modestly lower showing on Wednesday that pressured the complex from January highs that were reached during Tuesday's session. The 2-year note yield settled up two basis points to 3.46%, and the 10-year note yield settled up three basis points to 4.08%. 

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 2.8%; Prior -0.3%
• December Housing Starts 1.404 mln (Briefing.com consensus 1.320 mln); Prior 1.322 mln, December Building Permits 1.448 mln (Briefing.com consensus 1.412 mln); Prior 1.388 mln
  • The key takeaway from the report is that it is not the answer for a supply-constrained housing market. Single-unit permits were down overall, but they fell the sharpest in the South (-5.3%), which is the nation's largest homebuilding region.
• December Durable Orders -1.4% (Briefing.com consensus -2.6%); Prior was revised to 5.4% from 5.3%, December Durable Orders - ex transportation 0.9% (Briefing.com consensus 0.3%); Prior was revised to 0.4% from 0.5%
  • The key takeaway from the report is that the weakness was concentrated in the transportation component. Otherwise, it was a solid report featuring a 0.6% increase in nondefense capital goods orders, excluding aircraft, which is a key gauge of business spending.
• December Industrial Production 0.7% (Briefing.com consensus 0.4%); Prior was revised to 0.2% from 0.4%, December Capacity Utilization 76.2% (Briefing.com consensus 76.5%); Prior was revised to 75.7% from 76.3%
  • The key takeaway from the report is that industrial production growth easily exceeded estimates thanks to a healthy 0.6% increase in manufacturing output, which was the biggest since February 2025, and a secondary boost from an increase in the output of utilities.

Thursday:

Stocks faced broad pressure today, which negated a chunk of yesterday's gains across the S&P 500 (-0.3%), Nasdaq Composite (-0.3%), and DJIA (-0.5%). The major averages will enter the final session of a holiday-abbreviated week mostly higher, though within close proximity to their flatlines. 

While losses throughout the broader market were relatively modest, they were widespread. Eight S&P 500 sectors logged a lower finish, including several of yesterday's outperformers. 

The financials sector (-0.9%) logged the worst finish, facing a combination of broad weakness and pressure across asset manager names such as Apollo Global Management (APO 118.34, -7.02, -5.60%) and Blackstone (BX 125.76, -7.14, -5.37%). The group faced pressure after Financial Times reported that Blue Owl Capital (OWL 11.58, -0.73, -5.93%) 11.12, -1.20, -9.71%) has halted redemptions in its private retail debt fund, though the company has since refuted the report. 

The top-weighted information technology sector (-0.5%) was another relative laggard after outperforming yesterday. EPAM Systems (EPAM 139.16, -28.53, -17.01%) was a laggard following its earnings, though it was the only real negative outlier in a sector that traded mostly modestly lower. The sector's mega-cap components took a step back, with Apple (AAPL 260.58, -3.77, -1.43%) a "magnificent seven" laggard.

The consumer discretionary sector (-0.5%) logged a similar retreat with several notable earnings moves in the mix. eBay (EBAY 84.75, +2.57, +3.13%) was a standout, while Pool (POOL 218.36, -36.97, -14.48%), Carvana (CVNA 332.86, -28.67, -7.93%), and Booking Holdings (BKNG 4007.45, -262.54, -6.15%) moved sharply lower. 

Meanwhile, the energy sector (+0.6%) notched another higher finish as crude oil futures settled today's session $1.43 higher (+2.2%) at $66.42 per barrel. Tensions between the U.S. and Iran remain high, with The Washington Post reporting this afternoon that President Trump appears ready to order an attack on Iran.

The prospect of a potential military conflict saw solid gains across some defense names today, including Huntington Ingalls (HII 442.93, +18.04, +4.25%) and Lockheed Martin (LMT 666.59, +16.78, +2.58%). The iShares DJ Aerospace ETF finished 1.3% higher, contributing to strength within the industrials sector (+0.8%). 

The sector was also supported by a strong gain in Deere (DE 662.00, +68.73, +11.58%) after the company topped earnings estimates. 

Elsewhere, the utilities sector (+1.1%) captured the widest gain, attracting some rotational interest amid a slower day for growth stocks. 

However, the strength did not translate to other defensive sectors, as the health care sector (-0.3%) faced broad pressure while the consumer staples sector (-0.4%) lagged as cautious guidance saw Walmart (WMT 124.87, -1.75, -1.38%) move lower following its earnings release. 

Outside of the S&P 500, the Russell 2000 (+0.2%) and S&P Mid Cap 400 (flat) reclaimed their unchanged levels late in the session after trading with modest losses for most of the day. 

All told, today's section reflected some caution in the market after a strong performance yesterday, with earnings and geopolitical headlines taking center stage as the market awaits its next catalyst. The market will not have to wait long, as tomorrow morning will bring the release of the December Personal Income/Outlays report, which includes the PCE Price Index (Briefing.com consensus 0.3%), the Fed's preferred inflation gauge. 

While the data is somewhat dated, lingering inflation concerns and generally favorable signals from the economy have caused recent Fed commentary to lean hawkish, meaning that a hotter-than-anticipated print could further delay the market's expectations of its next rate cut. 

U.S. Treasuries finished Thursday on a flat note after overcoming some early softness that briefly lifted yields back to their highs from Friday. The 2-year note yield settled up one basis point at 3.47%, and the 10-year note yield finished unchanged at 4.08%. 

Reviewing today's data:

• Weekly Initial Claims 206K (Briefing.com consensus 225K); Prior was revised to 229K from 227K, Weekly Continuing Claims 1.869 mln; Prior was revised to 1.852 mln from 1.862 mln
  • The key takeaway from the report is its confirmatory signal that the labor market is still operating in a low-firing environment.
• February Philadelphia Fed Index 16.3 (Briefing.com consensus 8.5); Prior 12.6
• December Trade Balance -$70.3 bln (Briefing.com consensus -$55.8 bln); Prior was revised to -$53.0 bln from -$56.8 bln
  • The key takeaway from the report is that the wider deficit will detract from Q4 GDP growth estimates.
• January Pending Home Sales -0.8% (Briefing.com consensus 1.4%); Prior was revised to -7.4% from -9.3%
• December Adv. Intl. Trade in Goods $98.5 bln; Prior $82.8 bln
• December Adv. Retail Inventories 0.0%; Prior -0.5%
• December Adv. Wholesale Inventories 0.2%; Prior 0.2%
• December Lending Economic Index -0.2%; Prior -0.3%

Friday:

The stock market weathered a fair amount of volatility today amid a whirlwind of macro developments, with gains across the S&P 500 (+0.7%), Nasdaq Composite (+0.9%), and DJIA (+0.5%) securing a higher week-to-date finish for the group. Notably, the S&P 500 closed above its 50-day moving average of 6,894.93. 

Stocks opened weaker following a somewhat disappointing batch of economic data before the open. The advance reading of Q4 GDP, which showed a disappointing combination of headline growth (1.4%; Briefing.com consensus 3.0%) and a hotter-than-expected Chain Deflator (3.7%; Briefing.com consensus 3.3%). 

Additionally, the December PCE Price Index (0.4%; Briefing.com consensus 0.3%) came in a touch hotter than expected, and while the core figure (0.4%; Briefing.com consensus 0.4%) was in line with expectations, the year-over-year PCE Price Index remains elevated at 3.0%, which could temper the market's not-so-near-term rate cut expectations. 

Shortly after the open, several sectors surged higher following the Supreme Court's ruling against President Trump's sweeping IEEPA tariffs. The enthusiasm was somewhat tempered as President Trump stated his intention to sign an order today to impose a global tariff of 10% under Section 122, which allows President Trump to impose up to a 15% global tariff for 150 days. The processing of potential refunds will likely be a messy process that is to be handled by the lower courts. 

While there was certainly some choppy action throughout the midday hours, stocks stabilized in the afternoon, logging a mostly higher finish. 

Nine S&P 500 sectors captured gains, with several notable gains in the mix. 

The communication services sector (+2.7%) notched the widest gain, supported by solid gains across its largest components, Alphabet (GOOG 314.90, +11.34, +3.74%) and Meta Platforms (META 655.66, +10.88, +1.69%). The Wall Street Journal reported that Alphabet is weighing financial strategies to boost AI chip ecosystem and challenge NVIDIA (NVDA 189.82, +1.92, +1.02%). 

The consumer discretionary sector (+1.3%) also outperformed, though it had by far the choppiest session, shooting higher after the tariff ruling before conceding the entirety of its gains that it slowly reclaimed. 

Amazon (AMZN 210.11, +5.25, +2.56%) was another mega-cap standout, unsurprisingly supported by the tariff ruling given its substantial import volume. 

eBay (EBAY 88.07, +3.32, +3.92%) and Garmin (GRMN 248.91, +9.11, +3.80%) added to recent post-earnings strength. 

NIKE (NKE 65.42, -0.19, -0.29%) had a particularly volatile session, trading both 3% above and below its baseline before logging a modest loss. 

Gains elsewhere were relatively tame. The top-weighted information technology sector (+0.6%) was a winner despite renewed weakness in software names that saw the iShares GS Software ETF (IGV) close 1.3% lower. Semiconductors had a solid day, and NVIDIA and Apple (AAPL 264.58, +4.00, +1.54%) both contributed strength amid a strong day for mega-caps. 

The Vanguard Mega Cap Growth ETF finished 0.9% higher. 

Meanwhile, the energy sector (-0.7%) lagged as the recent surge in oil prices saw a modest stalling in momentum today despite all signs still pointing to conflict between the U.S. and Iran.  Crude oil futures settled today's session $0.07 higher (+0.1%) at $66.49 per barrel. 

The defensive health care sector (-0.3%) also finished modestly lower. 

Outside of the S&P 500, the Russell 2000 (-0.1%) logged a slight loss, while the S&P Mid Cap 400 (+0.6%) captured a solid gain. 

Overall, the market showed resilience in the face of policy and inflation crosscurrents, finishing the week in a constructive fashion. Importantly, the week’s advance snapped a five-week losing streak for the Nasdaq Composite, offering a welcome shift in near-term momentum for the growth-heavy index ahead of NVIDIA's earnings release next week. 

U.S. Treasuries finished a down week with modest losses in most tenors, keeping yields above February lows that were reached on Tuesday. The 2-year note yield settled up one basis point to 3.48% (+7 basis points this week), and the 10-year note yield settled up one basis point to 4.09% (+3 basis points this week). 

Reviewing today's data:

• December Personal Income 0.3% (Briefing.com consensus 0.3%); Prior was revised to 0.4% from 0.3%, December Personal Spending 0.4% (Briefing.com consensus 0.2%); Prior was revised to 0.4% from 0.5%, December PCE Prices 0.4% (Briefing.com consensus 0.3%); Prior 0.2%, December PCE Prices - Core 0.4% (Briefing.com consensus 0.4%); Prior 0.2%
  • The key takeaway from the report, other than the fact that spending outpaced income in December, is that the core PCE Price Index sported a 3-handle on a year-over-year basis. This is a key inflation gauge for the Fed, and it doesn't hold the key to a near-term rate cut.
• Q4 GDP-Adv. 1.4% (Briefing.com consensus 3.0%); Prior 4.4%, Q4 Chain Deflator-Adv. 3.6% (Briefing.com consensus 3.3%); Prior 3.8%
  • The key takeaway from the report was the combination of weak growth and stubbornly high inflation in the fourth quarter, both of which run afoul of a market narrative that has been concentrated on stronger growth and lower inflation.
• February S&P Global U.S. Manufacturing PMI - Prelim 51.2; Prior 52.4
• February S&P Global U.S. Services PMI - Prelim 52.3; Prior 52.7
• December New Home Sales 745K (Briefing.com consensus 714K); Prior 758K
  • The key takeaway from the report is that the weakest growth was concentrated in the nation's largest new home market--the South--underscoring the prevailing weakness in the housing market that has coincided with affordability constraints driven by higher prices and higher mortgage rates.
• February Univ. of Michigan Consumer Sentiment - Final 56.6 (Briefing.com consensus 57.3); Prior 57.3
  • The key takeaway from the report is that there were stark differences in sentiment among consumers with stock holdings (large increase in sentiment) and consumers without stock holdings (a decline in sentiment).