After Hours Report

The major averages had a choppy morning as this week's optimism surrounding a potential ceasefire between the U.S. and Iran faded, although the S&P 500 (+0.1%), Nasdaq Composite (+0.2%), and DJIA (-0.1%) rebounded from their opening lows to finish little changed.

The stock market opened to broad losses after President Trump said in a speech last night that the U.S. will continue strikes against Iran if a deal is not reached. Oil prices moved sharply higher in response, with crude oil futures settling today's session $11.34 higher (+11.3%) at $111.48 per barrel.

After opening with losses of 1.0% or more, the major averages rebounded sharply to flatline levels roughly an hour into the session following a Bloomberg report that Iran and Oman are drafting a proposal related to traffic through the Strait of Hormuz.

Following the early geopolitical volatility, stocks had a relatively muted session, with the major averages drifting near their flatlines through the afternoon. Strength was mixed, with six S&P 500 sectors charting gains.

The real estate sector (+1.5%) finished as the best-performing S&P 500 sector as Treasuries stabilized from earlier losses.

Gains elsewhere were modest in comparison, though the relative outperformance of the top-weighted information technology sector (+0.7%) boosted the major averages in the final half hour of the session. The sector opened sharply lower as mega-cap and tech stocks gave back some of their prior strength this morning. Sentiment improved throughout the session, and the PHLX Semiconductor Index (+0.4%) finished modestly higher after opening to considerable losses, with Intel (INTC 50.38, +2.35, +4.89%) a standout.

Ciena (CIEN 447.83, +32.44, +7.81%), Lumentum (LITE 826.88, +62.23, +8.14%), and Coherent (COHR 258.19, +10.39, +4.19%) were the top-performing S&P 500 components today.

Elsewhere, the consumer discretionary sector (-1.5%) was unable to shake off the early weakness, which was due in part to Tesla (TSLA 360.56, -20.70, -5.43%) trading sharply lower after disappointing with its Q1 deliveries.

Outside of the S&P 500, the Russell 2000 (+0.7%) outperformed, while the S&P Mid Cap 400 (+0.1%) finished flattish.

Ultimately, the major averages finished with solid week-to-date gains, though previous weakness keeps the indices below their 200-day moving averages. This week's strength was largely a result of a short-term improvement in sentiment regarding geopolitical hostilities and a reaction to oversold conditions, but uncertainty around the situation in Iran and elevated oil prices keep the market on a cautious footing heading into the long weekend.

Next week will also feature a heavy slate of economic data that includes several key inflation readings.

To that point, the market will be closed tomorrow for Good Friday.

U.S. Treasuries recorded slim gains on Thursday, putting together a resilient showing from a modestly lower start to the trading day. The 2-year note yield finished unchanged at 3.80% (-12 basis points week-to-date), and the 10-year note yield settled down one basis point to 4.31% (-13 basis points week-to-date). 

• S&P Mid Cap 400: +3.1% YTD
• Russell 2000: +1.9% YTD
• DJIA: -3.2% YTD
• S&P 500: -3.8% YTD
• Nasdaq Composite: -5.9% YTD

Reviewing today's data:

• Weekly Initial Claims 202K (Briefing.com consensus 215; Prior was revised to 211K from 210K, Weekly Continuing Claims 1.841 mln; Prior was revised to 1.816 mln from 1.819 mln
  
  • The key takeaway from the report is that initial claims remain near the 200,000 mark, reflecting a low-firing environment.
• February Trade Balance -$57.3 bln (Briefing.com consensus -$55.8 bln); Prior was revised to -$54.7 bln from -$54.5 bln
  
  • The key takeaway from the report is that February imports grew more than exports even though February nonfuel import prices (+1.1%) increased at a slower pace than non-agricultural export prices (+1.7%).

Overseas:

• Europe: DAX -0.8%, FTSE +0.7%, CAC -0.2%
• Asia: Nikkei -2.4%, Hang Seng -0.7%, Shanghai -0.7%

Commodities:

• Crude Oil +11.34 @ 111.48
• Nat Gas -0.02 @ 2.80
• Gold -133.20 @ 4679.20
• Silver -3.21 @ 72.92
• Copper -0.07 @ 5.58

After-Hours Spotlight:

• Applied Optoelectronics (AAOI) receives new $71 mln order for 800G single-mode data center transceivers...AAOI +4.3%
• Broadcom (AVGO) hires Alphabet exec Amie Thuener as its new CFO...AVGO -0.1%
• Riot Platforms (RIOT) announces Q1 production and operations update...RIOT -0.1%
• Starbucks (SBUX) and Boyu Capital finalize joint venture to accelerate long term growth in China...SBUX -0.4%

Fair Value for Monday, April 6:

• S&P 500: 6,626
• Nasdaq 100: 24,232
• DJIA: 46,737

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

• Earnings/Guidance (Full Earnings Calendar):
  • Acuity (AYI) beats by $0.14, misses on revs
  • AirSculpt Technologies (AIRS) reports Q4 results; provides FY26 outlook
  • AngioDynamics (ANGO) beats by $0.04, beats on revs; raises outlook
  • Apollo Global Management (APO) and Athene Holding disclose preliminary estimates for Q1 alternative net investment income
  • Lindsay Corp (LNN) misses by $0.55, misses on revs
  • Penguin Solutions (PENG) beats by $0.10, beats on revs; guides FY26 EPS in-line, revs above consensus
  • Sally Beauty (SBH) reaffirms Q2 and FY26 guidance
  • Scotts Miracle-Gro (SMG) reaffirms FY26 EPS guidance
• General News
  • President Trump in speech says Iran will be hit extremely hard over the next 2-3 weeks; Iran will be brought back to the “stone ages”; Core strategic objectives are nearing completion
  • President Trump says other nations must take the lead in taking care of the Strait of Hormuz
  • President Trump in speech says if no deal is reached with Iran, the U.S. will hit Iran's electric power plants
  • Congress will vote on a plan to fund DHS today that excludes funding for immigration enforcement but does not include any of the restrictions on immigration that Democrats demanded. Republicans plan to fund immigration enforcement and border protection through a separate budget reconciliation bill. NY Times
  • U.S. intelligence agencies believe Iran is not currently willing to engage in talks to end war. NY Times
  • Gulf states are mulling the use of different pipelines to avoid the Strait of Hormuz. FT
  • Vietnam to create a stock stabilization fund. Reuters
  • The Trump administration will soon announce new tariffs on drugmakers that haven't agreed to lower prices. Bloomberg
  • Trump Administration is preparing to reshape its steel and aluminum tariff structure, according to WSJ
  • Treasury to convene first series of conversations with domestic and international regulators focused on recent developments in private credit markets
  • NASA launches astronauts on historic Artemis moon mission
  • March 2026 Total NICS background checks were 2,450,414, -4.8% yr/yr
  • President Trump's GLP-1 drug plan could cost insurers billons of dollars, according to Bloomberg
  • Lawmakers will soon introduce legislation to restrict exports of chipmaking tools to China, according to Bloomberg
  • President Trump fires Attorney General Pam Bondi; Deputy Attorney General Todd Blanche will takeover on an acting basis, according to CBS News
  • President Trump signed a proclamation to strengthen tariffs imposed on imported steel, aluminum, and copper in order to more effectively address the national-security threat posed by such imports
  • President Trump imposes tariffs on patented pharmaceutical products
  • Amazon (AMZN) adding 3.5% fuel related sucharge to some sellers, according to Bloomberg
  • Amazon (AMZN) required to begin talks with Teamster, after illegally refusing to acknowledge Amazon Labor Union-International Brotherhood of Teamsters Local 1
  • Ares Management (ARES) raises combined $5.4 billion for U.S. and Europe value-add real estate strategies
  • Bank of Nova Scotia (BNS) receives approval to repurchase up to 15 million of its common shares
  • Bed Bath & Beyond (BBBY) plans to significantly expand Elfa as a core growth platform within its Home Services Pillar, alongside the signing of definitive agreements that include The Container Store and Closet Works
  • Boeing (BA) awarded a $900 mln Air Force contract
  • Coinbase Global (COIN) confirms it received conditional OCC approval to charter Coinbase National Trust Company
  • Context Therapeutics (CNTX) gains FDA fast track designation for CTIM-76 in ovarian cancer
  • Eli Lilly (LLY): Ro is working with Eli Lilly to launch the recently FDA-approved Zepbound (tirzepatide) KwikPen nationwide on its platform
  • ESAB Corp. (ESAB) announced R. Brent Jones has been appointed Chief Financial Officer, effective early May 2026
  • ExlService (EXLS) announces a strategic collaboration with Google Cloud to provide services that can accelerate AI-led transformation and drive business outcomes for clients
  • GlaxoSmithKline (GSK): UK confirms it agreed to the full text of US-UK pharmaceutical partnership
  • Google (GOOG, GOOGL) aiming to produce its own fitness band under the Fitbit brand. Bloomberg
  • Granite Constr (GVA) wins $114 mln award for next segment of Highway 101 project
  • Greenbrier (GBX) increases quarterly dividend to $0.34/share from $0.32/share
  • IBM (IBM) announced a strategic collaboration with Arm (ARM) to develop new dual-architecture hardware that helps enterprises run future AI and data intensive workloads with greater flexibility, reliability, and security
  • Intel (INTC) considers investing more in Sambanova startup. Reuters
  • Merck (MRK): EC approves KEYTRUDA plus paclitaxel-bevacizumab for the treatment of adults with PD-L1 (CPS =1) platinum-resistant recurrent ovarian carcinoma who have received one or two prior systemic treatment regimens
  • Microsoft (MSFT) reached ‘Audacious’ copilot goals, according to Bloomberg
  • Moolec Science (MLEC) announces new controlling shareholder strengthening capital position and supporting growth
  • Netflix (NFLX): EverPass Media Expands relationship with Netflix; secures exclusive commercial rights to distribute upcoming Fury vs. Makhmudov Fight in the U.S.
  • Oracle (ORCL): Dubai Oracle data center was attacked by Iran, according to JPost
  • Regeneron Pharma (REGN) announced that the FDA has approved the extension of dosing intervals for EYLEA HD (aflibercept)
  • Sally Beauty (SBH) announced that Adrianne Lee has been appointed Senior Vice President and Chief Financial Officer, effective April 28, 2026
  • Stewart Info's (STC) company, Stewart Valuation Intelligence, has acquired Nationwide Appraisal Network
  • Tesla (TSLA) China-produced EV sales rise 8.7% in Q1. Reuters
  • Union Pacific (UNP) and American Train Dispatchers Association reached an agreement that guarantees jobs for union employees after Union Pacific and Norfolk Southern (NSC) combine
  • Vericel (VCEL) awarded $196.9 mln government contract
  • Vericel (VCEL) awarded ten-year contract valued at up to $197 mln by the U.S. Biomedical Advanced Research and Development Authority
  • Versant (VSNT): OpenAI to buy TBPN to compete with VSNT's CNBC and Bloomberg, according to WSJ

• Upgrades:
  • BHP Group (BHP) upgraded to Hold from Sell at Berenberg
  • Brinker (EAT) upgraded to Overweight from Sector Weight at KeyBanc, tgt $177
  • Chagee (CHA) upgraded to Overweight from Neutral at JPMorgan, tgt $16
  • Construction Partners (ROAD) upgraded to Buy from Neutral at B. Riley, tgt $135
  • FB Financial (FBK) upgraded to Overweight from Neutral at Piper Sandler, tgt $65
  • Kimbell Royalty Partners (KRP) upgraded to Overweight from Sector Weight at KeyBanc, tgt $17
  • Martin Marietta (MLM) upgraded to Buy from Neutral at B. Riley, tgt $700
  • Ollie's Bargain Outlet (OLLI) upgraded to Buy from Hold at Jefferies, tgt $130
  • Sigma Lithium (SGML) upgraded to Buy from Neutral at BofA, tgt $17
  • Tilray (TLRY) upgraded to Buy from Neutral at Roth Capital, tgt $10
  • Vale (VALE) upgraded to Buy from Neutral at BofA, tgt $19
  • Wingstop (WING) upgraded to Overweight from Neutral at Piper Sandler, tgt $190
  • Wingstop (WING) upgraded to Strong Buy from Outperform at Raymond James, tgt $240
• Downgrades:
  • Akamai (AKAM) downgraded to Neutral from Outperform at Baird, tgt $110
  • BCE (BCE) downgraded to Hold from Buy at TD Securities
  • Dine Brands (DIN) downgraded to Sector Weight from Overweight at KeyBanc
  • Expand Energy (EXE) downgraded to Sector Weight from Overweight at KeyBanc
  • Gen Restaurant Group (GENK) downgraded to Hold from Buy at Benchmark
  • Methanex (MEOH) downgraded to Sector Perform from Outperform at RBC Capital, tgt $65
  • Rogers Communications (RCI) downgraded to Hold from Buy at TD Securities
  • Telus (TU) downgraded to Hold from Buy at TD Securities
  • Wix.com (WIX) downgraded to Neutral from Buy at UBS, tgt $96
• Others:
  • Altisource (ASPS) resumed with a Buy at B. Riley, tgt $8
  • CareTrust REIT (CTRE) initiated with an Outperform at Mizuho, tgt $42
  • Cerence (CRNC) initiated with an Overweight at Cantor Fitzgerald, tgt $11
  • e.l.f. Beauty (ELF) initiated with an In Line at Evercore ISI, tgt $68
  • Finance of America (FOA) initiated with a Buy at B. Riley, tgt $22.50
  • Nutanix (NTNX) initiated with a Buy at Rosenblatt, tgt $60
  • SAB Biotherapeutics (SABS) initiated with a Buy at Rodman & Renshaw, tgt $13
  • StandardAero (SARO) initiated with a Buy at BTIG, tgt $35
  • StepStone Group (STEP) assumed with a Buy at UBS, tgt $60
  • Tango Therapeutics (TNGX) initiated with a Buy at Canaccord, tgt $30
  • Tecogen (TGEN) initiated with an Outperform at Northland, tgt $4.50
  • TOYO (TOYO) initiated with a Buy at Roth Capital, tgt $15

• Econ Data (Monday):
  • March ISM Non-Manufacturing Index (Briefing.com consensus 54.9%; prior 56.1%) at 10:00 ET

• Earnings:
  • Monday (March 30)
    • Pre-Market: FRMI
    • After-Hours: PHR
      
    Tuesday (March 31)
    • Pre-Market: FDS, MKC, SNX
    • After-Hours: PLAY, NCNO, NKE, PVH, RH
      
  • Wednesday (April 1)
    • Pre-Market: CALM, CAG, LW, MSM, UNF
      
    • After-Hours: PENG
  • Thursday (April 2)
    • Pre-Market: AYI, LNN
    • After-Hours: None
  • Friday (April 3)
    • Market closed for Holiday