After Hours Report

Stocks posted a strong performance today, with the S&P 500 (+0.8%), Nasdaq Composite (+1.3%), and DJIA (+0.5%) finishing higher across the board for the first time this week. After pronounced volatility in previous sessions, the market trended higher with relative ease today as mega-cap and tech stocks provided strong leadership against a backdrop of broad strength. 

Futures pointed higher this morning as oil prices showed some relief from two consecutive sessions of sharp increases. While the conflict in Iran continues into its fifth day, Treasury Secretary Scott Bessent told CNBC that the Trump administration will be making a series of announcements to mitigate the rise in oil prices. Crude oil futures still settled $0.12 higher (+0.2%) at $74.70 per barrel, though the advance was minimal compared to the outsized gains seen earlier this week.

The market also received several solid economic data readings today which were particularly welcome, as the recent spike in oil prices has prompted some inflation concerns. The February ISM Non-Manufacturing Index (56.1%; Briefing.com consensus 53.9%) showed solid growth, while the Fed's release of its March Beige Book showed that economic expectations were optimistic, with most districts expecting slight to moderate growth in the coming months.

Strength was broad today, led by the consumer discretionary sector (+2.2%), which moved back into positive territory for the year. 

Amazon (AMZN 216.82, +8.09, +3.88%) and Tesla (TSLA 406.04, +13.61, +3.47%) provided exceptional leadership amid a strong day for the market's weightiest components, which saw the Vanguard Mega Cap Growth ETF finish 1.1% higher. 

Ross Stores (ROST 213.52, +15.88, +8.03%) finished even higher as investors reacted positively to an impressive beat-and-raise earnings report. 

In line with today's rotation back into growth-oriented sectors, the information technology sector (+1.3%) was the other notable standout in today's trade. 

Semiconductor names rebounded from yesterday's sharp retreat, with particular strength across memory storage names such as Sandisk (SNDK 599.06, +33.65, +5.95%) and Micron (MU 400.77, +21.09, +5.55%). Broadcom (AVGO 317.53, +3.69, +1.18%) also captured a nice gain ahead of its earnings release this evening, and the PHLX Semiconductor Index finished 1.9% higher. 

Meanwhile, this week's rebound across software names extended into today's session, sending the iShares GS Software ETF 1.8% higher. 

Gains were limited to 0.6% or less across the remaining six S&P 500 sectors that finished higher, with most sectors trading in a relatively stable range throughout the day. 

The energy sector (-0.7%) lagged as oil prices plateaued today, while the consumer staples (-0.5%) and materials (-0.1%) sectors also finished modestly lower. 

It is worth noting that today's rebound in equities happened alongside a nearly 7% rally in Bitcoin, with the cryptocurrency currently trading above the $73,000 mark. Coinbase Global (COIN 208.93, +26.57, +14.57%) was one of the best-performing S&P 500 names today.

Outside of the S&P 500, the Russell 2000 (+1.1%) performed in line with the major averages, while the S&P Mid Cap 400 (+0.1%) eked out a slight gain. 

Ultimately today's session saw the market breathe a sigh of relief after heightened volatility to start the week. A stalling of oil's sharp increase combined with a handful of solid economic data readings provided a supportive backdrop for investors to step in to recent weakness, with solid leadership from mega-cap names giving the market a lift at the index level. 

U.S. Treasuries endured an extension of this week's losses with some intraday divergence as the long bond recovered some of its starting loss while shorter tenors underperformed after upbeat economic data. The 2-year note yield settled up four basis points to 3.54%, and the 10-year note yield settled up two basis points to 4.08%. 

• S&P Mid Cap 400: +7.2% YTD
• Russell 2000: +6.2% YTD
• DJIA: +1.4% YTD
• S&P 500: +0.4% YTD
• Nasdaq Composite: -1.9% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 11.0%; Prior 0.4%
• February ADP Employment Change 63K (Briefing.com consensus 42K); Prior was revised to 11K from 22K
• February S&P Global U.S. Services PMI - Final 51.7; Prior 52.3
• February ISM Non-Manufacturing Index 56.1% (Briefing.com consensus 53.9%); Prior 53.8%
  • The key takeaway from the report is the recognition that activity in the nation's largest sector accelerated in February. While this is survey-based data, it will nonetheless create a sense of optimism about Q1 growth prospects.

Overseas:

• Europe: DAX +1.8%, FTSE +0.8%, CAC +0.8%
• Asia: Nikkei -3.6%, Hang Seng -2.0%, Shanghai -1.0%

Commodities:

• Crude Oil +0.12 @ 74.70
• Nat Gas -0.14 @ 2.92
• Gold +11.10 @ 5134.40
• Silver -0.33 @ 83.21
• Copper +0.09 @ 5.91

After-Hours Spotlight:

• American Eagle (AEO) beats by $0.13, beats on revs; Sees FY27 comparable sales up mid-single-digits...AEO +0.9%
• Broadcom (AVGO) beats by $0.02, reports revs in-line; guides Q2 revs above consensus; authorizes a new $10 bln share repurchase program...AVGO +5.1%
• Cracker Barrel (CBRL) beats by $0.55, beats on revs; comp sales -7.1%; guides FY26 revs in-line...CBRL +9.4%
• Grocery Outlet (GO) misses by $0.02, reports revs in-line; guides FY26 EPS below consensus, revs below consensus; announces business optimization plan...GO -23.8%
• Janus International Group (JBI) misses by $0.01, beats on revs; guides FY26 revs in-line...JBI -2.5%
• Okta (OKTA) beats by $0.05, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY27 EPS above consensus, revs in-line...OKTA +1.4%
• StubHub Holdings (STUB) reports Q4 (Dec) results, misses on revs; Issues FY26 guidance, including GMS of $9.9-$10.1 bln...STUB -7.9%
• Veeva Systems (VEEV) beats by $0.12, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs above consensus...VEEV +10.5%
• Webull Corporation (BULL) misses by $0.04, beats on revs...BULL -2.8%

Fair Value for Thursday, March 5:

• S&P 500: 6,877
• Nasdaq 100: 25,126
• DJIA: 48,787

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

• Earnings/Guidance (Full Earnings Calendar):
  • Abercrombie & Fitch (ANF) beats by $0.11, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY27 EPS in-line, revs in-line
  • Accel Entertainment (ACEL) Reports Record Fourth Quarter Results Including 7.5% Revenue Increase and Full-Year Revenue of $1.3 Billion
  • Adidas AG (ADDYY) reports Q4 results; provides FY26 outlook
  • Anaptys (ANAB) provides update on business separation, disclosing that separation of biopharma operations from substantial royalty assets on track for 2Q26; Also announces Q4 results
  • B&G Foods (BGS) misses by $0.02, reports revs in-line; guides FY26 EPS above consensus, revs below two analyst estimate
  • Babcock & Wilcox Enterprises (BW) beats on top and bottom lines
  • Bath & Body Works (BBWI) beats by $0.27, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY27 EPS in-line, revs in-line
  • Bayer (BAYRY) reports FY25 results
  • Box (BOX) beats by $0.15, reports revs in-line; guides Q1 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs above consensus
  • CrowdStrike (CRWD) beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY27 EPS in-line, revs in-line
  • Dycom (DY) beats by $0.16, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY27 revs above consensus
  • Genius Sports (GENI) misses by $0.11, reports revs in-line; reaffirms FY26 revs guidance
  • GitLab (GTLB) beats by $0.07, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY27 EPS below consensus, revs below consensus
  • Latham Group (SWIM) beats by $0.03, beats on revs; Issues upside FY26 revenue guidance, completes acquisition of Freedom Pools
  • National Vision (EYE) beats by $0.09, beats on revs; guides FY26 EPS in-line, revs in-line
  • Old Dominion reports certain less-than-truckload operating metrics for February 2026; Revenue per day decreased by 3.3% yr/yr
  • Ross Stores (ROST) beats by $0.10, beats on revs; comp sales +9%; guides Q1 EPS in-line; guides FY27 EPS in-line; authorizes new buyback program and increases dividend
  • STAAR Surgical (STAA) reports Q4 (Dec) results, misses on revs; Announces the appointment of Warren Foust and Deborah Andrews as interim co-Chief Executive Officers
  • Stevanato Group S.p.A. (STVN) reports EPS in-line, beats on revs; guides FY26 EPS in-line, revs in-line
  • WEBTOON Entertainment (WBTN) beats by $0.15, misses on revs; guides Q1 revs below consensus
  • Wix.com (WIX) beats by $0.41, reports revs in-line
• General News
  • The Trump administration told Congress to expect an "overwhelming" and larger wave of military strikes on Iran in the coming days. Senate will vote today on a resolution to curb presidential war powers, but that resolution is expected to fail, according to NBC News
  • Iranian operatives reached out to the C.I.A. with an offer to discuss terms for ending the war, according to NY Times
  • The Chinese legislature wants steady relations with U.S., according to Bloomberg
  • The EU wants to strengthen manufacturing and cut reliance on China, according to Reuters
  • Shippers say President Trump's assurances are a partial fix to the Strait of Hormuz issue, according to Bloomberg
  • Gold and silver flows were disrupted due to the Iran war, according to FT
  • If U.S succeeds in Iran, it could be a "game changer" for global oil security and geopolitics, according to WSJ
  • The U.S. and Japan will likely add a nuclear project to the $550 bln investment pledge, according to Reuters
  • Cleveland Fed President Beth Hammack (voting FOMC member) in an interview says she wants an extended rate pause, according to NY Times
  • February North America Class 8 net orders increased 156% yr/yr, Act Research
  • Anthropic is close to a $20 bln revenue run rate, according to Bloomberg
  • White House officially nominates Kevin Warsh for Fed Chair
  • Iran likely only has days of missiles left, according to WSJ
  • USGS reporting a 6.5 magnitude quake 219km ESE of Attu Station, Alaska in the Aleutian Islands
  • Alphabet (GOOG): Google unveils Android overhaul with expanded billing options, registered App Stores program, lower play fees; resolves dispute with Epic Games
  • Amazon (AMZN) eliminated jobs at its robotics division, according to Business Insider
  • Amazon (AMZN): Investors push Anthropic to ease Pentagon clash as AI supply-chain risk looms, while Claude app demand surges, according to Reuters
  • Arlo Technologies (ARLO) authorizes $50 mln share repurchase program through 2027
  • AST SpaceMobile (ASTS) and TELUS partner to expand satellite cellular coverage across Canada
  • Banco Santander (SAN) has GBP 200 mln exposure to MFS, according to Bloomberg
  • Barclays (BCS) owed GBP 500 mln to MFS, according to Bloomberg
  • Bayer AG (BAYRY) gets US judge’s nod for $7.25 bln Roundup settlement, according to Bloomberg
  • Blackstone (BX) senior staff putting cash into key private credit fund, according to Bloomberg
  • Blackstone (BX) talks with New World Development hit a snag, according to Bloomberg
  • Campbell Soup (CPB) appoints Cassandra Green as Chief Supply Chain Officer
  • CF Industries (CF): DoJ investigates Nutrien (NTR), Mosaic (MOS), CF, Koch Inc., Yara International ASA (YARIY) over fertilizer price collusion, according to Bloomberg
  • Community West Bank (CWBC) announces retirement of COO Blaine C. Lauhon, effective December 31, 2026
  • CoreWeave (CRWV): Perplexity will use CRWV data centers, according to Axios
  • Dingdong Ltd (DDL) announces change in CEO
  • Energy Fuels (UUUU) names Ross Bhappu as next CEO, effective April 15, 2026; current CEO Mark Chalmers to retire
  • Equinox (EQX): A Brazilian court blocks Equinox mineral rights transfer, according to Reuters
  • FactSet (FDS) appoints chief AI officer and chief technology officer
  • Fennec Pharmaceuticals (FENC) announces that the Tampa General Hospital Cancer Institute is initiating a study evaluating the real-world clinical utility of sodium thiosulfate injection in reducing the risk of ototoxicity in Adolescent and Young Adult and adult cancer patients receiving cisplatin-based treatment
  • GitLab (GTLB) authorizes inaugural $400 mln share repurchase program
  • Goldman Sachs (GS) lawyer Kathryn Ruemmler will testify to the House regarding Jeffrey Epstein, according to CNBC
  • Honda Motor (HMC) aiming to import Chinese-made EVs, according to Nikkei
  • HUTCHMED (HCM) initiates global trial of PI3K/PIKK-EGFR ATTC candidate HMPL-A580 in patients with solid tumors
  • Intel (INTC) Board Chair Frank D. Yeary to retire following annual meeting on May 13, 2026; Craig Barratt elected as Chair
  • Itron (ITRI) expands headend software suite to support cellular gas and water modules
  • Keysight (KEYS) has collaborated with Qualcomm Technologies (QCOM) to demonstrate machine learning-based Channel State Information compression to enhance link adaptation efficiency in advanced Multiple-Input Multiple-Output systems at Mobile World Congress Barcelona 2026
  • KALA BIO (KALA) announces strategic initiative to deploy and continue to develop an on-premises AI infrastructure platform for the biotech industry; enters into platform development and exclusive license agreement for proprietary AI research platform “researgency”
  • Lockheed Martin (LMT) awarded a $1.90 bln Air Force contract
  • MasterCraft Boat Company (MCFT) announces a strategic partnership with Yellow Sun Marine, designating the store as an authorized MasterCraft dealership in Turks & Caicos
  • Miami International Holdings (MIAX) reports February options ADV growth and market share gains
  • Microsoft (MSFT) tcking lower on report OpenAI is developing an alternative to Microsoft’s GitHub, according to TheInformation.com
  • Moderna (MRNA) resolves global patent litigation with Arbutus (ABUS) and Genevant Sciencies; expects revenue to return to growth in 2026
  • Moller Maersk (AMKBY) suspends cargo bookings across most Middle East ports amid regional tensions
  • Movano (MOVE): Corvex Inc., which announced a definitive agreement to merge with Movano last November, announces it has completed and verified the production deployment of confidential computing on NVIDIA HGX B200 systems
  • Nebius Group N.V. (NBIS) secures approval for its first gigawatt-scale AI factory
  • Netflix (NFLX) expands Ads Suite with Amazon & Yahoo targeting, launches Conversion API to boost ad performance
  • Netflix (NFLX): President Trump purchased debt in NFLX, according to Hollywood Reporter
  • News Corp (NWSA) and Meta (META) sign AI content licensing deal valued at up to $50 mln a year, according to WSJ
  • Nokia (NOK) Federal Solutions awarded SHIELD IDIQ contract by U.S. missile defense agency
  • Novo Nordisk A/S (NVO): Recent Ozempic commercial drew FDA criticism for misleading viewers, according to Bloomberg
  • OpenAI is considering a contract with NATO, according to Reuters
  • Pan Am Silver (PAAS) announces renewal of normal course issuer bid
  • Regional Mgmt (RM) announces new lending partnership with Column N.A.
  • Reservoir Media (RSVR): Richmond Hill Investment files amended 13D/A on RSVR; Investors propose to acquire all of the outstanding shares of the Issuer's common stock for a purchase price in cash of $10.50/share
  • Roivant Sciences (ROIV) and Arbutus Biopharma enter into $2.25 bln global settlement with Moderna; Genevant grants Moderna license to its LNP delivery technology
  • Samsung (SSNLF) planning to increase DRAM prices by over 100%, according to PC Gamer
  • Scripps (SSP) has reached an agreement to purchase WTVQ, the ABC affiliate in Lexington, Kentucky, from Morris Network, Inc. for $15.8 million
  • SentinelOne (S) announces appointment of Sonalee Parekh as Chief Financial Officer, effective March 24, 2026
  • Sphere Entertainment Co. (SPHR) pondering the possibility of bringing a smaller size Sphere to Nashville, according to Axios
  • Starbucks (SBUX) ticking lower on report it plans to open Nashville office and relocate supply-chain workers, according to WSJ
  • Takeda Pharma (TAK) in an effort to improve profitability will cut 400 U.S. jobs before leadership change in June, according to Nikkei
  • Target (TGT) outlines strategic plan for a new chapter of growth in 2026 and beyond
  • Tencent (TCEHY): The Trump administration could allow Tencent to keep gaming investments, according to FT
  • Teva Pharma (TEVA) announces that funds managed by Blackstone Life Sciences announces a $400 mln strategic funding agreement
  • TKO Group Holdings (TKO) launches $1 bln offering in leveraged loan market, according to Bloomberg
  • UPS (UPS) comments from Raymond James conference; accelerates $5 bln Amazon exit, network overhaul to drive 2H26 margin recovery; reaffirms full-year guide
  • Western Union (WU): Crossmint is partnering with Western Union to support the rollout of USDPT, Western Union's new U.S. dollar-denominated stablecoin that will be issued on Solana, and the company's newly announced Digital Asset Network
  • Wix.com (WIX) also announced plan to complete majority of $2 billion share repurchase program in 2026; $250 million equity investment led by Durable Capital Partners, underscoring shared conviction in Wix’s long-term strategy and vision
  • Zions Bancorp (ZION) announces leadership changes, including the departure of Jennifer Smith, who has served as Chief Technology and Operations Officer

• Upgrades:
  • American Electric Power (AEP) upgraded to Buy from Neutral at Ladenburg Thalmann, tgt $148
    
  • Cementos Pacasmayo (CPAC) upgraded to Neutral from Underweight at JPMorgan, tgt $13
    
  • Dow Inc. (DOW) upgraded to Overweight from Sector Weight at KeyBanc, tgt $38
    
  • Intellia Therapeutics (NTLA) upgraded to Buy from Hold at Jones Trading, tgt $29
    
  • LyondellBasell Industries (LYB) upgraded to Overweight from Sector Weight at KeyBanc, tgt $73
    
  • Piper Sandler (PIPR) upgraded to Outperform from Market Perform at Northland, tgt $350
    
  • Ross Stores (ROST) upgraded to Outperform from Market Perform at Telsey Advisory Group, tgt $240
    
  • RPM International (RPM) upgraded to Outperform from Neutral at Robert W. Baird, tgt $125
    
  • Southern Company (SO) upgraded to Sector Weight from Underweight at KeyBanc
    
  • Target (TGT) upgraded to Market Perform from Underperform at Bernstein, tgt $116
    
  • Target (TGT) upgraded to Outperform from Market Perform at Telsey Advisory Group, tgt $145
• Downgrades:
  • Alpha Tau Medical (DRTS) downgraded to Neutral from Overweight at Piper Sandler, tgt $5
    
  • Avient (AVNT) downgraded to Sector Weight from Overweight at KeyBanc
    
  • Cooper Companies (COO) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $85
    
  • First Solar (FSLR) downgraded to Hold from Buy at GLJ Research
    
  • GitLab (GTLB) downgraded to Neutral from Overweight at Piper Sandler, tgt $28
    
  • Great Elm Capital (GECC) downgraded to Hold from Buy at Clear Street, tgt $5.50
    
  • LegalZoom (LZ) downgraded to Underweight from Equal Weight at Barclays, tgt $6
  • Theravance Biopharma (TBPH) downgraded to Neutral from Buy at B. Riley Securities, tgt $14
    
  • Vulcan Materials (VMC) downgraded to Neutral from Overweight at JPMorgan, tgt $320
    
  • Webtoon Entertainment (WBTN) downgraded to Hold from Buy at HSBC, tgt $11.50
• Others:
  • Adient (ADNT) reinstated with an Underperform at BofA Securities, tgt $22
    
  • CAE (CAE) initiated with a Buy at Stifel
    
  • Chime Financial (CHYM) initiated with an Overweight at KeyBanc, tgt $30
    
  • D.R. Horton (DHI) initiated with a Hold at Truist, tgt $155
    
  • Ford (F) reinstated with a Buy at BofA Securities, tgt $17
    
  • General Motors (GM) reinstated with a Buy at BofA Securities, tgt $105
    
  • Inhibikase Therapeutics (IKT) initiated with a Buy at Ladenburg Thalmann, tgt $4
    
  • KB Home (KBH) initiated with a Hold at Truist, tgt $65
    
  • Lennar (LEN) initiated with a Hold at Truist, tgt $110
    
  • Lucid Group (LCID) reinstated with an Underperform at BofA Securities, tgt $10
    
  • Meritage Homes (MTH) initiated with a Buy at Truist, tgt $90
    
  • nLight (LASR) initiated with an Outperform at Robert W. Baird
    
  • NVR (NVR) initiated with a Hold at Truist, tgt $7,700
    
  • Protara Therapeutics (TARA) initiated with an Overweight at JPMorgan, tgt $27
    
  • PulteGroup (PHM) initiated with a Buy at Truist, tgt $170
    
  • Rivian Automotive (RIVN) reinstated with an Underperform at BofA Securities, tgt $14
    
  • Roblox (RBLX) initiated with a Neutral at DA Davidson, tgt $65
    
  • SPX Technologies (SPXC) initiated with an Overweight at JPMorgan, tgt $260
    
  • Taylor Morrison Home (TMHC) initiated with a Buy at Truist, tgt $85
    
  • Terex (TEX) reinstated with a Neutral at JPMorgan, tgt $76
    
  • Tesla (TSLA) reinstated with a Buy from Neutral at BofA Securities, tgt $460
    
  • Toll Brothers (TOL) initiated with a Buy at Truist, tgt $190

• Econ Data (Thursday):
  • 8:30 ET: Preliminary Q4 Productivity (Briefing.com consensus 4.0%; prior 4.9%), preliminary Q4 Unit Labor Costs (Briefing.com consensus 0.2%; prior -1.9%), weekly Initial Claims (Briefing.com consensus 216,000; prior 212,000), Continuing Claims (prior 1.833 mln), January Import Prices (prior 0.1%), Import Prices ex-oil (prior 0.4%), Export Prices (prior 0.3%), and Export Prices ex-agriculture (prior 0.3%)
  • 10:30 ET: Weekly natural gas inventories (prior -52 bcf)

• Earnings:
  • Monday (March 2)
    • Pre-Market: AAON ADT ASTH CRC DAVE NCLH RDNT SEE SATS TPB UNIT VG
    • After-Hours: AES AMRC ACHR ASAN ASTS BBAI CORZ CRDO HLIO INGM TREE LMB LIF MDB PLUG RIOT RGR SGRY ZYME
      
    Tuesday (March 3)
    • Pre-Market: AZO BBY EVGO KTB MRX ONON SRRK SE SRAD TGT THO VIK
    • After-Hours: BGS BOX CRWD GTLB ROST STAA WBTN
  • Wednesday (March 4)
    • Pre-Market: ANF BBWI BF.B DY GENI JBI EYE STVN WIX
      
    • After-Hours: AEO BLLN AVGO CBRL GO OKTA RGTI STUB VEEV BULL
  • Thursday (March 5)
    • Pre-Market: ATHM BJ BILI BURL CNQ CIEN GSL JD KR LQDA OLPX SSYS VSCO WLY
    • After-Hours: COO COST GAP GDYN GWRE MRVL MEOH OMDA PTRN IOT SWBI SOBO
  • Friday (March 6)
    • Pre-Market: AQN EMBJ
    • After-Hours: None