After Hours Report

Last Updated: 03-Sep-25 17:00 ET | Archive

After hours report provides a review of the day’s stock market and treasury market session performance with a recap of indices, sector, and industry performance, trends, as well as key news items that impacted the markets. Get a run-down of general news events, broker ratings changes, key after hours earnings reports and guidance, and highlights of events scheduled for the next day. On Fridays, the After Hours Report is a recap of the week’s stock market activity.


American Eagle flying high after Q2 results; Salesforce slides despite EPS beat

The stock market opened to substantial gains across its mega-cap components after a federal judge ruled that Alphabet (GOOG 231.10, +19.11, +9.01%) can retain its Chrome browser, though the broader market lagged behind, limiting index-level growth and keeping the major averages mixed.

The tech-heavy Nasdaq Composite (+1.0%) led the way, while the S&P 500 (+0.5%) secured a modest gain after slipping to its flatline, and the DJIA (-0.1%) spent the entirety of the session in negative territory.

Only three S&P 500 sectors finished (or spent any material amount of time) in positive territory, though the gains were concentrated enough in the market's largest names to carry the major averages.

Alphabet's rally pushed the communication services sector (+3.8%) to a record high level, while Apple (AAPL 238.47, +8.75, +3.81%) and the information technology sector (+0.5%) also benefited, as the ruling will allow Google to remain the default search engine on Apple's iPhone. 

The consumer discretionary sector (+0.5%) benefitted from strong mega-cap leadership of its own, as Tesla (TSLA 334.09, +4.73, +1.44%) captured a nice gain. 

The Vanguard Mega Cap Growth ETF finished the day with a 0.9% gain, and the market-weighted S&P 500 (+0.4%) decidedly outperformed the S&P 500 Equal Weighted Index (-0.4%), demonstrating the influence that the mega-cap cohort has over the broader market. 

Outside of the mega-cap space, the consumer discretionary sector also benefited from relatively strong performances among retailer names. Though not a component of the sector, Macy's (M 16.28, +2.79, +20.68%) traded sharply higher after an impressive earnings beat today, though Dollar Tree (DLTR 102.03, -9.32, -8.37%) traded lower despite EPS and revenue beats of its own, with investors startled by flat Q3 guidance amid continued tariff volatility. 

The SPDR S&P Retail ETF closed with a 0.5% gain for the day.

Seven other S&P 500 sectors closed lower, while some late-session buying activity saw the consumer staples sector finish flat. Though the majority of names sat out today's mega-cap-fueled rally, losses were relatively modest.

Only the energy sector (-2.3%) finished with a loss wider than 0.6%, with the sector facing pressure as crude oil settled today's session $1.60 lower, or -2.1%, to $64.00 per barrel. Reuters reported that OPEC+ may discuss an output increase at Sunday's meeting, which will include representatives from eight member nations.

Looking beyond the S&P 500, smaller cap names retreated, with the Russell 2000 finishing 0.2% lower and the S&P Mid Cap 400 finishing 0.4% lower.

Though Alphabet's antitrust ruling was the main catalyst behind today's actions, corporate headlines were relatively slim today. Monetary policy, however, received plenty of coverage as the market was inundated with headlines surrounding the FOMC.

Fed Governor Christopher Waller (FOMC voting member) told CNBC he supports a September rate cut, pointing to labor softness. Mr. Waller acknowledged the potential for a near-term inflation uptick but said he expects it to fall back to the 2.0% target within six to seven months.

A weaker-than-expected July JOLTS report added to evidence of a cooling labor market, strengthening expectations for policy easing.

St. Louis Fed President Alberto Musalem (FOMC voting member) also noted weakening labor conditions, though he cautioned that tariff-driven inflation could be more persistent than current forecasts suggest.

Atlanta Fed President Raphael Bostic (FOMC non-voting member) stated he could support a September cut if the job market deteriorates more than anticipated.

Beyond the policy debate, Fed independence was in the spotlight. Fed Governor Waller emphasized the central bank's independence when asked generally about governance, though he avoided direct comment on the mortgage fraud allegations facing Fed Governor Lisa Cook (FOMC voting member).

CNBC also reported that Senator Thom Tillis (R-NC) will not consider any replacement nominee for Cook until her case is resolved in court.

Rate expectations firmed further, with the CME FedWatch Tool now assigning a 95.6% probability to a 25-basis-point cut in September, up from 92.7% yesterday.

Ultimately, Tuesday's action underscored how heavily the market leans on its largest names for support. While Fed commentary and soft labor data strengthened conviction in a September rate cut, the broader market remains cautious, leaving mega-cap momentum as the primary driver of index-level gains.

U.S. Treasuries ended Wednesday with solid gains across the curve that wiped out the market's losses from the start of the week. The 2-year note yield settled down five basis points to 3.61%, and the 10-year note yield settled down seven basis points to 4.21%. 

  • Nasdaq Composite: +11.3% YTD
  • S&P 500: +9.6% YTD
  • DJIA: +6.4% YTD
  • Russell 2000: +5.4% YTD
  • S&P Mid Cap 400: +3.6% YTD

Reviewing today's data:

  • Weekly MBA Mortgage Applications Index -1.2%; Prior -0.5%
  • July Factory Orders -1.3% (Briefing.com consensus -1.4%); Prior -4.8%
    • The key takeaway from the report is that the weakness in factory orders in July was concentrated in the transportation space, so the weakness was not as acute as the headline might suggest. New orders for primary metals (+1.6%), machinery (+1.9%), computers and electronic products (+1.2%), and electrical equipment, appliances, and components (+1.9%) were all up in a good sign for factory order activity.
  • July JOLTS - Job Openings 7.181 mln; Prior was revised to 7.357 mln from 7.437 mln
  • The Fed's Beige Book had some stagflation undertones, as eleven Districts described little or no net change in overall employment levels, while one District described a modest decline. Half of the Districts described modest growth in wages, while most of the others reported moderate growth. Two Districts noted little or no change in wages.
    Most Districts reported that their firms were expecting price increases to continue in the months ahead, with three of those Districts noting that the pace of price increases was expected to rise further.

Overseas:

  • Europe: DAX +0.5%, FTSE +0.7%, CAC +0.9%
  • Asia: Nikkei -0.9%, Hang Seng -0.6%, Shanghai -1.2%

Commodities:

  • Crude Oil -1.60 @ 64.00
  • Nat Gas +0.06 @ 3.07
  • Gold +43.20 @ 3635.40
  • Silver +0.39 @ 42.01
  • Copper -0.01 @ 4.63

After-Hours Spotlight:

  • American Eagle (AEO) beats by $0.25, beats on revs; Comparable sales of -1%... AEO + 24.7%
  • Credo Technology Group (CRDO) beats by $0.16, beats on revs; guides Q2 revs above consensus...CRDO +7.4%
  • Figma (FIG) reports EPS in-line, revs in-line; guides Q3 revs above consensus; guides FY25 revs in-line...FIG -10.1%
  • GitLab (GTLB) beats by $0.08, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY26 EPS above consensus, reaffirms FY26 revs guidance; CFO to step down...GTLB -9.7%
  • Hewlett Packard Enterprise (HPE) beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line; guides FY25 EPS above consensus...HPE -1.8%
  • Salesforce (CRM) beats by $0.13, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY26 EPS above consensus, revs in-line...CRM -4.4%

Fair Value for Thursday, September 4:

  • S&P 500: 6,458
  • Nasdaq 100: 23,458
  • DJIA: 45,330
Today's News Summary:

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

  • Earnings/Guidance (Full Earnings Calendar):
    • Campbell Soup (CPB) beats by $0.06, reports revs in-line; guides FY26 EPS below consensus
    • Claritev (CTEV) reaffirms 2025 guidance in presentation
    • Dollar Tree (DLTR) beats by $0.35, beats on revs; guides Q3 EPS above consensus; guides FY26 EPS in-line, revs above consensus
    • Kronos Worldwide (KRO) updated outlook in connection with Notes Offering; expects to report lower operating results for the full year of 2025 as compared to 2024
    • Macy's (M) beats by $0.22, beats on revs; guides FY26 EPS in-line, revs above consensus
    • Nomad Foods (NOMD) reaffirms FY25 guidance; outlines medium-term targets
    • NorthWestern (NWE) reaffirms FY25 EPS guidance
    • Oscar Health (OSCR) will reaffirm the updated full year 2025 guidance that it provided in its preliminary financial results press release for the second quarter of 2025, dated July 22, 2025
    • REV Group (REVG) beats by $0.16, beats on revs; guides FY25 revs in-line
    • Sprinklr (CXM) beats by $0.03, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY26 EPS above consensus, revs above consensus
    • Verint Systems (VRNT) beats by $0.07, beats on revs; co previously announced it is being acquired
  • General News
    • President Trump suggests China's Xi Jinping, Vladimir Putin and Kim Jong Un 'conspire against The United States of America'
    • UK government will consult on banning the sale of high-caffeine energy drinks to under 16s due to negative impacts on children's physical and mental health
    • Russian President Putin comments in Chinese press appearance that the door is open for Ukraine negotiations, but force is still on the table, according to Reuters
    • FDA introduced Rare Disease Evidence Principles (RDEP)
    • Alphabet (GOOG): Judge rules that Google can retain Chrome but cannot enter into exclusive search agreements
    • Amazon (AMZN) halts delivery van redistribution plan following pushback from third-party operators, according to WSJ
    • Anglo American (NGLOY) launches accelerated bookbuild offering of shares in Valterra Platinum; proposing to sell 100% of its remaining holding
    • Arcutis Biotherapeutics (ARQT) announces the submission of a supplemental New Drug Application to the U.S. Food and Drug Administration to expand the indication of ZORYVE cream 0.3% for the treatment of plaque psoriasis in children down to the age of 2
    • Check Point Software (CHKP) announces that shareholders approved all six proposals presented at the 2025 Annual General Meeting
    • Clearwater Analytics (CWAN) has authorized a $100 mln share repurchase program
    • CME Group (CME) reports its second-highest August average daily volume of 28.1 mln contracts
    • Comerica (CMA): Activist investor HoldCo urging Comerica sale, plans board representation, according to WSJ
    • ConocoPhillips (COP) to cut 20–25% of workforce, CEO to address staff in Thursday townhall, according to Reuters
    • Corning (GLW): China expands anti-dumping duties to cover more U.S. optical fiber imports
    • DuPont (DD) provided additional details for intended electronics separation
    • Gilead Sciences (GILD) confirms the groundbreaking of its new Pharmaceutical Development and Manufacturing Technical Development Center at the company’s Foster City headquarters
    • Green Dot (GDOT) details plan to exit operational activities in China by the end of 2025
    • Immunovant Sciences (IMVT) unveils durability and treatment-free six-month remission data with potential to change treatment paradigm for uncontrolled graves' disease patients
    • Knight-Swift (KNX) endorses Union Pacific - Norfolk Southern Merger
    • LATAM Airlines (LTM) Board approved buyback and corresponding bylaws capital reduction
    • Lockheed Martin (LMT): US army awards the Javelin Joint Venture $900.5 mln contract
    • Lockheed Martin (LMT) awarded $9.8 bln U.S. Army Contract to bolster missile defense with PAC-3 MSE
    • Mattel (MAT) Announces New Brand Organization Leadership and Marketing Integration; Roberto Stanichi Promoted to Newly Created Role of EVP and Chief Global Brand Officer
    • Microsoft (MSFT): OpenAI is increasing its secondary share sale by over $4 bln to a total of $10.3 bln, according to CNBC
    • Moderna (MRNA) releases statement on 'Operation Warp Speed' and its ongoing commitment to transparency
    • Novartis AG (NVS): Argo Biopharma announces multi-asset license and option agreements with Novartis for novel molecules for cardiovascular diseases
    • PagSeguro Digital (PAGS) Board approved the payment of a special cash dividend of US$0.12 per common share to be paid on November 3, 2025 to shareholders of record as of October 6, 2025
    • Sanara MedTech (SMTI) promotes Seth Yon to be its new CEO
    • TechnipFMC (FTI) to join S&P MidCap 400 prior to open on September 12
    • Teck Resources (TECK) conducts comprehensive operations review
    • Telephone & Data (TDS) has officially exceeded 1 million fiber passings, marking a pivotal moment in its transformation into a fiber-first broadband provider.
    • Teradyne's (TER) Universal Robots announced that long-time partner Technicon has now officially evolved into a UR global Certified Solution Provider
    • TG Therapeutics (TGTX) authorizes new share repurchase program to acquire up to an additional $100 mln
    • TKO Group Holdings (TKO) announces that its board of directors has authorized a significant increase to its quarterly cash dividend program
    • UDR (UDR) announced that Joe Fisher has stepped down from his positions as President and Chief Investment Officer effective as of the close of business on September 2
    • Union Pacific (UNP)  has reached ratified agreements with 11 unions that cover 12 crafts and represent 46% of the railroad’s craft employees
    • United Parks & Resorts (PRKS) to join S&P SmallCap 600 prior to open on September 8
    • Warner Bros. Discovery (WBD) exploring the potential sale of a 20% stake in the Company's studio and streaming business, according to Bloomberg
    • Yum China (YUMC) plans ~$270 mln in additional share repurchases for 2025
    • Zai Lab's (ZLAB) bemarituzumab shows reduced survival benefit in final FORTITUDE-101 analysis; FORTITUDE-102 readout expected by 2025/2026
  • Upgrades:
    • Adidas (ADDYY) upgraded to Buy from Hold at Jefferies
    • Alibaba (BABA) upgraded to Buy from Neutral at Arete, tgt $152
    • Bio-Techne (TECH) upgraded to Outperform from Sector Perform at RBC Capital, tgt $73
    • BorgWarner (BWA) upgraded to Outperform from Neutral at Robert W. Baird, tgt $52
    • BP (BP) upgraded to Equal Weight from Underweight at Morgan Stanley
    • Chipotle Mexican Grill (CMG) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $55
    • Cummins (CMI) upgraded to Buy from Hold at Melius Research, tgt $500
    • Delek US (DK) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $40
    • HubSpot (HUBS) upgraded to Outperform from Market Perform at Bernstein, tgt $606
    • ICON (ICLR) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $236
    • Ionis Pharmaceuticals (IONS) upgraded to Outperform from Market Perform at BMO Capital, tgt $70
    • Kraft Heinz (KHC) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $29
    • Nokia (NOK) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $5
    • NetEase (NTES) upgraded to Buy from Sell at Arete, tgt $150
    • Peakstone Realty Trust (PKST) upgraded to Buy from Hold at Truist, tgt $19
    • Plus Therapeutics (PSTV) upgraded to Buy from Hold at D. Boral Capital, tgt $5
    • Teck Resources (TECK) upgraded to Buy from Neutral at UBS
    • TransUnion (TRU) upgraded to Buy from Hold at Needham
    • Valero Energy (VLO) upgraded to Buy from Neutral at BofA Securities, tgt $179
    • Wynn Resorts (WYNN) upgraded to Buy from Hold at Argus, tgt $145
  • Downgrades:
    • Accenture (ACN) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $250
    • Air Lease (AL) downgraded to Hold from Buy at Deutsche Bank, tgt $65
    • Academy Sports & Outdoors (ASO) downgraded to Neutral from Buy at Citigroup, tgt $50
    • Constellation Brands (STZ) downgraded to Underperform from Neutral at BNP Paribas Exane, tgt $123
    • Equinor (EQNR) downgraded to Underweight from Equal Weight at Morgan Stanley
    • Erasca (ERAS) downgraded to Underperform from Buy at BofA Securities, tgt $1.50
    • Medpace (MEDP) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $474
    • Phillips 66 (PSX) downgraded to Neutral from Buy at BofA Securities, tgt $147
    • Sea Ltd. (SE) downgraded to Neutral from Buy at Arete, tgt $177
    • Six Flags (FUN) downgraded to Hold from Buy at Truist, tgt $27
  • Others:
    • Alkermes (ALKS) initiated with an Overweight at Wells Fargo, tgt $44
    • Amgen (AMGN) assumed with a Market Perform at Raymond James
    • Ardelyx (ARDX) assumed with Strong Buy from Outperform at Raymond James, tgt $14
    • Archrock (AROC) initiated with an Overweight at Wells Fargo, tgt $30
    • Arthur J. Gallagher (AJG) reinstated with a Buy at Goldman, tgt $344
    • Avadel Pharmaceuticals (AVDL) initiated with an Equal Weight at Wells Fargo, tgt $16
    • Axsome Therapeutics (AXSM) assumed with an Overweight at Wells Fargo, tgt $163
    • Biohaven Pharmaceutical (BHVN) initiated with a Strong Buy at Raymond James, tgt $75
    • BioMarin Pharmaceutical (BMRN) initiated with an Outperform at Raymond James, tgt $85
    • Bullish (BLSH) initiated with a Neutral at Compass Point, tgt $45
    • Centessa Pharmaceuticals (CNTA) initiated with an Overweight at Wells Fargo, tgt $31
    • Clarivate (CLVT) initiated with a Peer Perform at Wolfe Research
    • Cogent Biosciences (COGT) initiated with a Strong Buy at Raymond James, tgt $30
    • CoStar Group (CSGP) initiated with an Outperform at Wolfe Research, tgt $105
    • Gartner (IT) initiated with a Peer Perform at Wolfe Research
    • Infosys (INFY) initiated with a Sell at Rothschild & Co Redburn, tgt $12
    • Inventiva (IVA) assumed with a Buy at H.C. Wainwright, tgt $20
    • KB Home (KBH) initiated with a Perform at Oppenheimer
    • Kalaris (KLRS) initiated with a Strong Buy at Raymond James, tgt $23
    • Monopar Therapeutics (MNPR) initiated with a Strong Buy at Raymond James, tgt $80
    • Monopar Therapeutics (MNPR) initiated with an Outperform at Oppenheimer; tgt $77
    • Nuvalent (NUVL) initiated with an Outperform at Raymond James, tgt $105
    • Sionna Therapeutics (SION) initiated with a Sector Perform at RBC Capital, tgt $22
    • Sionna Therapeutics (SION) initiated with a Strong Buy at Raymond James, tgt $45
    • SailPoint Technologies (SAIL) initiated with an Outperform at Scotiabank, tgt $25
    • Scholastic (SCHL) initiated with a Buy at B. Riley, tgt $37
    • Tectonic Therapeutics (TECX) initiated with an Outperform at Oppenheimer, tgt $80
    • Tyra Biosciences (TYRA) initiated with a Strong Buy at Raymond James, tgt $35
    • Unisys (UIS) initiated with a Buy at Needham, tgt $6
    • Vale (VALE) initiated with a Buy at Clarksons, tgt $12
    • Vertex Pharmaceuticals (VRTX) initiated with a Market Perform at Raymond James
    • Verisk Analytics (VRSK) initiated with an Outperform at Wolfe Research, tgt $320
    • Vir Biotechnology (VIR) initiated with an Outperform at Evercore ISI, tgt $12
    • Xenon Pharmaceuticals (XENE) assumed with an Overweight at Wells Fargo, tgt $48
  • Econ Data (Thursday):
    • 8:15 ET: August ADP Employment Change (Briefing.com consensus 69,000; prior 104,000)
    • 8:30 ET: Revised Q2 Productivity (Briefing.com consensus 2.4%; prior 2.4%), revised Q2 Unit Labor Costs (Briefing.com consensus 1.6%; prior 1.6%), weekly Initial Claims (Briefing.com consensus 232,000; prior 229,000), Continuing Claims (prior 1.954 mln), and July Trade Balance (Briefing.com consensus -$64.2 bln; prior -$60.2 bln)
    • 9:45 ET: Final August S&P Global U.S. Services PMI (prior 55.4)
    • 10:00 ET: August ISM Services (Briefing.com consensus 50.5%; prior 50.1%)
    • 10:30 ET: Weekly natural gas inventories (prior +18 bcf)
    • 13:00 ET: Weekly crude oil inventories (prior -2.39 mln)
  • Earnings:
    • Monday (Sep 1)
      • Pre-Market: None
      • After-Hours: None
      Tuesday (Sep 2)
      • Pre-Market: ASIO NIO SIG
      • After-Hours: ZS
    • Wednesday (Sep 3)
      • Pre-Market: CPB DLTR M REVG CXM
      • After-Hours: AEO ASAN AI CRDO DSGX GTLB HPE PD CRM
    • Thursday (Sep 4)
      • Pre-Market: FLWS BRC CAL CIEN DAVA GIII SAIC SCVL TTC WLY
      • After-Hours:  AGX BRZE AVGO CPRT DOCU GWRE LULU PHR IOT TTAN SWBI PATH ZUMZ
    • Friday (Sep 5)
      • Pre-Market: ABM
      • After-Hours: None


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