After Hours Report

Last Updated: 02-Jun-26 17:15 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.

Palo Alto Networks higher on Q3 beat and upside Q4 guide

The stock market charted a mostly higher finish today, with the S&P 500 (+0.1%) and DJIA (+0.5%) extending their push into record territory, while the Nasdaq Composite's (flat) marginally higher finish resulted in a record closing high for the index. Today's action was driven by a rally across semiconductor and other AI-related names and a rebound across the broader market following yesterday's narrow tech leadership, though weakness across some of the market's largest names limited gains at the index level.

Alphabet (GOOG 358.39, -14.19, -3.81%) was a notable laggard, moving lower after announcing an $80 billion equity capital raise to fund the rapid expansion of its AI infrastructure footprint. While concerns around dilution and unprecedented capital spending hampered the stock, and the communication services sector (-2.6%), the market treated the news as a meaningful positive for several AI supply chain and data center beneficiaries.

Optical stocks such as Coherent (COHR 426.89, +63.99, +17.63%) and Lumentum (LITE 1029.15, +124.15, +13.72%) were among the best-performing S&P 500 names, while Corning (GLW 200.40, +23.70, +13.41%) also posted a double-digit gain.

Though not a component of the S&P 500, Marvell (MRVL 290.79, +71.36, +32.52%) rocketed to record highs after NVIDIA (NVDA 222.82, -1.54, -0.69%) CEO Jensen Huang delivered a rare and powerful endorsement at Computex in Taipei, calling Marvell the "next trillion-dollar company."

All told, the PHLX Semiconductor Index finished 5.9% higher, which helped balance out a 2.8% slide in the iShares GS Software ETF as software stocks retreated from yesterday's highs.

The information technology sector (+0.9%) finished the day firmly higher.

Elsewhere in the sector, Hewlett Packard Enterprise (HPE 56.14, +9.14, +19.45%) was a standout after an impressive beat-and-raise earnings report.

Meanwhile, the utilities sector (+1.9%) rebounded nicely from its weak showing yesterday, buoyed by Alphabet's assertion that it needs more compute capacity and the power to generate it.

Other outperformers include the materials sector (+1.2%), which was supported by leadership in steel names after the White House adjusted some tariffs on metals, and the industrials sector, which benefited similarly from a reduction of tariffs on agricultural equipment to 15% from 25%, with Deere (DE 579.25, +36.82, +6.79%) and Caterpillar (CAT 909.81, +44.45, +5.14%) both capturing solid gains.

Elsewhere, the energy sector (+1.0%) notched a similar gain as oil prices drifted higher throughout the session. Developments on the U.S.-Iran front were relatively muted today, though Israel has continued strikes in Lebanon.

In addition to the communication services sector (-2.6%), the health care sector (-1.0%) extended its slide, while the consumer discretionary sector (-0.7%) also lagged.

Outside of the S&P 500, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.9%) outperformed.

Overall, today's session underscored the market's continued confidence in the AI infrastructure theme, with capital flowing into semiconductor, optical, networking, and power-related names. That broadening AI trade helped offset weakness in several mega-cap stocks and supported another push deeper into record territory for the major averages.

U.S. Treasuries saved their best for the overnight trade, garnering support from sliding oil prices and an early indication that the U.S. stock market would open today's session with a negative bias. The gains seen overnight, however, would largely be retraced during the cash session when both oil prices and stock prices reversed course from their overnight disposition. The 2-year note yield finished unchanged at 4.05%, and the 10-year note yield settled down three basis points to 4.45%.

Russell 2000: +18.1% YTD
Nasdaq Composite: +16.6% YTD
S&P Mid Cap 400: +13.6% YTD
S&P 500: +11.2% YTD
DJIA: +6.8% YTD

Reviewing today's data:

April JOLTS—Job Openings 7.618 million versus upwardly revised 6.887 million (from 6.866 million) for March

Overseas:

Europe: DAX +0.5%, FTSE +0.3%, CAC +0.8%
Asia: Nikkei -0.3%, Hang Seng +2.5%, Shanghai +0.4%

Commodities:

Crude Oil +1.64 @ 93.83
Nat Gas -0.01 @ 3.17
Gold +7.10 @ 4519.90
Silver +0.41 @ 75.67
Copper +0.11 @ 6.66

After-Hours Spotlight:

GameStop (GME) beats by $0.14 (single estimate), revenue increased by 14% yr/yr; Approves a $2.0 bln share repurchase authorization...GME +8.1%
GitLab (GTLB) beats by $0.02, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY27 EPS in-line, revs in-line; also announces restructuring plan...GTLB -5.4%
Palo Alto Networks (PANW) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus...PANW +5.0%
Shopify (SHOP) announces $3 bln increase to share repurchase program...SHOP +1.3%
Texas Instruments (TXN) announces that CFO Rafael Lizardi will retire; names Julie Knecht as next CFO...TXN -0.7%
Ulta Beauty (ULTA) beats by $0.85, beats on revs; comp sales +5.3%; guides FY27 EPS in-line, reaffirms FY27 revs guidance...ULTA +0.4%
Yext (YEXT) beats by $0.02, misses on revs...YEXT -16.4%

Fair Value for Wednesday, June 3:

S&P 500: 7,620
Nasdaq 100: 30,710
DJIA: 51,368

Today's News Summary:

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

Earnings/Guidance (Full E arnings Calendar):
- Boston Beer (SAM) litigation-related interest expense in Q2 lower than expected
- British American Tobacco (BTI) reiterates outlook
- Credo Technology Group (CRDO) beats by $0.14, beats on revs; guides Q1 revs above consensus
- Curbline Properties (CURB) provides Q2 investment and capital markets update
- Diversified Healthcare Trust (DHC) increases FY26 normalized FFO guidance
- Dollar General (DG) beats by $0.11, reports revs in-line; raises FY27 EPS in-line, reaffirms FY27 revs guidance
- Donaldson (DCI) beats by $0.01, beats on revs; guides FY26 EPS in-line
- Hello Group (MOMO) beats by RMB0.49, beats on revs; guides Q2 revs in-line
- Hewlett Packard Enterprise (HPE) beats by $0.26, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY26 EPS above consensus, revs above consensus; Introduces FY27 growth framework
- HIVE Digital Technologies (HIVE) reports FY26 results
- LXP Industrial Trust (LXP) guides FY26 adjusted FFO above consensus
- Microchip (MCHP) provides additional information regarding its Data Center Solutions Business Unit; Expecting revenue of $500 mln in CY26 for the unit
- Obsidian Energy (OBE) provides an update to its 2026 capital program and guidance reflecting strong operational results and an improved commodity price outlook
- ODDITY Tech Ltd. (ODD) misses by $0.14, beats on revs; Expects Q2 revenue to decline 25-30%, expects FY26 adjusted EBITDA to be positive
- Philip Morris International (PM) maintains outlook despite Canada impairment ahead of investor conference
- Signet Jewelers (SIG) beats by $0.18, reports revs in-line; guides Q2 revs below consensus; guides FY27 EPS in-line, revs in-line
- SmartStop Self Storage REIT (SMA) discloses same-store facilities metrics
- STMicroelectronics (STM) raises AI data center revenue targets
- Tesla's (TSLA) China produced EV sales increased 39.4% in May, according to Reuters
- Ventas (VTR) reaffirms FY26 FFO guidance in presentation
- Victoria's Secret (VSXY) reports Q1 EPS of $0.60, well ahead of prior guidance, net sales increased 15%; Raises FY26 net sales and adjusted operating income guidance
- Yesway (YSWY) reports Q1 results; beats on revs
General News
- President Trump says he spoke with Israeli Prime Minister Benjamin Netanyahu and told him to stop the shooting in Lebanon. Mr. Trump thinks he will have an agreement with Iran to extend the ceasefire and reopen the Strait of Hormuz "over the next week." ABC News
- President Trump lashed out at Israeli Prime Minister Benjamin Netanyahu over Israel's war in Lebanon in a call yesterday filled with expletives. Axios
- White House adjusts the tariffs on agricultural equipment, like combines and harvesters, as well as certain other equipment, from 25% to 15%; also adjusts certain metals tariffs
- CMS announces Medicaid community engagement requirement for certain individuals interim final rule with comment period
- CMS launches nationwide framework to implement Medicaid work requirements
- President Trumps says reports that U.S. and Iran stopped speaking a few days ago are false and erroneous
- Mexico supports extending USMCA trade agreement by 16 years, according to Reuters
- Israel launched new strikes in southern Lebanon after pulling back from striking Beirut following request from President Trump, according to NY Times
- AbbVie (ABBV) announces European Commission approval of AQUIPTA for the acute treatment of migraine in adults
- Abivax SA (ABVX) announces landmark Phase 3 ABTECT Maintenance Trial results evaluating Obefazimod in moderately to severely active ulcerative colitis
- Alphabet (GOOG) discloses on its site proposed $80 bln equity capital raise to expand AI infrastructure and compute; Includes agreement by Berkshire Hathaway to invest $10 bln in company in private placement
- Amazon (AMZN) announces Prime Day Event from June 23–26
- Amgen (AMGN): European Commission grants marketing authorization for IMDYLLTRA
- Array Digital Infrastructure (AD) declares $11/sh special dividend as it closes on sale of licenses for $1 bln with Verizon
- Aya Gold & Silver (AYA) reports high-grade exploration drill results near Pit Depth at Zgounder
- BP (BP) in discussions to sell its UK North Sea assets to Ithaca Energy, according to FT
- Braemar Hotels & Resorts (BHR): Al Shams Investments Limited has sent a letter to Braemar's outside directors urging them to promptly call the Company's 2026 Annual Meeting of Shareholders to allow shareholders to elect new directors
- Broadcom (AVGO) showcases its broadband Edge AI portfolio
- Camtek (CAMT) has received a multi-system order totaling $55 million from a tier-1 OSAT supporting AI applications
- CME Group (CME) May volume hits new record of 33.2 million contracts, up 15% year over year
- Cognizant Tech (CTSH) announces an expanded strategic alliance with CrowdStrike (CRWD) to help enterprises secure artificial intelligence across its lifecycle
- Corvel (CRVL) announces Sarah Scott will be appointed CEO and President, effective July 1, 2026, succeeding Michael G. Combs, who will transition to the role of Executive Chair
- DocuSign (DOCU) announces that the Docusign app is available in ChatGPT and Codex
- Dream Finders Homes (DFH) names Clint Szubinski as Chief Operating Officer
- FirstService (FSV) receives approval from the TSX to amend the normal course issuer bid, increasing the maximum number of common shares that may be repurchased from 1.6 mln to 4.12 mln
- Fluor (FLR) announces its JGC Fluor BC LNG II joint venture with JGC Corporation (JGCCY) has received limited notice to proceed for the proposed Phase 2 expansion of the LNG Canada export facility in Kitimat, British Columbia, Canada
- Fulcrum Therapeutics (FULC) announces the discontinuation of its pociredir program for the treatment of SCD and the initiation of a comprehensive review of strategic alternatives to maximize stockholder value
- Generac (GNRC) signs hyperscale data center backup power contract
- Hewlett Packard Enterprise (HPE) announces appointment of Christopher Hsu, a Partner at Elliott Investment Management, to its Board of Directors
- Honda Motor's (HMC) American Honda reports May sales +9.9% yr/yr to 148,903 units
- Intel (INTC) announces new AI innovations at Computex
- Kazia Therapeutics (KZIA) announces the appointment of James Levine as Chief Financial Officer, effective June 1, 2026
- L3Harris (LHX) awarded a $495 mln modification to Army contract for delivery of communication systems and related services
- Louisiana-Pacific (LPX) announces that Executive Vice President and Chief Financial Officer Alan Haughie plans to retire and that Aaron Howald has been appointed as his successor, effective September 1, 2026
- Manhattan Assoc (MANH) discloses plans to reduce its global headcount by approximately 6%; reaffirms FY26 guidance
- Medline (MDLN): FDA inspected MDLN drug manufacturing facility in Waukegan, Illinois from October 6 to 14, 2025
- Microsoft (MSFT) and Mayo Clinic announce a strategic collaboration to develop and deploy a frontier AI model designed specifically for healthcare
- Microsoft (MSFT) is announcing a family of seven new models developed in-house at Microsoft AI
- Microsoft (MSFT) iintroduces "Microsoft Scout: Your always-on personal agent"
- Microsoft (MSFT) also introduces Web IQ and Microsoft IQ
- Microsoft (MSFT) Azure HorizonDB is now available in preview; unveils new class of GPU-accelerated analytics
- Micron (MU) highlights AI memory leadership and production ramp at COMPUTEX
- Mueller Industries (MLI) announces 2-for-1 stock split
- Nu Holdings (NU) appoints Rob Livingston as CFO
- NVIDIA (NVDA): Chinese universities that support the defense industry want access to Nvidia H200 chips. Bloomberg
- Nvidia (NVDA) CEO Jensen Huang says Marvell (MRVL) is the next trillion-dollar company. Reuters
- Nvidia (NVDA) CEO Jensen Huang says Anthropic and OpenAI are using the new Vera chip. Bloomberg
- NVIDIA (NVDA) partners with Microsoft (MSFT) on unified stack for agentic AI deployment, from windows devices to cloud to local
- Onity Group (ONIT) provides update on reverse transaction and announces share repurchase program
- Oruka Therapeutics (ORKA) discloses it entered first amendement to license agreement with Paragon Therapeutics
- Penguin Solutions (PENG) CFO Nate Olmstead will step down on July 8; reaffirms FY26 guidance, but now expects FY26 results will be at high end of prior guidance
- Praxis Precision Medicines (PRAX) provides vormatrigine program update
- Rezolute (RZLT) announces positive interim data for its phase 3 upLIFT study of ersodetug in tumor hyperinsulinism; 6 of 8 participants have already met the responder criterion for the study’s primary endpoint
- Roche Hldg (RHHBY) advances giredestrant toward potential breast cancer approval
- Roche Hldg (RHHBY): Foundation Medicine has received approval from the U.S. Food and Drug Administration for FoundationOneCDx to be used as a companion diagnostic for Itovebi in combination with palbociclib and fulvestrant
- Sequans Communications (SQNS) CFO Deborah Choate will retire from the Company effective June 30
- Spyre Therapeutics (SYRE) discloses it amended a license agreement with Paragon Therapeutics
- StandardAero (SARO) announces that, after 13 years leading the Company and 45 years in the aerospace industry, Russell Ford has informed the Board of Directors of his decision to retire as Chief Executive Officer
- Telix Pharmaceuticals (TLX) and United Imaging Healthcare North America announce the signing of a Memorandum of Understanding to evaluate a strategic research collaboration in the United States focused on advancing integrated theranostics solutions
- Tencent (TCEHY) moving closer to introducing an artificial intelligence agent. FT
- The Trade Desk (TTD) announces Nate Olmstead as Chief Financial Officer
- Travere Therapeutics (TVTX) has entered into an exclusive licensing and collaboration agreement with Everest Medicines for the development and commercialization of civorebrutinib, a potential best-in-class oral, covalent reversible Bruton’s tyrosine kinase inhibitor in all markets outside China and certain countries in East and Southeast Asia
- Uber (UBER) sets usage caps on some artificial intelligence tools used by its employees, according to Bloomberg
- Vale S.A. (VALE): Members of United Steelworkers Local 6500 have ratified a new collective agreement with Vale that delivers significant wage increases, enhanced workplace protections and improved benefits and for workers and their families
- Vera Therapeutics (VERA) accelerates path toward full FDA approval for atacicept
- Verra Mobility (VRRM) CEO David Roberts agrees to step down, effective immediately
- WeRide (WRD) expands European robotaxi footprint through Uber (UBER) partnership
- West Pharm (WST) appoints Michel Lagarde to be President and Chief Executive Officer; elects Robert Friel to become Board Chair
- Yum! Brands (YUM) announces that Tracy Skeans, Chief Operating Officer and Chief People & Culture Officer, plans to retire

Upgrades:
- Abivax (ABVX) upgraded to Neutral from Underperform at Wedbush, tgt $90
- Atlas Energy Solutions (AESI) upgraded to Outperform from Market Perform at Raymond James, tgt $25
- Eagle Materials (EXP) upgraded to Neutral from Underweight at JPMorgan, tgt $225
- Guardant Health (GH) upgraded to Outperform from In Line at Evercore ISI, tgt $160
- Hewlett Packard Enterprise (HPE) upgraded to Buy from Hold at Loop Capital, tgt $75
- Knight-Swift Transportation (KNX) upgraded to Positive from Neutral at Susquehanna, tgt $90
- Macerich (MAC) upgraded to Buy from Hold at Deutsche Bank, tgt $27
- Meta Platforms (META) upgraded to Buy from Neutral at Arete, tgt $735
- Optimum Communications (OPTU) upgraded to Neutral from Underperform at BNP Paribas
Downgrades:
- Abivax (ABVX) downgraded to Hold from Buy at Jefferies, tgt $90
- Consolidated Edison (ED) downgraded to Neutral from Outperform at Mizuho, tgt $105
- Fulcrum Therapeutics (FULC) downgraded to Hold from Buy at Stifel, tgt $3
- Fulcrum Therapeutics (FULC) downgraded to Hold from Buy at Truist, tgt $4
- Fulcrum Therapeutics (FULC) downgraded to Market Perform from Outperform at Leerink, tgt $4
- Fulcrum Therapeutics (FULC) downgraded to Neutral from Buy at H.C. Wainwright, tgt $3
- Fulcrum Therapeutics (FULC) downgraded to Underweight from Overweight at Piper Sandler, tgt $3
- Intuit (INTU) downgraded to Sell from Neutral at Goldman, tgt $276
- Nu Holdings (NU) downgraded to Underperform from Neutral at BofA Securities, tgt $10
- SoftBank Group (SFTBY) downgraded to Hold from Buy at Deutsche Bank
- Sociedad Quimica y Minera (SQM) downgraded to Neutral from Overweight at JPMorgan, tgt $100
- StandardAero (SARO) downgraded to Hold from Buy at Jefferies, tgt $30
- Sherwin-Williams (SHW) downgraded to Neutral from Buy at UBS, tgt $330
Others:
- Ares Commercial Real Estate (ACRE) resumed with a Neutral at UBS, tgt $5.50
- Avantor (AVTR) assumed with an Underperform at Wolfe Research, tgt $7
- Blackstone Mortgage Trust (BXMT) resumed with a Buy at UBS, tgt $21
- Bruker (BRKR) assumed with a Peer Perform at Wolfe Research
- Caris Life Sciences (CAI) assumed with a Peer Perform at Wolfe Research
- CoreWeave (CRWV) initiated with an Outperform at BNP Paribas, tgt $192
- Danaher (DHR) assumed with a Peer Perform at Wolfe Research
- Enhanced Group (ENHA) initiated with a Buy at Canaccord, tgt $6
- FedEx Freight Holdings (FDXF) initiated with a Hold at Truist, tgt $155
- Grail (GRAL) assumed with a Peer Perform at Wolfe Research
- Guardant Health (GH) assumed with an Outperform at Wolfe Research, tgt $150
- Martin Marietta Materials (MLM) initiated with a Hold at Berenberg, tgt $556
- Mettler-Toledo (MTD) assumed with a Peer Perform at Wolfe Research
- Mirum Pharmaceuticals (MIRM) initiated with a Buy at Citigroup, tgt $145
- Mobia Medical (MOBI) initiated with a Buy at BofA Securities, tgt $16
- Mobia Medical (MOBI) initiated with a Buy at BTIG Research, tgt $19
- Mobia Medical (MOBI) initiated with a Buy at Goldman, tgt $31
- Mobia Medical (MOBI) initiated with an Overweight at JPMorgan, tgt $15
- Natera (NTRA) assumed with an Outperform at Wolfe Research, tgt $260
- Nebius Group (NBIS) initiated with a Neutral at BNP Paribas, tgt $255
- Neurocrine Biosciences (NBIX) reinstated with a Buy at Goldman, tgt $213
- Octave Intelligence (OCTV) initiated with an Outperform at BNP Paribas, tgt $25
- Octave Intelligence (OCTV) initiated with a Sector Perform at RBC Capital, tgt $21
- Odyssey Therapeutics (ODTX) initiated with a Buy at TD Cowen
- Odyssey Therapeutics (ODTX) initiated with an Outperform at Oppenheimer, tgt $40
- Odyssey Therapeutics (ODTX) initiated with an Outperform at Wedbush, tgt $30
- Odyssey Therapeutics (ODTX) initiated with an Overweight at Cantor Fitzgerald
- Odyssey Therapeutics (ODTX) initiated with an Overweight at JPMorgan, tgt $26
- Rare Earths Americas (REA) initiated with a Speculative Buy at Cantor Fitzgerald, tgt $34
- Repligen (RGEN) assumed with an Outperform at Wolfe Research, tgt $145
- Revvity (RVTY) assumed with a Peer Perform at Wolfe Research
- Seven Hills Realty Trust (SEVN) initiated with a Buy at UBS, tgt $10
- Stevanato Group (STVN) assumed with an Outperform at Wolfe Research, tgt $21
- Strive Enterprises (ASST) initiated with a Buy at Benchmark, tgt $32
- Starwood Property Trust (STWD) resumed with a Buy at UBS, tgt $20
- Take-Two Interactive (TTWO) initiated with an Overweight at Piper Sandler, tgt $280
- Tempus AI (TEM) assumed with a Peer Perform at Wolfe Research
- Thermo Fisher Scientific (TMO) assumed with an Outperform at Wolfe Research, tgt $535
- TripAdvisor (TRIP) assumed with an Outperform at Wedbush, tgt $19
- Unity Software (U) assumed with an Overweight at Piper Sandler, tgt $40
- Veracyte (VCYT) assumed with an Outperform at Wolfe Research, tgt $55
- Veradermics (MANE) initiated with a Buy at Needham, tgt $136
- Vulcan Materials (VMC) initiated with a Hold at Berenberg, tgt $283
- Waters (WAT) assumed with an Outperform at Wolfe Research, tgt $425
- West Pharmaceutical Services (WST) assumed with an Outperform at Wolfe Research, tgt $375
- X4 Pharmaceuticals (XFOR) initiated with an Outperform at Leerink, tgt $12

Econ Data (Wednesday):
- 07:00 ET: MBA Mortgage Applications Index (prior -8.5%)
- 08:15 ET: May ADP EMployment Change (Briefing.com consensus: 110K; prior 109K)
- 09:45 ET: May S&P Global U.S. Services PMI - Final (prior 50.9)
- 10:00 ET: April Factor Orders (Briefing.com consensus: 3.5%; prior 1.5%)
- 10:00 ET: May ISM Non-Manufacturing Index (Briefing.com consensus: 53.6%; prior 53.6%)
- 14:00 ET: Fed's Beige Book

Earnings:Monday (June 1)
Pre-Market: SAIC
After-Hours: CRDO HPE
Tuesday (June 2)
Pre-Market: DCI DG MOMO ODD SIG VSCO YSWY
After-Hours: GTLB PANW ULTA
Wednesday (June 3)
Pre-Market: M MDT MMED OLLI CXM
After-Hours: AI AVGO CRWD DSGX FIVE NTSK WOOF PVH VEEV

Thursday (June 4)
Pre-Market: BF.B CAL CIEN CMCO TTC
After-Hours: AGX COO DOCU GWRE LULU PL RBRK IOT TTAN WLTH ZUMZ
Friday (June 5)
Pre-market: ABM
After-Hours: None