After Hours Report

The stock market kicked off the week with index-level gains that saw the S&P 500 (+0.5%) and Nasdaq Composite (+0.9%) secure new all-time intraday and closing highs, while the DJIA (+0.1%) lagged. Gains were largely concentrated in a select group of mega-cap leaders, which continued to flex their influence over index performance.

Shares of Tesla (TSLA 410.04, +14.10, +3.56%) surged early after it was reported that CEO Elon Musk purchased around 2.6 million shares of stock worth nearly $1 billion on Friday, his first open market purchase of the stock since February 2020. Though the stock finished well off its session highs, it still added substantial gains to its impressive September run and helped the consumer discretionary sector (+1.1%) finish among the best-performing S&P 500 sectors.

The communication services sector (+2.3%) comfortably outpaced all other sectors today as Alphabet (GOOG 251.76, +10.38, +4.30%) hit fresh records, becoming just the fourth U.S. company to surpass $3 trillion in market value.

With additional solid showings from Amazon (AMZN 231.43, +3.28, +1.44%), Meta Platforms (META 764.70, +9.11, +1.21%), and Microsoft (MSFT 515.36, +5.46, +1.07%), the Vanguard Mega Cap Growth ETF advanced 0.9% today. 

The information technology sector (+0.8%) traded flattish out of the gate, nursing a loss in NVIDIA (NVDA 177.75, -0.07, -0.04%), which traded lower following reports that China found the company to be in violation of its anti-monopoly law. The company issued a statement in response reaffirming their compliance with the law "in all respects," and the stock finished near its flatline. 

Elsewhere in the sector, Seagate Tech (STX 211.12, +15.13, +7.72%) and Western Digital (WDC 102.39, +4.73, +4.84%) furthered their strong recent runs as HDD prices continue to increase due to tight supply and strong demand for large-capacity drives fueled by AI-driven storage requirements.

The industrials (+0.5%) and utilities (+0.2%) sectors round out the five S&P 500 sectors that advanced today. 

Of the six sectors that finished lower, only the consumer staples (-1.2%), health care (-1.0%), and materials (-0.8%) finished with losses wider than 0.5%.

While today's action resulted in decent index level gains, the advance was dependent on the strong performances of several mega-cap names. The S&P 500 Equal Weighted Index (-0.2%) finished with a loss today, markedly underperforming the market-weighted S&P 500 (+0.5%). 

Today's gains came on lighter-than-average volume, reflecting a cautious tone as investors await this week's FOMC meeting for clarity on the policy path ahead.

With a 25-basis point rate cut already fully priced in, homebuilder stocks retreated in what looked like an early "sell-the-news" move, leaving the iShares U.S. Home Construction ETF down 1.3%.

Meanwhile, smaller-cap names delivered a mixed showing after their recent strength on firming rate cut expectations, with the Russell 2000 closing with a 0.3% gain while the S&P MidCap 400 slipped 0.1%.

On the trade front, the U.S. and China reached a framework agreement to transition TikTok to U.S. ownership, with a scheduled call between President Trump and Chinese President Xi Jinping on Friday to finalize discussions.

U.S. Treasuries began the week with gains across the curve. The 2-year note yield settled down three basis points to 3.53%, and the 10-year note yield settled down three basis points to 4.03%. 

• Nasdaq Composite: +15.7% YTD
• S&P 500: +12.5% YTD
• DJIA: +7.9% YTD
• Russell 2000: +7.9% YTD
• S&P Mid Cap 400: +5.1% YTD

Reviewing today's data:

• The Empire State Manufacturing survey fell to -8.7 in September (Briefing.com consensus 3.0) from 11.9 in August.

Overseas:

• Europe: DAX +0.2%, FTSE -0.1%, CAC +0.9%
• Asia: Nikkei +0.9%, Hang Seng +0.2%, Shanghai -0.3%

Commodities:

• Crude Oil +0.64 @ 63.31
• Nat Gas +0.10 @ 3.04
• Gold +32.60 @ 3719.10
• Silver +0.15 @ 42.97
• Copper +0.07 @ 4.72

After-Hours Spotlight:

• Dave & Buster's (PLAY) reports Q2 (Jul) results, misses on revs...PLAY -14.4%
• High Tide (HITI) Reports Financial Results for Third Fiscal Quarter Featuring Record Revenue and Adjusted EBITDA, Along With Positive Free Cash Flow and Net Income...HITI +11.1%
• LTC Properties (LTC) increases 2025 investment guidance 15% to $460 mln; portfolio will shift to a 65-35% split favoring seniors housing...LTC +0.7%
• Steel Dynamics (STLD) issues upside Q3 EPS upside guidance with improved earnings from each of the company's three operating platforms...STLD +1.1%

Fair Value for Tuesday, September 16:

• S&P 500: 6,675
• Nasdaq 100: 24,544
• DJIA: 46,245

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

• Earnings/Guidance (Full Earnings Calendar):
  • Alaska Air (ALK) sees Q3 EPS at low end of guidance range
  • Bitmine Immersion Technologies (BMNR) report crypto and cash holdings of $10.8 billion
  • Hain Celestial (HAIN) misses by $0.05, misses on revs
  • PG&E (PCG) reaffirms guidance ahead of presentation
• General News
  • U.S. taking aim at China's rare earth market dominance, according to Barron's
  • China opens probe into U.S. trade policy, according to Reuters
  • New documents in Fed Governor Cook's case, Reuters
  • Growing number of instances of toxic fume leakages in airplane cabins, WSJ
  • UK Government has announced over £1.25 billion of inward investment from US finance companies, creating 1,800 UK jobs
  • Fitch downgrades France to A+ from AA-, outlook stable
  • S&P Global Ratings upgrades Spain to A+, outlook stable
  • U.S., China reach framework deal for TikTok to move to U.S. ownership amid trade tensions over Russian oil ahead of Trump-Xi Call, Reuters citing comments from Treasury Secretary Bessent
  • US eyes bigger uranium reserve to cut Russian dependence and boost nuclear growth, according to Bloomberg
  • Former St. Louis Fed President James Bullard still among short list of Fed Chair candidates, according to Reuters Exclusive
  • AbbVie's (ABBV) VRAYLAR (cariprazine) now publicly reimbursed in Alberta
  • ACADIA Pharmaceuticals (ACAD): Real World Data from LOTUS study evaluating long-term efficacy and tolerability outcomes of DAYBUE (trofinetide) in patients with rett syndrome published in developmental medicine and child neurology
  • AerCap (AER) delivers first two Boeing 777-300ERSF passenger-to-freighter converted aircraft to Kalitta Air
  • Alkermes Plc (ALKS) provided VIVITROL update
  • Alphabet's (GOOG) Google weighed ad tech divestiture, but DoJ pushes full sale of ad exchange in antitrust fight, according to Bloomberg
  • Amazon (AMZN) uses gaming-style visuals to revamp live football broadcasts; "Prime Vision" will debut Tuesday night in round one of the UEFA Champions League, according to FT
  • Amazon (AMZN): AWS's Head of Startups is departing, according to The Information
  • American Express (AXP) reports August card metrics
  • Arrowhead (ARWR) disclosed Ionis (IONS) update
  • ASP Isotopes (ASPI) extended the date for the fulfillment of the conditions to the previously announced offer by the company to acquire Renergen Limited
  • aTyr Pharma (ATYR) reports topline results from Phase 3 EFZO-FIT study of Efzofitimod in pulmonary sarcoidosis
  • Avita Medical (RCEL) receives CE Mark for RECELL GO
  • B2Gold (BTG) provides an update on Goose Mine commissioning, confirms consolidated 2025 production guidance range
  • Bakkt (BKKT) has redeemed its outstanding 0.00% convertible debenture due June 18, 2026, eliminating all remaining long-term debt
  • Bank of America (BAC) reports August card metrics
  • Bank of America (BAC) announces senior leadership changes, including naming Alastair Borthwick as Executive Vice President and Chief Financial Officer
  • Becton Dickinson (BDX): BD provides update on voluntary recall of certain BD Alaris pump infusion sets
  • Best Buy (BBY) unveils what’s ahead for customers this holiday season
  • Bionano Genomics (BNGO) wholly-owned subsuduary, Bionano Laboratories, announces that Centers for Medicare & Medicaid Services posted the preliminary payment determination for the Category I Current Procedural Terminology code for use of OGM in cytogenomic genome-wide analysis to detect structural and copy number variations related to constitutional genetic disorders
  • BlackRock (BLK) planning GBP500 bln data center investment in the U.K., according to Bloomberg
  • Blackstone (BX) announces agreement to acquire Hill Top Energy Center in Western Pennsylvania for nearly $1 billion
  • Boeing (BA): State Department approved possible Foreign Military Sale to the Government of Norway of GBU-39B Small Diameter Bomb Increment I and related equipment
  • B. Riley Financial (RILY) provided audit updates
  • Cameco (CCJ) finalizes long-term UF6 supply agreement with Slovenské elektrárne
  • Capital One (COF) reports August card metrics
  • Carrier Global (CARR) is expanding its commitment to develop service trade technicians of the future through a new collaboration with TechForce Foundation, designed to encourage HVAC career paths and workforce readiness
  • Chegg (CHGG): Ed tech provider Chegg to pay $7.5 million to settle FTC allegations concerning unlawful cancellation practices
  • CI&T Inc (CINT) Board of Directors approved the renewal of its share repurchase program, pursuant to which CI&T may repurchase up to five million of its outstanding class A common shares
  • Citigroup (C) reports August card metrics
  • Corteva (CTVA) considering break-up, according to WSJ
  • Corvel (CRVL) CFO Brandon T. O’Brien will be transitioning out of his role and pursuing new opportunities
  • Credit Acceptance Corp. (CACC) discloses consumer loan performance for the two-month period ended August 31, 2025 was generally consistent with the trends reported in recent quarters
  • Daiichi Sankyo (DSNKY) reports Raludotatug deruxtecan granted breakthrough therapy designation by U.S. FDA for patients with CDH6 expressing platinum-resistant ovarian, primary peritoneal or fallopian tube cancers previously treated with bevacizumab
  • DocuSign (DOCU) announces that its Intelligent Agreement Management platform has achieved FedRAMP Moderate authorization, a milestone that makes it easier for federal government agencies to adopt secure, compliant, and modern agreement solutions
  • Dr. Reddy's (RDY) confirms the USFDA on September 12, 2025, completed a Pre-Approval Inspection at biologics manufacturing facility in Bachupally, Hyderabad
  • Exxon Mobil (XOM): SEC responds to Exxon Mobil's proposed Retail Voting Program
  • Faraday Future Intelligent Electric (FFAI) announces that it's preparing to spin off its crypto flywheel assets into a separate existing listed company
  • Ford Motor (F) announces a new Ford World Headquarters at Dearborn product development campus, the new Henry Ford II World Center
  • Globalstar (GSAT) plans to bring-into-use its HIBLEO-XL-1 satellite system filing in preparation for its next era of mobile satellite connectivity
  • Hesai Group (HSAI) signs $40 mln contract with US robotaxi company
  • Hims & Hers Health (HIMS): FDA cracks down on misleading drug ads, targets pharma and online pharmacies, according to NYTimes
  • Honeywell (HON) announces a Memorandum of Understanding that advances a European Space Agency-backed initiative to develop new quantum-secured satellite communication systems
  • Intel (INTC): Fitch says U.S. chips intervention may create inefficiencies, pressure margins
  • JPMorgan Chase (JPM) reports August card metrics
  • Kodiak Sciences (KOD) reports new data for Kodiak's KSI-101 from the APEX study reinforce its clinically meaningful vision gains and rapid retinal drying in macular edema secondary to inflammation
  • Kyverna Therapeutics (KYTX) to highlight interim Phase 2 Data from KYV-101 KYSA-6 Study in Myasthenia Gravis at AANEM 2025
  • L3Harris (LHX) has received a contract valued up to $292 million to continue its role producing propulsion for the Javelin weapon system
  • Lifeway Foods (LWAY) announces the completion of stage one of its plans to double its production capacity in Waukesha, Wisconsin, the brand's latest move in a nationwide growth surge redefining the future of functional dairy
  • Magna (MGA) awarded vehicle assembly business with XPENG (XPEV)
  • McDonald's (MCD) launches $200 mln grassland initiative to advance regenerative ranching, conservation across 38 states
  • Mesoblast (MESO) highlights commercial launch of Ryoncil at global healthcare conferences
  • Micron (MU): Japan to support Micron's R&D, according to Nikkei 
  • Moderna (MRNA) issues statement on the safety of Spikevax
  • Monte Rosa Therapeutics (GLUE) collaborates with Novartis for Degraders to treat immune-mediated diseases
  • NerdWallet (NRDS) increases the aggregate amount authorized for repurchases from $25 mln to $75 mln
  • Nestle (NSRGY) investors taking aim at chairman, according to FT
  • New Found Gold Corp. (NFGC) appoints new CFO and COO
  • NovoCure (NVCR) announces that Japan’s Ministry of Health, Labour and Welfare approved Optune Lua for concurrent use with PD-1/PD-L1 inhibitors for the treatment of adult patients with unresectable advanced/recurrent non-small cell lung cancer who have progressed on or after platinum-based chemotherapy
  • NVIDIA (NVDA) confirms in statement that 'We comply with the law in all respects'
  • NVIDIA (NVDA): China's State Administration found NVIDIA violated anti-monopoly law - to conduct further investigations
  • Ocugen (OCGN) executed a licensing agreement with Kwangdong Pharmaceutical
  • ODP Corporation (ODP) issues apology for incident at Michigan store
  • Ouster (OUST) announced a strategic partnership with Constellis
  • Palvella Therapeutics (PVLA) Completes Enrollment in Phase 2 TOIVA Trial of QTORIN Rapamycin for Cutaneous Venous Malformations
  • Perma-Pipe (PPIH) announces second quarter 2025 financial results and initiates exploration of strategic alternatives to maximize shareholder value
  • Permian Resources (PR) announces pricing of secondary public offering of Class A common stock, at a price to the public of $13.53 per share by certain affiliates of Pearl Energy Investments and Riverstone Investment Group
  • Primo Brands Corporation (PRMB) determined that, in connection with a planned leave of absence, Robert Austin would temporarily cease to serve as Chief Operating Officer of the Company, effective September 30, 2025
  • Ring Energy (REI) announces CFO Travis T. Thomas has resigned, effective immediately
  • Robo.ai (AIIO) forms Robo.ai Industrial City with partners
  • RTX (RTX): State Department approved possible Foreign Military Sale to the Government of Belgium of AIM-9X Sidewinder Missiles and related equipment for an estimated cost of $567.8 mln
  • S&P Global (SPGI) Sustainable1 and Novata expand collaboration to transform sustainability data management
  • Samsung (SSNLF) settles wireless patent case, according to Reuters
  • Sharps Technology (STSS) filed for $1 bln mixed securities shelf offering
  • Spotify (SPOT) is rolling out updates globally, making it easier to listen, connect, and share music for free
  • Strive (ASST) announces board of directors and initial Bitcoin strategy
  • StubHub Holdings (STUB), which is expected to launch its 34.0 million share IPO this Wednesday, isn't seeing price sensitivity from prospective investors, according to Bloomberg Law
  • SUI Group Holdings (SUIG) authorizes new $50 mln share repurchase program
  • Tesla (TSLA) CEO Elon Musk Chief Executive Officer bought 2,568,732 shares at $371.38 - $396.54 worth nearly $1 bln
  • Tesla (TSLA) accused of preferring visa holder hires to cut costs, according to Reuters
  • Tesla (TSLA) stepping up production in Germany, according to Bloomberg
  • TKO Group Holdings (TKO) has entered into an accelerated share repurchase agreement to repurchase $800 mln of its outstanding Class A common stock
  • TotalEnergies (TTE) initiates construction of the final two major projects of the GGIP
  • UBS AG (UBS): CFTC Staff issued on Friday no-action letter to UBS Europe SE concerning provision of affiliate support activities
  • UnitedHealth (UNH) hiring Trump administration allies, according to WSJ
  • Viridian Therapeutics (VRDN) announces that enrollment is complete in REVEAL-1 and REVEAL-2, phase 3 clinical trials for VRDN-003 in patients with active and chronic TED, respectively
  • Western Alliance Bancorp (WAL) authorizes the repurchase of up to $300 mln of common stock
  • Western Digital (WDC) joins rivals in raising HDD prices amid surging AI-driven storage demand, according to TrendForce
  • Whirlpool (WHR) claims that its competitors are navigating around tariffs, according to WSJ
  • Wipro (WIT) expands partnership with CrowdStrike (CRWD) to launch Wipro CyberShield MDR
  • ZIM Integrated Shipping (ZIM) Board hires Evercore to explore buyers as CEO Glickman, tycoon Ungar mull takeover bid, according to CTech

• Upgrades:
  • Alexandria Real Estate (ARE) upgraded to Outperform from In Line at Evercore ISI, tgt $104
    
  • C4 Therapeutics (CCCC) upgraded to Overweight from Equal Weight at Stephens, tgt $6
    
  • CNX Resources (CNX) upgraded to Neutral from Underperform at Mizuho, tgt $34
    
  • Columbia Banking System (COLB) upgraded to Strong Buy from Outperform at Raymond James, tgt $31
    
  • CubeSmart (CUBE) upgraded to Outperform from In Line at Evercore ISI, tgt $48
    
  • Eaton (ETN) upgraded to Buy from Hold at Melius Research, tgt $495
    
  • Essential Properties Realty Trust (EPRT) upgraded to Outperform from In Line at Evercore ISI, tgt $36
    
  • GE Vernova (GEV) upgraded to Buy from Hold at Melius Research, tgt $740
    
  • Healthpeak Properties (DOC) upgraded to Outperform from Market Perform at Raymond James, tgt $20
    
  • Hershey (HSY) upgraded to Outperform from Neutral at BNP Paribas Exane
    
  • OpenText (OTEX) upgraded to Outperform from Sector Perform at National Bank Financial, tgt $45
    
  • Union Pacific (UNP) upgraded to Buy from Neutral at Citigroup, tgt $251
    
  • Upbound Group (UPBD) upgraded to Buy from Hold at Loop Capital, tgt $36
    
  • Valley National Bancorp (VLY) upgraded to Buy from Neutral at Citigroup, tgt $13.50
• Downgrades:
  • Builders FirstSource (BLDR) downgraded to Neutral from Outperform at Wedbush, tgt $145
    
  • CVR Energy (CVI) downgraded to Underperform from Neutral at Mizuho, tgt $29
    
  • Federal Realty Investment Trust (FRT) downgraded to In Line from Outperform at Evercore ISI, tgt $107
    
  • Healthcare Realty Trust (HR) downgraded to Underperform at Raymond James
    
  • New Mountain Finance (NMFC) downgraded to Underperform from Buy at BofA Securities, tgt $10
    
  • NextDecade (NEXT) downgraded to Hold from Buy at TD Cowen, tgt $8
    
  • Prosperity Bancshares (PB) downgraded to Neutral from Buy at Citigroup, tgt $68
    
  • Simon Property Group (SPG) downgraded to In Line from Outperform at Evercore ISI, tgt $187
    
  • Talos Energy (TALO) downgraded to Neutral from Outperform at Mizuho, tgt $11
  • Under Armour (UAA) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $6
• Others:
  • Broadcom (AVGO) initiated with an Outperform at Macquarie, tgt $420
    
  • Bullish (BLSH) initiated with a Market Perform at Keefe Bruyette, tgt $55
    
  • Cognex (CGNX) initiated with a Neutral at JPMorgan, tgt $45
    
  • Ermenegildo Zegna Group (ZGN) initiated with an Overweight at JPMorgan, tgt $11
    
  • Fractyl Health (GUTS) initiated with a Buy at H.C. Wainwright, tgt $9
    
  • Maison Solutions (MSS) initiated with a Buy at Ascendiant Capital, tgt $4
    
  • Microchip Technology (MCHP) initiated with an Equal Weight at Wells Fargo, tgt $60
    
  • NuScale Power (SMR) initiated with a Sector Perform at RBC Capital, tgt $35
    
  • Ocular Therapeutix (OCUL) initiated with a Buy at Chardan Capital Markets, tgt $21
    
  • Regal Rexnord (RRX) initiated with an Overweight at JPMorgan, tgt $200
    
  • Scholar Rock (SRRK) initiated with an Outperform at Leerink, tgt $51
    
  • Smurfit Westrock (SW) initiated with a Buy at UBS, tgt $60
    
  • Timken (TKR) initiated with a Neutral at JPMorgan, tgt $80
    
  • West Coast Community Bank (WCCB) initiated with a Buy at DA Davidson, tgt $50
    
  • West Pharmaceutical (WST) initiated with a Buy at Rothschild & Co Redburn, tgt $311

• Econ Data (Tuesday):
  • 8:30 ET: August Retail Sales (Briefing.com consensus 0.3%; prior 0.5%), Retail Sales ex-auto (Briefing.com consensus 0.3%; prior 0.3%), August Import Prices (prior 0.4%), Import Prices ex-oil (prior 0.3%), Export Prices (prior 0.1%), and Export Prices ex-agriculture (prior 0.1%
  • 9:15 ET: August Industrial Production (Briefing.com consensus 0.0%; prior -0.1%) and Capacity Utilization (Briefing.com consensus 77.4%; prior 77.5%)
  • 10:00 ET: July Business Inventories (Briefing.com consensus 0.2%; prior 0.0%) and September NAHB Housing Market Index (Briefing.com consensus 33; prior 32)

• Earnings:
  • Monday (Sep 15)
    • Pre-Market: HAIN
    • After-Hours: PLAY
      
    Tuesday (Sep 16)
    • Pre-Market: FERG
    • After-Hours: None
      
  • Wednesday (Sep 17)
    • Pre-Market: CBRL GIS
      
    • After-Hours: None
      
  • Thursday (Sep 18)
    • Pre-Market: DRI FDS
    • After-Hours:  FDX LEN
  • Friday (Sep 19)
    • Pre-Market: None
    • After-Hours: None