After Hours Report

The stock market opened on a strong note, lifting the S&P 500 (+0.1%) and Nasdaq Composite (+0.4%) to fresh intraday record highs. With little news to drive action amid the ongoing government shutdown, the market moved sideways for most of the day, but some late afternoon buying interest helped the major averages notch record closing highs as well.

The DJIA (+0.2%) notched a record closing high, though it failed to surpass its all-time high level from last Tuesday. Meanwhile, the small-cap Russell 2000 (+0.7%) outperformed, and the S&P Mid Cap 400 (+0.1%) captured a modest gain after spending most of the day in negative territory. 

Only four S&P 500 sectors finished in positive territory, though a healthy gain in the top-weighted information technology sector (+0.5%) masked broader losses and contributed to the Nasdaq Composite's outperformance. 

Chipmakers fueled much of the move, propelling the PHLX Semiconductor Index (+1.9%) to another record high, while Fair Isaac (FICO 1784.68, +271.97, +17.98%) topped the S&P 500 leaderboard after unveiling a direct license program that allows tri-merge resellers to calculate and distribute FICO Scores directly to clients.

The materials (+1.1%), communication services (+0.3%), and industrials (+0.2%) sectors also finished with gains.

The energy sector (-1.0%) widened its week-to-date loss to 4.0% (the worst among the eleven S&P 500 sectors), as crude oil futures settled today's session $1.31 lower (-2.1%) at $60.48 per barrel. Occidental Petro (OXY 44.23, -3.49, -7.31%) moved lower after news that Berkshire Hathaway Inc. (BRK-B 495.96, -2.24, -0.45%) entered into an all-cash agreement to acquire the company's chemical unit, OxyChem, for $9.7 billion. 

Tesla (TSLA 435.97, -23.49, -5.11%) also moved lower today after reporting over 497,000 vehicles delivered in Q3. The headline figure was record-setting, but it was largely pulled forward by the expiration of the $7,500 EV tax credit, raising questions around Q4 demand. The consumer discretionary sector retreated 0.7% in response despite broader strength throughout its other components.

On the macro front, Senate Majority Leader Thune said that it is unlikely that the Senate will have enough votes over the weekend to reopen the government, meaning the shutdown is on course to continue into next week. The shutdown has done little to keep the major averages from pushing further into record territory so far, though the blackout of key economic data today certainly added to the lethargy of today's action.

Nonetheless, the data that the market did receive before the nearly cemented odds of another rate cut later this month, keeping the market trending higher as earnings season approaches.

U.S. Treasuries finished Thursday with modest gains, pressuring yields on 5s, 10s, and 30s to their lowest closing levels in two weeks. The 2-year note yield settled up one basis point to 3.55%, and the 10-year note yield settled down two basis points to 4.09%.

• Nasdaq Composite: +18.3% YTD
• S&P 500: +14.2% YTD
• Russell 2000: +10.2% YTD
• DJIA: +9.3% YTD
• S&P Mid Cap 400: +5.1% YTD

Overseas:

• Europe: DAX +1.4%, FTSE -0.2%, CAC +1.1%
• Asia: Nikkei +0.9%, Hang Seng +1.6%, Shanghai market closed

Commodities:

• Crude Oil -1.31 @ 60.48
• Nat Gas -0.04 @ 3.44
• Gold -29.30 @ 3868.50
• Silver -1.27 @ 46.39
• Copper +0.07 @ 4.95

After-Hours Spotlight:

• Applied Materials (AMAT) expects that new BIS Affiliates Rule will further restrict its ability to export certain products and parts to specific China-based customers without license; sees Q4 revenue reduced by $110 mln...AMAT -3.2%
• Hims & Hers Health (HIMS) discloses in filing that on September 28, Nader Kabbani, Chief Operating Officer, decided to step into new advisory role with the company; Company elevates Mike Chi, currently serving as Chief Commercial Officer, to role of Chief Operating Officer...HIMS -0.4%
• Rumble (RUM) announces new partnership with Perplexity, including the integration of Perplexity’s AI-powered tools to drive more discoverability on Rumble.com...RUM +12%
• Tesla (TSLA): SOC Investment Group issues filing, disclosing that it intends to vote against CEO Elon Musk's pay package at Tesla's Annual Meeting on November 6...TSLA +0.4%

Fair Value for Friday, October 3:

• S&P 500: 6,765
• Nasdaq 100: 25,105
• DJIA: 46,790

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

• Earnings/Guidance (Full Earnings Calendar):
  • Algoma Steel Group (ASTL) provides Q3 guidance
  • AngioDynamics (ANGO) beats by $0.02, beats on revs; raises FY26 EPS in-line, revs above consensus
  • National Grid (NGG) sees H1 performance in line with co's expectations
  • PepGen (PEPG) provides investor updates in presentation
  • Stellantis (STLA): FCA US reports Q3 US total sales of 324,825 vehicles, +6% yr/yr
  • Strive (ASST) held $108.6 million of cash and cash equivalents and 5,886 bitcoins acquired at an average cost of $116,053 per bitcoin as of Sept 30
• General News
  • Senate Majority Leader John Thune says he is willing to discuss the shape of future healthcare talks with Democrats, but only if enough Democrats support continuing resolution to reopen the government, according to Politico
  • Hamas is open to accepting President Trump's Gaza peace plan, but needs more time to review it, according to WSJ
  • President Trump planning deals in 20-30 critical industries ahead of the midterm elections, according to Reuters
  • Taiwan mulling high tech partnership with U.S., according to Reuters
  • U.S. will provide Ukraine with intelligence for Russian missile strikes, according to WSJ
  • Acadia Healthcare (ACHC): Khrom Capital sends letter to board of directors of Acadia Healthcare
  • ADS-TEC Energy GmbH (ADSE) CFO Stefan Berndt-von Bülow stepped down
  • Akamai Tech (AKAM) and Apiiro expand partnership to deliver comprehensive application security posture management platform
  • Allstate (ALL) announces that effective Oct. 1 Mario Rizzo will become COO, responsible for the Property-Liability and Protection Services businesses
  • Anavex Life Sciences (AVXL) Announces Positive Topline Results from Phase 2 Study of ANAVEX®3-71 for the Treatment of Schizophrenia
  • Annaly Capital Mgmt (NLY) and PennyMac Financial Services (PFSI) enter into a subservicing agreement and a master purchase agreement
  • Apple (AAPL) puts Vision headset upgrade on hold to focus on AI-powered smart glasses, according to Bloomberg
  • Apple (AAPL): UK wants Apple to allow access to encrypted cloud backups, according to FT
  • BASF (BASF) provides progress on “Winning Ways” strategy
  • BCE Inc's (BCE) Bell and AST SpaceMobile (ASTS) complete Canada's first successful space-based direct-to-cell VoLTE voice call, broadband data and video streaming
  • Brookdale Senior Living (BKD) appoints Nick Stengle as Chief Executive Officer and as a member of the Brookdale Board of Directors, effective October 6
  • Bullish (BLSH) to launch crypto options trading with top-tier trading partners
  • Citigroup (C) is the new home for President Trump's wealth, according to Bloomberg
  • CME Group (CME) reports quarterly and monthly market statistics with average daily volume reaching 25.3 mln contracts in Q3 and 26.1 mln contracts in September, the second-highest ADV on record for both periods
  • Curbline Properties (CURB) authorized $250 mln share repurchase program; also filed a Form 8-K today related to the implementation of a $250 mln 'at the market' stock offering program
  • Delta Air Lines (DAL): 1 person was injured after two Delta flights collided at LaGuardia Airport, according to ABC News
  • EVERTEC (EVTC) appointed Joaquín A. Castrillo as SVP & Chief Operating Officer, effective November 1, 2025
  • Excelerate Energy (EE) receives an official Award Letter from the Government of Iraq to develop an integrated floating liquefied natural gas import terminal
  • Fair Isaac (FICO) launches cost-cutting direct license program for mortgage lending
  • Fortuna Silver Mines (FSM) forms exploration alliance in Guinea with DeSoto Resources
  • GeneDx (WGS) announces first U.S. national genomic newborn screening initiative
  • Globant (GLOB) approves a new $125 million share repurchase program
  • Great Lakes Dredge & Dock (GLDD) announces receipt of seven work awards totally over $130 mln
  • Greenwich LifeSciences (GLSI) announced the expansion of FLAMINGO-01 clinical trial to Belgium
  • Gulf Island Fab (GIFI) awarded a fabrication contract to support the rebuilding of the Francis Scott Key Bridge in Baltimore, MD; Contract is fixed-price with an estimated value in excess of $35 mln
  • Honeywell (HON) divests all of its legacy Bendix asbestos liabilities, as well as certain non-Bendix asbestos liabilities, to Delticus
  • ICICI Bank (IBN) received another Show Cause Notice
  • Marti Technologies (MRT) announces amendment to extend its share repurchase program
  • Micorosft (MSFT) deal with Nebius Group (NBIS) will provide compute power to internal teams, according to Bloomberg
  • Nabors Industries (NBR) appoints Miguel Rodrigeuz as CFO, effective October 1, 2025
  • Nanobiotix (NBTX) announces first data from Phase 1 study evaluating JNJ-1900 for patients with Esophageal Cancer
  • nCino (NCNO) advances AI for mortgage lending with new capabilities
  • Nokia (NOK) Board of Directors resolved on issuing shares to the company and on a subsequent directed issuance under Nokia Equity Programs
  • Nokia (NOK): China to limit use of telecom kit suppliers from Nokia and Ericsson (ERIC), according to FT
  • Occidental Petro (OXY) announces that its Board of Directors has promoted Richard A. Jackson to Senior Vice President and Chief Operating Officer
  • Opendoor Technologies (OPEN) disclosed litigation updates
  • PDF Solutions (PDFS) announces upcoming release of the next generation of its Exensio AI/ML solution: Exensio Studio AI
  • Perspective Therapeutics (CATX) Announces First Patient Dosed with PSV359 in the Second Cohort of a Phase 1/2a Study in Patients with FAP-a Positive Solid Tumors
  • Prothena’s (PRTA) partner Bristol Myers Squibb (BMY) obtains fast track designation from the U.S. FDA for BMS-986446 (PRX005), an Anti-MTBR-Tau-targeting antibody, for the treatment of alzheimer’s disease
  • Restaurant Brands Int'l (QSR) announces that Popeyes signed new development agreements with regional franchisees in Mexico, representing a committed pipeline of over 300 Popeyes restaurants in the next 10 years
  • S&P Global (SPGI) appointed Catherine Clay CEO of S&P Dow Jones Indices, effective November 1, 2025, replacing Dan Draper
  • SANUWAVE Health (SNWV) appointed Daniel Coyle as COO
  • Sharps Technology (STSS) announces new stock repurchase program for up to $100 mln of common stock
  • Sunrun (RUN) and Tesla (TSLA) batteries could help power certain data centers, according to The Information
  • SWK Holdings (SWKH) confirmed the full repayment of its loan to Elutia (ELUT) upon receipt of a $27.8 million payoff payment from Elutia, including outstanding principal, exit fees, and accrued interest
  • Transdigm Group (TDG): Mike Lisman takes over as CEO; this was previously announced on May 6
  • Transocean (RIG) announces $243 mln in exercised options for ultra-deepwater drillships
  • Trex (TREX) names Prithvi Gandhi to Senior Vice President, Chief Financial Officer; effective October 6
  • Vanda Pharma (VNDA) agrees on a collaborative framework with the U.S. FDA for the resolution of certain disputes regarding HETLIOZ (tasimelteon) and tradipitant
  • Warner Music (WMG) close to artificial intelligence licensing deal, according to FT
  • WeRide (WRD) launches Robotaxi and Robobus Pilots into third UAE Emirate
  • Williams Cos (WMB) to invest approximately $3.1 bln in two additional power innovation projects

• Upgrades:
  • Axcelis Technologies (ACLS) upgraded to Buy from Hold at Benchmark, tgt $105
    
  • American Homes 4 Rent (AMH) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $38
    
  • Cadence Design Systems (CDNS) initiated with an Outperform at BNP Paribas Exane, tgt $400
    
  • Celanese (CE) upgraded to Buy from Neutral at Citigroup, tgt $53
    
  • Charles River Laboratories (CRL) upgraded to Overweight from Equal Weight at Barclays, tgt $195
    
  • Corteva (CTVA) upgraded to Overweight from Neutral at JPMorgan, tgt $67
    
  • Crown Castle (CCI) upgraded to Outperform from Sector Perform at RBC Capital, tgt $112
    
  • Ferrari (RACE) upgraded to Buy from Hold at HSBC, tgt $470
    
  • Knight-Swift Transportation (KNX) upgraded to Buy from Hold at Deutsche Bank, tgt $53
    
  • Nike (NKE) upgraded to Overweight from Sector Weight at KeyBanc, tgt $90
    
  • Shoals Technologies (SHLS) upgraded to Overweight from Equal Weight at Barclays, tgt $10
• Downgrades:
  • American Tower (AMT) downgraded to Sector Perform from Outperform at RBC Capital, tgt $220
    
  • Array Technologies (ARRY) downgraded to Equal Weight from Overweight at Barclays, tgt $9
    
  • Axalta Coating Systems (AXTA) downgraded to In Line from Outperform at Evercore ISI, tgt $32
    
  • Bloom Energy (BE) downgraded to Neutral from Outperform at Mizuho, tgt $79
    
  • Corteva (CTVA) downgraded to Neutral from Buy at Citigroup, tgt $70
    
  • Edison International (EIX) downgraded to Hold from Buy at Jefferies, tgt $57
    
  • Lithium Americas (LAC) downgraded to Sell from Speculative Buy at Canaccord Genuity
    
  • Medpace (MEDP) downgraded to Underweight from Equal Weight at Barclays, tgt $425
    
  • Mondelez International (MDLZ) downgraded to Hold from Buy at Berenberg, tgt $70
    
  • MoonLake Immunotherapeutics (MLTX) downgraded to Neutral from Buy at H.C. Wainwright
    
  • MRC Global (MRC) downgraded to Neutral from Positive at Susquehanna, tgt $15
    
  • Olin (OLN) downgraded to Neutral from Buy at Citigroup, tgt $25
    
  • RH (RH) downgraded to Market Perform from Outperform at William Blair
• Others:
  • Absci (ABSI) initiated with an Overweight at JPMorgan
    
  • Camp4 Therapeutics (CAMP) initiated with an Overweight at Cantor Fitzgerald, tgt $7
    
  • Carriage Services (CSV) initiated with an Outperform at Raymond James, tgt $60
    
  • Corsair Gaming (CRSR) initiated with a Neutral at B. Riley, tgt $10
    
  • EHang (EH) initiated with a Buy at DBS Bank, tgt $28
    
  • Essential Utilities (WTRG) initiated with an Overweight at Barclays, tgt $42
    
  • Mercury Systems (MRCY) resumed with a Buy at Canaccord Genuity, tgt $88
    
  • Option Care Health (OPCH) initiated with a Hold at TD Cowen, tgt $30
    
  • Ramaco Resources (METC) initiated with a Buy at Lucid Capital Markets, tgt $50
    
  • Symbotic (SYM) initiated with a Buy at Northcoast, tgt $65
    
  • Turtle Beach (TBCH) initiated with a Buy at B. Riley, tgt $21

• Econ Data (Friday):
  • 9:45 ET: Final September S&P Global U.S. Services PMI (prior 53.9)
  • 10:00 ET: September ISM Services (Briefing.com consensus 51.7%; prior 52.0%)

• Earnings:
  • Monday (Sep 29)
    • Pre-Market: CCL
    • After-Hours: JEF PRGS MTN
      
    Tuesday (Sep 30)
    • Pre-Market: LW PAYX UNFI
    • After-Hours: NKE
      
  • Wednesday (Oct 1)
    • Pre-Market: AYI CALM CAG RPM
      
    • After-Hours: None
      
  • Thursday (Oct 2)
    • Pre-Market: ANGO
    • After-Hours: None 
  • Friday (Oct 3)
    • Pre-Market: None
    • After-Hours: None