After Hours Report

Updated: 23-Dec-25 17:08 ET
Ramaco Resources nicely higher on new $100 mln share repurchase program

The stock market moved steadily higher today as strength in mega-cap technology lifted the major averages alongside improving broader-market participation. 

The S&P 500 (+0.5%) notched a fresh record closing high of 6,909.79, while the tech-heavy Nasdaq Composite (+0.6%) finished slightly higher and the DJIA (+0.2%) captured a more modest gain. However, the winning streak would not continue for the smaller-cap Russell 2000 (-0.6%) and S&P Mid Cap 400 (-0.3%), which finished lower after outperforming yesterday. 

The information technology sector (+1.0%) mounted a solid intraday climb from negative territory this morning, which helped the major averages move higher after largely trading flat. 

NVIDIA (NVDA 189.22, +5.53, +3.01%) and Broadcom (AVGO 349.32, +7.87, +2.30%) led the advance, though a majority of mega-cap tech names traded modestly higher. In sector-related news, the Office of the United States Trade Representative said tariffs on Chinese semiconductors will be implemented, though the rate will remain at 0% for the next 18 months.

Alphabet (GOOG 315.64, +4.31, +1.38%) was another mega-cap standout, helping the communication services sector (+1.0%) tie for the widest gain of the day. 

Of the seven S&P 500 sectors that finished higher, the energy sector (+0.6%) was the only other one to capture a gain wider than 0.3%. Crude oil futures settled today's session $0.37 higher (+0.6%) at $58.40 per barrel. 

Losses were just as modest, with the defensive consumer staples (-0.4%) and health care (-0.2%) sectors retreating the furthest while the industrials sector (-0.1%) finished just slightly lower. The real estate sector finished flat. 

Breadth steadily improved throughout the session. Decliners outpaced advancers by a roughly 2-to-1 clip on both exchanges this morning, though decliners would finish with a roughly 4-to-3 advantage on the NYSE and a roughly 7-to-4 edge on the Nasdaq. 

Still, weakness in the broader market saw the S&P 500 Equal Weighted Index (-0.3%) finish decidedly lower and underperform the market-weighted S&P 500 (+0.5%), which was a beneficiary of the Vanguard Mega Cap Growth ETF's solid 0.7% gain. 

Today's data slate saw the advance reading of Q3 GDP (4.3%; Briefing.com consensus 3.0%) come in well ahead of expectations. The indication of strong growth at a time when the Fed has been cutting rates invited some concerns about inflation turning out to be more persistent than previously thought, which in turn saw a modest decrease in the markets' expectations for further rate cuts in the near term. 

However, the data also painted a positive picture of the economy, which helped growth stocks outperform amid the low-volume session, sending the major averages higher for the second consecutive day this week. 

U.S. Treasuries had a mixed showing on Tuesday, as the 5-year note and shorter tenors reversed from their early highs to record modest losses while the long bond finished in the green, continuing yesterday's show of relative strength. The U.S. Treasury followed yesterday's weak 2-year note sale with a 5-year note offering that was also a bit disappointing, but record direct takedown prevented an uglier outcome.

The 2-year note yield settled up two basis points to 3.53%, and the 10-year note yield finished unchanged at 4.17%. 

The market will close at 1:00 p.m. ET tomorrow for the Christmas Eve holiday.

  • Nasdaq Composite: +22.0% YTD
  • S&P 500: +17.5% YTD
  • Russell 2000: +13.9% YTD
  • DJIA: +13.9% YTD
  • S&P Mid Cap 400: +7.9% YTD

Reviewing today's data:

  • Q3 GDP-Adv. 4.3% (Briefing.com consensus 3.0%); Prior 3.8%, Q3 GDP Deflator-Adv. 3.8% (Briefing.com consensus 2.7%); Prior 2.1%
    • The key takeaway from the report is that the U.S. economy was certainly running on the warm side in Q3. That will stir some concerns about the Fed's recent decision to cut rates in December and the risk of stoking increased inflation in pursuit of keeping the economy on a growth trajectory.
  • October Durable Orders -2.2% (Briefing.com consensus 0.3%); Prior was revised to 0.7% from 0.5%, October Durable Goods - ex transportation 0.2% (Briefing.com consensus -1.1%); Prior was revised to 0.7% from 0.6%
    • The key takeaway from the report is that it was a better indicator of growth than meets the headline eye, evidenced by the 0.7% month-over-month increase in shipments and 0.5% month-over-month increase in new orders for nondefense capital goods excluding aircraft.
  • November Industrial Production 0.2% (Briefing.com consensus 0.1%); Prior -0.1%, November Capacity Utilization 76.0% vs (Briefing.com consensus 77.4%); Prior 75.9%
    • The key takeaway from the report is that the uptick in November was driven entirely by mining output, which offset the absence of growth in manufacturing output and a 0.4% decline in utilities output.
  • December Consumer Confidence 89.1 vs (Briefing.com consensus 89.0); Prior was revised to 92.9 from 88.7
    • The key takeaway from the report is that confidence sagged in December due largely to worries about labor market conditions.

Overseas:

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

Commodities:

  • Crude Oil +0.37 @ 58.40
  • Nat Gas +0.44 @ 4.41
  • Gold +36.10 @ 4505.40
  • Silver +2.57 @ 71.16
  • Copper +0.04 @ 5.55

After-Hours Spotlight:

  • American Bitcoin Corp. (ABTC): Director bought 101,000 shares at $1.98 worth ~$200K...ABTC +2.2%
  • Blackstone (BX) preliminarily expects to record Q4 Realized Performance Revenues and total Realized Principal Investment Income in excess of $10 bln, comprised of over 80% Realized Performance Revenues...BX +0.4%
  • Janux Therapeutics (JANX) provides program update on ongoing Phase 1 JANX008 study...JANX -1.8%
  • Organogenesis (ORGO) announces initiation of Biologics License Application for ReNu...ORGO +1.9%
  • Ramaco Resources (METC) authorizes a share repurchase program of up to $100 mln of common stock...METC +4.5%
  • Solventum (SOLV) completes the acquisition of Acera Surgical for an upfront cash payment of $725 mln, subject to customary purchase price adjustments, and up to $125 mln in contingent cash payments...SOLV +1.1%

Fair Value for Wednesday, December 24:

  • S&P 500: 6,963
  • Nasdaq 100: 25,817
  • DJIA: 48,764
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):
    • OBOOK Holdings Inc. (OWLS) issues year-end CEO letter to shareholders
  • General News
    • Homeland Security Secretary Kristi Noem says ship seizures are designed to force Nicolas Maduro from power, according to New York Times
    • President Trump is considering putting seized Venezuelan oil in the strategic petroleum reserve, according to CNBC
    • President Trump will press defense contractors to spend less on stock buybacks, according to Bloomberg
    • Japan is aiming to test mining of rare-earth rich mud from the deep sea, according to Reuters
    • U.S. moving special operations aircraft and troops into the Caribbean, according to WSJ
    • Judge blocks Texas application store law, according to Reuters
    • President Trump directs AG Pam Bondi to finalize marijuana rescheduling by the end of next month, according to The Marijuana Herald
    • The Trump administration taking steps to start seabed mining exploration in international waters, according to NY Times
    • AerCap (AER) has delivered the first of ten new Airbus A321neo aircraft to Thai Airways International Public Company Limited
    • Aflac's (AFL) data breach back in June affecting approximately 22.65 mln customers, according to Tech Crunch
    • Airbus (EADSY) announces Spain orders 18 C295 transport aircraft
    • Amazon's (AMZN) Zoox is recalling certain Automated Driving Systems equipped with software versions released prior to December 19, 2025
    • Amneal Pharmaceuticals (AMRX) announces that the FDA approved its Biologics Licensing Applications for Boncresa
    • Ares Management (ARES) open to potentially acquiring a private equity group, according to FT
    • ByteDance is planning to spend $23 billion on AI, according to FT
    • Embraer SA (EMBJ) has delivered the 50th E195-E2 aircraft to Porter Airlines, marking a major milestone in one of North America’s most dynamic fleet expansions
    • Eos Energy (EOSE) announces that non-executive Chair Russ Stidolph has decided to step down, effective December 31; appoints Joseph Nigro as non-executive Chair, effective January 1
    • Gencor Industries (GENC) announces the retirement of EJ Elliott, who serves as the Executive Chairman of the Company’s Board of Directors, effective December 31, 2025
    • GE Vernova (GEV) signs agreement to supply turbines for Australian wind farm
    • Graphic Packaging (GPK): Eminence Capital sends open letter to GPK shareholders calling out factually inaccurate and misleading statements by GPK Board
    • Gray Media (GTN) announces NBC affiliation renewal
    • Invivyd (IVVD) earns fast track designation for VYD2311, a vaccine-alternative antibody to prevent COVID
    • Johnson & Johnson (JNJ) will appeal $1.5 bln talc cancer award, according to Reuters
    • Lockheed Martin (LMT): DOD Inspector General releases "Audit of the DoD’s oversight of contractor performance for the F-35 joint strike fighter sustainment"
    • MSG Sports (MSGS), Madison Square Garden Entertainment Corp. (MSGE), and Sphere Entertainment Corp. (SPHR) announce a new marketing partnership with PwC US, which includes naming the multinational professional services network The Official Business Consulting Partner of the Arena at Madison Square Garden, the New York Knicks and the New York Rangers
    • National Bank (NBHC): Federal Reserve Board announces approval of the application by National Bank Holdings Corporation
    • Neurocrine Biosciences (NBIX) Phase 3 KINECT-DCP study did not meet primary or key secondary endpoints
    • NioCorp Developments Ltd. (NB) to begin construction of Mine Portal at its Elk Creek Critical Minerals Project
    • Novo Nordisk A/S (NVO): Wegovy pill approved in the US as first oral GLP-1 for weight management
    • Oceaneering Intl (OII) appoints Mr. Michael Sumruld to serve as Senior Vice President and Chief Financial Officer, and elects Mr. Roger Jenkins to serve as an independent, non-executive director
    • Parsons (PSN) awarded a Missile Defense Agency SHIELD contract worth up to $151 bln
    • Peapack-Gladstone Financial (PGC) discloses departure of directors
    • Permian Resources (PR) announces corporate reorganization to strengthen shareholder alignment and advance towards Up-C simplification
    • Red Cat Holdings (RCAT) responded to the Federal Communications Commission’s announcement to immediately implement Section 1709 of the FY25 National Defense Authorization Act
    • RTX (RTX) awarded a $841 mln Army contract
    • RxSight (RXST) announces that CFO Shelley Thunen is transitioning from her role. Ms. Thunen will remain with the Company until the sooner of the appointment of her successor or January 31
    • Saks is mulling bankruptcy, according to Bloomberg
    • Sanofi (SNY) and Regeneron’s (REGN) Dupixent approved in Japan for children aged 6 to 11 years with bronchial asthma
    • Silvercorp Metals (SVM) reports PEA for Condor Gold Project in Ecuador
    • StoneCo (STNE) authorizes new share repurchase program up to R$ 2 bln in outstanding Class A common shares
    • Unusual Machines (UMAC) receives purchase order from Performance Drone Works valued at $3.75 mln to support the scaling of PDW's AM-FPV program and investment in America's sUAS supply base
    • Warner Bros. Discovery (WBD): Major investor believes Paramount's (PSKY) latest offer for WBD is not sufficient, according to Reuters
    • Zai Lab (ZLAB) announces that China’s National Medical Products Administration approved the New Drug Application for COBENFY for the treatment of schizophrenia in adults
    • ZIM Integrated shipping (ZIM) board updates on ongoing strategic review process
    • Zions Bancorp (ZION) announces that Paul E. Burdiss, Executive Vice President and CEO of its Zion Bank division, will retire effective as of December 31, 2025
  • Upgrades:
    • Ametek Inc. (AME) upgraded to Buy at TD Cowen, tgt $230
    • SEI Investments Company (SEIC) upgraded to Overweight at Piper Sandler, tgt $102
  • Downgrades:
    • Brown & Brown, Inc. (BRO) downgraded to Market Perform at BMO Capital, tgt $88
    • Southern Copper Corp. (SCCO) downgraded to Underperform at Itau BBA, tgt $126
  • Others:
    • Aardvark Therapeutics Inc. (AARD) initiated at Outperform at Oppenheimer, tgt $35
    • Annexon Biosciences, Inc. (ANNX) initiated at Buy at Chardan Capital Markets, tgt $16
    • Brunswick Corp. (BC) initiated at Hold at Loop Capital, tgt $74
    • Dycom Industries, Inc. (DY) initiated at Buy at Vertical Research Partners, tgt $420
    • Kalaris Therapeutics, Inc. (KLRS) initiated at Buy at Chardan Capital Markets, tgt $19
    • Levi Strauss & Co. (LEVI) initiated at Outperform at Raymond James, tgt $26
    • Malibu Boats, Inc. (MBUU) initiated at Buy at Loop Capital, tgt $34
    • MarineMax, Inc. (HZO) initiated at Buy at Loop Capital, tgt $29
    • MasterCraft Boat Holdings, Inc. (MCFT) initiated at Hold at Loop Capital, tgt $21
    • MindMed Inc. (MNMD) initiated at Buy at Jones Trading, tgt $61
    • Septerna Inc. (SEPN) initiated at Buy at Jones Trading, tgt $43
    • Spruce Biosciences, Inc. (SPRB) initiated at Outperform at Oppenheimer, tgt $283
    • Atai Life Sciences N.V. (ATAI) initiated at Buy at Jones Trading, tgt $16
    • Vizsla Silver Corp. (VZLA) initiated at Buy at Cantor Fitzgerald, tgt $7
  • Econ Data (Wednesday):
    • 7:00 ET: Weekly MBA Mortgage Index (prior -3.8%)
    • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 226,000; prior 224,000) and Continuing Claims (prior 1.897 mln)
    • 13:00 ET: NYSE early close
    • 14:00 ET: Treasury market early close
  • Earnings:
    • No earnings of note.
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