After Hours Report

Updated: 31-Dec-25 17:07 ET
Quiet after-hours session ahead of the New Year; CACI Intl awarded US Space Force task order

The stock market's final session of 2025 was low in volume and largely devoid of catalysts, leaving the S&P 500 (-0.7%), the Nasdaq Composite (-0.8%), and the DJIA (-0.6%) to steadily drift lower in broad fashion. 

The major averages finished December mixed, with the outperformance of many cyclical stocks pushing the DJIA (+0.7% month-to-date) higher, while the S&P 500 (-0.1% month-to-date) finished flattish, and the tech-heavy Nasdaq Composite (-0.5% month-to-date) finished lower. 

Today's retreat encompassed a wide variety of stocks, with all eleven S&P 500 sectors finishing lower. Sector losses ranged from 0.4% (communication services) to 1.0% (real estate), with most sectors finishing at session lows amid a late-afternoon pickup in selling activity. 

The top-weighted information technology sector (-0.9%) was one such sector that lagged late in the trade. NVIDIA (NVDA 186.50, -1.04, -0.55%) previously held a gain, which helped limit losses earlier in the session following a Reuters report that the company approached Taiwan Semiconductor Manufacturing (TSM 303.89, +4.31, +1.44%) to increase production of its H200 chip amid growing demand in China. A separate Reuters report stated that TSM, which is not a component of the S&P 500, was granted an annual U.S. approval for chip-making exports to China.

All of the information technology sector's components closed with a loss. 

The consumer discretionary sector (-0.8%) at least had one component trade higher, being NIKE (NKE 63.71, +2.52, +4.12%), by far the best-performing S&P 500 name today. The stock was lifted by a disclosure that showed CEO Elliot Hill purchased 16,388 shares of common stock, which follows a 50,000-share purchase by Apple (AAPL 271.86, -1.22, -0.45%) CEO and Nike Director Tim Cook one week ago. 

The materials sector (-0.9%) was another underperformer, as precious metal prices slid following the CME Group raising the margin requirements on precious metals futures for the second time in a week. Silver led the retreat, settling today's session $7.30 lower (-9.4%) at $70.63 per ozt, while gold settled $44.00 lower (-1.0%) at $4,342.30 per ozt. Precious metals producer Newmont Corporation (NEM 99.85, -2.01, -1.97%) was unsurprisingly a laggard. 

Outside of the S&P 500, the Russell 2000 (-0.8%) and S&P Mid Cap 400 (-1.1%) furthered the recent trend of underperformance in comparison to their larger-cap counterparts. 

Stocks across the market closed out the year on a subdued note, as this week's broad pullback erased most of last week's gains and stalled the Santa Claus rally soon after it began. The near-term trend skews negative as the market searches for fresh catalysts. Still, stocks posted strong gains in 2025, with the major averages all capturing double-digit gains for the year. 

U.S. Treasuries finished 2025 on a modestly lower note, with the 10-year note yield (+4 basis points to 4.17%, -40 basis points in 2025) settling near the midpoint of this year's range, while the 2-year note yield (+3 basis points to 3.48%, -77 basis points in 2025) finished not far above its 2025 low as the Fed made three cuts to the fed funds rate range since the end of 2024. Today's session was largely uneventful, save for a couple waves of selling that lifted yields to their highest levels of the week.

Bond and equity markets will be closed for the New Year's Day holiday tomorrow, followed by a full session on Friday. 

  • Nasdaq Composite: +20.4% YTD
  • S&P 500: +16.4% YTD
  • DJIA: +13.0% YTD
  • Russell 2000: +11.3% YTD
  • S&P Mid Cap 400: +5.9% YTD

Reviewing today's data:

  • Initial jobless claims for the week ending December 27 decreased by 16,000 to 199,000 (Briefing.com consensus 226,000) from last week's revised rate of 215,000 (from 214,000), while continuing claims for the week ending December 20 decreased by 47,000 from last week's revised rate of 1.913 million (from 1.923 million) to 1.866 million.
    • The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.

Overseas:

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

Commodities:

  • Crude Oil -0.54 @ 57.40
  • Nat Gas -0.22 @ 3.13
  • Gold -44.00 @ 4342.30
  • Silver -7.30 @ 70.63
  • Copper -0.10 @ 5.68

After-Hours Spotlight:

  • CACI Intl (CACI) awarded a five-year task order valued at up to $212 mln to deliver software-defined enterprise-level network modernization for the U.S. Space Force...CACI flat
  • Owens & Minor (OMI) completes the sale of its Products & Healthcare Services segment and the Owens & Minor brand to Platinum Equity and is renaming the publicly traded parent company Accendra Health, Inc...OMI +3.9%
  • Outlook Therapeutics (OTLK): FDA issues CRL to the ONS-5010/LYTENAVA BLA resubmission, indicating it cannot approve the application...OTLK -72.7%
  • Tonix Pharma (TNXP): Point72 (Steven A. Cohen) disclosed 9.2% passive stake...TNXP +0.5%

Fair Value for Friday, January 2:

  • S&P 500: 6,892
  • Nasdaq 100: 25,450
  • DJIA: 48,327
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):
    • Eightco (ORBS) releases year-end Chairman's message
    • Hyatt Hotels (H) updates full-year outlook due to Hurricane Melissa
    • Marti Technologies (MRT) reaches 3.38 million riders and 450 thousand registered drivers, exceeding December 31, 2025 targets
    • Strawberry Fields REIT (STRW) CEO highlights discipline, scale, and steady returns at NobleCon21
  • General News
    • Chinese President Xi said China will reach its 5% growth target this year, according to Bloomberg
    • CME increases margin requirements for gold, silver, platinum and palladium
    • Flu cases are surging, NBC News
    • Drugmakers expected to increase prices on 350 medicines next year, according to Reuters
    • Deputy HHS Secretary Jim O'Neill says "We have frozen all child care payments to the state of Minnesota. You have probably read the serious allegations that the state of Minnesota has funneled millions of taxpayer dollars to fraudulent daycares across Minnesota over the past decade."
    • Banks anticipate more large M&A deals in 2026, according to WSJ
    • China initiated beef import quotas, according to Bloomberg
    • EU will introduce carbon border tax on January 1, according to FT
    • Argentina $2.4 bln short of bond payments for January, according to Bloomberg
    • Nevada Gaming Board reports November gaming win +2.1% yr/yr to $1.348 bln; -0.6% yr/yr to $748.3 mln on the Las Vegas Strip
    • USGS reporting a 6.0 magnitude quake 91km E of Noda, Japan
    • Affordable Care Act enhanced subsidies will expire tonight, according to NBC News
    • Apollo Global Management (APO) aiming to sell Coinstar to buyer in Alaska, according to Bloomberg
    • Autoliv (ALV) retires repurchased shares, decreases number of issued shares
    • Axsome Therapeutics (AXSM) announces FDA pre-NDA meeting minutes for AXS-12 in narcolepsy supporting NDA submission
    • Axsome Therapeutics (AXSM) announces FDA acceptance and priority review of supplemental new drug application for AXS-05 for the treatment of alzheimer’s disease agitation
    • Brookfield (BAM) enters cloud market with focus on cheaper AI computing, according to The Information
    • Cable ONE (CABO) announced that James Holanda will join the company as its next CEO and as a member of its Board of Directors
    • Capital Bancorp (CBNK) implements management changes to align leadership structure and advance long-term enterprise growth strategy
    • DigitalBridge (DBRG) and Crestview Partners announce that affiliated investment funds have completed their previously announced take-private acquisition of WideOpenWest (WOW)
    • Doximity (DOCS) enters into a $31 mln Agreement of Settlement that if approved by the court and if all conditions are satisfied, will resolve the Securities Litigation
    • Elanco Animal Health (ELAN) announces its latest entry into the rapidly growing canine dermatology space with the U.S. Department of Agriculture approval of Befrena, a new anti-IL31 monoclonal antibody injection targeting canine allergic and atopic dermatitis
    • Hudson's Bay's Saks Global (HBAYF) Enterprises has skipped a bond payment, according to Bloomberg
    • Hudson's Bay's Saks Global (HBAYF) preparing bankruptcy filing, according to WSJ
    • KORU Medical Systems (KRMD) announces 510(k) submission for clearance of the FreedomEDGE System with a commercialized oncology biologic
    • Lockheed Martin (LMT) awarded a $297 mln modification to Navy contract
    • Nvidia (NVDA) approached TSMC (TSM) to increase production of H200, according to Reuters
    • NVIDIA (NVDA): ByteDance is planning to spend $14 billion on Nvidia chips in 2026, according to SCMP
    • OBOOK Holdings Inc. (OWLS) announces commencement of $10 million share repurchase program
    • Pathward Financial (CASH) names new accounting firm; co discussed material weakness in co’s internal control over financial reporting with Crowe
    • RLX Technology (RLX) extends $500 million share repurchase program
    • Softbank (SFTBY) supported Prism confidentially filed for IPO, according to Reuters
    • Taiwan Semiconductor Manufacturing (TSM) granted annual U.S. approval for chip making exports to China, according to Reuters
    • Tesla (TSLA): Michael Burry says "Tesla is ridiculously overvalued"; also says he is not short
    • Tesla (TSLA) CEO Elon Musk says "Just testing the production system (for CyberCab). Real production ramp starts in April"
    • Tesla (TSLA) supply deal with a South Korean company falls short of expectations, according to Bloomberg
    • Uber (UBER) in discussions to acquire SpotHero, according to The Information
    • Ultragenyx Pharma (RARE) completes rolling submission of BLA to the FDA for DTX401 AAV Gene Therapy
    • Valneva SE (VALN) and Serum Institute of India announce that they have mutually agreed to discontinue their license agreement for Valneva’s single-shot chikungunya vaccine
    • VisionWave Holdings (VWAV) discloses resignation of CEO Noam Kenig; appoints Douglas Davis as interim CEO
    • Weibo (WB) discloses Sina proceeding and adoption of share repurchase program
  • Upgrades:
    • Plug Power (PLUG) upgraded to Buy from Hold at Clean Street, tgt $3
    • TeraWulf (WULF) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $24
  • Downgrades:
    • GlobalFoundries (GFS) downgraded to Neutral from Outperform at Wedbush; tgt $40
    • Tower Semi (TSEM) downgraded to Neutral from Outperform at Wedbush; tgt $125
  • Others:
    • Limoneira (LMNR) resumed with a Buy at Lake Street; tgt $19
  • Econ Data (Friday):
    • 9:45 ET: Final December S&P Global U.S. Manufacturing PMI (prior 51.8)
    • 10:00 ET: September Construction Spending (Briefing.com consensus -0.1%; prior 0.2%)
  • Earnings:
    • No earnings of note.
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