After Hours Report

The stock market rallied on optimism that the Trump administration may adopt a more targeted approach to impending tariffs, which are set to come into effect on April 2.

The S&P 500 climbed 1.8%, closing at a two-week high above its 200-day moving average (5,752), while the Dow Jones Industrial Average added 1.4%, and the Nasdaq Composite advanced 2.3%.

Technology stocks led the rally, especially names that sold off to start 2025. Tesla (TSLA 278.39, +29.68, +11.9%) and NVIDIA (NVDA 121.41, +3.71, +3.2%) were standouts in that respect. Tesla shares are still 31.1% lower this year, and NVIDIA has shown a 9.6% decline since the start of the year. 

Positive economic indicators further bolstered sentiment. The preliminary March S&P Global US Services PMI, which increased to 54.3 from 51.0 in February, overshadowed a contraction in the preliminary March S&P Global US Manufacturing PMI, which fell to 49.8 from 52.7 in February.

The robust rally left ten of the 11 S&P 500 sectors higher and eight of them logged gains greater than 1.0%. 

In the bond market, U.S. Treasury yields climbed in a manifestation of increased risk appetite among investors. The 10-yr yield was up eight basis points to 4.33%.

• Dow Jones Industrial Average: +0.1% YTD
• S&P 500: -1.9% YTD
• S&P Midcap 400: -3.3% YTD
• Russell 2000: -5.4% YTD
• Nasdaq Composite: -5.8% YTD

Reviewing today's economic data:

• March S&P Global US Manufacturing PMI - Prelim 49.8; Prior 52.7
• March S&P Global US Services PMI - Prelim 54.3; Prior 51.0

Separately, market participants receive the following data tomorrow:

• 9:00 ET: January FHFA Housing Price Index
• 9:00 ET: January S&P Case-Shiller Home Price Index
• 10:00 ET: March Consumer Confidence 
• 10:00 ET: February New Home Sales

Overseas:

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

Commodities:

• Crude Oil +0.90 @ 69.15
• Nat Gas -0.08 @ 3.90
• Gold -6.50 @ 3015.60
• Silver -0.02 @ 32.47
• Copper -0.03 @ 5.08

After-Hours Spotlight:

• Cintas (CTAS) terminates discussions with UniFirst (UNF) regarding its previously announced proposal to acquire the UNF for $275.00/share... no indication for CTAS; UNF down 10.3%
• Crown Castle (CCI) appoints Dan Schlanger, Executive Vice President and Chief Financial Officer, as interim Chief Executive Officer, effective immediately, replacing Steven Moskowitz; Also reaffirms all recently announced financial guidance and capital allocation policies... CCI down 0.2%
• KB Home (KBH) misses by $0.08, misses on revs, deliveries decreased 9%; Lowers FY25 housing revenue and housing gross profit margin guidance... KBH down 10.2%

Fair Value for Tuesday, March 25:

• S&P 500: 5,816
• Nasdaq 100: 20,376
• DJIA: 42,901

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

• Earnings/Guidance (Full Earnings Calendar):
  • Abivax (ABVX) Announces Full Year 2024 Financial Results
  • HF Sinclair (DINO) in slide presentation sees FY25 total CapEX of $875 mln
  • Intuitive Machines (LUNR) reports fourth quarter and full-year 2024 financial results
  • Larimar Therapeutics (LRMR) Provides Nomlabofusp Development Update and Reports Fourth Quarter and Full Year 2024 Financial Results
  • Lightspeed (LSPD) lowers FY25 revenue guidance, noting that since it reported Q3 results, several macroeconomic conditions have deteriorated
  • NN Inc (NNBR) provides outlook update in investor presentation
  • Quipt Home Medical (QIPT) Unveils Strategic Priorities for 2025 to Enhance Shareholder Value and Announces Voting Results from its Annual General Meeting
  • Stellantis (STLA) reports sales in February with market-leading gains across EVs, Hybrids, and Commercial Vehicles
  • Verizon (VZ) reaffirms FY25 guidance ahead of New Street Research Conference
• General News
  • President Trump expected to narrow April 2 reciprocal tariffs to targeted nations and industry specific tariffs will be omitted, according to the Wall Street Journal
  • China mulling limiting its own exports to appease President Trump amid tariffs, according to the Wall Street Journal
  • Israel plans to expand war in Gaza over coming months and is considering military occupation of Gaza, according to the Washington Post
  • Senate Minority Leader Chuck Schumer rejects calls to step down following his support for the government funding bill, according to NBC News
  • Tax revenue could fall 10% this year amid staffing cuts; IRS has noticed uptick in online chatter from people declaring that they will not pay taxes, according to Washington Post
  • US and Russia holding discussions on ceasefire, according to Financial Times
  • Canadian Prime Minister Mark Carney requested snap election, according to the Washington Post
  • Istanbul Mayor Ekrem Imamoglu will remain in jail for weeks or months, according to the Wall Street Journal
  • Automakers rushing to ship cars ahead of April tariffs, according to Financial Times
  • Transportation Secretary Sean Duffy wants to upgrade air traffic control systems, according to Reuters
  • Crypto companies hoping Indian regulations will ease, according to Bloomberg
  • Texas Senate passes bill to ban all consumable THC products across the state, according to CBS News
  • OPEC+ to stick with May output hike amid efforts to balance production, according to Reuters
  • President Trump announces he will impose a secondary tariff on the country of Venezuela; says any country that purchases oil and/or gas from Venezuela will be forced to pay a tariff of 25% to the United States on any trade they do with the US; says documentation will be signed on April 2
  • Atlanta Fed President Raphael Bostic (not a voting FOMC member) expects one rate cut in 2025, according to MarketWatch
  • ADS-TEC Energy GmbH (ADSE) announces that Elicom is further deploying the PowerBooster battery storage solution from ADS-TEC Energy following a successful pilot project
  • Air Lease (AL) provides several litigation updates
  • Ant Group used Chinese semiconductors to produce tools for artificial intelligence training, according to Bloomberg
  • Apple (AAPL) wants to turn Apple Watches into artificial intelligence devices, according to Bloomberg
  • Apple’s (AAPL) Vision Pro 2 progress may be ‘in flux,’ but that doesn’t spell doom for the device, according to 9to5mac
  • Apple (AAPL): China's Commerce Minister welcomes Apple CEO Tim Cook to expand investment amid ongoing trade talks, according to Reuters
  • Apple (AAPL): Lossless audio and ultra-low latency audio come to AirPods Max
  • Atea Pharmaceuticals (AVIR) Issues Statement Regarding Director Nominations
  • Barclays (BCS) gets two securities fraud lawsuits dismissed, according to Reuters
  • Bayer (BAYRY): Georgia jury orders Bayer to pay $2 bln in Roundup claims, according to Bloomberg
  • Biogen (BIIB) announces plans for new global headquarters in Cambridge, Massachusetts
  • Boeing (BA): Bell Boeing Joint Program Office awarded a $590 mln U.S Navy contract modification
  • Braskem SA (BAK) confirmed clarifications from Novonor and Petrobras (PBR) in regards to news published in the media on the sale process of Braskem
  • BridgeBio (BBIO) to Present Cardiovascular Outcomes Data in Patients with Variant and Wild-type Transthyretin Amyloid Cardiomyopathy (ATTR-CM) from the ATTRibute-CM Study at the ACC Annual Scientific Sessions
  • Century Aluminum (CENX) appoints Peter Trpkovski as Chief Financial Officer; succeeds Jerry Bialek, who is departing the Company following a planned transition
  • Chevron (CVX): Former President Biden allowed Chevron to pay Venezuela millions of dollars, according to Bloomberg
  • Chevron (CVX): US Treasury confirms the issuance of amended Venezuela-related general license
  • Codexis (CDXS) reports first revenue-generating contract for ECO Synthesis Manufacturing Services
  • DBV Technologies (DBVT) secures agreement with FDA on safety exposure data required for BLA for Viaskin Peanut Patch in 4–7-year-olds
  • Diana Shipping (DSX) announces that through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International SA, Geneva, for one of its Panamax dry bulk vessels, the m/v Leto
  • Elicio Therapeutics (ELTX) announces the appointment of Preetam Shah as Chief Strategy and Financial Officer, effective as of the date hereof
  • Endeavor Group announces the completion of its acquisition by Silver Lake, the global leader in technology investing, in partnership with the Endeavor (EDR) management team and additional investors
  • Eni S.p.A (E).: Versalis to start up new recycled polymer production plant at Porto Marghera
  • Entrada Therapeutics (TRDA) has received authorization from the United Kingdom’s Medicines and Healthcare Products Regulatory Agency and Research Ethics Committee to initiate ELEVATE-45-201
  • Fannie Mae (FNMA): The Trump administration wants to privatize Fannie Mae and Freddie Mac (FMCC), according to the Wall Street Journal
  • Ford Motor (F): NHTSA opens investigation into 1.3 mln F-150 trucks over unexpected gear downshift issue, according to CNBC
  • FTAI Infrastructure (FIP) appointed Carl Russell Fletcher IV, an employee of FIG, co's external manager, as Chief Financial Officer and Chief Accounting Officer, effective immediately
  • Genmab (GMAB): AbbVie (ABBV) files complaint against Genmab in the U.S. District Court for the Western District of Washington; Genmab refutes allegations and will vigorously defend the company
  • GlaxoSmithKline (GSK) receives EMA Filing acceptance for Nucala COPD
  • Grupo Aeroportuario del Pacifico (PAC) refinances $40 mln credit line
  • Harrow (HROW) announces that the Centers for Medicare & Medicaid Services has approved Harrow’s transitional pass-through application for TRIESENCE 40 mg/mL, a preservative-free synthetic corticosteroid that is approved by the U.S. FDA for visualization during vitrectomy and for the treatment of ocular inflammatory conditions that are unresponsive to topical corticosteroids
  • Hyundai Motor (HYMTF) will announce $20 billion US investment at White House later today, according to CNBC
  • JBS SA (JBSAY) filed requests for dual listing that are currently under analysis of the CVM and B3
  • Kenvue (KVUE): TOMS Capital Management wants Kenvue sale or separation, according to Bloomberg
  • Krispy Kreme (DNUT) announces its official launch into Brazil, marking a milestone in the brand’s global expansion
  • Life Time (LTH) launches drinkable multivitamin + greens powder, NOURISH, as part of the expanding line of proprietary LTH supplements
  • MAG Silver (MAG) announces dividend policy and inaugural dividend
  • Mattel (MAT) has renewed a multi-year global licensing agreement with Disney (DIS) for new products commemorating Toy Story's 30th anniversary and for the upcoming release of Toy Story 5 on June 19, 2026
  • NexGen (NXE) Announces Best Ever Discovery-Phase Intercept At Rook I Property
  • Novo Nordisk A/S (NVO) & The United Laboratories and Novo Nordisk announce exclusive license agreement for UBT251, a GLP-1/GIP/glucagon triple receptor agonist
  • Novo Nordisk A/S (NVO) granted FDA orphan designation for treatment of thalassemia
  • NVIDIA (NVDA): Malaysia aiming to strengthen regulations on Nvidia semiconductor shipments, according to Financial Times
  • OpenAI and Meta (META) want artificial intelligence alliance with Reliance, according to The Information
  • Oportun Financial (ORPT) appoints Paul Appleton, the Company's Treasurer and Head of Capital Markets, as interim Chief Financial Officer
  • Opthea (OPT) Announces COAST Phase 3 Trial Topline Results
  • OraSure (OSUR) authorizes the repurchase of up to $40.0 mln of common stock
  • Philips (PHG) announces the expansion of its partnership with Ibex Medical Analytics and a new release of Philips IntelliSite Pathology Solution to further accelerate the adoption of AI-enabled digital pathology to address the pressure pathologists face because of the global shortage of pathologists and the growing number of cancer patients
  • Planet Labs (PL) announces that they have signed a new contract with the European Space Agency on behalf of the Hellenic Ministry of Digital Governance to support the Greek National SmallSat Programme, funded by the Recovery and Resilience Fund Greece 2.0
  • Rapid7 (RPD) close to settlement with Jana Partners, according to Reuters
  • Rapid7 (RPD) Appoints Three New Board Members
  • Robinhood Markets (HOOD): Regulators in Massachusetts to investigate HOOD over March Madness betting, according to Reuters
  • Starbucks (SBUX) and Peanuts unveil exclusive Snoopy Persona, Joe Kind Snoopy, with new merch
  • SGS SA (SGSOY) gains ISO 17025 accreditation for its Phoenix, Arizona laboratory that specializes in in-vivo and in-vitro testing for qualitative and quantitative analysis of cosmetics, handwashes, hand sanitizers and other handwashing agents
  • Silvaco Group (SVCO) announces resignation of CFO Ryan Benton, effective April 11; Keith Tainsky appointed interim CFO
  • Tesla (TSLA) aims to halt driving assistance trial software in China before approval, according to Reuters
  • TETRA Tech (TTI): The Radoff-Torok Group nominates four highly qualified, independent director candidates for election to the TETRA Technologies Board of Directors
  • U. S. Steel (X) Highlights Proven Track Record and Commitment to Delivering Stockholder Value in Definitive Proxy Statement and Stockholder Letter
  • Valmont (VMI) provides additional clarity on estimated impacts from current U.S. tariffs on imports from Mexico, Canada and China, as well as on imported steel and aluminum
  • Valneva (VALN) responds to French Government’s request for vaccine supply of IXCHIQ against Chikungunya outbreak in La Réunion
  • Verve Therapeutics (VERV) announces the clearance of its Investigational New Drug application by the U.S. Food and Drug Administration for VERVE-102 for the treatment of patients living with heterozygous familial hypercholesterolemia and/or premature coronary artery disease
  • Visa (V): World Network in discussions with Visa for stablecoin payments wallet, according to CoinDesk
  • Wabash Natl (WNC) provides litigation updates
  • Walt Disney's (DIS) Snow White generated only $43 mln at box office with a budget of $250 mln, according to NBC News
  • Western Union (WU) announces strategic partnership with HCLTech to transition to an AI led platform operating model
  • Wipro (WIT) introduced innovative AI-driven autonomous agents for Agentforce
  • YPF Soc. Anonima (YPF) and Compañía General de Combustibles S.A. have entered into the definitive agreements for the joint exploitation of hydrocarbons in the 'Aguada del Chañar'

• Upgrades:
  • Alnylam (ALNY) upgraded to Overweight from Neutral at JPMorgan, tgt $328
  • Boeing (BA) upgraded to Buy from Hold at Melius Research
  • Choice Hotels (CHH) upgraded to Neutral from Sell at Redburn Atlantic, tgt $132
  • Coherent (COHR) upgraded to Strong Buy from Outperform at Raymond James, tgt $91
  • Cryoport (CYRX) upgraded to Buy from Neutral at UBS, tgt $10
  • FedEx (FDX) upgraded to Buy from Hold at Jefferies, tgt $275
  • Lumentum (LITE) upgraded to Strong Buy from Outperform at Raymond James, tgt $82
  • Mativ (MATV) upgraded to Buy from Hold at Stifel, tgt $10
  • NOV Inc. (NOV) upgraded to Outperform from Sector Perform at RBC Capital, tgt $22
  • Nucor (NUE) upgraded to Buy from Neutral at UBS, tgt $160
  • Ovintiv (OVV) upgraded to Outperform from Market Perform at BMO Capital, tgt $57
  • Pinterest (PINS) upgraded to Buy from Neutral at Guggenheim, tgt $40
  • Runway Growth Finance (RWAY) upgraded to Buy from Neutral at Lucid Capital, tgt $12
  • Steel Dynamics (STLD) upgraded to Buy from Neutral at UBS, tgt $149
  • Valley National (VLY) upgraded to Overweight from Neutral at Piper Sandler, tgt $11
  • ViaSat (VSAT) upgraded to Buy from Hold at Deutsche Bank, tgt $15
  • Wyndham Hotels (WH) upgraded to Buy from Neutral at Redburn Atlantic, tgt $115
• Downgrades:
  • Civitas Resources (CIVI) downgraded to Market Perform from Outperform at BMO Capital, tgt $42
  • Ecolab (ECL) downgraded to Neutral from Buy at Redburn Atlantic, tgt $270
  • Elevation Oncology (ELEV) downgraded to Equal Weight from Overweight at Stephens, tgt $1
  • Embraer (ERJ) downgraded to Peer Perform from Outperform at Wolfe Research
  • Getty Images (GETY) resumed with Neutral from Buy at Citi, tgt $2.45
  • Liberty Energy (LBRT) downgraded to Sector Perform from Outperform at RBC Capital, tgt $19
  • Lennar (LEN) downgraded to In Line from Outperform at Evercore ISI, tgt $131
  • Lockheed Martin (LMT) downgraded to Hold from Buy at Melius Research, tgt $483
  • Lockheed Martin (LMT) downgraded to Neutral from Buy at BofA Securities, tgt $485
  • Sea Ltd. (SE) downgraded to Neutral from Buy at Arete, tgt $151
  • Super Micro (SMCI) downgraded to Sell from Neutral at Goldman Sachs, tgt $32
  • Vodafone (VOD) downgraded to Neutral from BofA Securities
• Others:
  • BellRing Brands (BRBR) initiated with an Overweight at Morgan Stanley, tgt $84
  • Dutch Bros (BROS) initiated with an Overweight at Morgan Stanley, tgt $82
  • Conagra Brands (CAG) initiated with an Equal Weight at Morgan Stanley, tgt $27
  • DT Midstream (DTM) initiated with a Buy at BofA Securities, tgt $110
  • General Mills (GIS) initiated with an Underweight at Morgan Stanley, tgt $53
  • Global Net Lease (GNL) initiated with a Buy at Lucid Capital, tgt $10
  • Generac Holdings (GNRC) resumed with a Buy at BofA Securities, tgt $182
  • Herc Holdings (HRI) initiated with a Buy at Citi, tgt $165
  • Hershey (HSY) initiated with an Equal Weight at Morgan Stanley, tgt $183
  • HubSpot (HUBS) initiated with an Outperform at Macquarie, tgt $730
  • J.M. Smucker (SJM) initiated with an Overweight at Morgan Stanley, tgt $123
  • Kraft Heinz (KHC) initiated with an Underweight at Morgan Stanley, tgt $29
  • Kenvue (KVUE) initiated with an In Line at Evercore ISI, tgt $25
  • Medpace (MEDP) initiated with a Market Perform at Leerink, tgt $330
  • Mondelez (MDLZ) initiated with an Overweight at Morgan Stanley, tgt $69
  • Netstreit (NTST) initiated with a Buy at Lucid Capital, tgt $18
  • Quince Therapeutics (QNCX) initiated with an Outperform at Oppenheimer, tgt $10
  • Simply Good Foods (SMPL) initiated with an Equal Weight at Morgan Stanley, tgt $36
  • SanDisk (SNDK) initiated with an Outperform at Wedbush, tgt $80
  • Vital Farms (VITL) initiated with an Overweight at Morgan Stanley, tgt $30
  • WK Kellogg (KLG) initiated with an Underweight at Morgan Stanley, tgt $18

• Econ Data (Tuesday):
  • 9:00 ET: January FHFA Housing Price Index (prior 0.4%) and January S&P Case-Shiller Home Price Index (Briefing.com consensus 4.6%; prior 4.5%)
  • 10:00 ET: February New Home Sales (Briefing.com consensus 680,000; prior 657,000) and March Consumer Confidence (Briefing.com consensus 94.2; prior 98.3)
• Treasury Auctions:
  • 13:00 ET: $69 bln 2-yr Treasury note auction results
• Earnings:
  • Monday (Mar 24)
    • Pre-Market: None
    • After-Hours: KBH
  • Tuesday (Mar 25)
    • Pre-Market: CSIQ CNM CRMD MKC
    • After-Hours: GME WOR
  • Wednesday (Mar 26)
    • Pre-Market: CHWY CTAS DLTR JKS PAYX TH
      
    • After-Hours: CNXC FUL JEF MLKN WOOF SCS VRNT
  • Thursday (Mar 27)
    • Pre-Market: SNX WGO
    • After-Hours: AIR AGX BRZE LULU OXM
  • Friday (Mar 28)
    • Pre-Market: None
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike