After Hours Report

The equity market closed with losses in the major indices. The Dow Jones Industrial Average declined 0.3%, the S&P 500 dropped 1.1%, and the Nasdaq Composite fell 2.0%.

Today's price action led the S&P 500 back below its 200-day moving average (5,756) and led the Dow Jones Industrial Average, which turned positive on the year in yesterday's advance, back into the red for 2025. 

There were some indications of buying interest in the early going, but losses in the mega cap space kept a cap on index performance. Selling increased in the space, and the broader equity market, following news that President Trump is expected to announce tariffs on auto imports. 

Tesla (TSLA 272.06, -16.08, -5.6%) was an influential loser, giving up some ground after a solid recovery in response to a weak start to 2025. Shares are still 9.4% higher this week, yet show a 32.6% decline since the start of the year.

NVIDIA (NVDA 113.76, -6.93, -5.7%) and other chipmakers also registered outsized losses. Reports indicated that the U.S. placed more than 50 Chinese companies on a blacklist of export restrictions for advanced computing capabilities; meanwhile, FT reported that Chinese environmental regulations could hurt NVIDIA's sales in the country.

The PHLX Semiconductor Index (SOX) closed 3.3% lower than yesterday. The selling interest contributed to the underperformance of the S&P 500 information technology sector, which was the worst performers by a wide margin. The communication services (-2.0%) and consumer discretionary (-1.7%) sectors were the next worst performers. 

The defensive-oriented consumer staples (+1.4%) and utilities (+0.7%) sectors were the top gainers, reflecting a more risk-off tone in today's trade.

Elsewhere, Treasuries settled with modest losses. The 10-yr yield settled three basis points higher at 4.34% and the 2-yr yield settled one basis point higher at 4.01%. On a related note, today's $70 billion 5-yr note auction met weaker demand than yesterday's 2-yr note offering, but the market reaction was limited.

• Dow Jones Industrial Average: -0.2% YTD
• S&P 500: -2.9% YTD
• S&P Midcap 400: -4.2% YTD
• Nasdaq Composite: -7.3% YTD
• Russell 2000: -7.0% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index -2.0%; Prior -6.2%
• February Durable Orders 0.9% (Briefing.com consensus -1.2%); Prior was revised to 3.3% from 3.1%, February Durable Goods - ex transportation 0.7% (Briefing.com consensus 0.1%); Prior was revised to 0.1% from 0.0%
  • The key takeaway from the report is that durable goods orders were stronger than expected; however, that understanding was clouded by the added realization that there was a downturn in business spending, evidenced by the 0.3% decline in nondefense capital goods orders, excluding aircraft.

Looking ahead to Thursday, market participants receive the following data:

• 8:30 ET: Q4 GDP -- third estimate (Briefing.com consensus 2.3%; prior 2.3%), Q4 GDP Deflator -- third estimate (Briefing.com consensus 2.4%; prior 2.4%), Weekly Initial Claims (Briefing.com consensus 225,000; prior 223,000), Continuing Claims (prior 1.892 mln), advance February goods trade balance (prior -$153.3 bln), advance February Retail Inventories (prior -0.1%), and advance February Wholesale Inventories (prior 0.7%)
• 10:00 ET: February Pending Home Sales (Briefing.com consensus 2.9%; prior -4.6%)
• 10:30 ET: Weekly natural gas inventories (prior +9 bcf)

Overseas:

• Europe: DAX -1.1%, FTSE +0.3%, CAC -1.0%
• Asia: Nikkei +0.7%, Hang Seng +0.6%, Shanghai -0.0%

Commodities:

• Crude Oil +0.67 @ 69.66
• Nat Gas -0.01 @ 3.86
• Gold -4.10 @ 3022.30
• Silver +0.03 @ 33.18
• Copper +0.03 @ 5.24

After-Hours Spotlight:

• GameStop (GME) announces proposed private offering of $1.3 billion of convertible senior notes; expects to use the net proceeds to acquire Bitcoin in a manner consistent with GameStop’s Investment Policy... GME down 7.0%
• H.B. Fuller (FUL) beats by $0.04, beats on revs; reaffirms FY25 EPS guidance, revs guidance... FUL up 6.7%
• Jefferies (JEF) reports Q1 (Feb) results, reports revs of $1.59 bln... JEF down 6.3%
• MillerKnoll (MLKN) beats by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus; guides FY25 EPS below consensus, revs below consensus... MLKN down 3.5%
• Petco Health and Wellness (WOOF) reports Q4 (Jan) results, revs in-line; issues guidance... WOOF up 8.6%
• Steelcase (SCS) beats by $0.06, reports revs in-line; guides Q1 EPS above consensus, revs above consensus... SCS up 9.7%

Fair Value for Thursday, March 27:

• S&P 500: 5,761
• Nasdaq 100: 20,115
• DJIA: 42,772

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

• Earnings/Guidance (Full Earnings Calendar):
  • AtriCure (ATRC) releases presentation for today's Investor Day - details its 2030 vision with revs growing $1 bln+, adj EBITDA margin 20%+
  • BGC Group (BGC) reaffirms Q1 guidance
  • Blackstone (BX) announced preliminary estimate regarding revenue it expects to record related to realization activity for the period from January 1, 2025 to March 25, 2025
  • BRP Inc. (DOOO) presents its fourth quarter results; increased its quarterly dividend
  • Canaan Inc. (CAN) reports unaudited fourth quarter and full year 2024 financial results
  • Chewy (CHWY) beats by $0.25, beats on revs
  • Cintas (CTAS) beats by $0.08, reports revs in-line; raises FY25 EPS and revenue guidanc
  • Dollar Tree (DLTR) reports Q4 (Jan) results, misses on revs; agrees to divest Family Dollar
  • GameStop (GME) beats by $0.22 (two estimates), misses on revs; Also announces that its board has approved policy to add Bitcoin as a treasury reserve asset
  • JinkoSolar (JKS) reports Q4 (Dec) results, misses on revs
  • Jinxin Technology (NAMI) issues 2025 financial guidance: projects $70 million in revenue, driven by AI-powered content expansion and strategic partnerships (no estimates)
  • Lightspeed (LSPD) provides three-year outlook ahead of Capital Markets Day; Approves renewal of normal course issuer bid for the repurchase of an additional 9,013,953 shares
  • Mereo BioPharma (MREO) reports full year 2024 financial results and provides corporate highlights
  • Metsera (MTSR) reports fourth quarter and full year 2024 financial results and continued portfolio progress
  • Noah Holdings (NOAH) announces Q4 results
  • Paychex (PAYX) beats by $0.01, reports revs in-line; reaffirms FY25 EPS guidance, revs guidance
  • Paysign, Inc. (PAYS) Reports Fourth Quarter and Full-Year 2024 Financial Results
  • SailPoint (SAIL) announces strong fiscal fourth quarter and full year 2025 financial results
  • Taboola (TBLA) announces Q1 2025 tracking to high end of guidance ranges across all key metrics
  • Target Hospitality (TH) beats by $0.05, beats on revs; guides FY25 revs in-line
  • Titan America (TTAM) reports in-line results; beats on revs
  • Worthington Enterprises (WOR) beats by $0.21, beats on revs
• General News
  • President Trump in interview says he doesn't want "too many expectations" for April 2 reciprocal tariffs, but also said he would be "more lenient than reciprocal", according to Bloomberg
  • President Trump could impose copper import tariffs within weeks, according to Bloomberg
  • Senate Republicans are consolidating around President Trump's plan to include debt limit in large reconciliation bill, according to Politico
  • National security adviser Mike Waltz says he takes "full responsibility" for including a journalist in a group chat discussing war plans. President Trump defended him, according to Politico
  • Chicago Fed President Austan Goolsbee in interview said it would be concerning if market long run inflation expectations increase, according to Financial Times
  • A vaccine skeptic will conduct study into autism links, according to the Washington Post
  • Department of the Treasury announces publication of interim final rule removing reporting requirements for U.S. companies and U.S. persons
  • The Trump administration expected to stop funding vaccines for poor countries, according to NY Times
  • White House Press Secretary Karoline Leavitt confirms President Trump will hold a press conference at 16:00 ET today where he will announce auto tariffs
  • President Trump will impose tariffs on autos, but not auto parts, according to WSJ (Note: President Trump will announce these tariffs today at 16:00 ET)
  • President Trump blocked 10% of the funding for the agency that handles semiconductor export controls; Senate is concerned, according to Bloomberg
  • Accenture (ACN) awarded $337 mln U.S. Air Force contract
  • ADM (ADM) to eliminate jobs in grain unit, according to Reuters
  • Alphabet (GOOG): YouTube achieves best monthly performance to date and pulls ahead in Nielsen’s February media distributor gauge
  • Alvotech (ALVO) receives MMA for proposed biosimilar to Xolair from UK Medicines and Healthcare Products Regulatory Agency
  • AMC Entertainment (AMC) and CJ 4DPLEX announce that they will open 65 premium SCREENX and 4DX locations worldwide
  • Ascentage Pharma (AAPG) to Present Five Preclinical Studies from Innovative Pipeline at American Association of Cancer Research (AACR) Annual Meeting 2025
  • AstraZeneca (AZN) reports new study results reinforce TAGRISSO as the backbone therapy for EGFR-mutated lung cancer across stages and settings
  • Atea Pharmaceuticals (AVIR) highlights actions underway to enhance shareholder value; remains committed to engaging in constructive dialogue with Mr. Radoff
  • Autodesk (ADSK) issues statement in response to comments by Starboard Value
  • Bayer AG (BAYRY): Elliott Management had discussions with private equity firms to see if they are interested in Bayer's consumer health unit, according to FT
  • BCE Inc (BCE) announces that it has bolstered its existing partnership with Montréal-based Sphere Media by acquiring a majority stake in Sphere Abacus, through parent company Sphere Media Internationa
  • Block (XYZ) eliminated 8% of staff, according to Tech Crunch
  • Boeing (BA): U.S. judge sets June 23 trial date in DOJ criminal fraud case regarding the 737 MAX, according to Reuters
  • Boeing (BA): Judge ordered Boeing to face trial in 737 Max case, according to the Wall Street Journal
  • Boeing (BA): U. S. Space Force certifies United Launch Alliance Vulcan for National Security Space Launch missions
  • Bombardier (BDRBF) announces that Principle Finance, a renowned provider of customised operating lease for aircraft in Australia, has acquired two Bombardier Challenger 650 aircraft destined for Intelligence, Surveillance and Reconnaissance missions in Australia
  • BP (BP) mulling stake sales in two Gulf projects, according to Reuters
  • Canaan (CAN) expands self-mining footprint in North America
  • Clear Secure (YOU) extends its partnership with American Express for its second one year renewal term
  • Coca-Cola (KO) was a target of EU antitrust raids last month, according to Bloomberg
  • Cogent Biosciences (COGT) Announces Multiple Poster Presentations at 2025 American Association for Cancer Research (AACR) Annual Meeting
  • Compass Minerals (CMP) announces measures to reduce selling, general and administration and other costs to help increase free cash flow and retire debt
  • CRH Plc. (CRH): Oldcastle APG has announced its acquisition of the bagged and bulk mulch and soil assets of H&H General Excavating
  • CSX (CSX) secures five-year labor agreement with Boilermakers
  • dLocal Limited (DLO) announces that Mark Ortiz will step down from his position as CFO due to an unforeseen health issue that requires attention; Jeffrey Brown appointed as interim CFO
  • E2open (ETWO) introduces innovations in global trade compliance technology to help companies address new and evolving challenges
  • Exelixis (EXEL) to Present Positive Preclinical Data Across Its Pipeline Portfolio for Advanced Cancers at AACR 2025
  • Foghorn Therapeutics (FHTX) Announces New Preclinical Data for Selective SMARCA2 Inhibitor FHD-909 and Selective CBP and EP300 Degrader Programs at 2025 AACR Meeting
  • Foot Locker (FL) announced that Franklin R. Bracken, currently Executive Vice President and Chief Commercial Officer, has been named to the role of President, effective immediately
  • Fresenius SE (FSNUY) receives FDA approval for their denosumab biosimilars and secures global settlement
  • GE Aerospace (GE) announces that following Korean Air’s agreement to purchase 20 Boeing 777-9s and up to 30 787-10s, the airline has placed an order for GEnx and GE9X engines to power its new aircraft
  • General Dynamics (GD) awarded $1.07 bln U.S. Navy contract modification
  • General Motors (GM): Detroit automakers scramble as President Trump tariff threat looms; Ford, GM executives head to D.C. for talks, according to Detroit Free Press
  • GlaxoSmithKline (GSK) receives FDA approval of Blujepa
  • Guardant Health's (GH) Shield blood test for colorectal cancer screening now covered for VA community care beneficiaries
  • HCM II Acquisition Corp (HOND): Terrestrial Energy to become first publicly traded molten salt nuclear reactor developer through combination with HCM II Acquisition Corp. (HOND is halted)
  • Huntington Ingalls (HII) Shipbuilding division successfully launched future USS Jeremiah Denton (DDG 129) today, the third Flight III Arleigh Burke-class destroyer to be built at the shipyard
  • IDEAYA (IDYA) Announces Oral Presentation at the New Drugs on the Horizon Series at AACR 2025 for IDE275 (GSK959), a Phase 1 Werner Helicase Inhibitor
  • Incyte (INCY): Knight Therapeutics announces launch of Minjuvi (tafasitamab) in Mexico
  • Intellia Therapeutics (NTLA): FDA grants RMAT designation to nexiguran ziclumeran
  • Invesco Mortgage Capital (IVR) cuts its quarterly dividend by 15% to $0.34 per share
  • Ionis Pharma (IONS) agrees to expand partnership with Sobi to include olezarsen commercialization outside the US
  • Johnson & Johnson (JNJ): RYBREVANT plus LAZCLUZE outperforms osimertinib with a significant and unprecedented overall survival benefit in patients with EGFR-mutated non-small cell lung cancer
  • Kulicke & Soffa (KLIC) Introduces New Vertical Wire Solutions to Expand Market Leadership
  • Kura Oncology (KURA) announces that an abstract containing preclinical data for KO-2806 in combination with cabozantinib, in clear cell renal cell carcinoma (ccRCC), has been accepted for an oral presentation at the upcoming American Association for Cancer Research Annual Meeting
  • L3Harris (LHX) debuts an advanced large solid rocket motor to power the company’s air-launched, Medium Range Ballistic Missile target vehicle
  • Leonardo DRS (DRS) launches its high-performance Artificial Intelligence Processor computing system
  • Lilly (LLY) announces details of presentations at 2025 American Association for Cancer Research (AACR) Annual Meeting
  • Lockheed Martin (LMT): State Department has made a determination approving a possible Foreign Military Sale to the Government of Qatar of the MQ-9B Remotely Piloted Aircraft and related equipment for an estimated cost of $1.96 bln
  • Merck (MRK): European Commission approves Merck’s Capvaxive for prevention of invasive pneumococcal disease and pneumococcal pneumonia in adults
  • Nestle's (NSRGY) water unit attracting PE interest, according to Bloomberg
  • Novo Nordisk A/S (NVO) participates in €23 million Series A for Tribune Therapeutics to advance next-generation anti-fibrotic therapies
  • Nurix Therapeutics (NRIX) Announces Multiple Presentations at the American Association for Cancer Research (AACR) 2025 Annual Meeting
  • Nuvalent (NUVL) to present new preclinical data on ALK-selective inhibitor, Neladalkib, and ROS1-selective inhibitor, zidesamtinib, at AACR Annual Meeting 2025
  • NVIDIA (NVDA): China environmental regulations could hurt Nvidia sales in the country, according to Financial Times
  • NVIDIA (NVDA) close to deal to purchase GPU reseller, according to The Information
  • Nyxoah S.A (NYXH): FDA issues Nyxoah an approvable letter for its Genio system
  • ORIC Pharmaceuticals (ORIC) Announces ORIC-944 Preclinical Presentation at the 2025 American Association for Cancer Research (AACR) Annual Meeting
  • Palantir (PLTR): Everfox announces partnership with Palantir to enhance joint command and control capabilities
  • Petrobras (PBR) provides clarification on Braskem (BAK); reiterates that no decision has been made regarding its participation in Braskem
  • Pfizer (PFE): US looking into allegations that PFE delayed release of COVID-19 vaccine data until after November 2020 election, according to WSJ
  • PG&E (PCG) announces intent to award up to $43 million in Microgrid Incentive Program grant funding for the development of nine new community-driven microgrids throughout its Northern and Central California service area
  • Phillips 66 (PSX): Elliott Investment Management files a lawsuit against the company and its Board of Directors; Complaint seeks an order requiring that four board seats be up for election at the Annual Meeting of Shareholders
  • Phillips 66 (PSX) Files preliminary proxy statement for 2025 Annual Meeting
  • Qualcomm (QCOM) takes legal fight with Arm (ARM) to global antitrust agencies, according to Bloomberg
  • Rezolve AI Limited (RZLV) closes acquisition of GroupBy; expected to enhance significantly Rezolve Ai’s capabilities in AI-driven commerce, site search, and digital engagement
  • Samsung (SSNLF) announces CEO transition
  • Sanofi (SNY) receives FDA fast track designation for chlamydia vaccine
  • Santander (SAN) aiming to sell EUR 462 mln in home loans from Spain, according to Bloomberg
  • Sapiens Int'l (SAPN) declares cash dividend of $16.8 million, or $0.30/share, for the second half of 2024 and a special cash dividend of $20.1 million, or $0.36/share, for 2024
  • Schneider Electric (SBGSY) plans to invest over $700 million in the US, supporting energy & AI sectors and job growth
  • Sibanye-Stillwater's (SBSW) Keliber lithium and GalliCam projects have been awarded Strategic Project status by the European Commission
  • Silvaco Group (SVCO) selected by Faraday Technology Corporation to establish a networking backbone for its latest automotive ASIC design
  • Smith & Wesson Brands (SWBI): Supreme Court upholds Biden-era regulations on ghost guns in 7-2 ruling
  • TechnipFMC (FTI) awarded a major integrated Engineering, Procurement, Construction, and Installation contract by Shell for its Gato do Mato greenfield development offshore Brazil
  • Telus (TU) tapped advisors for tower network stake sale, according to Globe and Mail
  • Tesla (TSLA) aiming to launch in Saudi Arabia in April, according to Reuters
  • Tesla (TSLA): Canada has frozen rebate payments to Tesla, according to Reuters
  • Textron (TXT) announces acceptance of first unit training device delivery for the multi-engine training system ground based training system contract; contract options exercised for additional devices and support
  • The Vita Coco Company (COCO) issues statement regarding NINGI Research Report
  • Turkcell (TKC) Board resolved to increase the maximum fund amount for the buyback of Company’s shares
  • TXNM Energy (TXNM) unit received approval from the Public Utility Commission of Texas for its recent Transmission Cost of Service application
  • UBS (UBS) offering concessions to Swiss government, according to Reuters
  • UPS (UPS) announces the launch of UPS Global Checkout, an exciting new service that makes it even easier for consumers around the world to buy online from shippers around the world
  • Valneva SE (VALN) renews its sales agreement in connection with its existing at-the-market program
  • Veracyte (VCYT): New Data Demonstrate Accuracy of Veracyte’s Whole-Genome Sequencing-Based MRD Testing Platform for Muscle-Invasive Bladder Cancer
  • Verastem Oncology (VSTM) announces multiple presentations focused on RAS/MAPK pathway inhibition at AACR annual meeting 2025
  • Vicor (VICR) releases a DCM family of regulated 48V to 12V DC-DC converters
  • Volkswagen AG (VWAGY) mulling alternatives for MAN Energy Solutions unit, according to Bloomberg
  • Wave Life Sciences (WVE) Announces Positive Data from FORWARD-53 Clinical Trial in DMD Including Significant Functional Benefit and Reversal of Muscle Damage after 48 Weeks of Dosing with WVE-N531
  • Zai Lab (ZLAB) to Present New Data from Internally Developed, Next-Generation Oncology Candidates at AACR 2025 Annual Meeting
  • Zymeworks (ZYME) to Present Preclinical Data on T cell Engager and Antibody-Drug Conjugate Platforms in Six Posters at AACR Annual Meeting

• Upgrades:
  • Ashland (ASH) upgraded to Overweight from Neutral at JPMorgan, tgt $71
  • CarMax (KMX) upgraded to Overweight from Equal Weight at Stephens, tgt $90
  • ConnectOne (CNOB) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $32
  • Global-e Online (GLBE) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $46
  • New Gold (NGD) upgraded to Buy from Underperform at BofA, tgt $3.90
  • Perimeter Solutions (PRM) upgraded to Buy from Neutral at UBS, tgt $14
  • Playtika (PLTK) upgraded to Buy from Underperform at BofA, tgt $6.50
  • Range Resources (RRC) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $49
  • Summit Therapeutics (SMMT) upgraded to Buy from Neutral at Citi, tgt $35
  • TotalEnergies (TTE) upgraded to Buy from Neutral at Citi
  • Waters (WAT) upgraded to Outperform from Neutral at Baird, tgt $407
• Downgrades:
  • ArcelorMittal (MT) downgraded to Hold from Buy at Jefferies
  • Cemex (CX) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $13
  • J.B. Hunt (JBHT) downgraded to Neutral from Positive at Susquehanna, tgt $165
  • Micron (MU) downgraded to Hold from Buy at China Renaissance, tgt $84
  • Westlake (WLK) downgraded to Neutral from Overweight at Piper Sandler, tgt $120
• Others:
  • Dutch Bros (BROS) initiated with an Overweight at Wells Fargo, tgt $80
  • Erasca (ERAS) initiated with an Outperform at Raymond James, tgt $5
  • First Bancorp (FBNC) initiated with an Overweight at Stephens, tgt $48
  • HomeTrust (HTB) initiated with an Overweight at Stephens, tgt $43
  • Lakeland Industries (LAKE) initiated with a Buy at DA Davidson, tgt $28
  • Nexxen (NEXN) initiated with a Buy at Canaccord, tgt $12
  • Ovintiv (OVV) resumed with an Overweight at Morgan Stanley, tgt $57
  • Palvella Therapeutics (PVLA) initiated with a Buy at Stifel, tgt $45
  • Pearson (PSO) resumed with a Buy at Goldman Sachs
  • Relx (RELX) resumed with a Buy at Goldman Sachs
  • Shake Shack (SHAK) initiated with an Equal Weight at Wells Fargo, tgt $95
  • StoneX Group (SNEX) initiated with an Outperform at William Blair
  • Spotify (SPOT) initiated with a Buy at China Renaissance, tgt $740
  • Tenet Healthcare (THC) initiated with an Overweight at Morgan Stanley, tgt $165
  • Universal Health (UHS) initiated with an Equal Weight at Morgan Stanley, tgt $200
  • Wingstop (WING) initiated with an Overweight at Wells Fargo, tgt $270
  • WPP (WPP) resumed with a Neutral at Goldman Sachs

• Econ Data (Thursday):
  • 8:30 ET: Q4 GDP -- third estimate (Briefing.com consensus 2.3%; prior 2.3%), Q4 GDP Deflator -- third estimate (Briefing.com consensus 2.4%; prior 2.4%), Weekly Initial Claims (Briefing.com consensus 225,000; prior 223,000), Continuing Claims (prior 1.892 mln), advance February goods trade balance (prior -$153.3 bln), advance February Retail Inventories (prior -0.1%), and advance February Wholesale Inventories (prior 0.7%)
  • 10:00 ET: February Pending Home Sales (Briefing.com consensus 2.9%; prior -4.6%)
  • 10:30 ET: Weekly natural gas inventories (prior +9 bcf)
• Treasury Auctions:
  • 13:00 ET: $44 bln 7-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