After Hours Report

The stock market closed with gains across the board. The Dow Jones Industrial Average (+0.6%) jumped more than 200 points while the S&P 500 and Nasdaq Composite gained 0.7% and 0.9%, respectively. 

It wasn't a straight move higher for the major indices. There was continued volatility today as participants waited on President Trump's tariff announcement after the close. 

The higher finish was related in part to some optimism that the tariffs will be less robust than feared. CNBC reported that a 20% universal tariff is unlikely and there's also some hope that tariffs are still largely being used as a bargaining chip to bring other countries to the negotiating table.

The higher finish in equities was also driven by gains in some mega cap names, along with upside momentum after rebound action in recent sessions. Tesla (TSLA 282.70, +14.24, +5.3%), NVIDIA (NVDA 110.42, +0.27, +0.3%), Apple (AAPL 223.89, +0.70, +0.3%), and Amazon.com (AMZN 196.01, +3.84, +2.0%) were standouts in that respect.

Just about everything came along for the upside ride. Nine of the 11 S&P 500 sectors registered gains. The consumer discretionary (+2.0%), industrial (+0.9%), and financial (+0.9%) sectors led the charge. 

Treasuries saw an unwinding of safe-haven trading, which also contributed to the positive bias in equities. The 10-yr yield rose four basis points to 4.20%, and the 2-yr yield rose four basis points to 3.90%.

• Dow Jones Industrial Average: -0.8% YTD
• S&P 500: -3.6% YTD
• S&P Midcap 400: -4.5% YTD
• Russell 2000: -8.3% YTD
• Nasdaq Composite: -8.9% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index -1.6%; Prior -2.0%
• March ADP Employment Change 155K (Briefing.com consensus 120K); Prior was revised to 84K from 77K
• February Factory Orders 0.6% (Briefing.com consensus 0.4%); Prior was revised to 1.8% from 1.7%
  • The key takeaway from the report is that new orders for nondefense capital goods excluding aircraft, which are considered a proxy for business spending, decreased 0.2% despite the headline beat.

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

• 8:30 ET: Weekly Initial Claims (Briefing.com consensus 224,000; prior 224,000), Continuing Claims (prior 1.856 mln), and February Trade Balance (Briefing.com consensus -$121.0 bln; prior -$131.4 bln)
• 10:00 ET: March ISM Services (Briefing.com consensus 53.2%; prior 53.5%)
• 10:30 ET: Weekly natural gas inventories (prior +37 bcf)

Overseas:

• Europe: DAX -0.7%, FTSE -0.3%, CAC -0.2%
• Asia: Nikkei +0.3%, Hang Seng -0.0%, Shanghai +0.1%

Commodities:

• Crude Oil +0.52 @ 71.73
• Nat Gas +0.10 @ 4.05
• Gold +19.70 @ 3166.30
• Silver +0.29 @ 34.62
• Copper +0.02 @ 5.05

After-Hours Spotlight:

• Landstar System (LSTR) expects Q1 revs to finish at or near the midpoint of its prior guidance; lowers Q1 EPS outlook due to supply chain fraud... LSTR down 5.9%
• Lucid Group (LCID) announces production and delivery totals for Q1... LCID down 2.1%
• Major indices turning significantly lower following tariff announcement... QQQ -2.8%, SPY -2.1%, DIA -1.0%
• Penguin Solutions (PENG) beats by $0.14, beats on revs; raises FY25 EPS and revenue guidance... PENG up 5.0%
• RH (RH) misses by $0.34, misses on revs; guides Q1 revs below consensus; guides FY26 revs below consensus... RH down 25.9%

Fair Value for Thursday, April 3:

• S&P 500: 5,714
• Nasdaq 100: 19,754
• DJIA: 42,494

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

• Earnings/Guidance (Full Earnings Calendar):
  • AngioDynamics (ANGO) beats by $0.05, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • BlackBerry (BB) beats by $0.03, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY26 EPS in-line, revs in-line
  • CME Group (CME) reports Q1 and March 2025 market statistics
  • Cognyte Software (CGNT) beats by $0.05, beats on revs; guides FY EPS above consensus, revs above consensus
  • Delek Logistics Partners (DKL) provides investor updates in presentation; 2025 adj EBITDA expected to be $480-520 mln
  • Marex Group plc (MRX) sees Q1 revs above consensus
  • nCino (NCNO) misses by $0.07, reports revs in-line; guides Q1 EPS and revs below consensus; guides FY26 EPS and revs below consensus; authorizes a $100 mln share repurchase program
  • Rivian Automotive (RIVN) releases Q1 2025 production and delivery figures; it produced 14,611 vehicles at its manufacturing facility in Normal, Illinois and delivered 8,640 vehicles during the same perio
  • Stagwell (STGW) to host virtual investor day today; plans to reaffirm FY25 guidance and set a goal for $5 bln in revs by the end of FY29
  • Stellantis (STLA): FCA US reports Q1 sales declined 12% yr/yr
  • UniFirst (UNF) misses by $0.03, reports revs in-line; guides FY25 EPS below consensus, revs in-line
• General News
  • President Trump will announce tariff plans tonight at 4:00 PM and tariffs are expected to be effective immediately, according to Bloomberg
  • President Trump’s economic team preparing a new tariff option ahead of his April 2 trade policy announcement, according to the Wall Street Journal
  • Republicans win two special elections in Florida, adding two members to their House majority. Democratic Party supported judge Susan Crawford wins Wisconsin Supreme Court race, according to the New York Times
  • Republicans consider plan to increase cap on state and local tax deductions to $25,000, according to Bloomberg
  • President Trump will consider final proposal for TikTok today, according to CBS News
  • China aiming to restrict local companies from investing in US as response to tariffs, according to Bloomberg
  • WSJ reporter Gavin Bade says Treasury Secretary Scott Bessent's message to lawmakers was today's tariffs are a cap, tariffs could go down, not likely to go up
  • President Trump considering Iran's offer to have indirect nuclear talks, according to Axios
  • EU planning emergency measures to protect economy from President Trump's tariffs, according to Bloomberg
  • Mexico President Claudia Sheinbaum says her country will not impose "tit-for-tat tariffs", according to Financial Express
  • White House considering many options to save TikTok ahead of Saturday deadline, according to Washington Post
  • OnlyFans founder partners with crypto foundation in late bid to acquire TikTok, according to Reuters
  • President Trump could announce new "external revenue service" today to collect tariff revenue and add fees on low value packages from China, according to CBS News
  • Senators have enough votes to pass resolution to block President Trump's Canadian tariffs, but it will not pass the House - CNBC
  • FTC lawsuit against PBMs is on hold after President Trump fired two FTC commissioners, according to WSJ
  • Senate releases text of resolution for large reconciliation bill that includes tax cuts, spending cuts, immigration reform, energy reform, defense spending, and a debt ceiling increase; the Senate is expected to vote tomorrow
  • President Trump may propose new deal structure parameters with 'TikTok America', according to The Information
  • 8x8 (EGHT) announced 8x8 AI Orchestrator which allows organizations to create seamless decision flows and orchestration across multiple bots and vendor solutions to supercharge their digital transformation and future-proof AI investments
  • AC Immune (ACIU) Reports Further Interim Results from Phase 2 Trial of ACI-7104.056 Active Immunotherapy in Early Parkinson’s Disease
  • Adobe (ADBE): New AI innovation in industry-leading Adobe Premiere Pro empowers video pros to generate, edit and search footage at lightning speed
  • Align Technology (ALGN) announces invisalign system with mandibular advancement featuring occlusal blocks for class II Skeletal and dental correction
  • Altria (MO): Supreme Court issues ruling on flavored vapes case with FDA
  • Amazon (AMZN) makes surprise last-minute bid for TikTok, but faces skepticism, according to NYT
  • Amazon (AMZN) sent letter to VP JD Vance saying it wants to be involved in TikTok deal; Amazon has put in a bid - CNBC
  • Ansys Semiconductor Solutions (ANSS) certified by TSMC for reliable, accurate analysis of evolving chip designs
  • ArcelorMittal (MT) completes 85 million shares buyback program
  • Arcutis Biotherapeutics (ARQT) and Padagis agree to stay patent lawsuit
  • Arrow Electronics (ARW) and Ohmite have established a distribution agreement
  • Arthur J. Gallagher (AJG) acquires St. Louis, Missouri-based Imbs Holdings; financial terms were not disclosed
  • AutoZone (AZO) reduced the required percentage of the Company’s issued and outstanding voting stock required to call a special meeting of shareholders from a majority to 25%
  • Backblaze (BLZE) announced a partnership with PureNodal
  • BAE Systems (BAESY) received a $70 mln contract award from General Dynamics Electric Boat for the production of Virginia Payload Module missile tubes for Block VI Virginia-class submarines
  • BHP Group (BHP) once mulled spinning off iron ore and coal units, according to Reuters
  • Biogen (BIIB) announces that the U.S. FDA has granted Fast Track designation to BIIB080, an investigational antisense oligonucleotide therapy targeting tau, for the treatment of Alzheimer’s disease
  • BioMarin Pharmaceutical (BMRN) announces positive pivotal data for PALYNZIQ in adolescents with phenylketonuria
  • Bowman Consulting Group (BWMN) receives $2.2 mln contract for ADA design in Philadelphia
  • Comcast's (CMCSA) CNBC to introduce streaming platform and expand radio options, according to FT
  • Constellation Brands (STZ): Department of Commerce "adds two additional aluminum derivative products: beer and empty aluminum cans" to tariffs
  • CoreWeave (CRWV) achieves new record-breaking AI inferencing benchmark with NVIDIA (NVDA) GB200 grace blackwell superchips
  • Deutsche Bank (DB) settled greenwashing investigation in Germany, according to Bloomberg
  • Domino's Pizza (DPZ) and DoorDash (DASH) announce partnership
  • Domo (DOMO) announces partnership with Weather Trends for real-time and year-ahead weather-driven sales forecasting
  • DoubleVerify (DV) makes strategic investment in FirstPartyCapital to drive industry-wide innovation
  • Eli Lilly (LLY) says it has no affiliation with Hims & Hers Health
  • Embraer SA (ERJ) confirmed the selection of the Super Tucano aircraft as the new surveillance and protection platform for Panama's National Air and Naval Service
  • Enersys (ENS) announces strategic manufacturing restructuring: Monterrey, Mexico Facility Closure and U.S. Production Expansion
  • Eni S.p.A. (E) talking about EUR 13 bln valuation for Plenitude, according to Bloomberg
  • Enovis Corporation (ENOV) announces appointment of Damien McDonald as Chief Executive Officer
  • GE HealthCare (GEHC) and FPT expand strategic partnership to drive AI-Powered healthcare innovation
  • Greenwich LifeSciences (GLSI) announces 'positive' immune response data from FLAMINGO-01 Phase III clinical trial
  • GXO Logistics (GXO) renews multi-year contract with Grupa Zywiec in Poland
  • HP (HPQ) and Reincubate Partner to Deliver Personalized, NPU-Based, On-Device AI Capabilities
  • Huntington Ingalls (HII) announces that its Mission Technologies division was awarded a $133 mln contract by the U.S. Air National Guard to enhance the readiness and proficiency of flying units through live, virtual and constructive training
  • Interactive Brokers (IBKR) adds multi-monitor support and more to IBKR Desktop trading platform
  • Interface (TILE) invests in captured carbon material innovation
  • Keysight (KEYS), NTT Innovative Devices, and Lumentum achieve new benchmark 448 Gbps data transmission for AI Data Centers
  • Kohl's (KSS) announced that Siobhán Mc Feeney, the Company’s Chief Technology and Digital Officer, will be departing the Company effective April 2, 2025
  • Lithium Americas (LAC) announce FID for Thacker Pass Phase 1 and closes strategic investment from orion resource partners
  • Marcus Theaters (MCS) and CJ 4DPLEX announce an expansion of their successful partnership with the addition of three new 270-degree panoramic SCREENX auditoriums in Minnesota, Ohio, and Illinois
  • Marsh McLennan Agency (MMC) announced the acquisition of Arthur Hall Insurance, a West Chester, Pennsylvania-based full-service insurance agency, financial terms were not disclosed
  • Meta Platforms (META) CEO Mark Zuckerberg visited the White House three times to lobby to avoid antitrust trial, according to WSJ
  • Mirion Technologies (MIR) launches latest release of its Apex-Guard gamma spectroscopy software
  • NANO Nuclear Energy (NNE) announces the signing of a strategic collaboration with the University of Illinois Urbana-Champaign to construct the first research KRONOS micro modular reactor on the university’s campus
  • nCino (NCNO) authorizes $100 mln stock repurchase plan
  • Newmont Corporation (NEM): Patagonia Gold enters into option agreement with Newmont
  • Nintendo (NTDOY) says "The Nintendo Switch 2 system launches on June 5, 2025!"
  • Nokia (NOK) and Bharti Airtel are expanding their partnership with the deployment of Nokia’s Packet Core appliance-based and Fixed Wireless Access solutions for providing a better network experience for Airtel’s growing 4G/5G customer base
  • Novavax (NVAX) confirms it continues to wait on action from the FDA
  • NVIDIA (NVDA) H20 chips having China supply shortages, according to Digitimes
  • NVIDIA (NVDA) receiving chip orders from China firms, according to The Information
  • Penumbra (PEN) announced seven significant computer assisted vacuum thrombectomy data presentations during the 2025 Society of Interventional Radiology Annual Scientific Meeting
  • Quest Diagnostics (DGX) introduces HPV specimen self-collection for cervical cancer screening
  • Roche Hldg (RHHBY): Genentech provides update on Phase III Ocrevus high dose study in people with relapsing multiple sclerosis
  • Rockwell Automation (ROK) and Amazon Web Services announce they are working together to help streamline and accelerate the digital transformation of the manufacturing industry
  • Rogers Comms (RCI) and NHL announce 12-year national media rights deal
  • Siemens AG (SIEGY) approved the acquisition of Dotmatics for US$ 5.1 bln; anticipates closing in first half of fiscal year 2026
  • Sinclair Broadcast (SBGI) has achieved a groundbreaking milestone in drone journalism
  • Sony Electronics (SONY) details several BRAVIA updates
  • Target (TGT) and kate spade new york partner for one of Target's largest limited-time collections
  • Tenable (TENB) achieves FedRAMP authorization for Tenable One and Tenable Cloud Security
  • Tesla (TSLA) CEO Elon Musk will step back from current roles as partner in governing, but President Trump remains pleased with him, according to Politico
  • Tesla (TSLA): White House Press Secretary Karoline Leavitt denies Politico report that TSLA CEO Elon Musk will step back from government roles
  • Toll Brothers (TOL) announces new phase of home sites and groundbreaking of resort-style amenities at the pines at sugar creek 55+ community in Indian Land, South Carolina
  • Trump Media & Technology Group Corp. (DJT) issues statement on filing of form S-3
  • Uber (UBER): Coco Robotics expands Uber Eats Partnership to Miami; highlights joint commitment to providing sustainable, efficient last-mile delivery solutions nationwide
  • Unity Software (U) announces that it will provide game developers with official support for Nintendo Switch 2 (NTDOY)
  • Universal Insurance Holdings Company (UVE) Announces Successful Conclusion of Claim Data Review
  • Valens Semiconductor (VLN) announced that Valens' VA7000 MIPI A-PHY-compliant chipsets will form the in-car, sensor to compute connectivity infrastructure for Mobileye (MBLY) EyeQ 6 High automated and autonomous production programs
  • Vishay Intertechnology (VSH) releases AEC-Q100 qualified RGBIR color sensor in compact 2.67 mm x 2.45 mm x 0.6 mm package
  • Wal Mart (WMT) pushing China suppliers to lower prices amid new tariffs, according to Bloomberg
  • WeRide (WRD) partners with Uber (UBER) and Dubai’s Road and Transport Authority to bring autonomous vehicles to Dubai
  • Winnebago (WGO) announces the settlement in cash of the remaining $59.3 mln aggregate principal amount of 1.50% unsecured convertible senior notes due April 1, 2025

• Upgrades:
  • Broadcom (AVGO) upgraded to Buy from Outperform at Daiwa, tgt $225
  • Charles Schwab (SCHW) upgraded to Buy from Neutral at Citigroup, tgt $102
  • Compass Therapeutics (CMPX) upgraded to Outperform from Market Perform at Leerink, tgt $6
  • Equitable Holdings (EQH) upgraded to Buy from Neutral at UBS, tgt $77
  • Fiserv (FI) upgraded to Buy from Neutral at Goldman Sachs, tgt $260
  • Hilltop Holdings (HTH) upgraded to Market Perform from Underperform at Raymond James
  • Jack Henry (JKHY) upgraded to Neutral from Sell at Goldman, tgt $183
  • Reinsurance Group (RGA) upgraded to Overweight from Neutral at JPMorgan, tgt $237
  • Rocket Companies (RKT) upgraded to Buy from Hold at Deutsche Bank, tgt $16
  • Sarepta (SRPT) upgraded to Neutral from Sell at H.C. Wainwright, tgt $75
  • Scotts Miracle-Gro (SMG) upgraded to Buy from Hold at Truist, tgt $70
  • Surf Air Mobility (SRFM) upgraded to Buy from Hold at Canaccord Genuity, tgt $3.25
  • Takeda (TAK) upgraded to Overweight from Equal Weight at Morgan Stanley
• Downgrades:
  • Beacon (BECN) downgraded to Sector Perform from Outperform at RBC Capital
  • BioLineRx (BLRX) downgraded to Hold from Buy at JonesResearch
  • Corebridge (CRBG) downgraded to Sell from Buy at UBS, tgt $28
  • FTI Consulting (FCN) downgraded to Hold from Buy at Truist, tgt $178
  • nCino (NCNO) downgraded to Sector Perform from Outperform at Scotiabank, tgt $19
  • Neumora Therapeutics (NMRA) downgraded to Underperform from Buy at BofA Securities, tgt $1
  • Paramount (PARA) downgraded to Hold from Buy at Deutsche Bank, tgt $12
  • Reinsurance Group (RGA) downgraded to Neutral from Buy at UBS, tgt $216
  • Synovus (SNV) downgraded to Market Perform from Outperform at Raymond James
  • Third Coast (TCBX) downgraded to Market Perform from Outperform at Raymond James
  • Timken (TKR) downgraded to Hold from Buy at Jefferies, tgt $70
  • Truist Financial (TFC) downgraded to Market Perform from Outperform at Raymond James
  • USCB Financial (USCB) downgraded to Market Perform from Outperform at Raymond James
• Others:
  • Anheuser-Busch InBev (BUD) initiated with a Buy at Berenberg
  • Boston Beer (SAM) initiated with a Hold at Berenberg, tgt $281.10
  • Brown-Forman (BF.B) initiated with a Hold at Berenberg, tgt $37.50
  • CenterPoint Energy (CNP) initiated with a Buy at Jefferies, tgt $42
  • Core Scientific (CORZ) initiated with a Buy at Clear Street, tgt $20
  • Diageo (DEO) initiated with a Buy at Berenberg
  • EHang (EH) initiated with a Buy at Daiwa, tgt $30
  • GE Vernova (GEV) initiated with a Positive at Susquehanna, tgt $370
  • Labcorp (LH) initiated with a Buy at Redburn Atlantic, tgt $276
  • Molson Coors (TAP) initiated with a Buy at Berenberg, tgt $86.90
  • NRx Pharmaceuticals (NRXP) initiated with a Buy at BTIG Research, tgt $18
  • Odysight.ai (ODYS) initiated with a Buy at Benchmark, tgt $10
  • Quest Diagnostics (DGX) initiated with a Buy at Redburn Atlantic, tgt $195
  • Snowflake (SNOW) initiated with a Neutral at Macquarie, tgt $160
  • Strategy (MSTR) initiated with a Buy at Clear Street, tgt $422

• Econ Data (Thursday):
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 224,000; prior 224,000), Continuing Claims (prior 1.856 mln), and February Trade Balance (Briefing.com consensus -$121.0 bln; prior -$131.4 bln)
  • 10:00 ET: March ISM Services (Briefing.com consensus 53.2%; prior 53.5%)
  • 10:30 ET: Weekly natural gas inventories (prior +37 bcf)
• Earnings:
  • Monday (Mar 31)
    • Pre-Market: LOAR
    • After-Hours: LPRO PRGS PVH TTGT
  • Tuesday (April 1)
    • Pre-Market: None
    • After-Hours: NCNO
  • Wednesday (April 2)
    • Pre-Market: ANGO CGNT UNF
      
    • After-Hours: BB PENG RH
  • Thursday (April 3)
    • Pre-Market: AYI CAG LW LNN MSM
    • After-Hours: GES SLP
  • Friday (Mar 28)
    • Pre-Market: None
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike