After Hours Report

It was another volatile session in the stock market. There was a strong rally right out of the gate, resulting in the S&P 500 and Nasdaq Composite trading up as much as 4.1% and 4.6%, respectively. The Dow Jones Industrial Average was more than 1,400 points higher than yesterday at its best level.

However, the major indices finished in negative territory and the S&P 500 (-1.6%) closed below 5,000. Catalysts being cited as reasons for the deterioration include a confirmation from the White House that 104% tariffs on imports from China go into effect at midnight tonight, and weak demand for today's $58 billion 3-yr note auction. 

Stocks were already in a slow decline before those catalysts were in play, which suggests some selling into early strength as a driving factor for the turnaround. 

Increased selling in mega caps and chipmakers was another driving factor. Apple (AAPL 172.42, -9.04, -5.0%), which had been up as much as 4.9% at its session high, and NVIDIA (NVDA 96.30, -1.34, -1.4%), which had surged as much as 8.4%, were influential losers from the space. 

Every S&P 500 sector was higher in the early rally, and every sector rolled over. The materials (-3.0%) and consumer discretionary (-2.5%) sectors were the worst performers, while the financial sector saw the slimmest loss, down 0.4%.

The Treasury market also exhibited a sharp turnaround. The 10-yr yield, which settled 11 basis points higher at 4.26%, moved as low as 4.17% today.

Today's economic calendar was limited to the NFIB Small Business Optimism Survey, which dropped to 97.4 in March from 100.7. 

• Dow Jones Industrial Average: -11.5% YTD
• S&P 500: -15.3% YTD
• S&P Midcap 400: -17.9% YTD
• Nasdaq Composite: -20.9% YTD
• Russell 2000: -21.1% YTD

Overseas:

• Europe: DAX +2.4%, FTSE +2.7%, CAC +2.5%
• Asia: Nikkei +6.0%, Hang Seng +1.5%, Shanghai +1.6%

Commodities:

• Crude Oil -0.97 @ 59.71
• Nat Gas -0.17 @ 3.48
• Gold +15.80 @ 2989.20
• Silver +0.05 @ 29.64
• Copper -0.13 @ 4.12

After-Hours Spotlight:

• Aehr Test Systems (AEHR) beats by $0.03 (two estimates), beats on revs; Temporarily withdraws FY25 guidance due to tariff uncertainty... AEHR up 6.2%
• Cal-Maine Foods (CALM) misses by $0.34, reports revs in-line; Announced definitive agreement to acquire Echo Lake Foods... CALM down 4.4%
• Lucid Group (LCID) announces closing of private offering of $1.1 billion of convertible senior Notes Due 2030 and repurchase of ~$1B principal of existing 1.25% convertible notes due in 2026... LCID up 0.4%
• Procter & Gamble (PG) increases quarterly cash dividend to $1.0568/share from $1.0065/share... PG down 0.3%

Fair Value for Wednesday, April 9:

• S&P 500: 5,016
• Nasdaq 100: 17,226
• DJIA: 37,849

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

• Earnings/Guidance (Full Earnings Calendar):
  • Cormedix (CRMD) sees Q1 revs above consensus
  • CVRx, Inc. (CVRX) issues downside Q1 revenue guidance, stating that newer sales reps are still in early stages of territory development
  • Dave & Buster's (PLAY) beats by $0.02, misses on revs, comparable sales of -9.4%; Provides outlook for FY25, including capex of less than $200 mln
  • Greenbrier (GBX) misses by $0.22 (two estimates), misses on revs; Lowers FY25 revs guidance below two analyst estimate
  • KORU Medical Systems (KRMD) reiterated full year 2025 revenue guidance of $38.0-$39.0 mln vs 38.42 mln estimate
  • Levi Strauss (LEVI) beats by $0.10, revs in-line; reaffirms FY25 EPS guidance, revs guidance
  • RPM Inc (RPM) misses by $0.15, misses on revs; guides Q4 revs below consensus
  • Samsung (SSNLF) sees Q1 sales of KRW78-80 tln
  • United Micro (UMC) reports March sales increased 9.3% yr/yr to ~NT$19.86 bln
  • Walgreens Boots Alliance (WBA) beats by $0.10, beats on revs
  • WD-40 (WDFC) beats by $0.05 (two estimates), misses on revs; guides FY25 EPS in-line, revs in-line
• General News
  • Chinese Ministry of Commerce says "US threat to escalate tariffs on China is a mistake"; says "China will not accept it and will fight to the end"
  • Treasury Secretary Scott Bessent says 70 countries want trade talks and everything is on the negotiating table. He said it will be a busy three months, according to Bloomberg
  • Treasury Secretary Scott Bessent encouraged President Trump to focus on negotiating trade deals to risk further market declines, according to Politico
  • President Trump not considering delay in tariffs that are due to go into effect tomorrow at 12:01 AM; New China tariffs (bringing the total to 104%) will also go into effect tomorrow at 12:01 AM
  • President Trump says he had a "great call" with Acting President of South Korea; says their team is heading to the US for talks; says waiting for "call from China"
  • Elon Musk made direct appeal to President Trump to remove tariffs, but he was unsuccessful, according to Washington Post
  • USTR Ambassador Jamieson Greer in Senate testimony says that China has not offered a path forward on reciprocity; says other countries are reaching out; says higher country-specific tariffs will go into effect tomorrow as scheduled
  • Canada says "Effective April 9, 2025, the Government of Canada is imposing 25% tariffs on non-USMCA-compliant U.S.-made vehicles"
  • People's Bank of China fixed renminbi at its weakest level in 18 months
  • Senate Majority Leader John Thune says that bill to limit presidential tariff authority "doesn't have a future", according to The Hill
  • White House will eliminate barriers for federal artificial intelligence use and procurement
  • CMS finalizes 2026 payment policy updates for Medicare Advantage and Part D programs; 5.06% average increase for Medicare Advantage plans
  • U.S. Treasury sold $58 bln in 3-yr notes to soft demand. The sale drew a high yield of 3.784%, which tailed the when-issued yield by 2.4 basis points.
  • DOJ confirms unit focused on crypto related investigations will be disbanded
  • Private Medicare plans to get large rate boost from Trump administration next year, according to the Wall Street Journal
  • Whiskey industry preparing for tariffs, according to the New York Times
  • AAR Corp (AIR) forms a joint venture, KALS LLC, with KIRA Aviation Services under the federal government's Small Business Administration Mentor-Protégé Program
  • AbbVie (ABBV) receives EC approval of RINVOQ
  • Aecom Tech (ACM) has been selected as a Design Development Partner for Sydney Water, Australia’s largest water utility
  • Air Lease (AL) announced an update on aircraft investments, sales, and other activities occurring in the first quarter of 2025
  • Alibaba (BABA) will upgrade suite of artificial intelligence tools, according to Bloomberg
  • Apple (AAPL) consumers are rushing to buy iPhones before tariffs, according to Bloomberg
  • Arcos Dorado (ARCO) releases annual letter; details plans to roll-out more features in Mobile App and implement Loyalty Program to all markets in 2025
  • Argan (AGX) receives notice to proceed on previously announced EPC services contract
  • argenx (ARGX) Highlights VYVGART Data at AAN 2025 Setting New Standard in Sustained Efficacy and Improved Quality of Life Measures for Patients Living with gMG and CIDP
  • AstraZeneca (AZN) highlights breakthroughs in infectious disease prevention at ESCMID 2025
  • AstraZeneca (AZN) receives EU approval of DATROWAY
  • Barrick (GOLD): Reko Diq JV shareholders approve project, select fluor as EPCM
  • Boeing (BA): FAA is superseding Airworthiness Directive 2021-09-06, which applied to all The Boeing Company Model 737-600, -700, -700C, -800, -900, and -900ER series airplanes
  • Borr Drilling (BORR) provides contracting and fleet updates
  • Broadcom (AVGO) announces $10 billion share repurchase authorization
  • BW LPG Ltd (BWLP) launches share buy-back program
  • CACI Intl (CACI) awarded a five-year task order valued at up to $66 mlnto provide expertise to U.S. Navy's Naval Surface Warfare Center
  • Cartesian Therapeutics’ (RNAC) Descartes-08 Observed to Provide Deep and Sustained Benefits Through Month 12 After a Single Course of Therapy in Phase 2b Myasthenia Gravis Trial
  • Core Scientific (CORZ) releases unaudited production and operations updates for March 2025; mines 247 bitcoin
  • CVS Health (CVS) provides CFO transition plan; names CMO; expects to meet or exceed FY25 guidance
  • Docebo (DCBO) promoted interim Chief Financial Officer Brandon Farber to Chief Financial Officer, effective immediately
  • ECARX Holdings (ECX) approves additional $20 mln in share repurchase authorization, bringing total repurchase authorization to $40 mln; Term now extended to March 31, 2026
  • Euroseas (ESEA) announces a new time charter contract for its 1,800 teu feeder containership, M/V Monica for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of $23,500
  • FB Financial (FBK) confirmed James W. Ayers passed away on April 1, 2025 (owned approximately 23% of common stock)
  • Generac (GNRC) announces new generators designed for the data center market
  • General Motors (GM) ending production of gas powered Cadillac XT6; will continue production of smaller Cadillac crossover, according to CNBC
  • Harley-Davidson (HOG) confirms that it is engaged in an on-going CEO search process
  • Johnson & Johnson (JNJ) highlights new data that showcase the strength of nipocalimab, demonstrating long-term sustained disease control in adults living with generalized myasthenia gravis (gMG)
  • KalVista Pharmaceuticals (KALV) enters into licensing agreement with Kaken Pharmaceutical to commercialize sebetralstat for HAE in Japan
  • Kura Oncology (KURA) and Kyowa Kirin Announce Submission of New Drug Application for Ziftomenib to FDA
  • Lloyds Banking (LYG): UK CMA issues letter to Lloyds about breaching Part 5 of the retail banking order 
  • MagnaChip Semi (MX) approves plan to shut down its Display business by the end of 2Q25
  • NASDAQ (NDAQ) reports March trading volumes
  • Nyxoah S.A. (NYXH) provides update on FDA Approvable Letter for Genio System; expects to meet final FDA requirements for full PMA approval in Q2
  • Pacira BioSciences (PCRX) announces settlement of U.S. Patent Litigation for EXPAREL
  • Paramount Global (PARA): President Trump and Paramount agree to mediator for lawsuit, according to the New York Times
  • Peabody Energy (BTU): President Trump wants to expand use of coal in US with executive order later today, according to Bloomberg
  • Phillips 66 (PSX) files definitive proxy statement and issues letter to shareholders
  • PDD (PDD): China wants Shein to stop supply chain shifts, according to Bloomberg
  • PNC (PNC) names former BlackRock exec Mark Wiedman as president of the corporation and its wholly owned banking subsidiary, PNC Bank, effective immediately
  • PRA Group (PRAA) appoints President of PRA Group Europe Martin Sjolund to serve as President and CEO, effective June 17
  • RTX (RTX) and Delta (DAL) to increase GTF MRO capacity by 30%; RTX and MTU Aero Engines strengthen network collaboration; provides product updates
  • Rumble (RUM) joins Rebel News Network and its founder, Ezra Levant, in suing the government of Canada, Member of Canadian Parliament Ya’ara Saks, and other officials, for conspiring to deprive them of their constitutional right to free expression
  • SIGA Technologies (SIGA) declared a special cash dividend of $0.60 per share
  • Taiwan Semiconductor Manufacturing (TSM) faces potential $1 billion+ U.S. fine over chip found in Huawei AI processor, according to Reuters
  • Union Bankshares (UNB) appointed Company Vice President, Treasurer and Chief Financial Officer, Karyn J. Hale, age 55, to the newly created position of Chief Operating Officer of Union Bank
  • V2X (VVX) awarded a $62 mln US Space Force contract ensuring operational readiness of the COBRA DANE radar system in Alaska

• Upgrades:
  • AGCO (AGCO) upgraded to Buy from Neutral at Citigroup
  • Agilon Health (AGL) upgraded to Outperform from Market Perform at Bern, tgt $8.50
  • Antero Resources (AR) upgraded to Buy from Neutral at TD Cowen, tgt $46
  • Ares Management (ARES) upgraded to Market Outperform from Market Perform at Citizens JMP, tgt $165
  • Blackstone (BX) upgraded to Market Outperform from Market Perform at Citizens JMP, tgt $165
  • Cboe (CBOE) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $235
  • CDW (CDW) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $171
  • Centene (CNC) upgraded to Hold from Underperform at Jefferies, tgt $64
  • CME Group (CME) upgraded to Overweight from Equal Weight at Morgan Stanley
  • Dollar General (DG) upgraded to Buy from Hold at Melius, tgt $110
  • EQT Corp (EQT) upgraded to Buy from Hold at TD Cowen, tgt $54
  • Essent (ESNT) upgraded to Overweight from Neutral at JPMorgan, tgt $60
    
  • Evercore (EVR) upgraded to Market Outperform from Market Perform at Citizens JMP, tgt $230
  • Expand Energy (EXE) upgraded to Buy from Neutral at TD Cowen
  • First American (FAF) upgraded to Outperform from Market Perform at KBW, tgt $75
  • FNF (FNF) upgraded to Outperform from Market Perform at KBW, tgt $69
  • Guild Holdings (GHLD) upgraded to Neutral from Underperform at JPMorgan, tgt $12
  • Gulfport Energy (GPOR) upgraded to Buy from Neutral at TD Cowen, tgt $197
  • Knight-Swift (KNX) upgraded to Buy from Neutral at Citigroup, tgt $48
  • Levi Strauss (LEVI) upgraded to Overweight from Equal Weight at JPMorgan, tgt $17
  • MarketAxess (MKTX) upgraded to Overweight from Equal Weight at Morgan Stanley
  • Mettler-Toledo (MTD) upgraded to Hold from Sell at CFRA, tgt $1,045
  • Nubank (NU) upgraded to Overweight from Neutral at JPMorgan, tgt $13
  • Old Dominion (ODFL) upgraded to Buy from Hold at Citigroup, tgt $183
  • Palomar (PLMR) upgraded to Overweight from Neutral at JPMorgan, tgt $150
    
  • PennyMac (PFSI) upgraded to Outperform from Market Perform at KBW, tgt $114
  • Ralph Lauren (RL) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $240
  • Range Resources (RRC) upgraded to Buy from Hold at Roth Capital Partners, tgt $42
  • RenaissanceRe (RNR) upgraded to Overweight from Neutral at JPMorgan, tgt $284
  • Rocket Cos. (RKT) upgraded to Equal Weight from Underweight at Barclays, tgt $14
  • Ross Stores (ROST) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $150
  • RPC Inc. (RES) upgraded to Neutral from Sell at Citigroup, tgt $4.75
  • Schneider National (SNDR) upgraded to Neutral from Sell at Citigroup, tgt $23
  • Schwab (SCHW) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $76
  • SkyWest (SKYW) upgraded to Buy from Neutral at Goldman Sachs, tgt $117
  • SLB (SLB) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $44
  • Southern Co (SO) upgraded to Neutral from Underweight at JPMorgan, tgt $94
  • Teradata (TDC) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $26
  • Union Pacific (UNP) upgraded to Buy from Neutral at Citigroup, tgt $244
  • WEC Energy (WEC) upgraded to Neutral from Underweight at JPMorgan
  • Wells Fargo (WFC) upgraded to Overweight from Neutral at Piper Sandler, tgt $77
    
  • Welltower (WELL) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $158
  • Werner Enterprises (WERN) upgraded to Neutral from Sell at Citigroup, tgt $29
  • Wix.com (WIX) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $176
• Downgrades:
  • AIG (AIG) downgraded to Neutral from Overweight at JPMorgan, tgt $91
  • Alcoa (AA) downgraded to Underperform from Neutral at BofA Securities, tgt $26
  • AMD (AMD) downgraded to Sector Weight from Overweight at KeyBanc
  • American Air (AAL) downgraded to Sell from Neutral at Goldman Sachs, tgt $8
  • Baldwin Insurance (BWIN) downgraded to Neutral from Overweight at JPMorgan, tgt $45
  • Chegg (CHGG) downgraded to Underweight from Neutral at JPMorgan
  • Dominion Energy (D) downgraded to Underweight from Neutral at JPMorgan
  • Fluence Energy (FLNC) downgraded to Equal Weight from Overweight at Barclays, tgt $5
  • GE Aerospace (GE) downgraded to Neutral from Buy at President Capital Management
  • HP Enterprise (HPE) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $14
  • Lemonade (LMND) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $24
  • Liberty Energy (LBRT) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $11
  • Nasdaq Inc. (NDAQ) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $74
  • Occidental (OXY) downgraded to Hold from Buy at TD Cowen, tgt $45
  • Robinhood (HOOD) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $40
    
  • Signet (SIG) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $70
  • Tradeweb (TW) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $148
• Others:
  • Affirm Holdings (AFRM) rated new Buy at TD Cowen, tgt $50
  • Coinbase (COIN) rated new Overweight at Cantor Fitzgerald, tgt $245
  • Equity LifeStyle Properties (ELS) rated new Buy at Jefferies, tgt $80
  • Inspired Entertainment (INSE) reinstated Buy at B. Riley, tgt $13
  • Iron Mountain (IRM) rated new Buy at Truist, tgt $95
  • Kalaris Therapeutics (KLRS) rated new Outperform at William Blair
  • LifeStance Health (LFST) rated new Overweight at KeyBanc, tgt $9
  • MasTec (MTZ) rated new Overweight at Piper Sandler, tgt $134
  • MYR Group (MYRG) rated new Neutral at Piper Sandler, tgt $124
  • Ocular Therapeutix (OCUL) rated new Outperform at William Blair
  • Primoris Services (PRIM) rated new Overweight at Piper Sandler, tgt $75
  • Primo Brands (PRMB) resumed Buy at TD Cowen, tgt $48
  • Quanta Services (PWR) reinstated Overweight at Piper Sandler, tgt $286
  • Rapport Therapeutics (RAPP) rated new Market Outperform at Citizens JMP
  • Red River Bancshares (RRBI) rated new Outperform at Raymond James, tgt $57
  • ServiceTitan (TTAN) rated new Buy at TD Cowen, tgt $120
  • Spyre Therapeutics (SYRE) rated new Outperform at Leerink, tgt $45
  • Sun Communities (SUI) rated new Buy at Jefferies, tgt $150
  • Vertiv Holdings (VRT) rated new Buy at Roth Capital Partners, tgt $75
  • Viking Therapeutics (VKTX) rated new Neutral at Goldman Sachs, tgt $30
  • VolitionRX (VNRX) rated new Buy at H.C. Wainwright, tgt $2.50
  • Wave Life Sciences (WVE) rated new Outperform at Wedbush, tgt $18
  • Weyerhaeuser (WY) reinstated Overweight at JPMorgan, tgt $31

• Econ Data (Wednesday):
  • 07:00 ET: MBA Mortgage Applications Index (prior -1.6%)
  • 10:00 ET: February Wholesale Inventories (Briefing.com consensus 0.3%; prior 0.8%)
  • 10:30 ET: EIA Crude Oil Inventories (prior +6.17M)
• Earnings:
  • Monday (Apr 7)
    • Pre-Market: None
    • After-Hours: PLAY GBX LEVI
  • Tuesday (April 8)
    • Pre-Market: RPM TLRY WDFC
    • After-Hours: CALM
  • Wednesday (April 9)
    • Pre-Market: DAL NEOG SMPL
      
    • After-Hours: STZ PSMT
  • Thursday (April 10)
    • Pre-Market: KMX LOVE
    • After-Hours: None
  • Friday (Apr 11)
    • Pre-Market: BLK BK FAST JPM MS WFC
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike