After Hours Report

Updated: 11-Jun-25 17:11 ET

Oracle sees nice boost after earnings report

The stock market finished Wednesday on a lower note after an early push to levels not seen since late February gave way to midday profit taking. The S&P 500 (-0.3%) narrowed this week's gain to 0.4% while the Nasdaq (-0.5%) underperformed, trimming its week-to-date gain to 0.4%. The Dow (unch) outperformed today after lagging earlier this week, which leaves it up 0.2% since last Friday.

Equities climbed out of the gate, emboldened by the May CPI report, which was cooler than expected at the headline (0.1%; Briefing.com consensus 0.2%) and core (0.1%; Briefing.com consensus 0.3%) levels. However, even with the positive month-over-month surprise, year-over-year CPI accelerated to 2.4% from 2.3% in April while Core CPI remained at 2.8% for the third month in a row.

The post-CPI boost overshadowed an underwhelming update from U.S. China talks, which did not result in any groundbreaking agreements. Instead, the two sides agreed to implement what was already agreed upon during a mid-May meeting in Switzerland. In other trade-related news:

Commerce Secretary Lutnick said that the 55% tariff rate on imports from China will not change.
U.S. Court of Appeals upheld President Trump's tariffs ahead of a full hearing that will be held this summer.
The U.S. and India might announce an interim trade deal by the end of the month, according to Reuters.
A trade deal between the U.S. and the European Union could be made after the July 9 deadline, according to Bloomberg.
The U.S. is nearing a deal with Mexico to reduce steel tariffs and cap imports, according to Bloomberg.
The U.S. and Canada have begun exchanging terms on a deal pertaining to trade and security, according to The Globe and Mail.

Seven sectors finished the day in negative territory, but only two lost more than 0.6%. The consumer discretionary sector (-1.0%) ended at the bottom of the leaderboard, weighed down by the reduced likelihood of a change to the tariff rate on imports from China, while the materials sector (-1.0%) also lagged with Nucor (NUE 117.13, -7.55, -6.1%) and Steel Dynamics (STLD 130.03, -3.78, -2.8%) falling sharply amid reports of a likely reduction to tariffs on steel imports from Mexico.

Top-weighted technology (-0.3%) outperformed in early trade before catching down to the broader market during afternoon profit taking. Apple (AAPL 198.78, -3.89, -1.9%) lagged from the start while NVIDIA (NVDA 142.83, -1.12, -0.8%) reversed from early strength.

Quantum computing stocks like Rigetti Computing (RGTI 12.52, +1.28, +11.4%) and Quantum Computing (QUBT 18.97, +3.84, +25.4%) also met some late profit taking, though they held onto the bulk of their big gains that followed comments from NVIDIA CEO Huang, who said that the quantum industry is at an inflection point.

On the upside, the energy sector (+1.5%) continued its strong week (+3.5%), and an equally impressive start to June (+5.8%) amid signs of rising tensions in the Middle East, resulting from an AP report that nonessential personnel at the U.S. Embassy in Baghdad received clearance to leave voluntarily. Crude oil soared $3.25, or 5.0%, to $68.21/bbl on the news, with some assistance from a bullish inventory report.

Treasuries finished the day on their highs with the 10-yr yield falling six basis points to 4.41% thanks to the cool May CPI.

Reviewing today's economic data:

Total CPI was up 0.1% month-over-month in May (Briefing.com consensus 0.2%) after increasing 0.2% in April. Core CPI, which excludes food and energy, was up 0.1% month-over-month (Briefing.com consensus 0.3%) after increasing 0.2% in April. On a year-over-year basis, total CPI was up 2.4%, versus 2.3% in April. Core CPI was up 2.8% year-over-year, versus 2.8% in April.
- The key takeaway from the report is that both headline and core CPI were lower than expected on a month-over-month basis. While these readings may not give a big boost to near-term rate cut expectations, they should also not cause the market to think that the next cut will be delayed.
The Treasury Budget for May showed a deficit of $316.0 billion compared to a deficit of $347.1 billion in the same period a year ago. The May deficit resulted from outlays ($687.2 billion) exceeding receipts ($371.2 billion). The Treasury Budget data are not seasonally adjusted so the May deficit cannot be compared to the April surplus of $258.4 billion.
- The key takeaway from the report is that the year-to-date deficit is still up a sizable 13.6% year-over-year, though it is down from 22.0% in April, 23.0% in March, and 38.5% in February.

Tomorrow, the market will receive May PPI (Briefing.com consensus 0.2%; prior -0.5%), Core PPI (Briefing.com consensus 0.3%: prior -0.4%), weekly Initial Claims (Briefing.com consensus 250,000; prior 247,000), and Continuing Claims (prior 1.904 mln) at 8:30 ET.

S&P 500 +2.4% YTD
Nasdaq Composite +1.6% YTD
Dow Jones Industrial Average +0.8% YTD
S&P Midcap 400 -2.2% YTD
Russell 2000 -3.7% YTD

Overseas:

Europe: DAX -0.1%, FTSE +0.1%, CAC -0.4%
Asia: Nikkei +0.6%, Hang Seng +0.8%, Shanghai +0.5%

Commodities:

Crude Oil +3.25 @ 68.21
Nat Gas -0.02 @ 3.51
Gold +1.20 @ 3344.20
Silver -0.38 @ 36.27
Copper -0.08 @ 4.82

After-Hours Spotlight:

Cisco (CSCO) ticking higher in after-hours trading as Saudi Arabia taps company and Advanced Micro Devices (AMD) for AI cloud project, according to The Information... CSCO up 0.7% and AMD up 0.6%
Cloudflare (NET) announces proposed private offering of $1.75 billion of convertible senior notes due 2030... NET down 2.5%
Insmed (INSM) announces proposed $650 million public offering of common stock... INSM down 1.4%
Oklo Inc. (OKLO) commences public offering of $400 mln shares of common stock... OKLO down 5.3%
Oracle (ORCL) beats by $0.06, beats on revs... ORCL up 6.9%
Simulations Plus (SLP) issues downside revenue guidance for Q3 and FY25... SLP down 13.0%

Fair Value for Thursday, June 12:

S&P 500: 6,026
Nasdaq 100: 21,881
DJIA: 42,894

Today's News Summary:

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

Earnings/Guidance (Full E arnings Calendar):
- Bitdeer Technologies (BTDR) provides May 2025 production and operations update
- Bread Financial (BFH) provides performance update for May 2025
- Chewy (CHWY) beats by $0.18, reports revs in-line
- Comerica (CMA) provides investor updates in presentation with loan update - sees favorable trends quarter-to-date; sess Q2 avg balances to outperform prior guidance
- Dave & Buster's (PLAY) misses by $0.25, reports revs in-line; Reiterates FY25 outlook for capex and pre-opening expense
- GameStop (GME) beats by $0.09 (single estimate), misses on revs
- GitLab (GTLB) beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY26 EPS above consensus, reaffirms FY26 revs guidance
- Huntington Banc (HBAN) provides investor updates in presentation - highlights capital growth outlook
- KeyCorp (KEY) releases presentation for Morgan Stanley conference
- LATAM Airlines (LTM) capacity increased 7.2% in May compared to the same month of 2024
- M&T Bank (MTB) provides investor updates in presentation with 2025 outlook
- O-I Glass (OI) provides investor updates in presentation; direct tariff exposure limited so far with ~4.5% og global sales volume exposed
- SailPoint (SAIL) beats by $0.02, beats on revs; guides Q2 EPS in-line, revs above consensus; raises FY26 EPS, revenue, and ARR guidance
- Stitch Fix (SFIX) beats by $0.06, beats on revs; guides Q4 revs above consensus; guides FY25 revs above consensus
- Victoria's Secret (VSCO) misses by $0.21, misses on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY26 revs guidance
- VinFast Auto (VFS) announced its preliminary domestic Vietnam deliveries of 11,496 electric vehicles in May 2025
General News
- Commerce Secretary Howard Lutnick tells reporters that U.S. and China reached a framework to implement trade consensus from Geneva; says President Trump and Chinese President Xi still need to approve the deal
- Appeals Court keeps President Trump's tariffs under emergency authority in place; will fast track case for hearing this summer
- US, Mexico are nearing a deal to cut steel duties and cap imports, according to Bloomberg
- EU expects trade discussions will last beyond July, according to Bloomberg
- ECB says international use of the euro broadly stable in 2024
- Republicans plan to scale back some cuts to food stamps in reconciliation bill, according to Politico
- Republicans will no longer support Medicare changes in large reconciliation bill, according to Politico
- Curfew was declared in Downtown Los Angeles after night of vandalism and looting, according to NBC News
- President Trump in interview says he is getting less confident about Iran nuclear deal, according to New York Post
- Chinese automakers plan to pay suppliers faster, according to Financial Times
- ACCO Brands (ACCO) announces leadership changes
- Adient (ADNT) provides investor updates in presentation; tariff headwinds appear to be manageable
- Aeva (AEVA) achieves TISAX AL2 certification, strengthening commitment to automotive information security
- Airbus (EADSY): VietJet in discussions to purchase 100 Airbus jets, according to Bloomberg
- AllianceBernstein (AB) announces that preliminary assets under management increased to $803 billion during May 2025 from $781 billion at the end of April
- Amazon (AMZN) Alexa Plus have reached 1 million users, according to Verge
- argenx (ARGX) Presents New Efgartigimod Data at EULAR 2025 Highlighting Positive Phase 2 Proof-of-Concept Results in Myositis and Sjogren’s Disease
- Artisan Partners Asset Mgmt (APAM) reports that its preliminary assets under management as of May 31, 2025 totaled $170.9 billion
- Baker Hughes (BKR) will provide Equinor plug and abandonment services in the Oseberg East field on Norway’s continental shelf
- Boeing (BA): Royal Air interested in major order for Boeing & Airbus (EADSY) jets, according to Bloomberg
- BrainsWay (BWAY) Reports Positive Results from Multicenter Randomized Study of Accelerated Deep TMS for Major Depressive Disorder (MDD)
- Bristol-Myers (BMY): Philochem AG announces the licensing of worldwide rights to OncoACP3 to RayzeBio, a Bristol-Myers Squibb company, for a potential value of up to $1.35 bln plus royalties
- Bristol-Myers (BMY) presents late-breaking data from pivotal phase 3 POETYK PsA-1 trial demonstrating superiority of Sotyktu (deucravacitinib) compared with placebo in adults with psoriatic arthritis
- Cabaletta Bio (CABA) announces new rese-cel safety and efficacy data in patients with myositis, lupus and scleroderma to be presented at the EULAR 2025 Congress
- Corpay (CPAY) announces appointment of Peter Walker as CFO, effective July 21, 2025
- Dow (DOW): Canadian court orders NOVA Chemicals to pay Dow an additional CAD1.6 billion judgment
- General Motors (GM) announces plans to invest about $4 bln over the next two years in its domestic manufacturing plants
- Helmerich & Payne (HP) provided market update with conference notice
- HireQuest (HQI) confirmed its CEO was interviewed on a national news channel; he addressed the Company's efforts to acquire TrueBlue (TBI)
- IperionX (IPX) has received the first task order, valued at US$1.3 million, from the U.S. Army
- Joint Corp (JYNT) announces that Scott Bowman joins company as CFO, replacing Jake Singleton, effective June 10, 2025
- L'Oreal (LRLCY) & and NVIDIA (NVDA) collaborate to supercharge beauty with next-generation AI
- MaxCyte (MXCT) and Ori Biotech successfully integrate their ExPERT and IRO platforms to improve the yield of gene-edited T cells and shorten manufacturing timelines
- Monopar (MNPR) and EDNOC announce expanded access program for MNPR-101-Zr and MNPR-101-Lu in advanced cancers
- NaaS Technology (NAAS) disclosed settlement details
- Nintendo (NTDOY) sold 3.5 million Switch 2 devices in 4 days, according to CNBC
- Novavax's (NVAX) COVID-19-Influenza Combination and Stand-alone Influenza Vaccine Candidates Showed Robust Immune Responses and Were Well Tolerated in Initial Cohort of a Phase 3 Trial
- NVIDIA (NVDA): Europe Builds AI Infrastructure With NVIDIA to Fuel Region’s Next Industrial Transformation
- NVIDIA (NVDA) CEO Jensen Huang says quantum computing has reached an "inflection point", according to CNBC
- Super Micro Computer (SMCI) is announcing an expansion of the industry's broadest portfolio of solutions designed for NVIDIA (NVDA) Blackwell Architecture to the European market
- Telesat (TSAT) and Vocus announce multi-year Telesat Lightspeed terrestrial infrastructure and services contract
- Telix Pharmaceuticals (TLX) announces that its next-generation PSMA-PET imaging agent for prostate cancer, Gozellix, is now commercially available nationally in the United States
- Tesla (TSLA) CEO Elon Musk says "I regret some of my posts about President Trump last week. They went too far."
- Victory Capital (VCTR) reports Total Assets Under Management of $289.4 billion, Other Assets of $3.7 billion, and Total Client Assets of $293.1 billion, as of May 31
- Walt Disney (DIS): ABC News will cut ties with correspondent Terry Moran over a social media post that was critical of President Trump & White House adviser Stephen Miller, according to CNBC

Upgrades:
- Bayer (BAYRY) upgraded to Buy from Hold at Kepler Cheuvreux
- First Solar (FSLR) upgraded to Buy from Hold at Jefferies, tgt $192
- J.M. Smucker (SJM) upgraded to Buy from Hold at Jefferies, tgt $115
- Urban Outfitters (URBN) upgraded to Outperform from Neutral at Robert W. Baird, tgt $90
Downgrades:
- Arista Networks (ANET) downgraded to Neutral from Outperform at BNP Paribas Exane, tgt $106
- Bill (BILL) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $55
- Etsy (ETSY) downgraded to Sell from Neutral at Arete, tgt $43
- Ingram Micro (INGM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $22
- Sunrun (RUN) downgraded to Underperform from Hold at Jefferies, tgt $5
- UnitedHealth (UNH) downgraded to Neutral from Outperform at Robert W. Baird, tgt $312
Others:
- American Superconductor (AMSC) initiated with a Buy at Clear Street, tgt $44
- Artiva Biotherapeutics (ARTV) assumed with a Buy at H.C. Wainwright, tgt $12
- Avidity Biosciences (RNA) initiated with a Strong Buy at Raymond James, tgt $65
- Coinbase (COIN) initiated with an Outperform at William Blair
- Core Natural Resources (CNR) initiated with a Buy at UBS, tgt $80
- Disc Medicine (IRON) resumed with a Strong Buy at Raymond James, tgt $89
- DoorDash (DASH) initiated with a Hold at Stifel, tgt $198
- Dyne Therapeutics (DYN) assumed with an Outperform at Raymond James, tgt $37
- Gold Royalty (GROY) initiated with a Buy at Canaccord, tgt $3
- Mineralys Therapeutics (MLYS) initiated with a Hold at Jefferies, tgt $15
- Pharvaris (PHVS) initiated with a Buy at Guggenheim, tgt $32
- Summit Therapeutics (SMMT) initiated with an Underperform at Leerink, tgt $12
- TD Synnex (SNX) initiated with an Overweight at Morgan Stanley, tgt $145
- Tectonic Therapeutic (TECX) resumed with an Outperform at Raymond James, tgt $76
- Travere Therapeutics (TVTX) assumed with a Buy at H.C. Wainwright, tgt $30
- Uber (UBER) initiated with a Buy at Stifel, tgt $110
- Wave Life Sciences (WVE) assumed with an Outperform at Raymond James, tgt $14

Econ Data (Thursday):
- 08:30 ET: May PPI (Briefing.com consensus 0.2%; prior -0.5%) and Core PPI (Briefing.com consensus 0.3%; prior -0.4%)
- 08:30 ET: Initial Jobless Claims (Briefing.com consensus 250K; prior 247K) and Continuing Jobless Claims (prior 1904K)
- 10:30 ET: EIA Natural Gas Inventories (prior +122 bcf)
Earnings:Monday (June 9)
Pre-Market: CVGW
After-Hours: CASY
Tuesday (June 10)
Pre-Market: ASO CNM SJM UNFI
After-Hours: PLAY GME GTLB SFIX
Wednesday (June 11)
Pre-Market: CHWY SAIL VSCO
After-Hours: ORCL OXM
Thursday (June 12)
Pre-Market: LOVE
After-Hours: ADBE RH
Friday (June 13)
Pre-Market: None
After-Hours: None