After Hours Report
The stock market began the week on a slightly higher note with modest gains in the S&P 500 (+0.1%) and Nasdaq (+0.3%) while small caps outperformed throughout the day, sending the Russell 2000 higher by 0.7%.
The Monday session started with some guarded optimism surrounding trade talks between officials from U.S. and China. The market was eager to hear some news from the discussions in London, especially after NEC Director Hassett said that he does not expect a long meeting, but he expects a handshake agreement pertaining to rare earth elements. However, the day went by with no meaningful updates, other than a Fox Business report that talks will continue tomorrow after today's meeting lasted nearly seven hours. President Trump chimed in shortly before the close, saying he expects an update later this evening, which invited some profit taking that sent the major averages back toward their opening levels.
China was also in the spotlight overnight, when it reported more deflationary CPI and PPI readings for May, which are sending a poor signal about the country's pace of growth. Separately, China's Trade Balance report for May showed that exports to the U.S. dropped by more than 1/3.
Five sectors finished the day in positive territory after overcoming some early softness. The consumer discretionary sector (+1.1%) ended in the lead, seizing the top spot from the technology sector (+0.3%), which started in the lead, but finished just ahead of the broader market.
The discretionary sector received notable help from its two largest components, as Tesla (TSLA 308.55, +13.44, +4.6%) bounced back above its 50-day moving average (292.61) after last week's poor showing while Amazon (AMZN 216.98, +3.41, +1.6%) reached its best level since late February.
Technology was boosted by chipmakers with the PHLX Semiconductor Index (+2.0%) defending the bulk of its gain into the close even though chip giant NVIDIA (NVDA 142.63, +0.91, +0.6%) gave back a large chunk of its early advance that followed CEO Huang's opening keynote speech at London Tech Week. Qualcomm (QCOM 155.41, +6.17, +4.1%) was a notable outperformed among chip stocks, as it rallied to levels not seen since late March after announcing a $2.4 bln acquisition of Alphawave.
Elsewhere in technology, Apple (AAPL 201.45, -2.47, -1.2%) contributed to the intraday slip from highs after the company presented at its Worldwide Developers Conference, but only unveiled cosmetic software updates.
Economic data released today was limited to the Wholesale Inventories report for April (0.2%; Briefing.com consensus 0.0%; prior 0.4%), but things should get more exciting on that front in a couple days when the market receives the CPI report for May (Briefing.com consensus 0.2%; prior 0.2%).
Treasuries finished with gains across the curve that were paced by the short end. The 2-yr yield fell four basis points to 4.00% while the 30-yr yield dipped one basis point to 4.95% with help from an intraday release of the May Survey of Consumer Expectations from the New York Fed, which showed a drop in year-ahead inflation expectations to 3.2% from 3.6%. The three-year outlook decreased to 3.0% from 3.2% while the five-year outlook dipped to 2.6% from 2.7%.
Tomorrow's data will be limited to the 6:00 ET release of the NFIB Small Business Optimism Index for May (prior 95.8).
- S&P 500 +2.1% YTD
- Nasdaq Composite +1.5% YTD
- Dow Jones Industrial Average +0.5% YTD
- S&P Midcap 400 -2.0% YTD
- Russell 2000 -3.8% YTD
Overseas:
- Europe: DAX -0.5%, FTSE -0.1%, CAC -0.2%
- Asia: Nikkei +0.9%, Hang Seng +1.6%, Shanghai +0.4%
Commodities:
- Crude Oil +0.70 @ 65.29
- Nat Gas -0.14 @ 3.64
- Gold +8.30 @ 3354.70
- Silver +0.65 @ 36.79
- Copper +0.07 @ 4.92
After-Hours Spotlight:
- Health and Human Services Secretary Robert F. Kennedy Jr. is retiring all members of CDC panel advising US on vaccines, according to CNBC
- ACADIA Pharmaceutical (ACAD): U.S. Court of appeals for the federal circuit affirms prior Delaware District Court rulings in favor of Acadia in NUPLAZID (pimavanserin) composition of matter patent... ACAD down 1.4%
- AirSculpt Technologies (AIRS) launches 3.16 mln share offering... AIRS down 13.9%
- AT&T (T) reiterates FY25 financial and operational guidance ahead of investor conference tomorrow... T up 0.2%
- Calavo Growers (CVGW) misses by $0.13, misses on revs... CVGW down 15.1%
- Casey's General (CASY) beats by $0.68, beats on revs, provides FY26 outlook; increases dividend... CASY up 8.3%
- FedEx (FDX) increases quarterly cash dividend 5% to $1.45/share from $1.38/share... FDX unchanged
- Paramount Global (PARA) announces that CFO Naveen Chopra is departing to pursue other opportunities; Andrew Warren appointed interim CFO... PARA down 0.2%
- Roblox (RBLX) appoints Naveen Chopra as its new CFO, effective June 30... RBLX down 0.6%
- Walt Disney (DIS) finally resolves price to be paid by Disney to NBCU to purchase NBCU's interest in Hulu... DIS up 0.1%
Fair Value for Tuesday, June 10:
- S&P 500: 6,012
- Nasdaq 100: 21,826
- DJIA: 42,799
For a full rundown of today's market and after hours developments, see Live In Play
- Earnings/Guidance (Full Earnings Calendar):
- Aon (AON) reaffirms FY25 outlook at Investor Day
- ArcBest (ARCB) provides update on most recent information related to 2Q25 results; Asset-based segment experienced a 6% yr/yr increase in daily shipments
- Cameco (CCJ) expects to increase in its share of Westinghouse FY25 Adjusted EBITDA
- General News
- Trade talks between U.S. & China today will focus on export controls, according to the Wall Street Journal
- President Trump deployed 2,000 National Guardsmen to California amid immigration protests
- Republicans rally behind President Trump amid feud between him and Elon Musk, according to Politico
- President Trump in a phone interview, says he has no desire to repair his relationship with Tesla (TSLA) CEO Elon Musk and warned him of consequences if he supports Democrats. Mr. Musk deleted a social media post that alleged links between President Trump & Jeffrey Epstein, according to NBC News
- Republican leadership is targeting July 4th to pass large reconciliation bill, but some conservative senators want larger spending cuts, while some moderate senators are concerned about Medicaid cuts, according to NBC News
- Senate Republicans plans to release revisions to large reconciliation bill as they hope to pass it by July 4, according to Bloomberg
- Japan mulling buyback of some longer dated government bonds, according to Reuters
- Russia sanctions legislation is on hold amid President Trump's continued hopes for peace deal, according to Bloomberg
- House expected to vote on $9 bln in DOGE cuts including cuts to foreign aid and public broadcasting funding, according to The Hill
- Los Angeles protests continued last night with protestors setting Waymo cars on fire and throwing rocks at officers. California Governor Gavin Newsom criticized President Trump's decision to deploy National Guard, according to the Wall Street Journal
- Canada aiming to increase military spending, according to The Globe and Mail
- Columbia Presidential candidate Miguel Uribe was subject of assassination attempt, according to the Wall Street Journal
- ACI Worldwide (ACIW) appoints Robert Leibrock as Chief Financial Officer; reaffirms Q2 and FY25 guidance
- Alnylam Pharma (ALNY) receives European Commission approval for AMVUTTRA for the treatment of ATTR Amyloidosis with Cardiomyopathy
- Apple (AAPL) to introduce iOS 26 at WWDC today, according to Bloomberg
- Apple (AAPL) iPhone 17 could see price increase amid tariffs, according to Digitimes
- Arcos Dorados (ARCO) appoints Luis Raganato as its new Chief Executive Officer, effective July 1, 2025, succeeding Marcelo Rabach, who decided to step down from the CEO position
- Ascendis Pharma (ASND) announces Week 26 interim analysis results from its ongoing COACH Trial, the first clinical trial to evaluate combination treatment with once-weekly investigational TransCon CNP and once-weekly TransCon hGH in children with achondroplasia
- Avidity Biosciences (RNA) announces accelerated approval regulatory pathway in the US is open for delpacibart braxlosiran in the treatment of facioscapulohumeral muscular dystrophy; Also announces positive topline data from the dose escalation cohorts of the delpacibart braxlosiran Phase 1/2 FORTITUDE program
- Axsome Therapeutics (AXSM) Provides Update on the New Drug Application (NDA) for AXS-14 for the Management of Fibromyalgia
- BigBear.ai (BBAI) CFO Julie Peffer to resign to pursue other opportunities
- Boeing's (BA) will not fly again until early 2026 at the earliest, according to Reuters
- Boeing (BA) jet landed in China for delivery, according to Reuters
- Carrier (CARR) unveils bold new brand identity
- EchoStar (SATS) mulling bankruptcy filing, according to the Wall Street Journal
- Eli Lilly (LLY) obesity drug sales increased by 60% by India, according to Bloomberg
- Freightos Limited (CRGO) and Forward Air announce expanded collaboration that will enable freight forwarders to instantly book less-than-truckload and linehaul trucking
- Grab (GRAB) confirms not in discussions with PT GoTo Gojek Tokopedia Tbk
- Harrow (HROW) and Taiwan-based Formosa Pharmaceuticals announces a licensing agreement, whereby Harrow has acquired the exclusive U.S. commercial rights for BYQLOVI 0.05%
- IonQ (IONQ) announces results of a collaborative research program between IonQ, AstraZeneca (AZN), Amazon (AMZN) Web Services, and NVIDIA (NVDA) to develop and demonstrate a quantum-accelerated computational chemistry workflow which has the potential to power world-changing innovation in healthcare, life sciences, chemistry, and more
- Keros Therapeutics (KROS) announces return of $375 million in excess capital to stockholders
- Kohl's (KSS) to close its Monroe, Ohio e-fulfillment center
- Oceaneering Intl (OII) CFO Alan Curtis to retire, effective January 1, 2026; Michael Sumruld expected to succeed Mr. Curtis as CFO
- Legend Biotech (LEGN) provided investor updates in presentation; details anticipated milestones
- LiveWire Group (LVWR) CFO Tralisa Maraj to resign, effective July 11, 2025
- Merck (MRK) announced positive topline results from the first two of three Phase 3 clinical trials evaluating the safety and efficacy of enlicitide decanoate
- Meta (META) in discussions to invest $10 bln in Scale AI, according to Bloomberg
- Metsera (MTSR) Announces Positive Phase 1 Data of First-in-Class Once-Monthly Amylin Candidate MET-233i
- Moelis (MC): Ken Moelis will soon step down as CEO of MC, according to the Wall Street Journal
- Nebius Group N.V. (NBIS) launches in UK
- Neurogene (NGNE) provides investor updates in presentation; cash runway expected to run ops into 2H 2027
- NewAmsterdam Pharma (NAMS) announces topline Alzheimer’s Disease Data from BROADWAY Clinical Trial
- NVIDIA (NVDA) CEO Jensen Huang wants to invest in UK, according to CNBC
- Outbrain Inc. (OB) files amended to change the Company’s corporate name from 'Outbrain Inc.' to 'Teads Holding Co.'
- Piedmont Office Realty Trust (PDM) rebrands to Piedmont Realty Trust
- PLBY Group (PLBY) entered into a retention agreement with each of its named executive officers
- Prairie Operating Co. (PROP) reaffirms $1 billion reserve based lending facility with Citibank; adds Bank of America, and West Texas National Bank to syndicate
- Regeneron Pharma (REGN) and Sanfoi (SNY) report Dupixent (dupilumab) data at Revolutionizing Atopic Dermatitis (RAD) Conference Reinforce Use in Atopic Dermatitis Patients with Skin of Color
- Rio Tinto (RIO) pushing for Tomago bailout, according to AFR
- RTX (RTX) awarded a $646.5 mln modification to a previously awarded US Navy contract
- Sanofi (SNY) accelerates global shipping of Beyfortus to prepare healthcare providers months ahead of 2025-2026 RSV season
- SilverBox Corp IV (SBXD) announces letter of intent with Parataxis Holdings to bring bitcoin-native capital platform to public markets
- Starbucks (SBUX) aims to lower China prices, according to Reuters
- Tenaris (TS) to commence a $600 million first tranche of its $1.2 bln share repurchase program
- Tesla (TSLA) head of engineering for Optimus Humanoid robot program, says that he's departing immediately, according to Bloomberg
- Tvardi Therapeutics (TVRD) provides investor updates in presentation
- UnitedHealth (UNH) aiming to exit Latin America in $1 bln deal, according to Reuters
- Lockheed Martin (LMT) awarded a $1.74 bln modification to US Army contract
- Warner Bros. Discovery (WBD) announces plans to separate the company into two publicly traded companies
- WPP plc (WPP) announces that Mark Read, Chief Executive Officer (CEO), will retire from the Board and as CEO on 31 December 2025
- Upgrades:
- ABM Industries (ABM) upgraded to Buy from Neutral at UBS, tgt $54
- ABM Industries (ABM) upgraded to Outperform from Neutral at Robert W. Baird, tgt $56
- Charles Schwab (SCHW) upgraded to Neutral from Sell at Redburn Atlantic, tgt $82
- Goodyear Tire & Rubber (GT) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $1
- LPL Financial Holdings (LPLA) upgraded to Buy from Neutral at Redburn Atlantic, tgt $460
- Oklo (OKLO) upgraded to Buy from Neutral at Seaport Research, tgt $71
- Quaker Chemical Corporation (KWR) upgraded to Buy from Hold at Jefferies, tgt $146
- Steven Madden (SHOO) upgraded to Buy from Hold at Williams Trading, tgt $31
- W. P. Carey & Co. (WPC) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $66
- Downgrades:
- Apple Hospitality REIT (APLE) downgraded to Market Perform from Outperform at BMO Capital, tgt $12
- Bank of Montreal (BMO) downgraded to Equal Weight from Overweight at Barclays
- Chewy Inc. (CHWY) downgraded to Neutral from Outperform at Mizuho, tgt $47
- Conagra Brands (CAG) downgraded to Sell from Neutral at Goldman, tgt $21
- Edison International (EIX) downgraded to Peer Perform from Outperform at Wolfe Research
- Equinix (EQIX) downgraded to Peer Perform from Outperform at Wolfe Research
- General Mills (GIS) downgraded to Neutral from Buy at Goldman, tgt $58
- Huize (HUIZ) downgraded to Neutral from Buy at Citigroup, tgt $2.30
- Interactive Brokers Group (IBKR) downgraded to Neutral from Buy at Citigroup, tgt $215
- Intuitive Surgical (ISRG) downgraded to Sell from Hold at Deutsche Bank, tgt $440
- Landstar System (LSTR) downgraded to Equal Weight from Overweight at Barclays, tgt $145
- LPL Financial Holdings (LPLA) downgraded to Neutral from Buy at Citigroup, tgt $400
- Lululemon Athletica Inc. (LULU) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $280
- Lululemon Athletica Inc. (LULU) downgraded to Market Perform from Outperform at CICC
- McDonald's (MCD) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $324
- Mobileye N.V. (MBLY) downgraded to Neutral from Buy at Goldman, tgt $17
- Petrobras (PBR) downgraded to Neutral from Buy at BofA Securities
- Robinhood Markets (HOOD) downgraded to Sell from Neutral at Redburn Atlantic, tgt $48
- Saratoga Investment (SAR) downgraded to Neutral from Buy at Compass Point, tgt $24.25
- Scotts Miracle-Gro (SMG) downgraded to Hold from Buy at Stifel, tgt $71
- Sitio Royalties (STR) downgraded to Hold from Buy at Texas Capital, tgt $20
- Tesla (TSLA) downgraded to Hold from Buy at Argus
- Tesla (TSLA) downgraded to Neutral from Outperform at Robert W. Baird, tgt $320
- Others:
- Antalpha Platform Holding Co. (ANTA) initiated with a Buy at Compass Point, tgt $20
- Arhaus Inc (ARHS) initiated with a Market Perform at Raymond James
- Centene (CNC) initiated with an Overweight at Morgan Stanley, tgt $70
- Coya Therapeutics (COYA) initiated with a Buy at Lucid Capital, tgt $20
- Crescent Energy (CRGY) initiated with an Overweight at Piper Sandler, tgt $14
- Docebo Inc. (DCBO) initiated with an Overweight at Cantor Fitzgerald, tgt $35
- eToro Group (ETOR) initiated with a Buy at Canaccord, tgt $78
- eToro Group (ETOR) initiated with a Buy at Goldman, tgt $76
- eToro Group (ETOR) initiated with a Buy at Jefferies, tgt $80
- eToro Group (ETOR) initiated with a Buy at Needham, tgt $80
- eToro Group (ETOR) initiated with a Market Perform at Keefe Bruyette, tgt $65
- eToro Group (ETOR) initiated with a Neutral at Citigroup, tgt $72
- eToro Group (ETOR) initiated with a Neutral at Redburn Atlantic, tgt $68
- eToro Group (ETOR) initiated with a Neutral at Susquehanna, tgt $70
- eToro Group (ETOR) initiated with a Neutral at UBS, tgt $70
- eToro Group (ETOR) initiated with an Outperform at Citizens JMP, tgt $85
- eToro Group (ETOR) initiated with an Outperform at Mizuho, tgt $80
- Heron Therapeutics (HRTX) initiated with a Buy at H.C. Wainwright, tgt $6
- Hesai Group (HSAI) initiated with a Buy at Jefferies, tgt $29.30
- Landstar System (LSTR) initiated with an Equal Weight at Barclays, tgt $145
- MeiraGTx Holdings plc (MGTX) initiated with a Buy at Lucid Capital, tgt $50
- Moleculin Biotech (MBRX) assumed with a Buy at H.C. Wainwright, tgt $4
- Molina Healthcare (MOH) initiated with an Overweight at Morgan Stanley, tgt $364
- Pearl Diver Credit (PDCC) initiated with a Buy at Lucid Capital, tgt $18.50
- SanDisk (SNDK) initiated with a Neutral at Arete, tgt $63
- Econ Data (Tuesday):
- 6:00 ET: May NFIB Small Business Optimism (prior 95.8)
- Earnings:
- Monday (June 9)
- Pre-Market: CVGW
- After-Hours: CASY
- Pre-Market: ASO CNM SJM UNFI
- After-Hours: PLAY GME GTLB SFIX
- Wednesday (June 11)
- Pre-Market: CHWY SAIL VSCO
- After-Hours: ORCL OXM
- Pre-Market: CHWY SAIL VSCO
- Thursday (June 12)
- Pre-Market: LOVE
- After-Hours: ADBE RH
- Friday (June 13)
- Pre-Market: None
- After-Hours: None
- Monday (June 9)
