After Hours Report

The stock market saw a strong opening fueled by earnings reports, trade deal optimism, and lower Treasury yields that pushed the S&P 500 and Nasdaq Composite to new record highs. Some afternoon selling activity, however, thinned some of the major averages' early advances and left them with mixed results.

The afternoon sell-off was likely a case of moving to take some money off the table after a tremendous run, as the Q2 reporting gets set to ramp up this week. A lot of good earnings news has been priced into the stock market already. Nonetheless, there were some bright spots in today's market that were able to hold on to early gains.

Verizon (VZ 42.49, +1.65, +4.0%) was a clear winner today after beating EPS expectations by $0.03 and reporting revenue growth of 5.2% year over year, its strongest growth in the last 15 quarters. Cellular providers as a cohort benefitted from the move, with T-Mobile US (TMUS 232.62, +5.41, +2.4%) and AT&T (T 27.38, +0.44, +1.6%) capturing nice gains. AT&T is set to report its earnings on Wednesday.

The communication services sector (+1.9%) finished as the day's top performer and was further boosted by gains from its top component, Alphabet (GOOG 191.15, +5.21, +2.8%), ahead of its earnings report on Wednesday.

The consumer discretionary sector (+0.6%) was also a notable gainer, with cyclical stocks performing well throughout the day. The SPDR S&P 500 Retail ETF closed the day with a healthy 0.9% gain.

The majority of today's trade was spent with eight to ten sectors trading in the green, and stocks of all sizes displaying growth.

The market faced some selling pressure in the afternoon hours, however. Four sectors finished with a loss. The energy (-0.9%) and health care (-0.6%) sectors spent most of the day in red, but the financials (-0.3%) and industrials (-0.6%) sectors succumbed to the late pressure.

While stocks of all sizes saw early gains, the pullback was concentrated on smaller-cap stocks. The Russell 2000 was up as much as 0.9% early but finished with a loss of 0.4%. The S&P MidCap 400 (-0.6%) finished similarly after spending the majority of the session in the green. The Vanguard Mega Cap Growth ETF ended with a gain of 0.4%, outperforming the S&P 500 (+0.1%).

Ultimately, only 36.4% of S&P 500 stocks advanced today. The S&P 400 (34.75% advancing) and Dow Transports (35% advancing) also flashed red flags of narrow participation.

U.S. Treasuries started the week on an upbeat note with relative strength in longer tenors sending yields on 10s and 30s to their lowest levels in more than a week after last week's underperformance. Treasuries recorded the bulk of their gains at the open after an overnight rally in the futures market.

The advance sent the 10-yr yield (4.37%) back below its 50-day moving average (4.412%), while the 30-yr yield (4.94%) settled just above its 50-day moving average (4.920%).

• Nasdaq Composite: +8.6% YTD
• S&P 500: +7.2% YTD
• DJIA: +4.2% YTD
• S&P 400: +1.0% YTD
• Russell 2000: unch YTD

Reviewing today's data:

• The Leading Economic Index was down 0.3% in June (Briefing.com consensus -0.1%) while the May reading was revised up to 0.0% from -0.1%.

Overseas:

• Europe: DAX flat, FTSE +0.2%, CAC -0.3%
• Asia: Nikkei closed for holiday, Hang Seng +0.7%, Shanghai +0.7%

Commodities:

• Crude Oil -0.06 @ 65.97
• Nat Gas -0.24 @ 3.36
• Gold +48.10 @ 3406.40
• Silver +0.87 @ 39.34
• Copper +0.03 @ 5.64

After-Hours Spotlight:

• Agilysys (AGYS) misses by $0.03, beats on revs; reaffirms FY26 revs guidance... AGYS -8.5%
• Calix Networks (CALX) beats by $0.12, beats on revs; guides Q3 EPS above consensus, revs above consensus... CALX +4.0%
• Equity Lifestyle Properties (ELS) reports FFO in-line, beats on revs; guides Q3 FFO in-line; guides FY25 FFO in-line... ELS -0.7%
• Karman Space and Defense (KRMN) announces public offering of 20.0 mln shares of common stock by certain selling stockholders... KRMN -7.5%
• Medpace (MEDP) beats by $0.12, beats on revs; guides FY25 EPS above consensus, revs above consensus... MEDP +47.3%
• MicroStrategy (MSTR) d/b/a strategy announces proposed initial public offering of 5 mln STRC stocks; intends to buy bitcoin with net proceeds... MSTR +0.4%
• NXP Semi (NXPI) beats by $0.04, reports revs in-line; guides Q3 EPS in-line, revs in-line... NXPI -4.2%
• Steel Dynamics (STLD) misses by $0.23, misses on revs; uncertainty regarding trade policy causing hesitancy in customer order patterns... STLD -4.6%
• Wintrust Fin (WTFC) beats by $0.18, total loans increased by 19%... WTFC +1.0%
• Zions Bancorp (ZION) beats by $0.32... ZION +0.5%

Fair Value for Tuesday, July 22:

• S&P 500: 6,342
• Nasdaq 100: 23,333
• DJIA: 44,521

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

• Earnings/Guidance (Full Earnings Calendar):
  • Amneal Pharmaceuticals (AMRX) guides Q2 revs below consensus, but expects to meet or exceed FY25 guidance; provides update on clinical pipeline
  • Bruker (BRKR) guides Q2 EPS and revs below consensus
  • Cleveland-Cliffs (CLF) beats by $0.21, misses on revs
  • Dentsply Sirona (XRAY) names Daniel Scavilla as its new CEO; guides Q2 EPS and revs slightly above consensus, reaffirms FY25 guidance
  • Domino's Pizza (DPZ) misses by $0.14, reports revs in-line
  • Dynex Capital, Inc. (DX) Announces Second Quarter 2025 Results
  • Ellington Financial (EFC) estimates net income per share of common stock of $0.43-0.47 for the quarter ended June 30, 2025 vs $0.40 consensus
  • Evotec SE (EVO) adjusts revenue guidance while confirming profit guidance
  • Globus Medical (GMED) announced that Keith Pfeil, Executive Vice President, COO and CFO has been appointed President and Chief Executive Officer effective July 18, 2025; sees Q2 revs above consensus; reaffirms FY25 EPS/revenue guidance
  • MGP Ingredients (MGPI) appoints Julie Francis as President and Chief Executive Officer effective today; Reaffirms full year 2025 financial outlook
  • Preferred Bank (PFBC) reports second quarter results
  • Roper (ROP) beats by $0.04, reports revs in-line; guides Q3 EPS in-line; guides FY25 EPS in-line, revs above consensus
  • Stellantis (STLA) provides first half update; Q2 shipments down 6% yr/yr
  • Verizon (VZ) beats by $0.03, beats on revs; raises bottom end of FY25 EPS guidance
• General News
  • Japan's Liberal Democratic Party will lose control of the upper house, according to CNN
  • President Trump could meet with Chinese President Xi at APEC summit on October 30, according to SCMP
  • Commerce Secretary Howard Lutnick is confident U.S. will make EU trade deal as the bloc prepares retaliation plan, according to Bloomberg
  • Treasury Secretary Scott Bessent advised President Trump against trying to fire Fed Chairman Jerome Powell, according to WSJ
  • German Chancellor Friedrich Merz does not consider planned tariff countermeasures appropriate, CNBC
  • President Trump will announce artificial intelligence action plan Wednesday which will call for reducing regulations and expanding energy development, according to Bloomberg
  • The Trump administration reviewed SpaceX contracts, but determined they were too critical to eliminate, according to WSJ
  • Brazil mulling retaliatory actions for U.S. tariffs, according to Estado
  • China rare earth exports increased 200% from last month, according to WSJ
  • EU aiming to mandate car rental firms purchase EVs only starting in 2030, according to Bloomberg
  • FDA will soon appoint George Tidmarsh as drug regulator, according to Bloomberg
  • AirBnb (ABNB): Los Angeles filed lawsuit against AirBnb for alleged price gouging, according to Reuters
  • Alaska Air (ALK) says it "has resolved its earlier IT outage and has resumed operations. We sincerely apologize for the inconvenience, and encourage guests to check your flight status before heading to the airport"
  • Alkermes Plc (ALKS) announces positive topline results from Vibrance-1 Phase 2 Study of once-daily Alixorexton in patients with narcolepsy type 1
  • Amazon (AMZN) increases prices on essential goods, according to WSJ
  • Apple (AAPL) foldable iPhone will be introduced next year, according to Bloomberg
  • AstraZeneca (AZN) reports Tagrisso plus chemotherapy demonstrated statistically significant and clinically meaningful improvement in overall survival in EGFR-mutated advanced lung cancer
  • AstraZeneca (AZN) TAGRISSO plus chemotherapy demonstrated statistically significant and clinically meaningful improvement in overall survival in EGFR-mutated advanced lung cancer
  • Autolus Therapeutics’ (AUTL) CAR T Therapy AUCATZYL (Obecabtagene Autoleucel) Granted European Marketing Authorization for Adult Patients (age 26 and older) with Relapsed or Refractory B-Cell Precursor Acute Lymphoblastic Leukemia (R/R B-ALL)
  • Avantor (AVTR) named Emmanuel Ligner, President and Chief Executive Officer, effective August 18, 2025
  • Bayer AG (BAYRY) reports Nubeqa (darolutamide) receives EU approval in third indication for patients with advanced prostate cancer
  • BKV Corporation (BKV) announces the execution of an agreement with a leading diversified midstream energy company to develop a new carbon capture and sequestration project at a currently operating natural gas processing plant in East Texas
  • Block (XYZ) to join S&P 500
  • BP (BP) names Albert Manifold as chair of the company
  • Bristol-Myers (BMY) supplemental New Drug Application (sNDA) for Sotyktu (deucravacitinib) for the treatment of adults with active psoriatic arthritis accepted for review across four regions globally
  • ConocoPhillips (COP) applies to the Alberta Securities Commission, as principal regulator, and the Ontario Securities Commission for a joint order to cease to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer
  • DeFi Technologies' (DEFT) newly launched DeFi Advisory to act as asset manager for Nuvve's recently announced HYPE treasury strategy
  • Dell (DELL) product demonstration platforms were breached, according to Bleeping Computer
  • Delta Air Lines (DAL): Transportation Secretary Sean Duffy announces slate of america first actions to combat Mexico’s abuse of bilateral aviation agreement, anti-competitive behavior; proposing the withdrawal of the Delta/Aeromexico joint venture’s antitrust immunity
  • Delta (DAL) pilot made a maneuver to avoid collusion with B-52, according to ABC News
  • Freightos Limited (CRGO) announces that SriLankan Cargo has partnered with WebCargo for online air cargo booking and payments
  • Goldman Sachs BDC (GSBD) appointed Vivek Bantwal as Co-Chief Executive Officer, effective on or about August 7, 2025
  • HSBC (HSBC) continues search for new Chair, according to FT
  • Ionis Pharma (IONS) announces that positive results from the Phase 3 OASISplus prospective switch study of donidalorsen in patients with hereditary angioedema were published in The Journal of Allergy and Clinical Immunology (JACI) In Practice
  • LexinFintech (LX) announces $50 million share repurchase program and management purchase
  • Linde plc (LIN) announces major U.S. investments to support commercial space sector
  • Microsoft (MSFT) will stop using Chinese engineers to provide technical assistance to military, according to Reuters
  • Microsoft (MSFT): Hackers exploited Microsoft flaw to launch a global attack on government agencies, according to Washington Post
  • Monte Rosa Therapeutics (GLUE) Announces First Subjects Dosed in Phase 1 Study of MRT-8102, a NEK7-Directed Molecular Glue Degrader for the Treatment of Multiple Inflammatory Diseases
  • News Corp (NWSA): President Trump filed lawsuit against The Wall Street Journal, seeking $20 bln for alleged false reporting over Epstein article, according to Politico
  • Nuvalent (NUVL) Announces Initiation of ALKAZAR Phase 3 Randomized, Controlled Trial Evaluating Neladalkib for Patients with TKI-naïve ALK-positive NSCLC
  • Nvidia (NVDA) China related production running into roadblocks, according to The Information
  • Oruka Therapeutics (ORKA) announces IND clearance for EVERLAST-A phase 2a trial of ORKA-001 in psoriasis with Phase 1 data to be presented at EADV in September
  • Quanterix (QTRX) mgmt committed to a plan to terminate certain executives of the newly acquired subsidiary, Akoya Biosciences
  • Roche Hldg (RHHBY) provides update on Astegolimab
  • Sarepta Therapeutics (SRPT) Provides Statement on ELEVIDYS
  • Sarepta Therapeutics (SRPT) confirms FDA clinical hold; FDA has revoked the platform technology designation for the Company’s AAVrh74 platform technology
  • Science Applications (SAIC) awarded a $63.8 mln US Navy contract for warhead expansion boxes and associated cable kits
  • Seadrill Ltd (SDRL) discloses in SEC filing that on July 11, 2025, the High Court rendered judgement in favor of Claimant; Estimates that liability following judgement is unlikely to exceed $53 mln
  • SEALSQ Corp (LAES) and WISeKey (WKEY) confirm new cross-border center of excellence for the 4th Industrial Revolution activated between La Line and Gibraltar
  • Sequans Communications (SQNS) announced the acquisition of an additional 1,264 bitcoin for ~$150 million at an average price inclusive of fees of ~$118,659 per bitcoin
  • U.S. GoldMining (USGO) announces 2025 exploration program targeting continued growth at the district scale Whistler Gold-Copper Project, Alaska
  • West Pharm (WST) announced the appointment of Robert McMahon as the company's new CFO, effective August 4, 2025
  • Zeekr (ZK) inflated sales to meet targets, according to Reuters

• Upgrades:
  • Analog Devices (ADI) upgraded to Neutral from Sell at Seaport Research
  • Aveanna (AVAH) upgraded to Buy from Hold at Jefferies, tgt $6
  • Blaize (BZAI) upgraded to Buy from Neutral at Rosenblatt, tgt $6
  • CSX (CSX) upgraded to Hold from Sell at TD Cowen, tgt $45
  • Dollar Tree (DLTR) upgraded to Overweight from Equal Weight at Barclays, tgt $138
  • Etsy (ETSY) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $50
  • Fortis (FTS) upgraded to Outperformer from Neutral at CIBC
  • Globant (GLOB) upgraded to Outperform from Sector Perform at Scotiabank, tgt $115
  • Invesco (IVZ) upgraded to Buy from Hold at TD Cowen, tgt $25
  • Keysight Technologies (KEYS) upgraded to Neutral from Underperform at BofA, tgt $175
  • Norfolk Southern (NSC) upgraded to Buy from Hold at TD Cowen, tgt $323
  • Pinterest (PINS) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $45
  • Texas Instruments (TXN) upgraded to Neutral from Sell at Seaport Research
• Downgrades:
  • American Express (AXP) downgraded to Sell from Hold at DZ Bank
  • Centene (CNC) downgraded to Hold from Buy at TD Cowen, tgt $33
  • Clearway Energy (CWEN) downgraded to Neutral from Outperformer at CIBC, tgt $35
  • Elevance Health (ELV) downgraded to Hold from Buy at Argus
  • Gaming and Leisure Properties (GLPI) downgraded to Hold from Buy at Stifel, tgt $51.25
  • Krispy Kreme (DNUT) downgraded to Neutral from Outperform at BNP Paribas Exane, tgt $3.50
  • Royal Caribbean (RCL) downgraded to Hold from Buy at Truist, tgt $337
  • Sarepta (SRPT) downgraded to Underperform from Hold at Needham
  • Sarepta (SRPT) downgraded to Neutral from Outperform at Mizuho, tgt $14
  • Sarepta (SRPT) downgraded to Market Perform from Outperform at Leerink, tgt $10
  • Sarepta (SRPT) downgraded to Sell from Hold at Deutsche Bank, tgt $9
  • Target (TGT) downgraded to Underweight from Equal Weight at Barclays, tgt $91
    
  • Telus Digital (TIXT) downgraded to Sector Perform from Outperform at National Bank, tgt $4
  • Ternium (TX) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $34
• Others:
  • Affirm (AFRM) initiated with an Outperform at Oppenheimer
  • Albertsons (ACI) initiated with an Underweight at Barclays
  • Alnylam (ALNY) initiated with a Buy at Truist
  • Argan (AGX) initiated with a Neutral at JPMorgan
  • Autodesk (ADSK) initiated with a Hold at Loop Capital
  • AvePoint (AVPT) initiated with a Buy at Jefferies
  • Biogen (BIIB) assumed with Hold from Buy at Truist
  • BridgeBio (BBIO) initiated with a Buy at Truist
  • Celestica (CLS) initiated with a Neutral at Citi
  • Centessa (CNTA) initiated with a Buy at Truist
  • Colliers International (CIGI) initiated with a Market Perform at Citizens JMP
  • Cushman & Wakefield (CWK) initiated with an Outperform at Citizens JMP
  • Disc Medicine (IRON) initiated with a Buy at Truist
  • Emera (EMA) initiated with a Buy at BofA
  • General Motors (GM) initiated with a Buy at Benchmark
  • Genelux (GNLX) initiated with a Buy at Lucid Capital
  • Harmony Biosciences (HRMY) initiated with a Buy at Truist
  • Jefferson Capital (JCAP) initiated with an Outperform at Raymond James
  • Jefferson Capital (JCAP) initiated with a Buy at Truist
  • Jefferson Capital (JCAP) initiated with a Buy at Jefferies
  • Jefferson Capital (JCAP) initiated with an Outperform at Keefe Bruyette
  • Jefferson Capital (JCAP) initiated with an Outperform at Citizens JMP
  • John Marshall Bancorp (JMSB) initiated with an Outperform at Keefe Bruyette
  • Jones Lang LaSalle (JLL) initiated with a Market Perform at Citizens JMP
  • Kroger (KR) initiated with an Equal Weight at Barclays
  • Marcus & Millichap (MMI) initiated with a Market Perform at Citizens JMP
  • Neurocrine (NBIX) initiated with a Buy at Truist
  • Newmark (NMRK) initiated with an Outperform at Citizens JMP
  • Palvella Therapeutics (PVLA) initiated with a Buy at Truist
  • Park National (PRK) initiated with a Market Perform at Raymond James
  • Petrobras (PBR) initiated with an Outperform at CICC
  • QXO (QXO) initiated with an Outperform at RBC Capital
  • Ralliant (RAL) initiated with a Neutral at Citi
  • SiriusPoint (SPNT) initiated with a Buy at B. Riley
  • Sprouts Farmers Market (SFM) initiated with an Equal Weight at Barclays
  • Sportradar (SRAD) initiated with a Neutral at Goldman Sachs
  • Tectonic Therapeutic (TECX) initiated with a Buy at Truist
  • Tenaris (TS) initiated with an Outperform at Bernstein

• Econ Data (Tuesday):
  • There is no U.S. economic data of note

• Earnings:
  • Monday (July 21)
    • Pre-Market: CLF DPZ ROP VZ
    • After-Hours: AGYS ARE BOKF CALX CCK ELS MEDP NXPI RLI STLD WRB WTFC ZION
    Tuesday (July 22)
    • Pre-Market:  VY BMI KO CBU DHI DHR EFX FBP GM GPC HAL HOPE IPG IVZ IQV KEY LMT MSCI NOC ONB PCAR PNR PM PHM DGX RTX SHW SYF THC VMI
    • After-Hours:  BKR CALM COF CATY CB CSGP EWBC ENPH EQT ISRG MANH MTDR NBHC PEGA PFSI RRC RNST SAP TXN TRMK VICR WFRD
      
  • Wednesday (July 23)
    • Pre-Market: APH T BKU BSX CME FI FCX FRME GEV GD HAS HCSG HLT LW LII MHO MCO COOP NEE NTRS NVR OTIS BPOP PTEN PRG PB TMHC TEL TDY TNL UCB
      
    • After-Hours:   ALK GOOG ASGN BANC CADE CCS CMG CHDN CYH CLB CCI CSX EGP EPRT FAF GL GSHD GGG IBM ICLR KALU KNX LVS MAT MXL MTH MOH ORLY OII PKG PLXS QS RJF RS RNR RBBN RHI ROL SEIC SIGI NOW SON SSNC STC TMUS TSLA URI VKTX WEX WH
  • Thursday (July 24)
    • Pre-Market:  AOS ADT ALLE AB AAL AMP AMBP AUB BHLB BX BFH BC CNP CNX CVBF DAR DOV DOW FCFS FLEX FCN THRM GPI HNI HON IMAX ITGR IRDM KDP LHX LH LADR LAZ LECO LKQ LUV MBLY MHK NDAQ NOK NVCR ORI PHIN POOL PFS RES RPM R SAH STM FTI TXT TSCO TRU TPH UNP VLO VLY VC WAB WST WNS
    • After-Hours:   ASB BYD COLB COUR CUBI DECK DLR EW ENVA FFBC GLPI GBCI DOC HXL INTC KNSL KN LBRT MGRC MTX MC NEM PECO SLM SBCF SKYW SSB VRSN WY WSFS
  • Friday (July 25)
    • Pre-Market: AON AN BAH CNC CHTR FHB FLG GNTX HCA LKFN LEA OMF PSX POR SAIA SXT STEL TNET WNC
    • After-Hours: HTH
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike