After Hours Report

The stock market captured modest but broad-based gains today that propelled the S&P 500 (+0.2%) to a new record intraday (6,487.03) and closing high (6,481.40).

The Nasdaq Composite (+0.2%) and DJIA (+0.3%) also finished higher, while the Russell 2000 (+0.7%) and S&P Mid Cap 400 (+0.7%) outperformed, as steady September rate cut expectations provided an added tailwind for small-cap and mid-cap names.

Though the size of today's gains was not particularly eye-opening, the scope of their breadth reflected a market that trades cautiously optimistic ahead of NVIDIA's (NVDA 181.60, -0.17, -0.09%) earnings report and Friday's PCE report. 

Advancers outpaced decliners by a greater than 8-to-5 ratio on the NYSE and a roughly 4-to-3 clip on the NASDAQ.

Eight S&P 500 sectors advanced, with only the communication services (-0.1%) sector incurring a modest loss, while the health care and industrials sectors finished flat. 

The energy sector (+1.2%) posted the widest gain today, supported by crude oil futures settling today's session $0.89 higher (+1.4%) at $64.14 per barrel.

Steady improvement throughout the session in the information technology sector (+0.5%) contributed to the closing gains across the major averages. While NVIDIA's upcoming earnings dominated headline buzz today, the stock itself finished slightly lower, and the PHLX Semiconductor Index (+0.3%) performed in line with the broader market. 

Software stocks were the top movers within the sector, with strength following MongoDB's (MDB 295.70, +81.36, +37.96%) impressive beat-and-raise earnings report yesterday afternoon. Datadog (DDOG 131.75, +5.44, +4.31%), ServiceNow (NOW 888.24, +23.58, +2.73%), and Salesforce (CRM 250.06, +6.32, +2.59%) were among the packaged software names that posted nice gains today. 

Earnings also contributed to strength among retail names, with shares of Kohl's (KSS 16.16, +3.12, +23.93%) surging after an EPS beat. PVH (PVH 81.78, -0.71, -0.86%) and Abercrombie & Fitch (ANF 95.50, -1.24, -1.28%) finished lower despite posting earnings beats, and the SPDR S&P Retail ETF added 1.8% today. 

Headlines remained fairly subdued today, with attention still centered on President Trump's dismissal of Fed Governor Lisa Cook, a move that has already set the stage for a legal battle.

In a CNBC interview, New York Fed President John Williams (FOMC voter) described Ms. Cook as highly respected but declined to comment on the allegations against her. On monetary policy, Mr. Williams said that if inflation data evolves as he anticipates, gradual rate cuts would be appropriate, though policy must remain guided by incoming data.

He also noted that if PCE inflation is 2.9%, he attributes 40-50 basis points to tariff effects. Meanwhile, the probability of a 25-basis point cut at the September FOMC meeting held steady at 87.2%, according to the CME FedWatch tool.

Looking ahead, Friday's PCE report will provide a key update on inflation trends, but for now, market participants are squarely focused on NVIDIA's earnings, which are expected to be a defining catalyst for near-term market direction.

U.S. Treasuries ended Wednesday on a mostly higher note, while the long bond could not avoid a slightly lower finish. The 2-year note yield settled down six basis points to 3.62%, the 10-year note yield settled down two basis points to 4.24%, and the 30-year note yield settled unchanged for the day at 4.91%.

• Nasdaq Composite: +11.8% YTD
• S&P 500: +10.2% YTD
• DJIA: +7.1% YTD
• Russell 2000: +6.4%
• S&P Mid Cap 400: +4.6% YTD

Reviewing today's data:

• The weekly MBA Mortgage Index was down 0.5% after falling 1.4% a week ago. The Refinance Index was down 3.5% while the Purchase Index rose 2.2%.

Overseas:

• Europe: DAX -0.4%, FTSE -0.1%, CAC +0.4%
• Asia: Nikkei +0.3%, Hang Seng -1.3%, Shanghai -1.8%

Commodities:

• Crude Oil +0.89 @ 64.14
• Nat Gas +0.09 @ 2.88
• Gold +5.40 @ 3448.50
• Silver +0.12 @ 38.73
• Copper -0.03 @ 4.50

After-Hours Spotlight:

• CrowdStrike (CRWD) beats by $0.10, beats on revs, net new ARR of $221 mln; guides Q3 EPS above consensus, revs below consensus; guides FY26 EPS above consensus, revs in-line; Also announces intention to acquire Onum...CRWD -7.1%
• Five Below (FIVE) beats by $0.19, beats on revs, comps +12.4%; guides Q3 EPS and revs above consensus; guides FY26 EPS above consensus, revs above consensus; raises FY26 comp guidance...FIVE +1.9%
• HP Inc. (HPQ) reports EPS in-line, beats on revs; guides Q4 EPS in-line...HPQ -3.6%
• NetApp (NTAP) beats by $0.01, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY26 EPS in-line, revs in-line...NTAP -6.8%
• NVIDIA (NVDA)beats by $0.04, beats on revs; guides Q3 revs in-line...NVDA -3.7%
• Pure Storage (PSTG)beats by $0.04, beats on revs; guides Q3 revs above consensus; raises FY26 revs above consensus...PSTG +13%
• Snowflake (SNOW) beats by $0.08, beats on revs, product revenue grew 32% yr/yr; Issues Q3 and FY26 product revenue and non-GAAP operating margin guidance...SNOW +11.6%
• Urban Outfitters (URBN)beats by $0.10, beats on revs; retail comp sales +5.6%...URBN -7%

Fair Value for Thursday, August 28:

• S&P 500: 6,496
• Nasdaq 100: 23,628
• DJIA: 45,628

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

• Earnings/Guidance (Full Earnings Calendar):
  • Abercrombie & Fitch (ANF) beats by $0.02, beats on revs; guides Q3 EPS below consensus, revs above consensus; raises FY26 EPS and revenue guidance
  • Box (BOX) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY26 EPS in-line, revs above consensus
  • Donaldson (DCI) beats by $0.01, beats on revs; guides FY26 EPS in-line, revs in-line
  • Foot Locker (FL) misses by $0.34, reports revs in-line
  • Inspire Medical Systems (INSP) reaffirms its FY25 guidance
  • JinkoSolar (JKS) announces its business highlights for the first half of 2025
  • J.M. Smucker (SJM) misses by $0.03, reports revs in-line; reaffirms FY26 EPS guidance, raises revenue guidance
  • JOYY (JOYY) beats on top and bottom lines; sees Q3 revs below consensus
  • Kohl's (KSS) beats by $0.26, reports revs in-line; guides FY26 EPS above consensus, revs below consensus
  • Manitowoc (MTW) provided investor updates in presentation
  • MasterCraft (MCFT) beats by $0.22, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides mid-point of FY26 EPS guidance above consensus, revs below consensus
  • MongoDB (MDB) beats by $0.33, beats on revs, Atlas revenue growth of 29%; guides Q3 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • nCino (NCNO) beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY26 EPS above consensus, revs above consensus
  • Okta (OKTA) beats by $0.07, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • Photronics (PLAB) beats by $0.13, beats on revs; guides Q4 EPS in-line, revs in-line
  • Prudential (PRU) reports H1 results
  • PVH (PVH) beats by $0.51, beats on revs; guides Q3 EPS below consensus, revs in-line; reaffirms FY26 EPS guidance, guides FY26 revs above consensus
  • REX American Resources (REX) reports Q2 results and announces 2-for-1 stock split
  • Royal Bank of Canada (RY) beats by CAD0.53, beats on revs
• General News
  • Labor Day gas prices are at the lowest level in years, according to Axios
  • The Senate Banking Committee will hold a hearing for Fed Governor nominee Stephen Miran next week, according to Politico
  • The Trump administration is considering options to gain more influence over regional Fed bank presidents, according to Bloomberg
  • The EU will fast-track legislation this week that will remove tariffs on industrial goods to meet demands from President Trump, according to Bloomberg
  • Fed Governor Lisa Cook could file lawsuit to challenge her firing as soon as today, CNBC
  • 50% tariff on U.S. imports from India officially goes into effect, as expected
  • Transportation Secretary Sean Duffy cancels California’s additional rail fantasy projects
  • 3D Systems (DDD) awarded a $7.65 million U.S. Air Force contract for a Large-format Metal 3D Printer Advanced Technology Demonstrator
  • Accenture (ACN) has agreed to acquire NeuraFlash, a leading Salesforce and gen AI consulting company that specializes in agentic solutions for sales, service, and field service operations
  • Alphabet (GOOG) eliminated 35% of managers that oversee smaller teams, according to CNBC
  • Amazon (AMZN) wants to deploy Kuiper satellite services in Vietnam, according to Reuters
  • Amylyx Pharmaceuticals (AMLX) to discontinue ORION program of AMX0035 for progressive supranuclear palsy
  • Applied Optoelectronics' (AAOI) Prime World International Holdings to terminate land and building lease with San Ho Electric Machinery Industry
  • Autohome (ATHM) completes share transfer and change of directors
  • Babcock & Wilcox Enterprises (BW) announces new debt repurchase authorization
  • BCE Inc's (BCE) Bell Media and Disney (DIS) Entertainment launch bundles that feature Disney+, Crave, and/or TSN in Canada
  • BeOne Medicines (ONC) announces EC approval of TEVIMBRA as neoadjuvant/adjuvant NSCLC treatment ahead of late-breaking data presentation at WCLC 2025
  • Biogen (BIIB): UK MHRA approves zuranolone to treat postnatal depression in adults following childbirth
  • Blackstone (BX) wants to amend Interplex loan, according to Bloomberg
  • Boeing (BA) puts contract negotiations on hold with striking machinists, according to Reuters
  • Bread Financial (BFH) has authorized a new plan to repurchase up to $200 mln of shares of its common stock
  • Catalyst Pharma (CPRX) settles FIRDAPSE patent litigation with Lupin Pharmaceuticals
  • Centuri Holdings (CTRI) reports over $300 million in commercial awards across the US
  • Clarivate (CLVT) selected by Sinopec for impactful research and innovation
  • Cracker Barrel (CBRL) will return to its old logo following backlash
  • Disney (DIS) files lawsuit against Dish Network (SATS) over distribution agreement, according to Variety
  • Elanco Animal Health (ELAN) to join S&P MidCap 400
  • Eli Lilly's (LLY) Verzenio (abemaciclib) increases overall survival in HR+, HER2-, high-risk early breast cancer with two years of therapy
  • EQT Corp. (EQT) in talks to secure LNG supply from NextDecade’s (NEXT) Texas export project, according to Bloomberg
  • Essential Utilities (WTRG) announces an agreement with International Electric Power III, to become an investor in a 1,400 acre, data center facility in Greene County, Pennsylvania
  • Faraday Future Intelligent Electric (FFAI) founder and Co-CEO YT Jia and Global President Jerry Wang execute stock purchases under 10b5-1 plans
  • Firefly Aerospace (FLY) receives Federal Aviation Administration clearance to resume Alpha rocket launches following the Flight 6 mishap on April 29
  • Ford Motor (F) is recalling certain 2025-2026 F-550 SD, F-450 SD, F-350 SD, F-250 SD, and 2025 F-150 vehicles
  • Fox Corporation (FOXA): FCC Chair Brendan Carr says "Google (GOOG, GOOGL) removing Fox channels from YouTube TV would be a terrible outcome...Get a deal done Google!"
  • Innospec (IOSP) announces that its Performance Chemicals business has entered the second year of its partnership with International Justice Mission, that its Performance Chemicals business has entered the second year of its partnership with International Justice Mission
  • Inspire Medical Systems (INSP) announces that its CFO, Rick Buchholz, will be stepping down from his current position with the Company, effective December 31; co has an active search to identify its next
  • JD.com (JD) unit among firms planning $1 billion Singapore REIT, according to Reuters
  • KKR (KKR): EU Commission clears acquisition of Topcon by KKR
  • Lemaitre Vascular (LMAT) unchanged in afterhours after FDA publishes warning letter, dated August 11, 2025, stating that certain violations were found at company's facility in North Brunswick, NJ
  • MediciNova (MNOV) achieves enrollment target in COMBAT-ALS clinical trial
  • Merck (MRK): The first patient has been dosed in the HERTHENA-Breast04 phase 3 trial evaluating the efficacy and safety of investigational patritumab deruxtecan versus investigator’s choice of treatment in patients with unresectable locally advanced or metastatic hormone receptor positive, HER2 negative breast cancer with disease progression following endocrine and CDK4/6 inhibitor therapy in either the adjuvant or first-line metastatic settings
  • Microsoft (MSFT) considering disciplinary measures for employees who participated in Gaza protest in President Brad Smith's office, according to WSJ
  • Moderna (MRNA): HHS Secretary Kennedy says the FDA has authorized COVID vaccines for higher risk groups
  • Moderna (MRNA) receives U.S. FDA approval for updated COVID-19 vaccines targeting LP.8.1 variant of SARS-CoV-2
  • NANO Nuclear Energy (NNE) signed a Memorandum of Understanding with Dioxitek, an Argentinian nuclear fuel cycle and uranium dioxide production company
  • National Grid (NGG) response to Ofgem's RIIO-ET3 draft determination
  • Nerdy (NRDY) names John Paszterko as COO
  • Newmont (NEM) considering job cuts, according to Bloomberg
  • Novavax (NVAX) wins FDA approval for 2025–26 Nuvaxovid COVID-19 vaccine, partnering with Sanofi (SNY) on fall rollout
  • NVIDIA (NVDA): Treasury Secretary Scott Bessent on Fox Business says government taking a stake in NVDA is "not on the table"
  • Okta (OKTA) issues summary notice of proposed settlement of derivative matters
  • Paramount Group (PGRE)  follow up to report that company received bids from SL Green (SLG) & Empire State (ESRT)
  • PayPal (PYPL): German banks have some blocked Paypal payments, according to Sueddeutsche
  • Pfizer (PFE) and BioNTech (BNTX) confirm COMIRNATY approved for adults 65 and older and individuals ages 5 through 64 at increased risk for severe COVID-19
  • Planet Labs (PL) announces that its high-resolution, AI-enabled Pelican-3 and Pelican-4 satellites were successfully launched to orbit on SpaceX’s Falcon 9 rocket from Vandenberg Space Force Base in California
  • Porsche (POAHY) will start search for new CEO, according to Bloomberg
  • Power Solutions International (PSIX) announces a new cooperative agreement with HD Hyundai Infracore, a global leader in engine manufacturing and infrastructure support
  • Red Cat Holdings (RCAT): Army producing second tranche of short-range reconnaissance drones
  • Rio Tinto (RIO) provides update on operating model to unlock additional shareholder value
  • Rio Tinto's (RIO) new CEO Simon Trott aiming to restructure leadership & operations, according to FT
  • RTX (RTX): U.S. approves potential $104 mln sale of AIM-9X Sidewinder Missiles to NATO allies Belgium, Italy, and Romania
  • Taiwan Semiconductor Manufacturing (TSM): Three people were accused of stealing TSM chip secrets to benefit Tokyo Electron (TOELY), according to WSJ
  • Telesat (TSAT) names Donald Tremblay as CFO
  • TD Synnex (SNX) signed strategic collaboration agreement with Amazon (AMZN) Web Services that unlocks joint investment, co-selling and solution building opportunities for Americas Partners
  • Veracyte (VCYT) announces that data published online in Cell show that the Decipher Prostate Genomic Classifier predicts which patients with metastatic cancer are likely to benefit from treatment intensification with the chemotherapy docetaxel and which are not likely to benefit and can therefore avoid unnecessary toxicity
  • VisionWave Holdings (VWAV) entered into a Strategic Joint Venture Agreement with AIPHEX, GBT Tokenize, and GBT Technologies

• Upgrades:
  • Amer Sports (AS) upgraded to Buy from Hold at HSBC, tgt $50
  • Eli Lilly (LLY) upgraded to Hold from Reduce at HSBC, tgt $700
  • GlobalFoundries (GFS) upgraded to Neutral from Sell at Arete, tgt $37
  • Prologis (PLD) upgraded to Sector Perform from Underperform at Scotiabank, tgt $114
  • Televisa (TV) upgraded to Overweight from Neutral at JPMorgan
  • Vir Biotechnology (VIR) upgraded to Buy from Neutral at BofA Securities, tgt $14
• Downgrades:
  • Deutsche Bank (DB) downgraded to Neutral from Buy at Goldman
  • Fortune Brands Innovations (FBIN) downgraded to Hold from Buy at Truist, tgt $60
  • Health Catalyst (HCAT) downgraded to Neutral from Overweight at Piper Sandler, tgt $4
  • Krispy Kreme (DNUT) downgraded to Underweight from Neutral at JPMorgan
  • SBA Communications (SBAC) downgraded to Neutral from Buy at BofA Securities, tgt $230
• Others:
  • Chefs' Warehouse (CHEF) initiated with a Neutral at Piper Sandler, tgt $66
  • CoreWeave (CRWV) initiated with an Overweight at Cantor Fitzgerald, tgt $116
  • Hagerty (HGTY) initiated with an Outperform at Keefe Bruyette, tgt $14
  • Humacyte (HUMA) initiated with an Overweight at Barclays, tgt $3.50
  • IonQ (IONQ) initiated with a Buy at B. Riley, tgt $61
  • Inventiva (IVA) initiated with an Overweight at Piper Sandler, tgt $26
  • Mach Natural Resources (MNR) initiated with an Overweight at KeyBanc, tgt $18
  • Micron (MU) initiated with an Outperform at CLSA, tgt $15
  • Oculis Holding AG (OCS) initiated with a Buy at Needham; tgt $36
  • Phreesia (PHR) initiated with an Outperform at Mizuho, tgt $36
  • Senseonics (SENS) initiated with an Overweight at Barclays, tgt $1.50
  • Serve Robotics (SERV) initiated with an Outperform at Wedbush, tgt $15

• Econ Data (Thursday):
  • 8:30 ET: Q2 GDP -- Second Estimate (Briefing.com consensus 3.0%; prior 3.0%), Q2 GDP Deflator -- Second Estimate (Briefing.com consensus 2.0%; prior 2.0%), weekly Initial Claims (Briefing.com consensus 236,000; prior 235,000), and Continuing Claims (prior 1.972 mln)
  • 10:00 ET: July Pending Home Sales (Briefing.com consensus 0.3%; prior -0.8%)
  • 10:30 ET: Weekly natural gas inventories (prior +13 bcf)

• Earnings:
  • Monday (Aug 25)
    • Pre-Market: NSSC PDD
    • After-Hours: HEI SMTC
      
    Tuesday (Aug 26)
    • Pre-Market: AMWD BNS BEKE
    • After-Hours: BOX MDB NCNO OKTA PVH
      
  • Wednesday (Aug 27)
    • Pre-Market: ANF DCI SJM KSS MCFT PLAB RY WSM
      
    • After-Hours: A BILL COO CRWD FIVE GEF GES HPQ NTAP NTNX NVDA PSTG SNOW TCOM URBN VEEV
      
  • Thursday (Aug 28)
    • Pre-Market: BBWI BBY BF.B BURL CM DKS DG GCO HRL LI MBUU OLLI TD VSCO
    • After-Hours:  AFRM AMBA ADSK DELL DOMO ESTC GAP MRVL WOOF S ULTA
  • Friday (Aug 29)
    • Pre-Market: BABA FRO
    • After-Hours: None