After Hours Report

The stock market's advance pushed the S&P 500 (+0.3%) to record intraday (6,508.23) and closing (6,501.90) highs for the second consecutive day, while the Nasdaq Composite (+0.5%) came up just shy of its own closing high, and the DJIA (+0.2%) finished with a more modest gain.

Stocks saw a decent opening push that followed an upbeat Q2 GDP revision and another low initial jobless claims report, but an early 2.5% slide in NVIDIA (NVDA 180.17, -1.43, -0.79%) made for a bumpy morning that seated the major averages in negative territory.

NVIDIA's Q2 results, which were reported yesterday after the close, were a mixed bag. While both earnings and revenue exceeded expectations, the upside relative to consensus estimates was relatively modest. The company's guidance for Q3 matched analysts' forecasts, breaking from its usual pattern of beating and raising targets. Data Center revenue jumped 56% year-over-year to $41.1 billion but fell short of Street estimates due to a $4 billion sequential decline in H20 revenue, which was impacted by export restrictions. No H20 sales to China occurred in Q2, and none are anticipated for Q3.

The stock would ultimately close much improved from its session lows, bolstering an otherwise strong day from chipmakers that saw the PHLX Semiconductor Index finish with a 0.5% gain. The broader information technology sector advanced 0.7% as well.

The communication services sector (+0.9%) finished as the best-performing S&P 500 sector, with strength in its mega-cap components Alphabet (GOOG 212.37, +4.16, +2.00%) and Meta Platforms (META 751.11, +3.73, +0.50%) underpinning the gain.

Mega-cap strength played a key role in today's record-setting advance, as the market-weighted S&P 500 (+0.3%) outperformed the S&P 500 Equal Weighted Index (-0.1%). The Vanguard Mega Cap Growth ETF finished with a 0.6% gain.

Outside of the mega-cap space, the energy sector (+0.7%) rounded out the top three S&P 500 sectors, benefitting from crude oil futures settling today's session $0.48 higher (+0.8%) at $64.62 per barrel.

The consumer discretionary (+0.3%), financials (+0.2%), and industrials (+0.2%) sectors also captured modest gains. The materials sector finished flat.

Losses in declining sectors were relatively modest today. The defensive-oriented utilities (-0.9%), consumer staples (-0.6%), and health care (-0.5%) sectors were the biggest losers, while the real estate sector (-0.3%) also retreated.

Retailer stocks were another point of relative weakness after a slate of household names, such as Best Buy (BBY 72.66, -2.79, -3.70%), Dick's Sporting Goods (DKS 215.08, -10.93, -4.84%), Dollar General (DG 111.71, +0.51, +0.46%), and Five Below (FIVE 150.03, +5.62, +3.89%), reported earnings. The SPDR S&P Retail ETF (-0.9%) improved throughout the session with the broader market, closing 0.4 percentage points above its session lows.

With the market successfully navigating NVIDIA's earnings, attention now turns to tomorrow's PCE report, the Fed's preferred inflation gauge. The probability of a 25-basis point rate cut at the September FOMC meeting remained steady at 87.2%, according to the CME FedWatch tool.

Speaking of the next FOMC meeting, Bloomberg reported that Fed Governor nominee Stephen Miran's confirmation process may be fast-tracked to appoint him before the gathering. In related news, Fed Governor Lisa Cook filed a suit challenging her dismissal by President Trump, with Bloomberg reporting that Ms. Cook's lawyers suggest a "clerical error" is behind the mortgage issues. An initial hearing is scheduled for tomorrow morning.

U.S. Treasuries of most tenors climbed on Thursday while the 2-year note underperformed after yesterday's show of relative strength. The 2-year note yield settled up two basis points to 3.64%, and the 10-year note yield settled down three basis points to 4.21%.

• Nasdaq Composite: +12.4% YTD
• S&P 500: +10.6% YTD
• DJIA: +7.3% YTD
• Russell 2000: +6.7% YTD
• S&P Mid Cap 400: +4.8% YTD

Reviewing today's data:

• Q2 GDP - Second Estimate 3.3% (Briefing.com consensus 3.0%); Prior 3.0%, Q2 GDP Deflator - Second Estimate 2.0% (Briefing.com consensus 2.0%); Prior 2.0%
  • The key takeaway from the report is that the Q2 strength revolved around the decrease in imports (-29.8%), which is a subtraction in the calculation of GDP. The next exports component contributed 4.95 percentage points to Q2 GDP growth versus 4.99 points with the advance estimate.
• Weekly Initial Claims 229K (Briefing.com consensus 236K); Prior was revised to 234K from 235K, Weekly Continuing Claims 1.954 mln; Prior was revised to 1.961 mln from 1.972 mln
  • The key takeaway from the report is that initial jobless claims—a leading indicator-- continue to run at low levels, refuting the notion that the labor market is weak. Granted, the labor market has softened a bit, but it is not weak.
• July Pending Home Sales -0.4% (Briefing.com consensus 0.3%); Prior -0.8%

Overseas:

• Europe: DAX -0.0, FTSE -0.4%, CAC +0.2%
• Asia: Nikkei +0.7%, Hang Seng -0.8%, Shanghai +1.1%

Commodities:

• Crude Oil +0.48 @ 64.62
• Nat Gas +0.06 @ 2.94
• Gold +25.20 @ 3473.70
• Silver +0.98 @ 39.71
• Copper +0.04 @ 4.54

After-Hours Spotlight:

• Affirm (AFRM) reports Q4 (Jun) results, beats on revs, GMV increased 43% yr/yr; guides Q1 revs in-line, guides for FY26 GMV of more than $46 bln...AFRM +9.2%
• Ambarella (AMBA) beats by $0.10, beats on revs; guides Q3 revs above consensus; guides FY26 revs above consensus...AMBA +16.1%
• Autodesk (ADSK) beats by $0.17, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus...+9.5%
• Dell (DELL) beats by $0.03, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY26 EPS above consensus, revs in-line...DELL -4.8%
• Gap (GAP) beats by $0.02, reports revs in-line, comps +1%; guides Q3 revs in-line; reaffirms FY26 revs guidance...GAP -4.7%
• Marvell (MRVL) reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs in-line...MRVL -8%
• Ulta Beauty (ULTA) beats by $0.68, beats on revs; comp sales of +6.7%; raises FY26 EPS and revs above consensus; raises FY26 comps...ULTA +2.4%
• Petco Health and Wellness (WOOF) beats by $0.04, reports revs in-line; comp sales of -1.4%; reaffirms FY25 net sales outlook...WOOF +17%

Fair Value for Friday, August 29:

• 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):
  • Agilent (A) reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs above consensus
  • Bath & Body Works (BBWI) misses by $0.01, reports revs in-line; guides Q3 EPS below consensus, narrows FY26 EPS & revenue guidance
  • Best Buy (BBY) beats by $0.07, beats on revs, Enterprise comparable sales of +1.6%; reaffirms FY26 EPS, revs, and comps guidance
  • Bill.com (BILL) beats by $0.12, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY26 EPS in-line, revs mostly below consensus; new $300 mln share repurchase program
  • Build-A-Bear Workshop (BBW) reports record second quarter and first half fiscal 2025 results and increases annual guidance
  • Burlington Stores (BURL) beats by $0.44, beats on revs; guides Q3 EPS below consensus, revs below consensus; raises FY26 EPS in-line, revs in-line
  • CIBC (CM) beats by CAD0.15, beats on revs
  • Cooper (COO) beats by $0.03, reports revs in-line; guides Q4 EPS in-line, revs below consensus
  • 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
  • Dick's Sporting Goods (DKS) beats by $0.08, beats on revs; raises FY26 EPS in-line; raises Full Year guidance for comparable sales growth to a range of 2.0 -3.5%
  • Dollar General (DG) beats by $0.28, reports revs in-line; raises FY26 EPS above consensus; raises net sales and same-store-sales outlook
  • Domo (DOMO) beats by $0.07, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY26 EPS above consensus, revs in-line
  • Genesco (GCO) beats by $0.11, beats on revs; reaffirms FY26 EPS guidance; raises FY26 total sales and comparable sales guidance
  • Guess? (GES) beats by $0.10, beats on revs; Entered into definitive agreement to be taken private on August 20, 2025
  • 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
  • Greif (GEF) misses by $0.09, misses on revs
  • Hormel Foods (HRL) misses by $0.05, beats on revs; guides Q4 EPS below consensus, revs in-line
  • HP Inc. (HPQ) reports EPS in-line, beats on revs; guides Q4 EPS in-line
  • Li Auto (LI) misses by RMB0.29, misses on revs; guides Q3 revs below consensus
  • Malibu Boats (MBUU) misses by $0.06, beats on revs, issues downside FY26 revenue guidance
  • 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
  • Noah Holdings (NOAH) reports reports Q2 income per ADS of RMB 2.54 vs. vs RMB 1.42 last year
  • Nordic American Tanker (NAT) reports Q2 results; raises dividend
  • Nutanix (NTNX) beats by $0.04, beats on revs; guides Q1 revs in-line; guides FY26 revs above consensus; increases share repurchase authorization
  • NVIDIA (NVDA) beats by $0.04, beats on revs; guides Q3 revs in-line
  • Ollie’s Bargain Outlet (OLLI) beats by $0.06, beats on revs, comps +5.0%; raises FY26 EPS, revenue and comp guidance
  • Pure Storage (PSTG) beats by $0.04, beats on revs; guides Q3 revs above consensus; raises FY26 revs above consensus
  • 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
  • Toronto-Dominion Bank (TD) beats by CAD0.15, beats on revs
  • Toyota Motor (TM) reports global July 2025 sales and production data
  • Trip.com Group (TCOM) beats by RMB1.17, beats on revs
  • Urban Outfitters (URBN) beats by $0.10, beats on revs; retail comp sales +5.6%
  • Veeva Systems (VEEV) beats by $0.09, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • Victoria's Secret (VSCO) beats by $0.20, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY26 revenue guidance
• General News
  • Mexico will increase tariffs on imports from China following demands from President Trump, according to Bloomberg
  • Japan's trade representative cancels trip to U.S., according to Reuters
  • President Trump fired Surface Transportation Board member Robert Primus, according to WSJ
  • China aims to extend phenol anti-dumping duties, according to Reuters
  • HHS says "Susan Monarez is no longer director of the Centers for Disease Control and Prevention"
  • California Governor Gavin Newsom says he will release his own meme coin, according to Politico
  • Fed Governor Lisa Cook files lawsuit to challenge President Trump's decision to fire her, according to Bloomberg
  • Correos de Mexico pauses package deliveries to U.S. ahead of tariff deadline, according to Fox Businsess
  • Fed Governor nominee Stephen Miran's Senate confirmation will likely be fast tracked so he can be in place before the September Fed meeting, according to Bloomberg
  • Britain, France and Germany reinstated Iran sanctions, according to NY Times
  • EU Commission confirms tariff reductions to implement EU-US deal
  • EU to remove tariffs on US industrial goods, extend preferential treatment for American lobster as part of trade deal, according to Bloomberg
  • FDA accepts proposal for reasonably likely surrogate endpoint for ‘MASH’ all-cause mortality or liver-related events
  • CDC says nearly 100 people sick in Salmonella outbreak linked to recalled eggs
  • Fed Governor Lisa Cook says "clerical error" was behind mortgage issues, according to Bloomberg
  • Duty exemption on ‘De minimis’ orders ends tomorrow, according to Washington Post
  • Abercrombie & Fitch (ANF) announced a multi-year partnership naming the brand as an Official Fashion Partner of the Dallas Cowboys and the Dallas Cowboys Cheerleaders
  • Aldeyra Therapeutics (ALDX) announces that the European Medicines Agency has granted Orphan Designation for ADX-2191 for the treatment of primary large B-Cell lymphomas of immune-privileged sites, including primary vitreoretinal lymphoma
  • Alibaba (BABA) in discussions to refinance a $6.5 bln loan, according to Bloomberg
  • Alphabet's (GOOG) YouTube says it "reached a short-term extension with Fox (FOXA) to prevent disruption to YouTube TV subscribers as we continue to work on a new agreement."
  • Altimmune (ALT): FDA accepts proprosal for reasonably likely surrogate endpoint for MASH
  • Amkor (AMKR) announces that Peoria, Arizona successfully bid as part of a State Land Auction to acquire 834.5 acres for future development; Land includes a 104-acre parcel tentatively designated for Amkor Technology’s construction of an advanced semiconductor packaging and test facility
  • Apple (AAPL): Columbia's Superintendency of Industry and Commerce has initiated an administrative investigation into Apple for violating the Colombian free competition regime
  • ARS Pharmaceuticals (SPRY) provided neffy updates
  • Aviat Networks (AVNW) CFO Michael Connaway to step down, provides guidance
  • Biogen (BIIB): FDA to recommend additional, earlier MRI monitoring for patients with Alzheimer’s disease taking Leqembi (lecanemab)
  • BioHarvest Sciences (BHST) files $100 mln mixed securities shelf offering
  • Bitmine Immersion Technologies (BMNR) appoints David Sharbutt to Board
  • Braskem SA (BAK) reports Idesa update in response to news published in the media
  • Cencora (COR) appoints Mark Durcan as Chairman of its Board of Directors
  • Comcast's (CMCSA) NBCUniversal, Amazon (AMZN) expand streaming access; Peacock Premium Plus now available on Prime Video, Fire TV, and Xfinity X1
  • Cracker Barrel (CBRL): Activist investor Sardar Biglari criticized Cracker Barrel about logo change, according to WSJ
  • DeFi Development Corp. (DFDV) announces the acquisition of 407,247 SOL at an average price of $188.98 per token
  • Diageo plc (DEO) announces strategic changes to increase resiliency of North American manufacturing operations
  • Dover (DOV) enters into collaboration with Ardova Plc to bring automation to fuel retail sites across Nigeria
  • EA (EA) SPORTS FC 26 expands global footprint with new partners, leagues, and stadiums in-game
  • Eli Lilly's (LLY) Mounjaro price increase in UK to be offset with discount, according to Sky News
  • Equinox (EQX) Gold advances Canadian operations with first ore processed at the Valentine Gold Mine
  • Ford Motor (F): UAW says "BlueOval SK workers won a majority of votes in an NLRB election to unionize their plant in Glendale, Kentucky, securing a hard-fought victory"
  • Ford Motor (F) is recalling certain 2016-2018 Lincoln MKX and 2015-2018 Edge vehicles
  • GE Aerospace (GE): UAW Local 647 members are officially on strike in Evendale, OH
  • Gilat Satellite (GILT) files for $150 mln mixed securities shelf offering
  • Green Thumb (GTBIF) entered into transactions to sell its consumer packaged goods brands to Agrify (AGFY)
  • Hudbay Minerals (HBM) has resumed operations at Snow Lake following wildfire evacuation
  • Infosys (INFY) announces a strategic collaboration with Mastercard (MA) to offer financial institutions enhanced access to Mastercard Move, its portfolio of money movement capabilities
  • Intel (INTC): The Trump Administration's stake in INTC was designed to block it from selling its manufacturing unit, according to FT
  • JD.com (JD) in discussions for a loan to help finance the acquisition of Ceconomy, according to Bloomberg
  • Keurig Dr Pepper (KDP)  announces strategic advertising collaboration with Disney (DIS) Advertising
  • Meta Platforms (META): President Trump targets Europe’s digital taxes, pledges to defend U.S. tech giants after meeting with Zuckerberg, according to Bloomberg
  • Microsoft (MSFT): Defense Secretary Pete Hegseth says Chinese nationals will no longer service Pentagon cloud systems; issues letter of concern to MSFT
  • NexGen Energy (NXE) announces new off-scale mineralization intersected at Patterson Corridor East and continued expansion of high-grade sub domain
  • NIKE (NKE) planning additional layoffs, according to CNBC
  • Nippon Steel Corporation (NPSCY) aiming to invest $4 billion in an electric arc furnace steel mill in U.S., according to Nikkei
  • NovoCure (NVCR) notified trial sites that it has decided to terminate its LUNAR-4 trial
  • Novo Nordisk A/S (NVO): Replicate Bioscience announces partnership with Novo Nordisk to unlock self-replicating RNA therapies for obesity and diabetes
  • Nutanix (NTNX) enters into collaboration with Finanz Informatik and signs long-term contract with company
  • NVIDIA (NVDA) approves additional $60 bln share repurchase authorization
  • Outlook Therapeutics (OTLK) Provides regulatory update on FDA review of ONS-5010/LYTENAVA for the treatment of wet AMD
  • Phillips 66 (PSX) will start winding down Los Angeles refinery next week, according to Reuters
  • Prothena (PRTA) Provides Update on PRX012 and Announces Results from the Phase 1 ASCENT Clinical Program
  • Qiagen (QGEN) announces successful placement of new net share settled convertible bonds; will agree not to sell any securities substantially similar to Bonds or Shares for 90 calendar days following the settlement date
  • Salesforce (CRM) / Informatica (INFA) HSR early termination news circulating
  • Sandoz (SDZNY) launches rivaroxaban in Germany
  • SharkNinja (SN) CFO to resign effective September 5, 2025
  • Sound Group (SOGP) announces special cash dividend
  • Transocean (RIG) to dispose of several rigs, to take charge in Q3
  • Travere Therapeutics (TVTX): FDA approves REMS modification for FILSPARI in IgA nephropathy
  • Vale S.A. (VALN) says no agreement reached on railway concession renegotiation; contracts remain in effect until 2057
  • Vanda Pharma (VNDA) announced the FDA has granted Orphan Drug Designation for VGT-1849B, a selective peptide nucleic acid-based JAK2 inhibitor for the treatment of polycythemia vera

• Upgrades:
  • Five Below (FIVE) upgraded to Outperform from Market Perform at Telsey Advisory Group, tgt $170
  • Green Plains (GPRE) upgraded to Outperform from Perform at Oppenheimer, tgt $14
  • International Paper (IP) upgraded to Buy from Neutral at BofA Securities, tgt $57
  • Rambus (RMBS) upgraded to Buy from Neutral at Arete, tgt $91
  • Silgan Holdings (SLGN) upgraded to Buy from Neutral at BofA Securities, tgt $57
  • Thomson Reuters (TRI) upgraded to Buy from Hold at TD Securities
  • Venture Global (VG) upgraded to Buy from Hold at Deutsche Bank, tgt $17
  • Wynn Resorts (WYNN) upgraded to Buy from Neutral at UBS, tgt $147
• Downgrades:
  • Bill (BILL) downgraded to Neutral from Overweight at Piper Sandler, tgt $50
  • Cooper Companies (COO) downgraded to Neutral from Buy at Citigroup, tgt $72
• Others:
  • Accel Entertainment (ACEL) initiated with a Buy at Texas Capital, tgt $17
  • Acuren (TIC) initiated with a Buy at Jefferies, tgt $16
  • Biomea Fusion (BMEA) initiated with a Buy at Jefferies, tgt $5
  • Fractyl Health (GUTS) initiated with a Buy at Ladenburg, tgt $3.60
  • Nano Nuclear Energy (NNE) initiated with a Neutral at BTIG Research
  • Northpointe (NPB) initiated with a Neutral at Janney, tgt $19.25
  • Novavax (NVAX) assumed with a Buy at H.C. Wainwright, tgt $10
  • P3 Health Partners (PIII) resumed with a Buy at Lake Street; tgt $20
  • ServiceTitan (TTAN) initiated with an Outperform at BMO Capital, tgt $129
  • Southern Missouri Bancorp (SMBC) assumed with a Neutral at Piper Sandler, tgt $66

• Econ Data (Friday):
  • 8:30 ET: July Personal Income (Briefing.com consensus 0.4%; prior 0.3%), Personal Spending (Briefing.com consensus 0.5%; prior 0.3%), PCE Prices (Briefing.com consensus 0.2%; prior 0.3%), Core PCE Prices (Briefing.com consensus 0.3%; prior 0.3%), July advance international goods trade (prior -$96.4 bln), July advance Retail Inventories (prior 0.3%), and July advance Wholesale Inventories (prior 0.2%)
  • 9:45 ET: August Chicago PMI (Briefing.com consensus 46.0; prior 47.1)
  • 10:00 ET: Final August University of Michigan Consumer Sentiment (Briefing.com consensus 58.6; prior 58.6)

• 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