After Hours Report

The stock market's early strength, fueled by Oracle's (ORCL 328.33, +86.82, +35.95%) massive RPO update and an encouraging August PPI print, quickly lifted the S&P 500 (+0.3%) and Nasdaq Composite (flat) to fresh record highs. However, momentum faded as the session wore on, with investors showing reluctance to extend gains, leaving the major averages to close well below their early peaks.

The S&P 500 set an all-time high level of 6,555.97 this morning and captured a record closing high of 6,532.04. The Nasdaq Composite set an all-time high of 22,000.97 around the same time and eked out a record closing high of 21,886.06. The DJIA (-0.5%) never breached its flatline, highlighting pockets of weakness in today's market.

Oracle's extraordinary upwards move was the main driver of action today. Investors were enthused by the company's remaining performance obligations (RPO), which skyrocketed to $455 billion, up 359% year-over-year, as the company has locked in substantial cloud contracts among major AI players. 

Semiconductor names benefitted from increased optimism around AI growth potential, with the PHLX Semiconductor Index closing with a 2.4% gain. NVIDIA (NVDA 177.33, +6.57, +3.85%) and Broadcom (AVGO 369.57, +32.90, +9.77%) were among some of the market's largest names that benefited from Oracle's move and contributed to gains at the index level.

The broader technology sector finished with a 1.8% gain, tying the energy sector (+1.8%) as the best-performing among the eleven S&P 500 sectors.

Not all mega-cap tech names found themselves on the right side of today's action. Amazon (AMZN 230.33, -7.91, -3.32%), Apple (AAPL 226.79, -7.56, -3.23%), and Meta Platforms (META 751.98, -13.72, -1.79%) all incurred notable losses. Oracle's arrival as an even larger player than previously thought within the AI realm could reflect some reallocation of capital away from some of the "magnificent seven" names that have garnered an outsized share of the market's attention. 

The Vanguard Mega Cap Growth ETF finished flat for the day as a result. 

Sector strength was also an almost even split, with six S&P 500 sectors trading lower. The consumer discretionary (-1.6%), consumer staples (-1.1%), health care (-0.9%), and communication services (-0.9%) sectors closed with the widest losses, while the financials (-0.3%) and real estate (-0.1%) sectors faced more modest retreats. 

On the monetary policy front, a deflationary reading of the August PPI (-0.1%; Briefing.com consensus 0.3%) and Core PPI (-0.1%; Briefing.com consensus 0.3%) helped equities surge out of the gate. Rate cut expectations through the end of the year changed very little, which is a sign of strength, as the market is currently expecting 75-basis points of rate cuts before year's end. 

While the market rallied around today's earnings and economic data, a steady retreat from session highs reflects a hesitancy to push further into record territory, as investors balance AI-driven growth with historically high valuations. 

The market's next test will be tomorrow's August CPI report, which, in conjunction with the weekly jobless claims data, will put October and December rate cut expectations in focus.

U.S. Treasuries climbed on Wednesday after overcoming some early softness with help from the August PPI report and a strong $39 billion 10-year note reopening. The 2-year note yield settled down three basis points to 3.53%, and the 10-year note yield settled down four basis points to 4.03%. 

• Nasdaq Composite: +13.3% YTD
• S&P 500: +11.1% YTD
• DJIA: +6.9% YTD
• Russell 2000: +6.6% YTD
• S&P Mid Cap 400: +4.7% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 9.2%; Prior -1.2%
• August PPI -0.1% (Briefing.com consensus 0.3%); Prior was revised to 0.7% from 0.9%, August Core PPI -0.1% (Briefing.com consensus 0.3%); Prior was revised to 0.7% from 0.9%
  • The key takeaway from the report is that it will ease the market's angst about pass-through effects for consumers, especially with the index for final demand services sliding 0.2% month-over-month. The added takeaway is that this report will keep the market locked on its view that there will be at least 75 basis points of rate cuts by the Fed before the end of the year.
• July Wholesale Inventories 0.1% (Briefing.com consensus 0.2%); Prior 0.2%

Overseas:

• Europe: DAX -0.4%, FTSE -0.2%, CAC +0.2%
• Asia: Nikkei +0.9%, Hang Seng +1.0%, Shanghai +0.1%

Commodities:

• Crude Oil +1.05 @ 63.67
• Nat Gas -0.09 @ 3.03
• Gold -0.20 @ 3681.90
• Silver +0.28 @ 41.60
• Copper +0.05 @ 4.62

After-Hours Spotlight:

• Aviat Networks (AVNW) Announces Fiscal 2025 Fourth Quarter and Twelve Months Financial Results...AVNW +7.9%
• Kewaunee Scientific (KEQU) Reports Results for First Quarter of Fiscal Year 2026...KEQU -16.3%
• Oxford Industries (OXM) beats by $0.08, reports revs in-line; guides Q3 EPS below consensus, revs in-line; reaffirms FY26 EPS guidance, revs guidance...OXM +15.6%
• Quantum (QMCO) Reports Fiscal First Quarter 2026 Financial Results...QMCO -17.2%

Fair Value for Thursday, September 11:

• S&P 500: 6,538
• Nasdaq 100: 23,877
• DJIA: 45,527

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

• Earnings/Guidance (Full Earnings Calendar):
  • AeroVironment (AVAV) misses by $0.01, beats on revs; guides FY26 EPS above consensus, revs in-line
  • ASE Technology (ASX) reports August revs increased 6.7% yr/yr to ~NT$56.47 bln
  • Calavo Growers (CVGW) beats by $0.03, misses on revs
  • Chewy (CHWY) beats by $0.19, reports revs in-line
  • ChipMOS TECHNOLOGIES (IMOS) reports August revs increased 6.3% sequentially to ~$68.3 mln
  • Chunghwa Telecom (CHT) reports August revs increased 1.1% yr/yr to NT$18.56 bln
  • GameStop (GME) beats by $0.06 (single estimate), beats on revs
  • Lands’ End (LE) Announces Second Quarter 2025 Results
  • Lucky Strike Entertainment (LUCK) reports same-store-sales growth of U.S. comparable centers was positive for the month of July and August
  • Oracle (ORCL) misses by $0.01, reports revs in-line; RPO of $455 bln, up 359%; Guides Q2 revs in-line
  • Rubrik (RBRK) beats by $0.31, beats on revs, Subscription ARR grew 36% yr/yr; guides Q3 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • Synopsys (SNPS) reports Q3 results; provides Q4 and FY25 EPS and revenue guidance
  • Taiwan Semiconductor Manufacturing (TSM) reports August revs increased 33.8% yr/yr to ~NT$335.77 bln
  • Tapestry (TPR) introduces new growth strategy and long-term financial targets at Investor Day
  • US Foods (USFD) reaffirms FY25 guidance; reiterates growth plan
  • Vale S.A. (VALE) updated capital investments guidance -- total CapEx $5.4-5.7 bln (previously about $5.9 bln)
• General News
  • President Trump asking EU to implement 100% tariffs on China and India in order to pressure Russia and Putin, according to FT
  • US Supreme Court agrees to hear tariff case on an expedited basis, according to CNBC
  • President Trump confirmed ' that India, and the United States of America, are continuing negotiations to address the Trade Barriers'
  • President Trump looking to limit flow of pharmaceuticals from China, according to NY Times
  • Federal judge blocks President Trump's firing of Fed Governor Cook, according to Fox Business
  • Russian drones shot down in Polish airspace, according to Reuters
  • CMS Issues Guidance to Strengthen Oversight of Medicaid State Directed Payments
  • UK to hold first trade talks with China in 7 years
  • White House releases Fact Sheet: actions to provide greater transparency and accuracy in prescription drug advertisements
  • EU and Australia open exploratory talks on association to Horizon Europe
  • Canadian Prime Minister Mark Carney confirms with colleagues this week for the national caucus meeting discussing 'major projects'
  • White House OMB Board proposes elimination of dozens of unnecessary and redundant accounting requirements on Federal Contractors
  • Alibaba (BABA): Ant Digital linking assets on the blockchain, according to Bloomberg
  • Arrowhead (ARWR) requests regulatory clearance to initiate Phase 1/2a study of ARO-MAPT for Alzheimer’s
  • ATI Inc. (ATI) announces that Executive Vice President - Finance and Chief Financial Officer Don Newman will retire March 1, 2026
  • Avidity Biosciences' (RNA) Del-zota Demonstrated Reversal of Disease Progression Across Key Functional Endpoints in EXPLORE44 and EXPLORE44-OLE Phase 1/2 Trial in People Living with DMD44
  • Bitmine Immersion Technologies (BMNR) entered into an Independent Contractor Agreement with Ryan Ramnath to continue serving as COO for one-year term
  • Boeing (BA) Defense workers reach tentative 5-year labor deal with IAM Union, vote set for Sept. 12
  • Boeing (BA) has opened its new Boeing Engineering Center in the Cici & Hyatt Brown Center for Aerospace Technology at Embry-Riddle Aeronautical University's Research Park
  • Broadcom (AVGO) disclosed Chief Executive Officer Tan incentive plans / targets
  • Broadridge Financial (BR) announces that its Distributed Ledger Repo platform processed more than $280 bln in average daily repo transactions during the month of August
  • Brookdale Senior Living (BKD) reports August 2025 occupancy
  • CAE (CAE) and WestJet sign contract to bring aviation professional training facility to Calgary
  • Cohen & Steers (CNS) announces preliminary assets under management of $90.4 bln for August 2025, up from $88.6 bln at July 31, 2025
  • Constellation Energy (CEG): Holtec considers $10 bln Indian point nuclear restart, according to Bloomberg
  • Criteo (CRTO) announces new integration with Google for onsite retail media
  • Danaher (DHR) approved a new share repurchase program authorizing the repurchase of up to 35 mln shares
  • enCore Energy Corp. (EU) announces appointment of Kevin Kremke as Chief Financial Officer, effective October 1st, 2025
  • Fifth Third (FTB) recently discovered alleged external fraudulent activity at a commercial borrower of Fifth Third Bank, National Association associated with their asset-backed finance loan
  • Fortuna (FSM) advances $19 million generative exploration program across Côte d’Ivoire, Mexico, and Argentina
  • Galaxy Digital's (GLXY) GK8 named a custody technology provider for BDACS
  • GameStop (GME) announces special dividend to be distributed in form of warrants to holders of common stock
  • Google (GOOG) cloud expecting strong revenue growth by 2027, according to Bloomberg
  • Greenwich LifeSciences (GLSI) announced that FDA has granted Fast Track designation for GLSI-100 in the HLA-A*02 patient population
  • Henry Schein (HSIC) announces $750 million share repurchase plan
  • Instil Bio (TIL) announces that ImmuneOnco Biopharmaceuticals Inc. presented preliminary efficacy and safety data of ‘2510 as monotherapy in a Phase 1 study of patients in China with previously treated squamous non-small cell lung cancer at the 2025 World Conference on Lung Cancer hosted by the International Association for the Study of Lung Cancer
  • IonQ (IONQ) announces the organization of IonQ Federal aimed at integrating IonQ’s proprietary technologies to serve the U.S. government and its allies
  • Johnson & Johnson (JNJ): U.S. FDA approval of INLEXZO (gemcitabine intravesical system) set to transform how certain bladder cancers are treated
  • Karyopharm (KPTI) Announces Completion of Enrollment in the Phase 3 SENTRY Trial in Myelofibrosis
  • MAXIMUS (MMS) authorized an expansion to the purchase program to up to an aggregate of $400 mln
  • Meta (META) and TikTok successfully challenge EU tech fees, according to Reuters
  • Netflix (NFLX) Chief Product Officer Eunice Kim exits; CTO Elizabeth Stone to temporarily take over, according to Bloomberg
  • NextDecade (NEXT) makes a positive final investment decision on Train 4 at Rio Grande LNG, closed financial transactions to fully fund Train 4 and related infrastructure, and issued full notice to proceed to Bechtel Energy for Train 4
  • Nicolet Bankshares (NIC) discloses in SEC filing that Chairman, President and Chief Executive Officer Mike Daniels has agreed to extend his planned leadership through the end of 2030
  • Novo Nordisk (NVO) launches major transformation to streamline operations and reinforce growth
  • OPENLANE (KAR) to repurchase 53% of Series A Convertible Preferred Stock
  • OptimizeRx (OPRX) announces partnership with Lamar Advertising Company regarding OOH advertising for pharmaceutical and healthcare brands
  • Oracle (ORCL) and OpenAI sign $300 bln for five-year contract, according to WSJ
  • Palantir Technologies (PLTR) announced a partnership which will see Hadean’s leading edge wargaming, command & control and battlefield training products deployed on Palantir’s Foundry software
  • Paramount (PSKY) Skydance's Paramount announced that Meta (META) exec Dane Glasgow will join the company as Chief Product Officer; will report directly to David Ellison
  • Pfizer (PFE): Health officials higlight Covid shot risks for pregnant women, according to WSJ
  • PG&E (PCG): California lawmakers reach $18 bln deal to replenish wildfire utility fund, according to Bloomberg
  • Robinhood Markets (HOOD) unveiled last night new products at 'Hood Summit'
  • RTX (RTX): U.S. approves $1.07 bln sale of AIM-120D-3 missiles to Finland to strengthen NATO ally’s air defense
  • RTX (RTX) awarded a $760 mln fixed price Air Force contract
  • Samsung (SSNLF) and Cantor sign memorandum of understanding to explore strategic collaboration
  • Sanofi (SNY) reports Tzield approved in China as first disease-modifying therapy for adult and pediatric patients with stage 2 type 1 diabetes
  • Soleno Therapeutics (SLNO) is aware that a serious adverse event has been reported in the FDA's Adverse Event Reporting System; treating physician has reported the case as not related to treatment with VYKAT XR - Soleno’s assessment is the same
  • Southwest Air (LUV) ticks slightly lower as CEO Bob Jordan commented that airline would need different aircraft if it launches flights to Europe, according to Yahoo Finance, citing Reuters
  • TotalEnergies (TTE) finalizes investment decision with its partners on Rio Grande LNG Train 4, with a 10% direct participating interest and 1.5 MT LNG offtake
  • Travere Therapeutics (TVTX) provides update on FDA Advisory Committee meeting for FILSPARI
  • Tutor Perini (TPC) subsidiary Rudolph and Sletten awarded a contract valued at approximately $960 million for construction of the new UCSF Benioff Children’s Hospital in Oakland, California
  • Union Pacific (UNP) discloses updates provided at Morgan Stanley Conference; Anticipates mix to improve sequentially, however volume trends will continue to be monitored
  • U.S. Bancorp (USB) raises quarterly dividend by 4% to $0.52 per share
  • Waldencast plc (WALD) announces FDA approval of Obagi saypha MagIQ injectable hyaluronic acid gel under the Obagi Medical Brand
  • Warner Bros. Discovery (WBD) sues Dish over Sling TV short-term ‘Passes,’ according to Variety
  • WhiteFiber (WYFI), which launched its IPO about one month ago, is soaring on rising enthusiasm around its positioning as a provider of advanced AI infrastructure solutions
  • Zillow (ZG) announced the launch of Virtual Staging, an AI-powered feature built directly into Zillow Showcase, the company's premium listing experience

• Upgrades:
  • Equinox Gold (EQX) upgraded to Outperform from Sector Perform at RBC Capital
    
  • Gossamer Bio (GOSS) upgraded to Buy from Neutral at UBS, tgt $9
    
  • Haleon (HLN) upgraded to Buy from Neutral at Goldman
    
  • IAMGold (IAG) upgraded to Outperform from Sector Perform at RBC Capital, tgt $14
    
  • nCino (NCNO) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $36
    
  • Newmont (NEM) upgraded to Outperform from Sector Perform at RBC Capital, tgt $95
    
  • Nike (NKE) upgraded to Buy from Hold at TD Cowen, tgt $85
    
  • Oracle (ORCL) upgraded to Buy from Neutral at BofA Securities, tgt $368
    
  • Rocket Companies (RKT) upgraded to Buy from Neutral at BofA Securities, tgt $24
    
  • Saia (SAIA) upgraded to Positive from Neutral at Susquehanna, tgt $360
• Downgrades:
  • Acadia Healthcare (ACHC) downgraded to Neutral from Buy at BofA Securities, tgt $25
    
  • Bioceres (BIOX) downgraded to Hold from Buy at Canaccord Genuity, tgt $2.50
  • BorgWarner (BWA) downgraded to Neutral from Buy at BofA Securities, tgt $46
    
  • Boston Properties (BXP) downgraded to Neutral from Buy at Compass Point, tgt $75
    
  • Centerra Gold (CGAU) downgraded to Sector Perform from Outperform at RBC Capital
    
  • Coty (COTY) downgraded to Hold from Buy at Berenberg, tgt $5.05
    
  • Hess Midstream (HESM) downgraded to Neutral from Buy at UBS, tgt $43
    
  • HP Inc. (HPQ) downgraded to In Line from Outperform at Evercore ISI, tgt $29
    
  • Lear (LEA) downgraded to Neutral from Buy at BofA Securities, tgt $123
    
  • Service Properties (SVC) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $2.50
    
  • Synopsys (SNPS) downgraded to Underperform from Buy at BofA Securities, tgt $525
    
  • Synopsys (SNPS) downgraded to Neutral from Outperform at Robert W. Baird, tgt $535
  • Trade Desk (TTD) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $50
• Others:
  • Ametek (AME) initiated with an Equal Weight at Barclays, tgt $200
    
  • Ardent Health (ARDT) initiated with a Buy at UBS, tgt $17
    
  • Bakkt (BKKT) initiated with a Buy at Clear Street, tgt $14
    
  • BankUnited (BKU) initiated with an Overweight at Cantor Fitzgerald, tgt $44
    
  • Citizens Financial (CFG) initiated with an Overweight at Cantor Fitzgerald, tgt $61
    
  • Comerica (CMA) initiated with a Neutral at Cantor Fitzgerald, tgt $72
    
  • Cullen/Frost (CFR) initiated with a Neutral at Cantor Fitzgerald, tgt $138
    
  • East West Bancorp (EWBC) initiated with an Overweight at Cantor Fitzgerald, tgt $124
    
  • FB Financial (FBK) initiated with an Overweight at Cantor Fitzgerald, tgt $61
    
  • FireFly Aerospace (FLY) initiated with a Buy at Roth Capital, tgt $60
    
  • First Financial (FFIN) initiated with a Neutral at Cantor Fitzgerald, tgt $39
    
  • Flagstar Financial (FLG) initiated with an Overweight at Cantor Fitzgerald, tgt $15
    
  • Home BancShares (HOMB) initiated with a Neutral at Cantor Fitzgerald, tgt $32
    
  • Janux Therapeutics (JANX) initiated with a Buy at Truist, tgt $100
    
  • Janux Therapeutics (JANX) resumed with a Buy at Stifel, tgt $45
    
  • Live Oak Bancshares (LOB) initiated with a Neutral at Cantor Fitzgerald, tgt $42
    
  • M&T Bank (MTB) initiated with an Overweight at Cantor Fitzgerald, tgt $228
    
  • Prosperity Bancshares (PB) initiated with an Overweight at Cantor Fitzgerald, tgt $78
    
  • Ralliant (RAL) initiated with an Outperform at Oppenheimer, tgt $55
    
  • Regions Financial (RF) initiated with an Overweight at Cantor Fitzgerald, tgt $30
    
  • Syndax (SNDX) resumed with a Buy at Stifel, tgt $44
    
  • Valley National (VLY) initiated with an Outperform at Hovde Group, tgt $12.50
    
  • Valley National (VLY) initiated with an Overweight at Cantor Fitzgerald, tgt $12
    
  • Webster Financial (WBS) initiated with an Overweight at Cantor Fitzgerald, tgt $70
    
  • Zions Bancorp (ZION) initiated with an Overweight at Cantor Fitzgerald, tgt $64

• Econ Data (Thursday):
  • 8:30 ET: August CPI (Briefing.com consensus 0.3%; prior 0.2%) and Core CPI (Briefing.com consensus 0.3%; prior 0.3%), weekly Initial Claims (Briefing.com consensus 240,000; prior 237,000), and Continuing Claims (prior 1.940 mln)
  • 10:30 ET: Weekly natural gas inventories (prior +55 bcf)
  • 14:00 ET: August Treasury Budget (prior -$291.1 bln)

• Earnings:
  • Monday (Sep 8)
    • Pre-Market: PL NFE
    • After-Hours: CASY AVO
      
    Tuesday (Sep 9)
    • Pre-Market: CNM MOMO KFY SAIL
    • After-Hours: AVAV CVGW GME RBRK SNPS
      
  • Wednesday (Sep 10)
    • Pre-Market: CHWY
      
    • After-Hours: OXM
      
  • Thursday (Sep 11)
    • Pre-Market: KR LOVE
    • After-Hours:  ADBE RH
  • Friday (Sep 12)
    • Pre-Market: None
    • After-Hours: None