After Hours Report

After a brief opening jump saw the S&P 500 (-0.1%) and Nasdaq Composite (-0.1%) establish new record highs, the major averages traded slightly lower for the bulk of today's session, finishing just beneath their flatlines.

The S&P 500 captured a new all-time high this morning at 6,626.99, while the Nasdaq Composite followed a similar trajectory, setting a new all-time high of 22,397.50. Meanwhile, the DJIA (-0.3%) lagged the group.

The stock market's meandering disposition reflected a lack of conviction ahead of tomorrow's FOMC decision. With a 25-basis point rate cut fully priced in, the move itself is unlikely to sway markets, though investors will be closely watching the updated Summary of Economic Projections and Fed Chair Powell's press conference for signals on whether additional cuts in October and December remain on the table.

This morning the market learned that Stephen Miran will have a voting seat at the meeting after the Senate confirmed his Fed Governor nomination yesterday evening. Separately, a federal appeals court ruled that Fed Governor Lisa Cook cannot be fired ahead of the meeting, though neither one of these developments is expected to affect the outcome of this week's meeting.

Current rate cut expectations held steady today despite a trove of economic data, which featured a promising Retail Sales report for August (0.6%; Briefing.com consensus: 0.3%).

As a result, the market moved sideways, with the major averages staying close to their opening levels.

Four S&P 500 sectors finished higher, while six finished lower, and the health care sector finished flat. 

The energy sector (+1.7%) led the advancers, supported by crude oil futures settling today's session $1.24 higher (+2.0%) at $64.56 per barrel.

The consumer discretionary sector (+0.8%) was the only other sector to finish with a gain wider than 0.5%. Tesla (TSLA 421.62, +11.58, +2.82%) and Amazon (AMZN 234.05, +2.62, +1.13%) contributed to the advance amid a mixed day of mega-cap performance that saw the Vanguard Mega Cap Growth ETF close with a 0.1% loss. 

Elsewhere, the consumer staples (+0.2%) and communication services sectors (+0.3%) finished with more modest gains.

Besides a 1.8% loss in the thinly traded utilities sector, losses were also relatively modest across the board. 

Slim breadth figures further indicated the market's "wait and see" disposition today ahead of tomorrow's Fed developments. Decliners outpaced advancers by a roughly 5-to-4 margin on the NYSE and held an advantage of just a few dozen names on the Nasdaq.

While today's corporate headlines were not particularly market-moving, there were still several noteworthy developments. Hims & Hers Health (HIMS 50.86, -3.10, -5.74%) moved lower after receiving a warning letter from the FDA regarding the company's claims concerning its semaglutide products. 

Warner Bros. Discovery (WBD 18.25, -1.21, -6.22%) ceded some of its recent gains after TD Cowen downgraded the stock to Hold from Buy, citing concerns if the proposed acquisition by Paramount Skydance (PSKY 17.53, -1.05, -5.65%) does not come to fruition, according to CNBC.

Oracle (ORCL 306.65, +4.51, +1.49%) captured another nice gain after reports that the company will keep its cloud deal with TikTok under the proposed agreement to bring it under U.S. control. The White House extended the delay of the TikTok ban to December 18, with a call between President Trump and Chinese President Xi set to finalize the deal on Friday. 

U.S. Treasuries saw range-bound trading in front of Wednesday's FOMC decision, as buyers and sellers held their fire for the most part. The 2-year note yield settled down two basis points to 3.51%, and the 10-year note yield settled unchanged at 4.03%.

Reviewing today's data: 

• August Retail Sales 0.6% (Briefing.com consensus 0.3%); Prior was revised to 0.6% from 0.5%, August Retail Sales ex-auto 0.7% (Briefing.com consensus 0.3%); Prior was revised to 0.4% from 0.3%
  
  • The key takeaway from the report is that it reflects a consumer still spending at a good clip. The retail sales data are not adjusted for price changes. Granted, higher prices accounted for some of the increased sales activity in August, but they didn't account for all of it.
• August Import Prices 0.3%; Prior was revised to 0.2% from 0.4%
• August Import Prices ex-oil 0.4%; Prior was revised to 0.0% from 0.3%
• August Export Prices 0.3%; Prior was revised to 0.3% from 0.1%
• August Export Prices ex-ag. 0.3%; Prior was revised to 0.3% from 0.1%
• August Industrial Production 0.1% (Briefing.com consensus 0.0%); Prior was revised to -0.4% from -0.1%, August Capacity Utilization 77.4% (Briefing.com consensus 77.4%); Prior was revised to 77.4% from 77.5%
  
  • The key takeaway from the report is that industrial production activity was driven in August by the production of motor vehicles and parts.
• July Business Inventories 0.2% (Briefing.com consensus 0.2%); Prior was revised to 0.2% from 0.0%
• September NAHB Housing Market Index 32 (Briefing.com consensus 33); Prior 32

Overseas:

• Europe: DAX -1.8%, FTSE -0.9%, CAC -1.0%
• Asia: Nikkei +0.3%, Hang Seng -0.0%, Shanghai +0.1%

Commodities:

• Crude Oil +1.24 @ 64.56
• Nat Gas +0.06 @ 3.10
• Gold +6.20 @ 3725.30
• Silver -0.08 @ 42.89
• Copper -0.03 @ 4.69

After-Hours Spotlight:

• Arrow Electronics (ARW) announces that William Austen has been named Interim President and CEO, effective today...ARW -2.4%
• BWX Technologies (BWXT) awarded a contract valued at $1.5 bln by the Department of Energy’s National Nuclear Security Administration...BWXT +0.2%
• JPMorgan Chase (JPM) increases quarterly dividend to $1.50/share from $1.40/share...JPM +0.2%
• Tanger Factory (SKT) acquired Legends Outlets for approximately $130 mln, estimates the center will deliver an eight percent return during the first year...SKT +0.0

Fair Value for Wednesday, September 17:

• S&P 500: 6,668
• Nasdaq 100: 24,529
• DJIA: 46,124

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

• Earnings/Guidance (Full Earnings Calendar):
  • Boise Cascade (BCC) lower after releasing presentation; materials include adjustments and associated commentary to the Company's previously disclosed third quarter 2025 outlook
  • Dave & Buster's (PLAY) reports Q2 (Jul) results, misses on revs
  • Ferguson plc (FERG) beats by $0.46, beats on revs
  • LTC Properties (LTC) increases 2025 investment guidance 15% to $460 mln; portfolio will shift to a 65-35% split favoring seniors housing
  • Steel Dynamics (STLD) issues upside Q3 EPS upside guidance with improved earnings from each of the company's three operating platforms
• General News
  • The Senate confirmed Stephen Miran to Fed Board and he will attend this week's meeting. Appeals Court rejected plan to remove Lisa Cook from Fed Board, according to WSJ
  • Treasury Secretary Scott Bessent CNBC interview: He is confident the Supreme Court will uphold President Trump's tariff authority
  • Israel begins ground offensive in Gaza City, according to NY Times
  • SEC spokesperson issues statement to CNBC; says agency is "prioritizing proposal" to allow companies to report every six months instead of three months following request from President Trump
  • IEA says "Declines in output from existing oil and gas fields have gathered speed, with implications for markets and energy security" 
  • House Appropriations Committee confirms the release of the Continuing Appropriations and Extensions Act, 2026; extends government funding until November 21
  • Japan's JERA in discussions to purchase $1.7 bln of U.S. shale natural gas assets, according to Reuters
  • EPA will release plan today on exempted biofuel gallons, according to Reuters
  • White House extends delay of TikTok ban until December 18, 2025 (Note: President Trump will speak with Chinese President Xi on Friday to discuss potential framework of TikTok deal)
  • President Trump signs executive order establishing an emergency board to investigate disputes between the Long Island Rail Road company and certain of its employees represented by certain labor organizations
  • House passes measure ceding tariff authority to President Trump; measure prevents House from voting on bills that challenge President Trump's tariff authority - CNBC
  • Alibaba (BABA) to push further into artificial intelligence, according to Bloomberg
  • Alphabet (GOOG): Mayor of San Francisco confirms that the San Francisco International Airport signed Testing and Operations Pilot Permit for autonomous vehicles with Waymo
  • Alphabet (GOOG) says "Our new Waltham Cross data center is part of our two-year, £5 billion investment to help power the UK’s AI economy"
  • Amazon (AMZN): Prime Big Deal Days Returns October 7-8, To Kick Off the Holiday Shopping Season Delivering Millions of Early Deals Exclusively for Prime Members
  • Americas Silver (USAS) completed Phase 1 upgrades to increase the hoisting capacity of the No. 3 Shaft at its 100% owned Galena Complex
  • Amkor (AMKR): Apple (AAPL) Tim Cook says AMKR will do packaging for Apple reshoring plan; also mentions TSM and AMAT - CNBC Mad Money interview last night
  • Anglo American (NGLOY) & and Codelco finalise landmark agreement to unlock at least $5 billion of value from Los Bronces and Andina copper mines
  • ArcBest (ARCB) increases share repurchase authorization to $125 million
  • Arqit Quantum (ARQQ) agreed to pay Deutsche Bank Parties $1 mln and issue 48,561 of ordinary shares as consideration for advisory services previously provided in connection with business combination transaction, which closed in September 2021
  • Bandwidth (BAND) announces a partnership with Out There Media, a global leader and innovator in RCS, to bring next-generation RCS for Business capabilities to the U.S. market
  • Barrick Mining (B): Updated studies confirm Barrick’s fourmile as one of this century’s most significant Gold Finds
  • Biomea Fusion (BMEA) Presents Data Demonstrating Enhanced Preclinical Activity of Icovamenib in Combination with Semaglutide in Type 2 Diabetes (T2D) Animal Model at the 61st EASD Annual Meeting and Provides Additional Corporate Update
  • Blackstone (BX): Canada approves Blackstone supported liquified natural gas project, according to Bloomberg
  • Boeing (BA) union (IAM District 837) to vote Sept 19 on revised four-year strike settlement offer
  • BWX Technologies (BWXT): NNSA selects BWXT for DUECE pilot plant award
  • Charles River (CRL) announces that Flavia H. Pease, Corporate Executive Vice President and Chief Financial Officer, has resigned from her role, effective September 29, 2025, to pursue another opportunity
  • Chipotle Mexican Grill (CMG) announces that on September 3, 2025, the board had authorized an additional $500 million for share repurchases
  • Cohen & Steers (CNS) announces that President and CFO Raja Dakkuri has provided notice of his decision to resign from the company effective October 17; co has initiated a search that will include internal and external candidates to find a permanent successor
  • CrowdStrike (CRWD) and NVIDIA (NVDA) announce the integration of Charlotte AI AgentWorks with NVIDIA Nemotron, a family of the most open AI models
  • CrowdStrike (CRWD) has signed a definitive agreement to acquire Pangea, a leader in AI security
  • Dayforce (DAY) details pension changes
  • Denny's (DENN): JCP Investment Management disclosed 7.8% active stake; plans to engage in discussions with management and the Board
  • Dexcom (DXCM) CEO Chairman Kevin R. Sayer is taking a temporary medical leave of absence
  • Electronic Arts (EA) and Full Circle’s skate. released in Early Access today on PlayStation 5, Xbox Series X|S, PlayStation 4, Xbox One, PC via Steam, Epic Games Store and EA App
  • enCore Energy Corp. (EU) announces that the EPA denied in full a petition for review against the EPA's issuance of Class III and Class V Underground Injection Control permits for the company's Dewey Burdock ISR Uranium Project
  • Enerflex (EFXT) names Paul Mahoney as President and CEO
  • Evolv Technologies Holdings (EVLV) announces that it renewed its partnership with Gillette Stadium, home of the New England Patriots and New England Revolution
  • FB Financial (FBK) authorizes the repurchase of up to $150 mln of its outstanding common stock
  • Ford (F) will eliminate 1000 jobs in Germany, according to Reuters
  • Geo Group (GEO) announces contracts for three correctional and rehabilitation facilities in Florida
  • HighPeak Energy (HPK) provides CEO transition update
  • Hims & Hers Health (HIMS) CEO Andrew Dudum responds to FDA letter
  • Horizon Bancorp, Inc. (HBNC) announces successful execution of balance sheet repositioning
  • Insulet (PODD) announced that Flavia Pease will succeed Ana Maria Chadwick as Executive Vice President, Chief Financial Officer, effective September 30, 2025; expects to exceed Q3 guidance
  • Kforce (KFRC) entered into a corporate stock trading plan for the purpose of repurchasing the Firm's outstanding common stock in accordance with the share repurchase program
  • Klarna Group plc (KLAR) announces customers in the US and UK can access Klarna's payment offerings for in-store Apple Pay purchases
  • Lam Research (LRCX) and JSR Corporation/Inpria Corporation enter cross licensing and collaboration agreement to advance semiconductor manufacturing
  • Microbot Medical (MBOT) announces exercise of certain outstanding preferred investment options to purchase up to an aggregate of 13,989,115 shares of common stock
  • Microsoft (MSFT) raises quarterly dividend by 10%
  • Moderna (MRNA) announces updated COVID-19 vaccine against LP.8.1 variant generates strong immune response in humans
  • Neogen (NEOG) announces that CFO and COO David Naemura has communicated his intention to depart the Company
  • Netflix (NFLX) says "Over 41 million global viewers on Netflix watch Terence Crawford defeat Canelo Álvarez to claim super middleweight championship"
  • New York Times (NYT): President Trump filed $15 bln defamation lawsuit against NYT
  • Nissan Motor (NSANY) announces strategic realignment of its global design operations as part of its Re:Nissan plan
  • Northrop Grumman (NOC) awarded a $972 mln fixed-price Air Force contract
  • Novo Nordisk A/S (NVO): FDA issues NVO a warning letter; says Oprah Special misled consumers on Novo Nordisk’s Wegovy, Ozempic, Victoza marketing
  • Novo Nordisk (NVO) provides results from a real-world survey suggest that semaglutide for weight management (Wegovy) helped suppress food noise
  • Novo Nordisk (NVO) presents phase 3 data for next-generation amylin cagrilintide
  • Nvidia (NVDA) RTX6000D chip seeing limited demand in China, according to Reuters
  • Nyxoah S.A. (NYXH) files patent infringement lawsuit against Inspire Medical Systems
  • Oracle (ORCL) will enable TikTok to continue U.S. operations following framework of agreement between the Trump administration and China, according to CBS News
  • Oracle (ORCL): TikTok U.S. business will be controlled by Oracle, Silver Lake, and Andreessen Horowitz under emerging deal, according to WSJ
  • Orion Group (ORN) announces new contract awards with a total value of over $120 million
  • Paramount Group (PGRE): NY Real estate firm getting close to deal to purchase PRGE, according to WSJ
  • Premier (PINC) has entered a five-year group purchasing agreement with Premier Infusion and Healthcare Services, Inc.
  • RCI Hospitality (RICK): NY AG charges RICK execs in $8 mln strip club tax fraud and bribery scheme
  • Redwire (RDW) has reached an agreement with Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), with the support of the European Space Agency to become the prime contractor for Skimsat, whose preliminary study was coordinated under Thales Alenia Space’s responsibility
  • RTX (RTX): The State Department has made a determination approving a possible foreign military sale to the Government of the Netherlands of AIM-120C-8 advanced medium range air-to-air missiles and related equipment for an estimated cost of $570 million
  • S&P Global (SPGI) to collaborate with investment firms Cambridge Associates and Mercer to deliver private markets performance analytics, set to launch in beta by year-end 2025
  • Sharps Technology (STSS) and BONK announce partnership to leverage BONK's liquid staking infrastructure as part of STSS's treasury strategy
  • Shell (SHEL) continues its battle with activists from South Africa, according to Bloomberg
  • Stellantis (STLA) issues recall of certain 2017-2019 Alfa Romeo Giulia and 2018-2019 Alfa Romeo Stelvio vehicles over fuel pump issue
  • Tandem Diabetes Care (TNDM) issues correction for certain t:slim X2 insulin pumps
  • Target (TGT) reveals 20,000 new items, thousands of gifts starting at $5 and expanded next-day delivery to millions more shoppers
  • TPG RE Finance Trust (TRTX) announces retirement of CFO Bob Foley and appointment of Brandon Fox as interim CFO, effective October 1
  • Unilever PLC (UL) appointed Srinivas Phatak as its new CFO after a thorough internal and external search process
  • US Foods (USFD) and Performance Food Group (PFGC) will exchange confidential information pursuant to a mutually agreed clean team process
  • Valvoline (VVV): Arkestro announced a multi-year partnership with Valvoline
  • VersaBank (VBNK) commences refresh of its previously completed pilot program for its Digital Deposit Receipts in Canada
  • WaFd, Inc. (WAFD) has been designated as a Preferred Lender with the U.S. Small Business Administration
  • WEBTOON Entertainment (WBTN) launches to new 52-week highs after announcing expanded partnership with Walt Disney (DIS)
  • WEBTOON Entertainment (WBTN) and Walt Disney announce that the companies entered into a non-binding term sheet for the development of an all-new digital comics platform

• Upgrades:
  • Baidu (BIDU) upgraded to Buy from Sell at Arete, tgt $143
    
  • CoreWeave (CRWV) upgraded to Outperform from Market Perform at Citizens JMP, tgt $180
    
  • Danone (DANOY) upgraded to Buy from Underperform at Jefferies
    
  • Hershey (HSY) upgraded to Buy from Sell at Goldman, tgt $222
    
  • Jumia Technologies (JMIA) upgraded to Outperform from Sector Perform at RBC Capital, tgt $15
    
  • Nio (NIO) upgraded to Buy from Neutral at UBS, tgt $8.50
    
  • Novo Nordisk (NVO) upgraded to Buy from Neutral at Rothschild & Co Redburn
    
  • Prologis (PLD) upgraded to Buy from Neutral at BofA Securities, tgt $130
    
  • Union Pacific (UNP) upgraded to Hold from Sell at Loop Capital, tgt $227
    
  • United Rentals (URI) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $900
• Downgrades:
  • aTyr Pharma (ATYR) downgraded to Sector Perform from Outperform at RBC Capital, tgt $1.50
    
  • Berry Corporation (BRY) downgraded to Hold from Buy at Johnson Rice, tgt $4
    
  • Brandywine Realty (BDN) downgraded to Hold from Buy at Truist, tgt $4
    
  • Beiersdorf (BDRFY) downgraded to Hold from Buy at Jefferies
    
  • Camp4 Therapeutics (CAMP) downgraded to Neutral from Overweight at JPMorgan
    
  • Ecovyst (ECVT) downgraded to Neutral from Buy at Citigroup, tgt $10.50
    
  • easyJet (ESYJY) downgraded to Neutral from Overweight at JPMorgan
    
  • Haleon (HLN) downgraded to Equal Weight from Overweight at Barclays
    
  • L'Oreal (LRLCY) downgraded to Underperform from Hold at Jefferies
    
  • Live Nation (LYV) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $170
    
  • Neumora Therapeutics (NMRA) downgraded to Underweight from Neutral at JPMorgan
  • VF Corp. (VFC) downgraded to Hold from Buy at Stifel, tgt $16
  • Warner Bros. Discovery (WBD) downgraded to Hold from Buy at TD Cowen, tgt $14
• Others:
  • Apple (AAPL) initiated with an Outperform at Bernstein, tgt $290
    
  • Arch Capital (ACGL) initiated with a Peer Perform at Wolfe Research
    
  • AIG (AIG) initiated with a Peer Perform at Wolfe Research
    
  • Allstate (ALL) initiated with an Outperform at Wolfe Research, tgt $235
    
  • Aon (AON) initiated with a Peer Perform at Wolfe Research
    
  • Chubb (CB) initiated with an Outperform at Wolfe Research, tgt $320
    
  • Clear Secure (YOU) initiated with a Buy at DA Davidson, tgt $45
  • CoreWeave (CRWV) initiated with an Outperform at Raymond James, tgt $130
    
  • Dell Technologies (DELL) initiated with an Outperform at Bernstein, tgt $175
    
  • Everest Group (EG) initiated with an Underperform at Wolfe Research, tgt $287
    
  • Equitable Holdings (EQH) initiated with an Outperform at Wolfe Research, tgt $61
    
  • Ferrari (RACE) initiated with a Buy at Berenberg
  • Hartford Financial (HIG) initiated with a Peer Perform at Wolfe Research
    
  • HP Enterprise (HPE) initiated with a Market Perform at Bernstein, tgt $24
  • HP Inc. (HPQ) initiated with a Market Perform at Bernstein, tgt $30
    
  • IBM (IBM) initiated with a Market Perform at Bernstein, tgt $280
    
  • Klarna (KLAR) initiated with a Hold at Needham
    
  • Klarna (KLAR) initiated with a Buy at Compass Point, tgt $53
    
  • Kymera Therapeutics (KYMR) initiated with an Outperform at RBC Capital, tgt $70
    
  • Lincoln National (LNC) initiated with an Underperform at Wolfe Research, tgt $37
    
  • Marsh McLennan (MMC) initiated with a Peer Perform at Wolfe Research
    
  • MetLife (MET) initiated with an Outperform at Wolfe Research, tgt $95
    
  • Nexa Resources (NEXA) transferred with Neutral at Citigroup, tgt $5.50
    
  • Progressive (PGR) initiated with a Peer Perform at Wolfe Research
    
  • Prudential (PRU) initiated with a Peer Perform at Wolfe Research
  • Rapport Therapeutics (RAPP) initiated with a Buy at Truist, tgt $44
    
  • RenaissanceRe (RNR) initiated with a Peer Perform at Wolfe Research
    
  • Ryan Specialty (RYAN) assumed with Outperform from Peer Perform at Wolfe Research, tgt $64
    
  • SanDisk (SNDK) initiated with an Outperform at Bernstein, tgt $120
    
  • Spotify (SPOT) initiated with an Outperform at BNP Paribas Exane, tgt $900
    
  • Super Micro (SMCI) initiated with a Market Perform at Bernstein, tgt $46
    
  • Seagate (STX) initiated with an Outperform at Bernstein, tgt $250
    
  • TAT Technologies (TATT) initiated with a Buy at Stifel, tgt $44
    
  • TransMedics (TMDX) initiated with an Outperform at Evercore ISI, tgt $155
    
  • Travelers (TRV) initiated with a Peer Perform at Wolfe Research
    
  • Unum Group (UNM) initiated with an Outperform at Wolfe Research, tgt $91
    
  • VSE Corp. (VSEC) resumed with a Buy at Stifel, tgt $199
    
  • Western Digital (WDC) initiated with a Market Perform at Bernstein, tgt $96
    
  • W. R. Berkley (WRB) initiated with a Peer Perform at Wolfe Research

• Econ Data (Wednesday):
  • 07:00 ET: MBA Mortgage Applications Index (prior 9.2%)
  • 08:30 ET: August Housing Starts (Briefing.com consensus: 1375K; prior 1428K) and Building Permits (Briefing.com consensus: 1370K; prior 1362K)
  • 10:30 ET: EIA Crude Oil Inventories (prior +3.94M)
  • 14:00 ET: FOMC Rate Decision and Summary of Economic Projections
  • 14:30 ET: Fed Chair Powell Press Conference

• Earnings:
  • Monday (Sep 15)
    • Pre-Market: HAIN
    • After-Hours: PLAY
      
    Tuesday (Sep 16)
    • Pre-Market: FERG
    • After-Hours: None
      
  • Wednesday (Sep 17)
    • Pre-Market: CBRL GIS
      
    • After-Hours: None
      
  • Thursday (Sep 18)
    • Pre-Market: DRI FDS
    • After-Hours:  FDX LEN
  • Friday (Sep 19)
    • Pre-Market: None
    • After-Hours: None