After Hours Report

The S&P 500 (+0.4%), Nasdaq Composite (+0.7%), and DJIA (+0.1%) continued their record-setting streak today as a batch of favorable corporate tech headlines outweighed a lack of economic data and macro developments.

The market opened to broad-based but modest losses amid a quiet pre-market news flow, though investors promptly took advantage of the buy-the-dip opportunity, which coincided with several news catalysts in the top-performing information technology sector (+1.7%).

White House Press Secretary Karoline Leavitt stated President Trump will finalize the previously discussed TikTok deal later this week. TikTok's algorithm will be secured, retrained, and operated in the U.S. outside of ByteDance's control, with Oracle (ORCL 328.15, +19.49, +6.31%) to serve as TikTok's security provider.

NVIDIA (NVDA 183.61, +7.01, +3.97%) made a sharp move out of negative territory after announcing a letter of intent for a landmark strategic partnership to deploy at least 10 gigawatts of systems for OpenAI's next-generation AI infrastructure. 

The advance contributed to a 1.6% gain in the PHLX Semiconductor Index.

Elsewhere in the sector, Apple (AAPL 256.08, +10.58, +4.31%) posted a strong performance as its new iPhone 17 is met with strong global demand. 

Outside of the technology sector, strength was relatively variable throughout the session. The utilities (+0.9%), industrials (+0.4%), and real estate (+0.3%) sectors round out the four S&P 500 sectors that maintained their gains through the close. The materials and health care sectors finished flat. 

Losses in the remaining five sectors were modest, as only the consumer staples (-0.9%) and communication services (-0.9%) sectors retreated more than 0.4%.

The consumer staples sector was affected by Kenvue (KVUE 16.96, -1.38, -7.50%) finishing as the worst-performing S&P 500 stock today, trading lower ahead of President Trump's speech this evening, which is expected to link the prenatal use of acetaminophen (the active ingredient in Tylenol) to autism.

Meanwhile, the communication services sector faced losses in both of its mega-cap components, Meta Platforms (META 765.16, -12.70, -1.63%) and Alphabet (GOOG 252.88, -2.36, -0.92%), which limited further gains in the Vanguard Mega Cap Growth ETF (+0.8%).

Mega-caps still ultimately played a key role in today's index level advance as the market-weighted S&P 500 (+0.4%) outperformed the S&P 500 Equal Weighted Index (+0.1%). 

The small-cap Russell 2000 got off to an even slower start than the major averages, but solid afternoon buying activity led to a nice 0.6% gain. The S&P Mid Cap 400, however, never shook off its Monday sluggishness and finished flat for the day.  

On the policy front, investors heard from several Fed officials in the wake of last week's 25-basis point rate cut. St. Louis Fed President Alberto Musalem (FOMC voting member) said policy is now appropriately balanced between modestly restrictive and neutral, with Atlanta Fed President Raphael Bostic (FOMC nonvoting member) supporting just one additional rate cut this year instead of two.

Fed Governor Stephen Miran (FOMC voting member) sees the current policy as too restrictive, advocating for a fed funds rate that is almost two percentage points lower than the current policy.

U.S. Treasuries were unable to hold onto their modest overnight gains, as safe-haven interest faded away with the stock market overcoming opening losses and rallying to new record highs yet again. The 2-year note yield settled up two basis points to 3.60%, and the 10-year note yield settled unchanged at 4.14%. 

There was no economic data of note today. 

Overseas:

• Europe: DAX -0.4%, FTSE +0.1%, CAC -0.3%
• Asia: Nikkei +1.0%, Hang Seng -0.8%, Shanghai +0.2%

Commodities:

• Crude Oil -0.16 @ 62.25
• Nat Gas -0.08 @ 2.81
• Gold +71.80 @ 3777.80
• Silver +1.34 @ 44.28
• Copper +0.01 @ 4.64

After-Hours Spotlight:

• Firefly Aerospace (FLY) reports Q2 (Jun) results, misses on revs; guides FY25 revs in-line... FLY -8.38%
• Genfit (GNFT) reports first-half 2025 financial results and provides corporate update... GNFT +1.2%
• MaxCyte (MXCT) announces operational restructuring to reduce costs and accelerate path to profitability; reiterates full year guidance... MXCT +0.0%
• PDF Solutions (PDFS) secures landmark contract with global IDM customer; reaffirms full-year 2025 revenue growth guidance... PDFS +9.2%
• Power Integrations (POWI) announces CFO transition; reaffirms Q3 outlook... POWI +0.0%

Fair Value for Tuesday, September 23:

• S&P 500: 6,752
• Nasdaq 100: 25,006
• DJIA: 46,722

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

• Earnings/Guidance (Full Earnings Calendar):
  • Bitmine Immersion Technologies (BMNR) reports total crypto and cash holdings of $11.4 bln
  • B. Riley Financial (RILY) announces overdue FY24 results; determined that it would be unable to file the delayed quarterly reports by September 29, 2025
  • InterDigital (IDCC) raises Q3 guidance after new license agreement
• General News
  • President Trump will address the United Nations tomorrow and meet with Ukrainian President Volodymyr Zelensky tomorrow, according to The Hill
  • India trade representative is coming to U.S. for trade talks, according to Reuters
  • White House confirms it will restrict the entry into the United States of certain H-1B aliens as nonimmigrant workers, requiring a $100,000 payment
  • Argentina President Javier Milei will meet with President Trump on Tuesday, according to Reuters
  • US exploring Trump-branded site to help consumers find lower-priced medication, according to Bloomberg
  • Democratic leadership requested a meeting with President Trump ahead of the government fund deadline. President Trump said he would "love to meet with them, but I don't think it's going to have any impact", according to Politico
  • Regulators looking into air bag deaths, according to WSJ
  • EU wants to block large technology firms from financial data sharing, according to FT
  • Cryptocurrency traders had $1.5 bln in bets liquidated, according to Bloomberg
  • White House officials tell CNBC that Oracle (ORCL) will be the security provider for TikTok; says Silverlake, Fox (FOXA) will also be a part of the venture; U.S. government will not get a board seat, but government might get stake in the final deal; President Trump will sign executive order later this week to finish up the deal - CNBC
  • Judge allows Rhode Island to resume construction of offshore wind farm, according to Reuters
  • California Governor Gavin Newsom signs bill that eliminates a 25% tax increase on California's legal cannabis industry
  • The Trump Administration is hoping to secure more oil and gas deals during climate week at UNGA, according to Axios
  • Treasury and IRS issue proposed regulations around “no tax on tips” deduction
  • Alphabet (GOOG) enters final stages of antitrust case, according to WSJ
  • Alphabet (GOOG) says Gemini comes to Google TV
  • Alvotech (ALVO) reports EMA Recommends Marketing Approval of Gobivaz
  • Amazon (AMZN) Prime trial starts today on allegations the service is too difficult to cancel, according to WSJ
  • AstraZeneca (AZN) reports Koselugo recommended for approval in the EU by CHMP for plexiform neurofibromas in adults with neurofibromatosis type 1
  • AstraZeneca (AZN) reports Tezspire recommended for approval in EU for CRSwNP
  • Bayer AG (BAYRY): First European Participants randomized in AskBio phase 2 gene therapy trial of AB-1005 for parkinson’s disease
  • Boeing (BA): Turkey may place aircraft orders as soon as next week, with Boeing and Lockheed Martin (LMT) in line for up to 250 planes, according to Bloomberg
  • Brighthouse Financial (BHF): Greenlight Capital sends letter to Board of Brighthouse Financial encouraging engagement with reported suitor
  • CEA Industries (BNC) authorizes $250 million stock buyback program
  • Citizens & Northern Corp. (CZNC) announced receipt of all regulatory approvals necessary to complete previously announced Susquehanna Community Financial (OTC: SQCF) merger
  • CNX Resources (CNX) Alan Shepard as next CEO
  • Comcast (CMCSA) aiming to eliminate jobs at its largest unit, according to Reuters
  • CVS Health (CVS) subsidiary, Omnicare, has initiated a voluntary court-supervised Chapter 11 process to resolve issues related to its recent litigation in the U.S. District Court for the Southern District of New York
  • DeFi Development Corp. (DFDV) forms strategic collaboration with ZeroStack in Treasury Accelerator Deal
  • DeFi Development Corp (DFDV) and Frametric Labs to launch Solana DAT in Korea
  • Eastman Kodak (KODK) and Ateios Systems have demonstrated the fastest solvent-free production process for high-energy electrodes ever reported
  • eBay (EBAY) to acquire Tise, further strengthening its consumer-to-consumer expertise
  • Eni S.p.A (E). and Commonwealth Fusion Systems sign $1 billion+ power purchase agreement, expanding strategic partnership to commercialize fusion energy
  • Exxon Mobil (XOM) has made a final investment decision for the Hammerhead development offshore Guyana, after receiving the required regulatory approvals. Hammerhead, the seventh project on the Stabroek block, is anticipated to come online in 2029
  • Fluence (FLNC) subsidiary selected to deliver Trzebinia battery project
  • Fox (FOXA), Michael Dell, and others will invest in TikTok, according to Deadline
  • Gaming and Leisure Properties (GLPI): An update on GLPI’s landmark Chicago investment: Bally’s flagship downtown Chicago casino resort
  • Genfit (GNFT) to discontinue its VS-01 program in ACLF and reprioritize the development of VS-01 on UCD
  • Gogo (GOGO) announces that Switzerland-based QCM Design has received European Union Aviation Safety Agency approval for a Gogo Galileo HDX Antenna Supplemental Type Certificate
  • Ionis Pharma (IONS) announces topline results from pivotal study of zilganersen in Alexander disease
  • Ipsen S.A. (IPSEY) reports IPN10200 is a recombinant, first-in-class molecule uniquely engineered to generate increased receptor affinity and internalization that produces a longer duration of action, optimized for safety and efficacy
  • IREN Limited (IREN) has doubled its AI Cloud capacity to 23k GPUs following procurement of an additional 12.4k GPUs
  • Jazz Pharma (JAZZ) showcases phase 4 data demonstrating Xywav oral solution treatment effects and real-world evidence at World Sleep and Psych Congresses
  • Johnson & Johnson (JNJ): TREMFYA (guselkumab) achieves U.S. approval for subcutaneous induction in adults with ulcerative colitis, now the first and only IL-23 inhibitor with a fully subcutaneous regimen
  • Kenvue (KVUE): President Trump will announce today that using Tylenol during pregnancy could contribute to autism risk, according to Politico
  • MBX Biosciences (MBX) announces once-weekly canvuparatide achieved the primary endpoint with statistical significance at Week 12 in its Phase 2 Avail trial, and demonstrated positive 6-month results from the OLE, in adult patients with chronic hypoparathyroidism
  • Merck (MRK): FDA Approves Merck’s KEYTRUDA QLEX (pembrolizumab and berahyaluronidase alfa-pmph) Injection for Subcutaneous Use in Adults Across Most Solid Tumor Indications for KEYTRUDA® (pembrolizumab)
  • Meta Platforms (META) is introducing a dating assistant and Meet Cute, two new Facebook dating features
  • NIKE (NKE): NikeSKIMS unveils bold vision with first collection inspired by the strength of women athletes
  • NIO (NIO) provides recap of NIO Day 2025 Held in Hangzhou
  • NiSource (NI) details Northern Indiana Public Service Company contract
  • Northrop Grumman (NOC) among firms that will be awarded EUR 1.2 bln contract in Germany, according to Bloomberg
  • Novartis (NVS) increasing stockpiles ahead of possible tariffs, according to Reuters
  • Nutex Health (NUTX) names Wesley Bamburg as COO
  • Nuvalent (NUVL) announced the completion of its New Drug Application submission to the U.S. Food and Drug Administration for zidesamtinib in tyrosine kinase inhibitor pre-treated patients with advanced ROS1-positive non-small cell lung cancer
  • Nvidia (NVDA) and the Technology Innovation Institute introduce a joint artificial intelligence technology lab, according to Reuters
  • NVIDIA (NVDA) and OpenAI announce a letter of intent for a landmark strategic partnership to deploy at least 10 gigawatts of NVIDIA systems for OpenAI’s next-generation AI infrastructure to train and run its next generation of models on the path to deploying superintelligence
  • PayPal (PYPL): Select Committee on the Chinese Communist Party issues letter to PayPal seeking assurance of AML compliance in PayPal–Weixin Pay integrations
  • Regeneron Pharma (REGN) reports Dupixent (dupilumab) to Treat Chronic Spontaneous Urticaria (CSU) Advances in EU with Positive CHMP Opinion
  • Restaurant Brands Int'l (QSR) recommends shareholders reject Ocehan's "Mini-tender Offer"
  • Reynolds Consumer Products (REYN) to join S&P SmallCap 600
  • Robo.ai (AIIO) enters commercial vehicle joint venture with JW Group
  • Roche Hldg (RHHBY) reports Phase III Results Show Genentech’s Giredestrant Significantly Improved Progression-Free Survival in ER-positive Advanced Breast Cancer
  • Samsung (SSNLF) secured validation from Nvidia (NVDA) or high-bandwidth memory, according to Korea Econ Daily
  • Sanofi (SNY) provides update on the US regulatory review of tolebrutinib in non-relapsing
  • Scinai Immunotherapeutics (SCNI) filed for offering of 4.8 mln American Depositary Shares representing 19.2 mln ordinary shares by selling shareholder
  • Snap (SNAP): Saudi Prince increases stake in Snap after company's disappointing sales, according to Bloomberg
  • Southside Banc (SBSI) announces that CEO Lee Gibson will retire, effective December 31, 2025; Succeeding him as CEO is Keith Donahoe, current President of the company
  • Steakholder Foods (STKH) has signed an agreement to acquire Twine Solutions Ltd., a transformative force in the digital dyeing of thread and yarn, to add Twine’s technological abilities to its existing digital printing abilities in the foodtech industry
  • Sysco (SYY) awarded a maximum $388.3 mln Defense Logistics Agency contract for full-line food and beverage items
  • Target (TGT) Announces Biggest Target Circle Week Yet with Deeper Discounts, Seasonal Styles, Member Perks and Exclusive Product Drops
  • TEGNA (TGNA): Kroenke Sports & Entertainment announces the extension of its successful agreement with TEGNA to broadcast 20 Denver Nuggets games and 20 Colorado Avalanche games for free over-the-air on Denver’s 9NEWS and My20
  • Tenaris (TS) controlling shareholder files 13D amendment in response to Tenaris’s ongoing share buyback program
  • Tesla (TSLA) secured approval to test robotaxis in Arizona, according to Reuters
  • Tesla (TSLA): President Trump and Tesla Elon Musk shake hands at Charlie Kirk's memorial service, Axios
  • Teva Pharma (TEVA) reports patients taking AUSTEDO XR (deutetrabenazine) extended-release tablets Reported Symptom Improvement and High Satisfaction
  • Teva Pharma (TEVA) reports New Long-term Safety Data from the Completed Phase 3 SOLARIS Trial Support the Potential of Olanzapine LAI (TEV-'749) as the First Long-Acting Olanzapine Treatment Option for Schizophrenia with No PDSS Observed
  • T-Mobile US (TMUS) announced that it has named current Chief Operating Officer Srini Gopalan as T-Mobile’s next CEO, effective November 1, 2025
  • Union Pacific (UNP) and Norfolk Southern (NSC) roll higher following report that President Trump supports a merger between the two railroad giants
  • Union Pacific (UNP) and The International Association of Sheet Metal, Air, Rail and Transportation Workers – Transportation Division announce a historic agreement ensuring job security for thousands of railroad workers as Union Pacific and Norfolk Southern pursue a proposed merger
  • U.S. GoldMining (USGO) updated results from its metallurgical test work program for the Whistler Gold-Copper Project
  • U.S. Steel (NPSCY): The Trump administration blocks U.S. Steel from closing Illinois plant, according to WSJ
  • Visa (V) discloses that on September 18, 2025, it authorized a deposit of $500 mln into the U.S. litigation escrow account
  • Wabtec (WAB) announces a landmark agreement with National Company Kazakhstan Temir Zholy, the national railway of Kazakhstan, to deliver Evolution Series locomotives and provide long-term service support
  • Walmart (WMT) to deliver refrigerated prescriptions, including Ozempic, direct to homes, according to Bloomberg
  • Walmart (WMT) is taking pharmacy delivery to the next level; Same-Day Pharmacy Delivery now includes refrigerated and reconstituted medications—such as insulin, GLP-1s, and pediatric amoxicillin—and is available across the United States
  • WeRide (WRD) launches GXRs and Robobus in Singapore
  • Wheels Up Experience's (UP) lead investors agreed to extend the lock-up restriction for all their shares of common stock issued under the Investment and Investor Rights Agreement, for an additional eight months
  • YPF Soc. Anonima (YPF) provides litigation updates

• Upgrades:
  • Applied Materials (AMAT) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $209
    
  • ASML (ASML) upgraded to Overweight from Equal Weight at Morgan Stanley
    
  • Brinker International (EAT) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $175
    
  • Crown Castle (CCI) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $114
    
  • FactSet Research Systems (FDS) upgraded to Buy from Neutral at UBS, tgt $425
    
  • Helmerich & Payne (HP) upgraded to Overweight from Equal Weight at Barclays, tgt $25
    
  • Lam Research (LRCX) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $125
    
  • Old Republic International (ORI) upgraded to Strong Buy from Outperform at Raymond James, tgt $47
    
  • Paycom Software (PAYC) upgraded to Buy from Hold at TD Cowen, tgt $258
    
  • Repligen (RGEN) upgraded to Outperform from In Line at Evercore ISI, tgt $155
    
  • Sarepta Therapeutics (SRPT) upgraded to Outperform from Market Perform at BMO Capital, tgt $50
    
  • Steven Madden (SHOO) upgraded to Overweight from Neutral at Piper Sandler, tgt $40
    
  • Xcel Energy (XEL) upgraded to Outperform from Market Perform at BMO Capital, tgt $80
• Downgrades:
  • Crocs (CROX) downgraded to Neutral from Overweight at Piper Sandler, tgt $75
    
  • Everest Group (EG) downgraded to Outperform from Strong Buy at Raymond James, tgt $375
    
  • EverQuote (EVER) downgraded to Outperform from Strong Buy at Raymond James, tgt $30
    
  • Hutchmed (HCM) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $13.75
    
  • Keurig Dr Pepper (KDP) downgraded to Underperform from Neutral at BNP Paribas Exane, tgt $24
    
  • KLA Corporation (KLAC) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $1,093
    
  • Kosmos Energy (KOS) downgraded to Neutral from Buy at Goldman, tgt $2
    
  • Lennar (LEN) downgraded to Underperform from Market Perform at Raymond James
    
  • Paramount Group (PGRE) downgraded to In Line from Underperform at Evercore ISI, tgt $6.60
    
  • Sasol (SSL) downgraded to Equal Weight from Overweight at Morgan Stanley
    
  • Trade Desk (TTD) downgraded to Underperform from Neutral at Edgewater Research
• Others:
  • Celcuity (CELC) initiated with a Buy at Guggenheim, tgt $110
    
  • Clearwater Paper (CLW) initiated with a Buy at TD Cowen, tgt $30
    
  • CytomX Therapeutics (CTMX) initiated with an Overweight at Cantor Fitzgerald, tgt $6
    
  • GATX (GATX) initiated with a Buy at Citigroup, tgt $201
    
  • Grid Dynamics (GDYN) initiated with a Buy at Jefferies, tgt $11
    
  • Guardant Health (GH) resumed with an Overweight at Wells Fargo, tgt $72
    
  • Hagerty (HGTY) initiated with a Market Perform at BMO Capital, tgt $13
    
  • Humana (HUM) initiated with an In Line at Evercore ISI, tgt $295
    
  • Immunome (IMNM) initiated with a Buy at Goldman, tgt $26
    
  • Iron Mountain (IRM) initiated with a Buy at Jefferies, tgt $120
    
  • Kirby Corporation (KEX) initiated with a Neutral at Citigroup, tgt $91
    
  • Millrose Properties (MRP) initiated with a Buy at Lucid Capital, tgt $40
    
  • Natera (NTRA) resumed with an Equal Weight at Wells Fargo, tgt $175
    
  • Rein Therapeutics (RNTX) initiated with a Buy at H.C. Wainwright, tgt $10
    
  • Ryder Systems (R) initiated with a Buy at Citigroup, tgt $217
    
  • Unisys (UIS) initiated with a Hold at Jefferies, tgt $4
    
  • Wabtec (WAB) initiated with a Buy at Citigroup, tgt $225

• Econ Data (Tuesday):
  • 08:30 ET: Q2 Current Account Balance (Briefing.com consensus: -$302.1B; prior -$450.2B)
  • 09:00 ET: Fed Vice Chair Bowman (FOMC voter) speech on the economic outlook
  • 09:45 ET: September S&P Global U.S. Manufacturing PMI - Prelim (prior 53.0) and S&P Global U.S. Services PMI - Prelim (prior 54.5)
  • 10:00 ET: Atlanta Fed President Bostic (non-FOMC voter)
  • 12:35 ET: Fed Chair Powell (FOMC voter) speech on the economic outlook
  • 13:00 ET: $69 billion 2-yr note auction

• Earnings:
  • Monday (Sep 22)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (Sep 23)
    • Pre-Market: AZO
    • After-Hours: AIR MU MLKN WOR
      
  • Wednesday (Sep 24)
    • Pre-Market: CTAS THO
      
    • After-Hours: FUL KBH SCS SFIX WS
      
  • Thursday (Sep 25)
    • Pre-Market: ACN KMX JBL SNX
    • After-Hours: BB CNXC COST
  • Friday (Sep 26)
    • Pre-Market: None
    • After-Hours: None