After Hours Report

Despite some earlier resilience in the broader market, the S&P 500 (-0.6%), Nasdaq Composite (-1.0%), and DJIA (-0.2%) closed with losses today as mega-cap names faced mounting pressure throughout the session.

It is worth noting that the S&P 500 and DJIA did notch new record intraday levels this morning before retreating, with the S&P 500 coming within 0.5 points of the 6,700 mark. 

The market's largest names faced pressure on the heels of yesterday's record-setting rally that was bolstered by NVIDIA's (NVDA 178.43, -5.18, -2.82%) announcement of up to a $100 billion investment in OpenAI as part of a strategy to deploy at least 10 gigawatts of NVIDIA systems.

That same announcement faced scrutiny today, with CNBC reporting that several senior investors have raised concerns to clients that the deal resembles a vendor financing arrangement. A separate CNBC report raised doubts around the feasibility of meeting the energy demands for 10 gigawatts, citing political and economic constraints. 

Oracle (ORCL 314.05, -14.10, -4.30%) also gave back the majority of yesterday's advance, contributing to the information technology sector's 1.1% loss. 

The consumer discretionary sector (-1.4%) was the worst-performing S&P 500 sector, facing pressure in its mega-cap components, Amazon (AMZN 220.71, -6.92, -3.04%) and Tesla (TSLA 425.85, -8.36, -1.93%).

The Vanguard Mega Cap Growth ETF retreated 1.1% today, and the S&P 500 Equal Weighted Index (+0.1%) outperformed the market-weighted S&P 500 (-0.6%). 

Smaller cap indices such as the Russell 2000 (-0.3%) and S&P Mid Cap 400 (-0.1%) fared better than their larger counterparts, though they ceded their early gains as the broader market retreated this afternoon.

Gains were modest for the most part across the five advancing S&P 500 sectors, too modest to offset the damage done by the mega-cap's retreat.

Only the energy sector (+1.7%) closed with a gain wider than 1.0%, supported by crude oil futures settling today's session $1.19 higher (+1.9%) at $63.44 per barrel.

The market heard from several FOMC members today, including Fed Chair Jerome Powell (FOMC voting member). While Mr. Powell's speech largely echoed his sentiments from last week's FOMC meeting, the market paid particular focus to his acknowledgment that "by many measures, for example, equity prices are fairly highly valued."

Today's pullback after fresh record highs could reflect market participants giving credence to valuation concerns amid a historic run, particularly in the mega-cap space, though investors have repeatedly shown a willingness to buy dips throughout this rally.

U.S. Treasuries finished with modest gains across the curve that pushed yields slightly lower from Monday's settlement, as today's 2-year note auction was met with okay (not great) demand. The 2-year note yield settled down one basis point to 3.59%, and the 10-year note yield settled down two basis points to 4.12%. 

Reviewing today's data:

• Q2 Current Account Balance -$251.3 bln (Briefing.com consensus -$302.1 bln); Prior was revised to -$439.8 bln from -$450.2 bln
• September S&P Global U.S. Manufacturing PMI - Prelim 52.0; Prior 53.0
• September S&P Global U.S. Services PMI - Prelim 53.9; Prior 54.5

Overseas:

• Europe: DAX +0.4%, FTSE -0.0%, CAC +0.5%
• Asia: Nikkei market closed, Hang Seng -0.7%, Shanghai -0.2%

Commodities:

• Crude Oil +1.19 @ 63.44
• Nat Gas +0.05 @ 2.86
• Gold +36.00 @ 3813.80
• Silver +0.30 @ 44.58
• Copper +0.00 @ 4.64

After-Hours Spotlight:

• AAR Corp (AIR) beats by $0.10, beats on revs...AIR -0.8%
• Micron (MU) beats by $0.17, reports revs in-line; guides Q1 EPS above consensus, revs above consensus...MU +1.4%
• MillerKnoll (MLKN) beats by $0.11, beats on revs; guides Q2 EPS in-line, revs in-line...MLKN -1.9%
• Worthington Enterprises (WOR) beats by $0.04, beats on revs...WOR -7.1%

Fair Value for Wednesday, September 24:

• S&P 500: 6,714
• Nasdaq 100: 24,823
• DJIA: 46,627

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

• Earnings/Guidance (Full Earnings Calendar):
  • AutoZone (AZO) misses by $1.98, reports revs in-line
  • CEA Industries (BNC) provides Q1 update; Embraces BNB Digital Asset Treasury Strategy
  • Firefly Aerospace (FLY) reports Q2 (Jun) results, misses on revs; guides FY25 revs in-line
  • Genfit (GNFT) reports first-half 2025 financial results and provides corporate update
• General News
  • President Trump will meet Democratic leadership this week ahead of the government funding deadline, according to Politico
  • The Supreme Court will hear a case in December regarding presidential power to remove officials from independent agencies, according to WSJ
  • Super Typhoon Ragasa expected to impact Hong Kong and China, according to FT
  • A lawmaker says China's rare earth supply issue has not been resolved, according to Bloomberg
  • EU targeting large technology companies for alleged financial scams, according to FT
  • EU Commission says Europe inaugurates its second quantum computer
  • President Trump says children should not get hepatitis B vaccine until they are 12 because the disease is sexually transmitted, according to The Hill
  • President Trump at UNGA says if Russia doesn't agree to stop war in Ukraine, he will impose new "powerful round" of tariffs; says EU countries should also impose tariffs; he was critical of China, India, and EU for purchasing Russian oil
  • President Trump at UNGA says he will meet with Brazilian President Lula da Silva next week
  • President Trump endorses Argentina's Javier Milei for re-election
  • President Trump asked if NATO nations should shoot down Russian aircraft if they enter NATO airspace; responds "yes, I do"
  • Bank of Montreal weighs sale of $6 bln in U.S. branch deposits after Bank of the West deal, according to WSJ
  • President Trump says "Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form; says "We will continue to supply weapons to NATO"
  • AbbVie (ABBV) unit Allergan Aesthetics announces expansion of SKINVIVE by JUVÉDERM
  • Accel Entertainment (ACEL) names Brett Summerer Chief Financial Officer, effective September 22, 2025
  • Accenture (ACN) wants to construct new campus India's Andhra Pradesh, according to Reuters
  • ACM Research (ACMR) set to join S&P SmallCap 600
  • Albertsons (ACI) Teamsters ratify strong new contract
  • Alkami Technology (ALKT) announces that Red Rocks Credit Union has expanded its relationship with Alkami, adding the company's Digital Banking Solution and Data & Marketing Solution to its existing Onboarding & Account Opening Solution
  • Alphabet (GOOG) says "Google AI Plus — our newest AI plan — is now available in 40 more countries"
  • Altria (MO) enters MOU with KT&G to pursue long-term adjacent growth
  • Amazon (AMZN) files a lawsuit to block New York labor law, according to Reuters
  • Aris Mining (ARMN) confirms Sept 22 incident at the La Reliquia Mine, a formalized third-party operation located within Aris Mining's Segovia title, but outside of Aris Mining's infrastructure
  • atai Life Sciences N.V. (ATAI) and Beckley Psytech Limited announce "positive" data from a proof-of-concept study investigating a two-dose induction regimen of BPL-003, in patients with treatment-resistant depression
  • AT&T (T): Secret Service prevented plot to disrupt NYC cell phone service, according to ABC News
  • Aura Minerals (AUGO) announces that commercial production has been achieved at its Borborema gold mine
  • Axon (AXON) has entered into a definitive agreement to acquire Prepared, an AI-powered emergency communications platform that turns 911 calls into actionable intelligence and enables faster response
  • Baidu (BIDU) succumbing to steep profit-taking pullback today after shares had soared by 50% in September, fueled by rising exuberance over company's AI advancements
  • Boeing (BA) and Palantir (PLTR) announce at the annual Air, Space & Cyber Conference the two companies are working together to integrate artificial intelligence systems and software across Boeing Defense, Space & Security factories and programs
  • Boeing (BA) and Uzbekistan Airways announce that the airline plans to acquire up to 22 787 Dreamliners
  • Boeing (BA): Turkey plans to purchase hundreds of Boeing and Lockheed (LMT) fighter jets, according to Bloomberg
  • Bristol-Myers (BMY) announces phase 3 EXCALIBER-RRMM study evaluating Iberdomide in combination with standard therapies demonstrated a significant improvement in minimal residual disease negativity rates in relapsed or refractory multiple myeloma
  • Chevron's (CVX) Venezuelan exports of oil lowered by 50% under new US authorization, according to Reuters
  • CleanSpark (CLSK) expands capital strategy by increasing its Bitcoin-backed credit facility by $100 mln
  • Coastal Financial (CCB) appoints Brandon Soto as Chief Financial Officer, effective October 1
  • Elanco Animal Health (ELAN) announces FDA approves Improved Zenrelia Label, Removing Vaccine-Induced Disease Language
  • Eli Lilly (LLY): Innovent weight loss drug competing in China, according to Reuters
  • Eli Lilly (LLY) plans to build a new $6.5 bln manufacturing facility at Generation Park in Houston, Texas
  • Eni S.p.A. (E) introduces new biorefinery project in Sannazzaro de’ Burgondi
  • Evergy's (EVRG) TerraPower and the Kansas Department of Commerce sign MOU to explore advanced nuclear energy deployment
  • Exxon Mobil (XOM) signs an initial agreement with Rosneft to try to recover Russian losses, according to Reuters
  • Financial Inst. (FISI) approves new share repurchase program for up to 1,006,379 shares, or 5% of outstanding shares
  • Ford Motor (F): 2020 model year expanded Ford Expedition and Lincoln Navigator underhood fire risk recall
  • GlaxoSmithKline (GSK): FDA takes action to make a treatment available for autism symptoms
  • Heartflow (HTFL) receives FDA clearance for its Next Gen Heartflow Plaque Analysis algorithm
  • ING Groep (ING) and OCI Energy finalize construction financing for a major battery project in Texas
  • Johnson and Johnson (JNJ) aiming to withdraw acid reflux disease device, according to Bloomberg
  • Johnson Controls (JCI) awarded a $112 mln Navy contract
  • Kenvue (KVUE) ticking higher despite Trump administration drawing unproven link between autism and pregnant women’s use of acetaminophen, according to CNBC
  • Kenvue (KVUE): FDA responds to evidence of possible association between autism and acetaminophen use during pregnancy
  • Kenvue (KVUE): Medical experts push back on claims Tylenol use during pregnancy causes autism, according to CBS News
  • Lexicon Pharma (LXRX) provides update on submission of additional data to FDA
  • Lumen Technologies (LUMN) provides Analyst Forum highlights - outlined continued progress to reset its financial foundation and create significant capacity for growth
  • MaxCyte (MXCT) announces operational restructuring to reduce costs and accelerate path to profitability; reiterates full year guidance
  • Miami International Holdings (MIAX) plans to launch support for the trading of financial futures on MIAX Futures using the MIAX Futures Onyx trading platform effective February 22, 2026, for the February 23, 2026 trade date
  • Microsoft (MSFT) tested a new cooling system is causing some weakness with cooling system stocks
  • Microsoft (MSFT) unveils microfluidic cooling breakthrough, slashing AI chip heat by up to 3× to boost datacenter efficiency and performance
  • Millrose Properties (MRP) last night raised quarterly dividend payment to $0.73/share from $0.69/share for Class A and Class B common stock
  • Moderna (MRNA) announces mNEXSPIKE generates strong immune response against LP.8.1 variant in humans
  • Newmont (NEM) achieves first gold pour at Ahafo North Project in Ghana
  • Nexstar (NXST) ABC affiliates to continue preempting “Jimmy Kimmel Live!”
  • NIKE (NKE) announces that NikeSKIMS is unveiling its women athlete inspired inaugural collection on September 26
  • Oracle (ORCL) and OpenAI expected to announce Texas data center expansion, according to The Information
  • PDF Solutions (PDFS) secures landmark contract with global IDM customer; reaffirms full-year 2025 revenue growth guidance
  • Pepsi (PEP) investors are cautious regarding Elliott bottling split off plan, according to Reuters
  • Power Integrations (POWI) announces CFO transition; reaffirms Q3 outlook
  • Portillo's (PTLO) appoints Chairman of the Board Michael Miles, Jr., as Interim Chief Executive Officer, effective immediately, succeeding Michael Osanloo, who has departed the company
  • Procore Technologies (PCOR) announces appointment of Ajei Gopal as Chief Executive Officer Designate
  • Redwire's (RDW) subsidiary, Edge Autonomy, delivered additional aircraft from its Penguin uncrewed aerial system series to the Ukraine Armed Forces
  • Rocket Lab USA (RKLB) delivers two Explorer-class spacecraft to Kennedy Space Flight Center for NASA’s Escape and Plasma Acceleration and Dynamics Explorers (ESCAPADE) mission
  • Sanofi's (SNY) SAR446268 receives US fast track designation for the treatment of non-congenital myotonic dystrophy type 1
  • Scholar Rock (SRRK): FDA issues complete response letter for Apitegromab as a treatment for patients with spinal muscular atrophy solely related to observations identified at Catalent Indiana LLC Fill-Finish Facility
  • Scilex Holding (SCLX) has signed a Securities Purchase Agreement with the institutional investor to exchange $200 mln of common stock of its majority owned subsidiary, Semnur Pharmaceuticals, held by Scilex for $200 mln in Bitcoin
  • Sempra Energy (SRE) discloses termination fee and other details for transaction with KKR (KKR)
  • Seres Therapeutics (MCRB) announces further constructive feedback from FDA on SER-155 phase 2 study protocol and implements cost reduction actions to extend cash runway
  • Sharps Technology (STSS) and Jupiter Exchange announce a partnership to utilize Jupiter's staking infrastructure as part of the company's treasury strategy
  • Sinclair Broadcast (SBGI) says "Beginning Tuesday night, Sinclair will be preempting Jimmy Kimmel Live! across our ABC affiliate stations and replacing it with news programming. Discussions with ABC are ongoing as we evaluate the show’s potential return"
  • Southern's (SO) Southern Telecom and Seimitsu announce SouthernWaves, a strategic alliance poised to deliver fiber-optic network services across the Southeast.
  • Stellantis (STLA): By the end of August 2025, Stellantis surpasses 1,650,000 registrations in EU30 YTD, continuing to grow in the strategic hybrid vehicle segment
  • Teva Pharma (TEVA) and Medincell’s risperidone LAI approved in Canada as LONGAVO
  • Uber (UBER) introduces prepaid passes
  • UBS AG (UBS) resolves legacy French tax matter, pays EUR835 million
  • Vishay (VSH) Ametherm SL2220007 inrush current limiting NTC thermistor receives UL certification
  • Vuzix (VUZI) and TCL China Star Optoelectronics Technology announce a long-term partnership to jointly propel the integration of microLED displays and waveguide optics
  • Walmart (WMT) to kick off the season with early savings, October 7–12; no membership required
  • Walt Disney (DIS) increases prices of streaming services; Disney+, Hulu Bundle will increase to $12.99/month from $10.99/month; effective October 21
  • Weatherford (WFRD) receives credit rating upgrades from Moody’s, S&P, and Fitch
  • WEX (WEX) announces a significant expansion of its electric vehicle charging network through new partnerships with leading charge point operators, Lynkwell and Revel, and a payments integration with the smart charging platform Ampcontrol

• Upgrades:
  • Alvotech (ALVO) upgraded to Buy from Hold at Deutsche Bank, tgt $14
    
  • Antero Resources (AR) upgraded to Buy from Neutral at Citigroup, tgt $39
  • CoreWeave (CRWV) upgraded to Buy from Hold at Melius Research, tgt $165
    
  • CoreWeave (CRWV) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $170
    
  • Johnson & Johnson (JNJ) upgraded to Buy from Neutral at Guggenheim, tgt $206
    
  • LG Display (LPL) upgraded to Neutral from Sell at UBS
    
  • Omnicom (OMC) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $91
    
  • Onto Innovation (ONTO) upgraded to Buy from Hold at Jefferies, tgt $170
    
  • Primerica (PRI) upgraded to Outperform from Market Perform at BMO Capital, tgt $318
    
  • United Rentals (URI) upgraded to Outperform from Market Perform at Bernstein, tgt $1,128
    
  • Volkswagen (VWAGY) upgraded to Outperform from Sector Perform at RBC Capital
• Downgrades:
  • Americold Realty Trust (COLD) downgraded to Underweight from Neutral at JPMorgan, tgt $15
  • Lam Research (LRCX) downgraded to Sector Weight from Overweight at KeyBanc
  • Lululemon (LULU) downgraded to Neutral from Outperform at Robert W. Baird, tgt $195
    
  • Oklo (OKLO) downgraded to Neutral from Buy at Seaport Research Partners
  • Symbotic (SYM) downgraded to Sell from Neutral at UBS, tgt $35
    
  • TotalEnergies (TTE) downgraded to Neutral from Outperform at BNP Paribas Exane
    
  • Uranium Royalty (UROY) downgraded to Market Perform from Raymond James
    
  • Vistra (VST) downgraded to Hold from Buy at Jefferies, tgt $230
    
  • Wendy's (WEN) downgraded to Hold from Buy at Argus
• Others:
  • Alexandria Real Estate (ARE) initiated with an Outperform at BMO Capital, tgt $100
    
  • Amcor (AMCR) initiated with a Sector Perform at RBC Capital
    
  • Atlassian (TEAM) initiated with a Neutral at BofA Securities, tgt $200
    
  • AvePoint (AVPT) initiated with a Buy at DA Davidson, tgt $20
  • Dick's Sporting (DKS) reinstated with a Buy at Goldman, tgt $274
    
  • GSR III Acquisition (GSRT) initiated with a Buy at Roth Capital, tgt $20
    
  • iRhythm (IRTC) initiated with an In Line at Evercore ISI, tgt $185
    
  • Mama's Creations (MAMA) initiated with a Buy at DA Davidson, tgt $18
    
  • MP Materials (MP) initiated with an Outperform at Daiwa, tgt $80
    
  • Sila Realty Trust (SILA) initiated with an Equal Weight at Wells Fargo, tgt $27

• Econ Data (Wednesday):
  • 07:00 ET: MBA Mortgage Applications Index (prior 29.7%)
  • 10:00 ET: August New Home Sales (Briefing.com consensus: 650K; prior 652K)
  • 10:30 ET: EIA Crude Oil Inventories (prior -9.29M)
  • 13:00 ET: $70 billion 5-yr note auction
  • 16:10 ET: San Francisco Fed President Daly (non-FOMC voter)

• 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