After Hours Report

The stock market opened to decent gains across its mega-cap names on the heels of Friday's strong session, but a lack of follow-through buying activity saw the S&P 500 (+0.3%) and Nasdaq Composite (+0.5%) close beneath their session highs, though the DJIA (+0.2%) reversed an early loss. 

The Vanguard Mega Cap Growth ETF finished with a modest 0.4% gain after holding a gain close to 1.0% early in the session, and the S&P 500 Equal Weighted Index (+0.3%) performed in line with the market-weighted S&P 500 (+0.3%). 

The information technology sector (+0.5%) led all S&P 500 sectors for the majority of the session but ended up with a gain similar to that of the financials (+0.5%), consumer discretionary (+0.6%), and materials (+0.4%) sectors. 

Chipmakers led the early rally, pushing the PHLX Semiconductor Index to an early 1.4% gain before retreating and closing just 0.2% above its baseline. NVIDIA (NVDA 181.88, +3.69, +2.07%) still closed with a nice gain, moving further past its 50-day moving average (176.74). 

The sector also benefitted from strong performances from memory chip names such as Western Digital (WDC 116.74, +9.86, +9.23%) and Seagate Tech (STX 229.14, +11.63, +5.35%), which were among the top performers in the S&P 500 today. 

In total, nine S&P 500 sectors closed in positive territory, though only the consumer discretionary sector (+0.6%) advanced more than 0.5%. 

Breadth figures were razor thin for the entirety of today's action, reflecting a lack of conviction on the part of both buyers and sellers amid a relatively quiet day from a headlines perspective. Decliners outpaced advancers by a roughly 7-to-6 margin on the NYSE, while advancers held a 6-to-5 edge on the Nasdaq. 

The energy sector (-1.9%) was the outlier in today's trade, moving sharply lower as crude oil futures settled the session $2.21 lower (-3.4%) at $63.48 per barrel following reports that OPEC+ will likely increase outputs in November. 

The communication services sector (-0.5%) also closed lower due to weakness in Alphabet (GOOG 244.36, -2.82, -1.14%) and Meta Platforms (META 743.40, -0.35, -0.05%) as mega-cap strength waned throughout the session.

The sector was, however, home to one of the more exciting corporate headlines today, as Electronic Arts (EA 202.05, +8.70, +4.50%) announced the company will be taken private in an all-cash deal worth roughly $55 billion. Shareholders are set to receive $210 per share in cash, a 25% premium to EA's unaffected $168.32 close on Sept. 25.

Macro-headlines today were also relatively slim, with much of the focus centering around the looming government shutdown if a funding agreement is not reached. 

Senator Majority Leader John Thune says the Senate will vote again tomorrow on a continuing resolution to fund the government for 7 weeks, with Reuters adding that Senate Democrats are weighing short-term funding measures to avert a shutdown ahead of the Tuesday deadline.

According to CNBC, a government shutdown would halt Labor Department operations, preventing the release of Friday's much-anticipated Employment Situation Report. With conflicting views around the appropriate monetary policy path, notable economic data releases take on added significance ahead of the October FOMC meeting.

The market's current rate cut expectations held steady amid a lack of data releases today, though Cleveland Fed President Beth Hammack (FOMC nonvoting member) told CNBC that the current environment is "a challenging time for monetary policy."

U.S. Treasuries began the week on a firmly higher note with longer tenors leading the market higher. The 2-year note yield settled down two basis points to 3.63%, and the 10-year note yield settled down five basis points to 4.14%.

• Nasdaq Composite: +17.0% YTD
• S&P 500: +13.3% YTD
• Russell 2000: +9.2% YTD
• DJIA: +8.9% YTD
• S&P Mid Cap 400: + 4.5% YTD

Reviewing today's data:

• Pending Home Sales were up 4.0% in August (Briefing.com consensus 0.4%) after decreasing a revised 0.3% (from -0.4%) in July.

Overseas:

• Europe: DAX +0.2%, FTSE +0.2%, CAC +0.1%
• Asia: Nikkei -0.7%, Hang Seng +1.9%, Shanghai +0.9%

Commodities:

• Crude Oil -2.21 @ 63.48
• Nat Gas +0.06 @ 3.27
• Gold +46.20 @ 3855.20
• Silver +0.39 @ 47.02
• Copper +0.11 @ 4.89

After-Hours Spotlight:

• CenterPoint (CNP) announces 10 year, $65 billion investment plan; raises EPS guidance...CNP -1.9%
• Jefferies (JEF) beats by $0.21, beats on revs... JEF -1.1%
• Progress Software (PRGS) beats by $0.20, beats on revs; raises FY25 guidance above consensus... PRGS +3.7%
• Vail Resorts (MTN) reports Q4 (Jul) results, misses on revs; Issues FY26 guidance... MTN -3.5%

Fair Value for Tuesday, September 30:

• S&P 500: 6,713
• Nasdaq 100: 24,835
• DJIA: 46,616

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

• Earnings/Guidance (Full Earnings Calendar):
  • Acadia Healthcare (ACHC) provides guidance update ahead of fireside chat at the Jefferies 2025 Healthcare Services Conference
  • ACM Research’s (ACMR) operating subsidiary ACM Research (Shanghai) provides backlog data
  • Bitmine Immersion Technologies (BMNR) reports ETH holdings exceeding 2.65 million tokens and total crypto and cash holdings of $11.6 billion
  • Carnival (CCL) beats by $0.11, reports revs in-line; guides Q4 EPS above consensus; guides FY25 EPS above consensus
  • KeyCorp (KEY) in slide presentation sees FY25 net interest income of +20-22%; average loans down 1-3%
  • Toyota Motor (TM) reports global sales and production results for August 2025
• General News
  • President Trump will meet with congressional leaders of both parties today ahead of government funding deadline tomorrow night, according to Politico
  • President Trump in interview says government shutdown is a "possibility" and his administration will fire a lot of federal workers if there is a shutdown. He is optimistic that a deal could be reached to end Gaza war and he will meet with Israeli Prime Minister Benjamin Netanyahu today, according to NBC News
  • President Trump releases comprehensive plan to end the Gaza Conflict
  • Chinese President Xi wants to convince President Trump to say that U.S. opposes Taiwan independence in exchange for trade deal, according to WSJ
  • President Trump considering imposing tariffs on foreign electronics based on number of chips in each device, according to Reuters
  • South Korea will not be able to pay $350 billion under trade agreement, according to Bloomberg
  • U.S. considering options to target drug traffickers inside Venezuela and strikes could start in weeks, according to NBC News
  • Cleveland Federal Reserve President Beth Hammack (non-voter) in interview says it is a "a challenging time for monetary policy", according to CNBC
  • SEC Chairman Paul Atkins in interview says he plans to "fast track" President Trump's plan to end quarterly reporting requirements, according to FT
  • OPEC+ will likely increase production in November, according to Bloomberg
  • Supreme Court allows President Trump to withhold $4 billion in foreign aid, according to NY Times
  • Justice Department personnel will be sent to protect immigration detention facilities, according to NY Times
  • NY Fed President John Williams (voting FOMC member) gives speech titled "Balance sheet reduction and ample reserves"
  • Health insurance costs could double in California if Obamacare subsidies expire, according to Politico
  • Pentagon wants to double missile production in case there is a conflict with China, according to WSJ
  • EV sales are likely have a rough year, according to NY Times
  • Tropical Storm Imelda is expected to cause heavy rainfall in the southeastern United States before turning east toward Bermuda
  • Eric Adams drops out of race for NYC Mayor, according to CBS News
  • Cannabis stocks trading higher following post from President Trump on senior healthcare
  • 36Kr Holdings (KRKR) highlighted significant progress on its path to profitability, based on its performance in the six months ended June 30, 2025
  • Alnylam Pharma (ALNY) reports new data from HELIOS-B Phase 3 study demonstrate lower rates of gastrointestinal events in ATTR-CM patients treated with Vutrisiran
  • Amazon (AMZN) invests $1.9 bln in the Delivery Service Partner program, launching safety initiatives and AI-powered tools to enhance the delivery and driver experience
  • Applied Therapeutics (APLT) Provides Update Following Meeting with FDA
  • AstraZeneca (AZN) reports ENHERTU demonstrated highly statistically significant and clinically meaningful improvement in invasive disease-free survival versus T-DM1 in DESTINY-Breast05 Phase 3 trial
  • AstraZeneca (AZN) to harmonise its listing structure across the London Stock Exchange, Nasdaq Stockholm and New York Stock Exchange
  • AstraZeneca (AZN): ENHERTU demonstrated highly statistically significant and clinically meaningful improvement in invasive disease-free survival vs. T-DM1 in DESTINY-Breast05 Phase III trial
  • Babcock & Wilcox Enterprises (BW) received an initial $10 mln order as part of an award valued at approximately $40 mlnto supply low-pressure Wet Gas Scrubbing technology for installation at a major petroleum refinery in Canada
  • Baker Hughes (BKR) awarded significant award from Petrobras to supply up to 50 subsea tree systems and associated services to support offshore oil and gas production in Brazil
  • Barrick Mining (B) has appointed Mark Hill as Group COO and Interim President and Chief Executive Officer, effective immediately
  • Better Home & Finance (BETR) executed two agreements in Sept that the Company expects will materially increase its monthly loan volume
  • Biogen (BIIB) and Eisai (ESAIY) report LEQEMBI IV maintenance dosing for the treatment of Early Alzheimer’s Disease approved in China
  • BridgeBio Pharma (BBIO) reports Acoramidis begins to reduce cumulative cardiovascular outcomes within the first month of treatment in patients with ATTR-CM
  • BTQ Technologies (BTQ) announces that Danal has begun a Proof-of-Concept of its Quantum-Secure Stablecoin Settlement Network across select payment rails
  • CAVA Group (CAVA) COO Jennifer Somers steps down
  • Cleveland-Cliffs (CLF): Mesabi Trust (MSB) initiated arbitration against Northshore Mining Company and its parent Cleveland Cliffs
  • Climb Bio (CLYM) announces CLYM116 preclinical data highlighting potential for best-in-class therapeutic for IgAN
  • Coherent (COHR) announces major upgrades to its Multi-Rail technology platform, delivering greater efficiency, scale, and speed for the next era of optical transport networks
  • Coherent (COHR) announces the industry’s first QSFP28 Dual Laser 100G ZR solution that enables broadband providers to efficiently maximize capacity on existing fiber infrastructure
  • Costamare Bulkers Holdings (CMDB) announces strategic cooperation agreement with Cargill International SA
  • Cytokinetics (CYTK) presents new data related to Aficamten at the HFSA Annual Scientific Meeting 2025
  • Datavault AI (DVLT) announced that IBM (IBM) has made a multi-million dollar commitment of resources
  • Electronic Arts (EA) to be acquired by PIF-led consortium for $55 bln, or $210/share, in all-cash deal
  • Enanta Pharmaceuticals (ENTA) reports topline results from its Phase 2b Study of Zelicapavir for the Treatment of Respiratory Syncytial Virus (RSV) in high-risk adults
  • First Busey Corp (BUSE) appointed Friday Christopher H.M. Chan the Chief Financial Officer effective as of September 30, 2025
  • General Dynamics (GD) awarded a $642.3 mln modification to a previously awarded US Navy contract; receives $642 mln contract for Virginia-class submarine work
  • GlaxoSmithKline (GSK) names Luke Miels as CEO designate
  • Honeywell (HON) approves an increase in its annual cash dividend to $4.76/share from $4.52/share
  • IO Biotech (IOBT): FDA recommends that IO Biotech not submit a Biologics License Application (BLA) based on the data from the IOB-013 clinical trial
  • K Wave Media (KWM) plans to launch one of the first entertainment tokenization platforms with strategic investment from Galaxy Digital (GLXY)
  • Larimar Therapeutics (LRMR) Announces Positive Data from Ongoing Long-term Open Label Study and Updates to Nomlabofusp Program for Friedreich’s Ataxia
  • Linde plc (LIN) appoints Sanjiv Lamba as Chairman & CEO
  • Lockheed Martin (LMT): Sikorsky Aircraft unit awarded a $10.33 bln modification to a previously awarded US Navy contract
  • Microsoft (MSFT): President Trump says that Microsoft should fire head of global affairs, Lisa Monaco
  • MoonLake Immunotherapeutics (MLTX) reports on week 16 results of the VELA Phase 3 hidradenitis suppurativa program with the Nanobody sonelokimab
  • National Healthcare (NHC) disclosed Friday that its President/COO R. Michael Ussery intends to retire from the Company effective December 31, 2025
  • Nexstar (NXST) announces that “Jimmy Kimmel Live!” will return to its owned and partner television stations affiliated with ABC beginning tonight
  • Novonix Limited (NVX) achieved critical operational milestone
  • Omnicom (OMC) and Interpublic finalize agreement with FTC
  • Peabody Energy (BTU): Department of Energy announced a $625 million investment to expand and reinvigorate America’s coal industry, aiming to boost energy production and support coal communities nationwide
  • Peloton (PTON) planning to introduce refreshed hardware and a software with AI, according to Bloomberg
  • PureTech (PRTC) presents new data from Phase 2b Open-Label Extension Study of Deupirfenidone (LYT-100), further supporting strong and durable efficacy and potential to serve as new standard of care in IPF
  • Qualcomm (QCOM) increasing Snapdragon branding, according to Digitimes
  • QuidelOrtho (QDEL) is expanding its QUICKVUE portfolio with the QUICKVUE Influenza + SARS Test
  • Rackspace Technology (RXT) discloses executive depeartures
  • RAPT Therapeutics (RAPT) receives FDA Clearance of IND Application to Proceed to Phase 2b Trial of RPT904 in Food Allergy
  • RedHill Biopharma (RDHL) wins New York Supreme Court appeal
  • RTX (RTX) awarded a $160.9 mln modification to a previously awarded US Navy contract
  • Savara (SVRA) presents new data from the Phase 3 IMPALA-2 Clinical Trial of Molgramostim Inhalation Solution (Molgramostim) in patients with Autoimmune Pulmonary Alveolar Proteinosis (aPAP) at the European Respiratory Society (ERS) Congress 2025
  • Scorpio Tankers (STNG) agrees to sell two LR2 product tankers and an update on its outstanding debt
  • Semler Scientific (SMLR) to pay fine to resolve False Claims Act allegations
  • Sharps Technology (STSS) and Crypto.com expanded its digital asset treasury strategy with Crypto.com services for its holdings
  • Sony (SONY) confirmed shares of common stock of Sony Financial Group were listed on the Tokyo Stock Exchange
  • Spirit Airlines to suspend 40 routes, hires former supply chain exec at Amazon Air, according to CNBC
  • Stellantis (STLA) names Joao Laranjo as CFO
  • Taiwan Semiconductor Manufacturing (TSM) spokesperson denies partnership or investment rumors, according to Taipei Times
  • Stellantis (STLA) is recalling certain Mopar rear quarter glass window assemblies
  • Toyota (TM) Brazil workers approve temporary layoff plan, according to Reuters
  • USA Rare Earth (USAR) announced that its Board of Directors has appointed Barbara Humpton as the Company’s Chief Executive Officer to succeed Josh Ballard, effective October 1, 2025
  • US Foods (USFD) awarded a maximum $340.8 mln DLA contract for full-line food and beverage items
  • Veracyte (VCYT) announces that Decipher-Enabled Biomarker predicts hormone therapy benefit in men with recurrent prostate cancer
  • Vistra Corp (VST) plans to build new gas-fueled dispatchable power units in the Permian Basin
  • Volkswagen (VWAGY) planning changes to India business, according to Reuters
  • X Financial (XYF) discloses that Noah Kauffman was appointed and promoted as Chief Financial Strategy Officer of the Company, effective on September 25, 2025

• Upgrades:
  • Citizens Financial (CFG) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $71
    
  • General Dynamics (GD) upgraded to Buy from Neutral at Seaport Research, tgt $376
    
  • Innoviz Technologies (INVZ) upgraded to Buy from Neutral at Goldman, tgt $2.50
    
  • Lam Research (LRCX) upgraded to Buy from Hold at Deutsche Bank, tgt $150
• Downgrades:
  • AvalonBay (AVB) downgraded to Neutral from Outperform at BNP Paribas Exane
    
  • Choice Hotels (CHH) downgraded to Underperform from Buy at BofA Securities, tgt $110
    
  • Electronic Arts (EA) downgraded to Hold from Buy at Freedom Capital, tgt $195
    
  • Equity Residential (EQR) downgraded to Neutral from Outperform at BNP Paribas Exane
    
  • Essex Property Trust (ESS) downgraded to Neutral from Outperform at BNP Paribas Exane
    
  • MAA (MAA) downgraded to Underperform from Neutral at BNP Paribas Exane
    
  • MoonLake Immunotherapeutics (MLTX) downgraded to Hold from Buy at Stifel, tgt $13
    
  • MoonLake Immunotherapeutics (MLTX) downgraded to Sector Perform from Outperform at RBC Capital, tgt $10
    
  • M&T Bank (MTB) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt 251
    
  • N.T. Butterfield (NTB) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $50
    
  • Novo Nordisk (NVO) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $47
    
  • UDR (UDR) downgraded to Neutral from Outperform at BNP Paribas Exane
    
  • U.S. Bancorp (USB) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $56
    
  • UWM Holdings (UWMC) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $6.50
    
  • Waterdrop (WDH) downgraded to Neutral from Buy at Goldman, tgt $2
    
  • Wells Fargo (WFC) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $90
    
  • Western Alliance (WAL) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $90
• Others:
  • Aardvark Therapeutics (AARD) initiated with a Buy at Stifel, tgt $24
    
  • Alto Neuroscience (ANRO) initiated with a Buy at Chardan, tgt $15
    
  • AppLovin (APP) initiated with an Accumulate at Phillip Securities, tgt $725
    
  • Atour Lifestyle (ATAT) initiated with a Buy at Jefferies, tgt $48
    
  • Core & Main (CNM) initiated with a Buy at UBS, tgt $65
    
  • Immunic (IMUX) initiated with a Buy at Chardan, tgt $13
    
  • Kiniksa (KNSA) initiated with a Buy at TD Cowen, tgt $60
    
  • Nasus Pharma (NSRX) initiated with a Buy at Laidlaw, tgt $22
    
  • NuScale Power (SMR) initiated with an Equal Weight at Barclays, tgt $45
    
  • Oklo (OKLO) initiated with an Overweight at Barclays, tgt $146
    
  • Pony AI (PONY) initiated with a Buy at Citigroup, tgt $29
    
  • Reviva Pharmaceuticals (RVPH) initiated with a Buy at Chardan, tgt $2
    
  • Sunrise Communications (SNRE) initiated with a Buy at Citigroup
    
  • UP Fintech (TIGR) initiated with a Buy at Jefferies, tgt $12
    
  • VSE Corp. (VSEC) initiated with an Outperform at Wolfe Research, tgt $190
    
  • WeRide (WRD) initiated with a Buy at Citigroup, tgt $15.50

• Econ Data (Tuesday):
  • 9:00 ET: July FHFA Housing Price Index (prior -0.2%) and July S&P Case-Shiller Home Price Index (Briefing.com consensus 1.9%; prior 2.1%)
  • 9:45 ET: September Chicago PMI (prior 41.5)
  • 10:00 ET: September Consumer Confidence (Briefing.com consensus 96.0; prior 97.4) and July job openings (prior 7.181 mln)

• Earnings:
  • Monday (Sep 29)
    • Pre-Market: CCL
    • After-Hours: JEF PRGS MTN
      
    Tuesday (Sep 30)
    • Pre-Market: LW PAYX UNFI
    • After-Hours: NKE
      
  • Wednesday (Oct 1)
    • Pre-Market: AYI CALM CAG RPM
      
    • After-Hours: None
      
  • Thursday (Oct 2)
    • Pre-Market: ANGO
    • After-Hours: None 
  • Friday (Oct 3)
    • Pre-Market: None
    • After-Hours: None