After Hours Report

Strong performances from the stock market's largest names propelled the Nasdaq Composite (+0.5%) to a new record high, while the S&P 500 (+0.2%) holds a more modest gain and the DJIA trades flat. 

The Vanguard Mega Cap Growth ETF is up 0.8% today, with the mega-cap advantage contributing to the outperformance of the market-weighted S&P 500 (+0.2%) over the S&P 500 Equal Weighted Index (-0.3%).

Smaller cap indices face modest retreats after last week's strong showings, with the Russell 2000 down 0.1% and the S&P Mid Cap 400 down 0.4%.

Breadth figures are razor thin, reflecting a lack of conviction in the broader market outside of the mega-cap space. Decliners outpace advancers by a slim 13-to-12 margin on the NYSE, while advancers hold a slight 21-to-20 edge on the Nasdaq.

The information technology (+0.8%), consumer discretionary (+0.5%), and communication services (+0.1%) sectors advance by way of their mega-cap components, though all three sectors are now modestly beneath their session highs. Separately, the industrials sector (+0.1%) holds on to a slim gain.

The technology sector benefits from the strength of its chipmaker components, with the PHLX Semiconductor Index (+0.7%) holding a similar gain to the broader sector. 

Broadcom (AVGO 346.83, +11.94, +3.57%) trades higher following its earnings report on Friday, while Oracle (ORCL 240.08, +7.28, +3.13%) advances ahead of its earnings release tomorrow. 

NVIDIA (NVDA 169.97, +2.95, +1.77%) holds a nice gain after a 2.7% retreat on Friday, though losses in Apple (AAPL 237.08, -2.61, -1.09%) stifle further gains in the sector. The stock trades lower ahead of Apple's signature September event, at which it is expected to unveil the iPhone 17 and a new slimmer model of its iPhones.

Corporate headlines and other notable developments are relatively quiet today elsewhere, though Robinhood Markets (HOOD 116.03, +14.78, +14.60%) and AppLovin (APP 542.00, +51.76, +10.56%) trade sharply in response to their addition to the S&P 500 before the open on September 22.

Overseas:

• Europe: DAX +1.0%, FTSE +0.1%, CAC +0.8%
• Asia: Nikkei +1.5%, Hang Seng +0.9%, Shanghai +0.4%

Commodities:

• Crude Oil +0.38 @ 62.25
• Nat Gas +0.04 @ 3.09
• Gold +24.70 @ 3677.90
• Silver +0.35 @ 41.90
• Copper +0.01 @ 4.56

After-Hours Spotlight:

• Casey's General (CASY) beats by $0.72, beats on revs; same-store sales +4.3%...CASY -0.8%
• Mission Produce (AVO) beats by $0.12, beats on revs...AVO +3.7%
• Yext (YEXT) beats by $0.01, beats on revs; On August 18, CEO Michael Walrath, submitted proposal to acquire all outstanding shares of company not already owned by him...YEXT +3%

Fair Value for Tuesday, September 9:

• S&P 500: 6,491
• Nasdaq 100: 23,692
• DJIA: 45,457

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

• Earnings/Guidance (Full Earnings Calendar):
  • Bit Digital (BTBT) provides investor updates in presentation
  • Bitmine Immersion Technologies (BMNR) reports that its crypto and cash holdings exceed $9.21 bln; As of September 7th, the company's crypto holdings are comprised of 2,069,443 ETH, 192 Bitcoin (BTC) and unencumbered cash of $266 mln
  • East West Banc (EWBC) provides investor updates in presentation
  • IREN Limited (IREN) reports August 2025 Monthly Update
  • New Fortress Energy (NFE) misses by $1.42, misses on revs
  • Planet Labs (PL) beats by $0.02, beats on revs; guides Q3 revs above consensus; guides FY26 revs above consensus
  • The Children’s Place (PLCE) Reports Second Quarter 2025 Results
  • UnitedHealth (UNH) reaffirms FY25 EPS guidance ahead of Investor and Analyst meeting
  • Upexi, Inc. (UPXI) provided investor updates in presentation
• General News
  • U.S. considering annual approvals of chip equipment sales to China, according to Reuters
  • Japan's Prime Minister Ishiba resigns, according to NHK World
  • Immigration detainees from Hyundai plant to return to South Korea, according to WSJ
  • White House released Fact Sheet Friday: President Donald J. Trump modified the scope of reciprocal tariffs and establishes procedures for implementing trade deals
  • OPEC+ to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023
  • President Trump asks foreign companies investing in the United States to hire and train American Workers
  • Eric Adams says he is staying NYC Mayoral race, according to TheHill
  • UK reveals new defence growth deals created to boost local economies under major sector plan
  • A10 Networks (ATEN) that Brian Becker will be stepping down as CFO and leaving the company at the end of September 2025; Brian Becker appointed next CFO effective September 24
  • Alkermes (ALKS) Presents Detailed Positive Results from Vibrance-1 Phase 2 Study of Alixorexton in Patients with Narcolepsy Type 1 at World Sleep Congress 2025
  • Alphabet's (GOOG) Google will fund a portion of the costs for LDES pilot projects developed for Salt River Project's grid
  • Amazon (AMZN) takes $25 mln stake in Rappi, expanding e-commerce push in Latin America, according to Bloomberg
  • American Tower (AMT) engaged in legal dispute with AT&T Mexico
  • Anthropic agrees to $1.5 bln class action settlement, according to Reuters
  • AppLovin (APP), Robinhood Markets (HOOD) and Emcor (EME) to join S&P 500
  • Arch Capital (ACGL) increases authorization for exisiting share repurchase program by $2 bln
  • AstraZeneca (AZN) reports TAGRISSO (osimertinib) plus chemotherapy demonstrated a median overall survival of nearly four years, the longest benefit ever reported in a global Phase III trial in EGFR-mutated advanced lung cancer
  • Bill.com (BILL): Starboard Value (Jeffrey Smith) to nominate four candidates to Board, according to Reuters
  • BioMarin (BMRN) Announces Pivotal Phase 3 Data for PALYNZIQ® (pegvaliase-pqpz) in Adolescents with Phenylketonuria at 15th International Congress of Inborn Errors of Metabolism
  • BioNTech (BNTX) and Bristol Myers Squibb Company (BMY) present interim data from a global randomized Phase 2 trial evaluating pumitamig, an investigational bispecific antibody targeting PD-L1 x VEGF-A, plus chemotherapy in patients with extensive-stage small cell lung cancer
  • BioSig Technologies (BSGM) announces an exclusive long-term strategic partnership to launch a groundbreaking up to 4% yield generating gold product supported by Streamex’s tokenization and treasury platforms
  • Boeing (BA) awarded a $344 mln modification to US Army contract
  • BridgeBio Pharma (BBIO) reports Encaleret Showed Parathyroid Hormone-Independent Normalization of Blood and Urine Calcium in Phase 2 Proof-of-Concept Study in Post-Surgical Hypoparathyroidism
  • Cerence (CRNC) announces restructuring plan
  • CME Group (CME) announces that trading volume in its investment grade and high yield credit futures surpassed 450,000 contracts, as open interest reached 6,800 contracts on September 4
  • EchoStar (SATS): MDA Space provides update on EchoStar contract
  • Eisai (ESAIY) reports clinical study results of novel orexin receptor agonist E2086
  • Faraday Future (FFAI) Founder and Co-CEO YT Jia Shares Weekly Investor Update: Unseen Interior and Product Highlights of the FX Super One to Be Unveiled on 919 Futurist Day & Shareholders’ Day
  • Foot Locker (FL): WSS banner announces collaboration with Mister Cartoon and Pro Club
  • Hackett Group (HCKT) launches AI XPLR 4.0, an enterprise Gen AI solutioning platform that fundamentally transforms how organizations conceive, design, and deploy Gen AI solutions based on client industry-specific business processes, application landscape, and existing and potential data sources
  • HIVE Digital Technologies (HIVE) provides August 2025 production report with 22% monthly increase in Bitcoin production
  • IDEAYA Biosciences (IDYA) and Hengrui Pharma Present Positive Phase 1 Data for IDE849 (SHR-4849), a Potential First-in-Class DLL3 TOP1 ADC, in Small Cell Lung Cancer at the IASLC 2025 World Conference on Lung Cancer
  • Infosys (INFY) confirms Board will consider proposal for buyback of equity shares of the Company
  • IREN Limited (IREN) appointed Anthony Lewis, the current Chief Capital Officer, as Chief Financial Officer of the Company
  • Johnson & Johnson (JNJ) reports data published in The New England Journal of Medicine demonstrate RYBREVANT plus LAZCLUZE is re-setting survival expectations in first-line EGFR-mutated lung cancer
  • Kirby (KEX) announces board approval for authorization to repurchase up to eight million shares
  • LATAM Airlines (LTM) increased capacity by 9.4% and transported 7.7 million passengers in August
  • Lilly's (LLY) Jaypirca (pirtobrutinib) significantly improved progression-free survival in patients with treatment-naïve CLL/SLL
  • Match Group (MTCH) CEO bought stock, Barron's
  • Merck (MRK) reports Ifinatamab Deruxtecan demonstrated clinically meaningful response rates in patients with extensive-stage small cell lung cancer in IDeate-Lung01 Phase 2 Trial
  • Microsoft's (MSFT) Azure recovers after cut cables in Red Sea, according to Bloomberg
  • MillerKnoll (MLKN) names John Hoke as Board Chair; names CFO Jeff Stutz as COO; co begins search for a new CFO
  • New Gold (NGD) provides exploration update for New Afton and Rainy River Mines
  • Nuvalent (NUVL) reports pivotal data from ARROS-1 clinical trial of Zidesamtinib
  • Nuvation Bio (NUVB) reports new data from pivotal clinical studies of IBTROZI (taletrectinib) in Advanced ROS1-Positive Non-Small Cell Lung Cancer at 2025 World Conference on Lung Cancer
  • Obsidian Energy (OBE) announces capital program update - Initial results from H2 2025 drilling program above internal expectations
  • OpenAI sees spending growing to $115 through 2029, according to Bloomberg
  • Pan American Silver (PAAS) reports discovery of multiple high-grade silver zones at the La Colorada Mine
  • Paramount Skydance (PSKY) looking to revive forgotten channels, according to WSJ
  • Pfizer (PFE) and BioNTech (BNTX) announce topline data demonstrating robust immune response with their LP.8.1-Adapted COVID-19 Vaccine 2025-2026 Formula
  • Playboy, Inc. (PLBY) awarded $81 million in damages in arbitration against former licensee
  • Pulse Biosciences (PLSE) receives FDA IDE approval to initiate its nsPFA Cardiac Surgery System Study
  • Rapport Therapeutics (RAPP) Announces Positive Topline Results from Phase 2a Clinical Trial of RAP-219 in Patients with Focal Onset Seizures
  • Rapport Therapeutics (RAPP) to Announce Topline Results for RAP-219 Phase 2a Trial in Focal Onset Seizures on Monday, September 8, 2025
  • Regeneron Pharma (REGN) advances allergy pipeline with two positive Phase 3 trials evaluating first-in-class antibody-blockers of cat and birch allergies
  • RTX (RTX) awarded a $205 mln modification to previously awarded US Navy contract
  • SEALSQ Corp (LAES) announces the continued expansion of its Semiconductor Personalization Center, a state-of-the-art facility dedicated to enabling secure, large-scale deployment of trusted chips and quantum-resistant devices for critical industries worldwide
  • Sirius XM (SIRI) follow-up; CNBC discussed Howard Stern departure headlines- appears to be publicity stunt
  • SM Energy (SM) CEO Herbert Vogel to retire; expects to name COO Elizabeth McDonald as next CEO when Mr Vogel retires on March 1
  • Stellantis (STLA) seeking EU bailout for auto industry, according to Bloomberg
  • Summit Therapeutics (SMMT) reports longer-term follow-up of western patients showed improving, favorable trend in overall survival in Global Phase III HARMONi Clinical Trial for Ivonescimab Plus Chemotherapy in 2L+ EGFRm NSCLC
  • Takeda (TAK) presents Orexin Data from Landmark Oveporexton (TAK-861) Phase 3 Program in Narcolepsy Type 1 at World Sleep 2025
  • Takeda Pharma (TAK) receives FDA approval for expanded indication for VONVENDI
  • Tutor Perini (TPC) subsidiary, Lunda Construction Company, has been awarded a contract valued at approximately $19.7 million for the I-41 Bridges Project
  • Walmart (WMT) CFO entered into a stock trading plan
  • XPeng (XPEV)  to take Mona EV brand global in 2026, signals potential acquisitions, according to CNBC

• Upgrades:
  • Afya (AFYA) upgraded to Buy from Neutral at UBS, tgt $19
  • Afya (AFYA) upgraded to Overweight from Neutral at JPMorgan, tgt $24.50
  • Boston Scientific (BSX) assumed with Outperform from Perform at Oppenheimer, tgt $125
  • British American Tobacco (BTI) upgraded to Buy from Hold at Argus, tgt $62
  • Brunswick (BC) upgraded to Buy from Hold at Texas Capital, tgt $80
  • Canada Goose (GOOS) upgraded to Buy from Hold at TD Cowen, tgt $18
  • Chewy (CHWY) upgraded to Outperform from Neutral at Mizuho, tgt $50
  • Intl Flavors (IFF) upgraded to Peer Perform from Underperform at Wolfe Research
  • Mazda Motor (MZDAY) upgraded to Buy from Neutral at Citigroup
  • Sanofi (SNY) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $58
  • Scorpio Tankers (STNG) upgraded to Buy from Neutral at BofA Securities, tgt $60
  • USCB Financial (USCB) upgraded to Strong Buy from Outperform at Raymond James, tgt $22
  • Veeva (VEEV) upgraded to Overweight from Neutral at JPMorgan, tgt $330
• Downgrades:
  • ABM Industries (ABM) downgraded to Neutral from Outperform at Robert W. Baird, tgt $54
  • Alphabet (GOOG/L) downgraded to Accumulate from Buy at Phillip Securities, tgt $265
  • DexCom (DXCM) assumed with Perform from Outperform at Oppenheimer
  • OneConnect (OCFT) downgraded to Neutral from Buy at Citigroup
  • Ryanair (RYAAY) downgraded to Neutral from Buy at Goldman
  • SAIC (SAIC) downgraded to Neutral from Overweight at JPMorgan, tgt $115
  • TransDigm (TDG) downgraded to Sector Perform from Outperform at RBC Capital, tgt $1,385
  • Volvo (VLVLY) downgraded to Neutral from Buy at Goldman
• Others:
  • Ashland (ASH) initiated with an Equal Weight at Morgan Stanley, tgt $60
  • Bakkt (BKKT) initiated with a Buy at Benchmark, tgt $13
  • BioMarin (BMRN) initiated with a Neutral at H.C. Wainwright, tgt $60
  • Bright Minds (DRUG) initiated with a Buy at BTIG Research, tgt $72
  • Bullish (BLSH) initiated with a Buy at Rosenblatt, tgt $60
  • Bullish (BLSH) initiated with a Hold at Deutsche Bank, tgt $51
  • Bullish (BLSH) initiated with an Overweight at Cantor Fitzgerald, tgt $56
  • Bullish (BLSH) initiated with a Buy at Canaccord, tgt $68
  • Bullish (BLSH) initiated with a Neutral at JPMorgan, tgt $50
  • Bullish (BLSH) initiated with a Hold at Jefferies, tgt $49
    
  • Bullish (BLSH) initiated with a Market Perform at Bernstein, tgt $60
  • Comcast (CMCSA) initiated with a Sector Perform at RBC Capital, tgt $38
  • Duolingo (DUOL) initiated with an Underweight at Wells Fargo, tgt $239
  • Excelerate Energy (EE) assumed with Neutral from Underweight at JPMorgan, tgt $30
    
  • Goodyear Tire (GT) initiated with a Neutral at Citigroup, tgt $10
    
  • Hudbay Minerals (HBM) initiated with a Buy at Goldman
    
  • Kala Pharmaceuticals (KALA) initiated with an Outperform at Mizuho, tgt $30
    
  • Miami International (MIAX) initiated with an Outperform at William Blair
    
  • Miami International (MIAX) initiated with a Market Perform at Keefe Bruyette, tgt $37
    
  • Miami International (MIAX) initiated with an Overweight at Piper Sandler, tgt $39
    
  • Miami International (MIAX) initiated with an Overweight at Morgan Stanley, tgt $42
    
  • NRx Pharmaceuticals (NRXP) initiated with a Buy at H.C. Wainwright, tgt $40
    
  • Shattuck Labs (STTK) initiated with an Outperform at Wedbush, tgt $4
    
  • Tenax Therapeutics (TENX) initiated with an Overweight at Piper Sandler, tgt $20

• Econ Data (Tuesday):
  • 6:00 ET: August NFIB Small Business Optimism Index (prior 100.3)

• 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