After Hours Report

The stock market finished Monday's session with a mixed showing, as an early rebound in semiconductor and mega-cap technology stocks lost considerable momentum during the afternoon. The S&P 500 (+0.4%) and Nasdaq Composite (+1.1%) held on to gains, although both finished well below their session highs, while the DJIA (-0.1%) slipped into negative territory. The S&P 500 also failed to hold an early move above its 50-day moving average (7,705.63), settling back below that closely watched technical level. Still, the CBOE Volatility Index fell 7.9% to 18.41, offering an encouraging sign that some of the market's recent anxiety had eased.

The session began with investors stepping back into semiconductor and other AI-related stocks following last week's sharp selloff, which was driven in part by concerns about the reliance on debt to finance the massive AI infrastructure buildout. The PHLX Semiconductor Index surged as much as 3.7% after falling 11.4% last week, its worst weekly performance since April 2025. However, the rebound faded considerably as the session progressed, leaving the index with a 1.6% gain and underscoring the lingering uncertainty surrounding the group. Memory-related stocks were among the stronger performers, with Micron (MU 904.90, +26.06, +2.97%) and Sandisk (SNDK 1370.59, +71.29, +5.49%) participating in the recovery. Intel (INTC 92.03, +2.18, +2.43%) also moved higher following an upgrade to Neutral from Underweight at JPMorgan.

Meanwhile, CoreWeave (CRWV 61.12, -0.27, -0.44%) illustrated the fragile sentiment surrounding AI infrastructure companies, reversing an early gain of more than 7% to trade lower despite an upgrade to Buy from Neutral at Goldman Sachs.

Despite the afternoon pullback, the information technology sector (+1.2%) remained one of the market's strongest groups. Software stocks also participated in the rebound, with Datadog (DDOG 260.36, +13.25, +5.36%) and Palantir Technologies (PLTR 194.15, +8.12, +4.36%) standing out among the S&P 500's top performers.

The Vanguard Mega Cap Growth ETF (+1.1%) also reflected continued buying interest in some of the market's largest growth-oriented companies. The consumer discretionary sector (+2.7%) finished atop the sector leaderboard, supported primarily by sizable advances in Amazon (AMZN 262.45, +12.45, +4.98%) and Tesla (TSLA 368.06, +13.34, +3.76%). Amazon benefited in part from Morgan Stanley naming the stock a Top Pick, while Tesla attracted buying interest ahead of its earnings report Wednesday after the close.

However, the sector's strong headline performance masked considerable weakness among its other components, including homebuilders, which gave back some of last week's rebound as Treasury yields moved higher.

The reversal in Treasury yields added pressure to rate-sensitive areas of the market, particularly the utilities (-2.0%) and real estate (-1.2%) sectors, which finished at the bottom of the leaderboard. NRG Energy (NRG 99.35, -4.40, -4.24%) and Alexandria RE (ARE 40.62, -1.00, -2.40%) were among the notable laggards.

Crude oil prices also reversed an overnight decline, with WTI futures settling $1.84 higher (+1.8%) at $103.24 per barrel, weighing on transportation-related stocks.

Elsewhere, the communication services (+0.3%) and materials (+0.1%) sectors posted modest gains, leaving seven of the S&P 500's 11 sectors in negative territory. Alphabet (GOOG 340.16, +3.25, +0.96%) provided support for the communication services sector, although weakness in Meta Platforms (META 705.44, -3.88, -0.55%) limited the group's advance.

The broader market struggled to keep pace with the technology-led advance, with the S&P 500 Equal Weight Index (-0.3%) finishing lower. However, the Russell 2000 (+0.3%) managed to post a modest gain, while the S&P Mid Cap 400 finished flat, suggesting that buying interest was not entirely confined to the market's largest stocks.

On the earnings front, Fifth Third (FITB 50.51, +0.14, +0.28%) gave up the bulk of its early gain following an earnings beat and constructive profitability outlook, while Cleveland-Cliffs (CLF 14.10, +1.98, +16.34%), which is not an S&P 500 component, rallied after reporting better-than-expected earnings and projecting adjusted EBITDA exceeding $4 billion in 2027.

Ultimately, Monday's session showed that investors remain willing to revisit beaten-down semiconductor and mega-cap growth stocks, but the afternoon retreat illustrated the limits of that buying interest. The S&P 500's inability to hold its 50-day moving average, combined with weakness across most sectors and continued underperformance in the equal-weighted index, left the broader market looking considerably less convincing than the Nasdaq's headline gain suggested.

U.S. Treasuries gave back some of last week's gains on Monday, after a modestly higher start ran into immediate selling pressure that continued throughout the morning, leaving the market near lows at the close. The 2-year note yield settled up two basis points to 4.76%, and the 10-year note yield settled up four basis points to 5.14%. 

• Nasdaq Composite: +13.7% YTD
• S&P 500: +12.4% YTD
• Russell 2000: +9.9% YTD
• S&P Mid Cap 400: +9.4% YTD
• DJIA: +8.1% YTD

Reviewing today's data:

• Oct NAHB Housing Market Index 29 (Briefing.com consensus 31; Prior 32)

Overseas:

• Europe: DAX -1.2%, FTSE -1.1%, CAC -1.1%
• Asia: Nikkei -0.6%, Hang Seng market closed, Shanghai +0.4%

Commodities:

• Crude Oil +1.84 @ 103.24
• Nat Gas -0.06 @ 3.06
• Gold -20.80 @ 4160.10
• Silver -0.03 @ 57.28
• Copper +0.01 @ 6.58

After-Hours Spotlight:

• BOK Financial (BOKF) beats by $0.12, misses on revs...BOKF +2.0%
• Crown (CCK) beats by $0.13, beats on revs; guides FY26 EPS in-line with consensus...CCK -5.5%
• Disc Medicine (IRON) launches $350 mln common stock, pre-funded warrant offering...IRON -1.4%
• Freightcar America (RAIL) guides Q3 revenue below consensus, lowers FY26 guidance; Elects to remove 1,285 railcars related to its tank car retrofit order from its backlog...
• RLI Corp (RLI) beats by $0.32...RLI -0.3%
• Steel Dynamics (STLD) misses by $0.22, beats on revs...STLD -5.3%
• Thomson Reuters (TRI) provides supplemental financial information following close of Global Print transaction...TRI -2.3%
• Tradeweb Markets (TW) to acquire Trumid for approximately $1.97 bln...TW +3.7%
• Western Alliance Bancorp (WAL) beats by $0.03, beats on revs...WAL -0.9%
• W.R. Berkley (WRB) beats by $0.02, misses on revs...WRB -2.7%
• Zions Bancorp (ZION) beats by $0.12...ZION +0.2%

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

• Earnings/Guidance (Full Earnings Calendar):
  • CBIZ (CBZ) misses by $0.07, misses on revs
  • Cleveland-Cliffs (CLF) beats by $0.07, misses on revs
  • Dynex Capital (DX) announces third quarter 2026 results
  • EquipmentShare.com (EQPT) raises FY26 revenue and adjusted Core EBITDA outlook
  • Fifth Third (FITB) beats by $0.08, misses on revs
  • NioCorp Developments (NB) provides preliminary SepQ financial results
• General News
  • Incyte to highlight key oncology data presentations at the European Society for Medical Oncology (ESMO) Congress 2026
  • Eikon Therapeutics announces availability of seven abstracts for presentation at the European Society for Medical Oncology Congress
  • Lilly to showcase advances across its oncology pipeline at the 2026 European Society for Medical Oncology (ESMO) Congress
  • President Trump signs executive order suspending several sanctions on Russia
  • Russian President Putin proposed a trilateral meeting between himself, Chinese President Xi and President Trump to discuss Ukraine (see 6:05 -- RSX, FXI). WSJ
  • Attacks on ships in the Strait of Hormuz have reached a record high amid little U.S. response. NBC News
  • President Trump's decision to waive Russian sanctions drew bipartisan backlash (see 6:05 -- RSX). Axios
  • China's Q3 GDP rebounded to 4.5%, driven by strength in exports. Bloomberg
  • Beretta Holding mulling additional transactions involving public companies. Bloomberg
  • Ukraine launched one of its largest drone attacks on Russia this year, hitting a key oil terminal. CNN
  • U.S. warns Europe of consequences if it limits spectrum access. FT
  • Treasury Secretary Scott Bessent warns Ukrainian President Volodymyr Zelenskyy to be "very careful" about claims that the U.S. throttled Starlink. NBC News
  • Tonix to present Phase 3 TONMYA analysis at IASP 2026 pain congress
  • Iovance Highlights TIL Cell Therapy Platform Across Solid Tumors at the European Society for Medical Oncology (ESMO) Congress 2026
  • RELX's Intelligize+ AI adds disclosure management suite for SEC filing workflows
  • Rigel Pharma highlights new GAVRETO data across RET fusion-positive cancers in oral and poster presentations at ESMO Congress 2026
  • Accenture (ACN) mulling $1.5 billion sale of Chinese operations. FT
  • Alcon (ALC) announces that the FDA has approved BRYTLY Redness Reliever Eye Drops
  • Align (ALGN) wins UPC patent ruling against Angelalign; court orders injunction, recall and damages
  • Anthropic (CRWV) signs lease for data center in Canada (CRWV, XLK). Reuters
  • Apple (AAPL) iPhone Duo demand has been "extraordinary." Bloomberg
  • Ares Management (RUMRX) : KKR aiming to sell Infinity Transportation to ARES for $2.9 bln, according to WSJ
  • AstraZeneca (AZN) to present overall survival data from four pivotal Phase III oncology trials at ESMO 2026
  • Boeing (BA) commercial sales chief Brad McMullen to retire in December, according to Reuters
  • BrainsWay (BWAY) enters collaboration with Inland Psychiatric Medical Group
  • BUUU (BUUU) approves 10-for-1 forward share split; split-adjusted trading expected Oct. 26
  • China proposing export controls on solar equipment (TAN, FSLR, SPWR, CSIQ, ENPH). Reuters (TAN)
  • Chord Energy (CHRD) names Michael Lou CEO, replacing Danny Brown effective immediately
  • CoreWeave (CRWV)'s issues are raising concerns about how artificial intelligence companies can fund themselves. Bloomberg
  • Disc Medicine (IRON) says Phase 3 APOLLO trial of bitopertin met all primary and secondary endpoints in EPP
  • Disc Medicine (IRON) says Phase 3 APOLLO trial of bitopertin met all primary and secondary endpoints in EPP – 8-K filing
  • Elbit Systems (ESLT) wins $235 mln rocket and launcher contract from European customer
  • EyePoint (EYPT) says Phase 3 LUCIA trial of DURAVYU in wet AMD missed primary endpoint
  • EyePoint (EYPT) says Phase 3 LUCIA trial of DURAVYU in wet AMD missed primary endpoint – 8-K filing
  • GSK (GSK)'s Ris-Rez posts 61% response rate at 8 mg/kg dose in Phase Ib small cell lung cancer trial
  • Investment bankers are meeting with Blue Owl (OWL) (OWL, OBDC) founders to propose a full or partial sale. WSJ
  • Johnson & Johnson (JNJ) says Phase 3 data showed TREMFYA maintained fistula remission through 48 weeks in Crohn's disease
  • Lilly (LLY) says Phase 3 SHINE-2 met primary endpoint for Omvoh in pediatric ulcerative colitis
  • Mattel names former Amgen (AMGN) CFO Peter Griffith as CFO and board director
  • Nscale (XLK) received investor pushback over IPO valuation (XLK, NVDA, GOOG, GOOGL, MSFT). Bloomberg
  • NVIDIA (NVDA) CEO Jensen Huang says that benefits of AI will soon outweigh investors' concerns, says "all of this is going to pass", according to Bloomberg
  • Palantir (PLTR) partners with Knox Systems on federal cloud delivery for FedRAMP, IL5 customers
  • Palantir Technologies (PLTR) & Knox partner to further accelerate delivery of software through largest federal cloud
  • Quantinuum reached a new milestone that puts it on a path to achieve fully accurate quantum (QUBT) computers by 2029, according to WSJ
  • Silgan (SLGN) Holdings in discussions to purchase Trivium Packaging. Bloomberg
  • Silgan (SLGN), AIP partner to acquire Trivium in metal packaging deal
  • Summit Therapeutics (SMMT) opens global Phase 2 ccRCC study for ivonescimab-based regimens
  • Telix (TLX), Ekalia partner on U.S. astatine-211 production for alpha therapy pipeline
  • United Therapeutics (UTHR) gets FDA clearance to start Phase 2 SUMMIT trial of treprostinil SMI in PH-COPD
  • Veradermics (MANE) oral VDPHL01 achieved early, consistent, and robust hair growth in positive phase 3 ‘304’ clinical trial in male pattern hair loss
  • Veradermics (MANE) to report Phase III VDPHL01 hair-loss trial results Monday morning
  • Viatris (VTRS) wins FDA approval for RYZUMVI in presbyopia
  • Xanadu (XNDU) wins provisional DARPA approval for up to $10 mln in added QBI funding

• Upgrades:
  • Boyd Gaming (BYD) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $83
  • Datadog (DDOG) upgraded to Outperform from Market Perform at Bernstein, tgt $350
  • Dow Inc. (DOW) upgraded to Neutral from Underperform at BofA Securities, tgt $31
  • Global-e Online (GLBE) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $50
  • Global Payments (GPN) upgraded to Overweight from Sector Weight at KeyBanc, tgt $105
  • Intel (INTC) upgraded to Neutral from Underweight at JPMorgan, tgt $85
  • JetBlue Airways (JBLU) upgraded to Neutral from Sell at UBS, tgt $3.50
  • Vale (VALE) upgraded to Sector Outperform from Sector Perform at Scotiabank, tgt $16
• Downgrades:
  • A.O. Smith (AOS) downgraded to Hold from Buy at Stifel, tgt $59
  • Air Canada (ACDVF) downgraded to Underperform from Hold at Jefferies
  • Ameriprise Financial (AMP) downgraded to Underperform from Buy at BofA Securities, tgt $445
  • Athabasca Oil (ATHOF) downgraded to Hold from Buy at Jefferies
  • BXP (BXP) downgraded to Neutral from Overweight at Piper Sandler, tgt $64
  • Hudson Pacific Properties (HPP) downgraded to Neutral from Overweight at Piper Sandler, tgt $13
  • Imperial Brands (IMBBY) downgraded to Hold from Buy at Jefferies
  • LCI Industries (LCII) downgraded to Hold from Buy at Stifel, tgt $80
  • MDxHealth (MDXH) downgraded to Neutral from Buy at BTIG
  • Newmark Group (NMRK) downgraded to Neutral from Overweight at Piper Sandler, tgt $13
  • OGE Energy (OGE) downgraded to Equal Weight from Overweight at Barclays, tgt $48
  • Pool Corp. (POOL) downgraded to Neutral from Buy at Longbow Research
  • Varonis Systems (VRNS) downgraded to Equal Weight from Overweight at Barclays, tgt $50
  • Whirlpool (WHR) downgraded to Neutral from Buy at Longbow Research
• Others:
  • Azul (AZUL) initiated with a Neutral at Goldman Sachs, tgt $8.10
  • Hadron Energy (HDRN) initiated with a Buy at H.C. Wainwright, tgt $4.50
  • Maze Therapeutics (MAZE) initiated with a Buy at Canaccord, tgt $75
  • Newcleo (NWCL) initiated with a Neutral at BTIG
  • Pinterest (PINS) initiated with a Buy at Phillip Securities, tgt $30
  • Quoin Pharmaceuticals (QNRX) initiated with a Buy at Canaccord, tgt $18
  • Resideo Technologies (REZI) initiated with a Market Outperform at Citizens, tgt $22
  • Rush Street Interactive (RSI) initiated with an Equal Weight at Morgan Stanley, tgt $22

• Econ Data (Tuesday):
  • 8:30 ET: September Housing Starts (Briefing.com consensus 1.305 mln; prior 1.275 mln) and Building Permits (Briefing.com consensus 1.390 mln; prior 1.394 mln)
  • 10:00 ET: September Pending Home Sales (Briefing.com consensus 0.1%; prior 0.3%)

• Earnings:
  • Monday (October 19)
    • Pre-Market: CBZ, CLF, FITB
    • After-Hours: BOKF, CCK, FNB, RLI, STLD, WAL, WRB, WTFC, ZION
  • Tuesday (October 20)
    • Pre-Market: ALLY, AUB, EFX, GE, GM, GPC, HAL, HAS, KEY, MMM, MSCI, NOC, PM, RTX, SYF, VICR, VMI
    • After-Hours: ADC, ALK, CB, COF, ELS, EWBC, HWC, LRN, NFLX, OZK, PEGA, SPCX, UAL, WFRD
  • Wednesday (October 21)
    • Pre-Market: ABT, BKU, CME, DHR, ELV, LAD, MCO, MHO, NEE, NTRS, ONB, SF, T, TDY, TMO, UNF, WAB, WGO
    • After-Hours: CATY, CCI, CSX, EGP, EPRT, ESI, FAF, FR, FULT, GGG, GL, GTY, HXL, IBM, KALU, KMI, KNX, LBRT, LRCX, LUV, LVS, MEDP, META, MOH, OII, PKG, PNFP, QS, ROL, RS, SAP, SEIC, SLG, SON, SSB, STC, TCBI, TSLA, TXN, URI, WCN, WDFC, WH
  • Thursday (October 22)
    • Pre-Market: AAL, ALLE, AMBP, BMI, BPOP, BX, CBRE, CMCSA, COCO, CRS, CURB, DGX, DOV, DOW, FSV, HBAN, HON, IIIN, LAZ, LMT, LNN, MSM, NDAQ, NOK, NVR, ORI, PCG, PG, PHM, POOL, R, ROP, SNA, SPOT, TSCO, TTMI, UNP, VC, VLO, VLY
    • After-Hours: ABCB, APPF, ASB, BE, BYD, COLB, CUBI, DECK, ENVA, KN, KNSL, KRC, MXL, NEM, OMC, REXR, RHI, RNG, SAM, SIGI, SLM, SSNC, VRSN, WDC
  • Friday (October 23)
    • Pre-market: ALV, AXP, BAH, FLG, GNTX, HTH, RCI, SLB
    • Afternoon: None