After Hours Report

The stock market had an eventful session, with inflation readings, volatile oil prices, and developments from today's FOMC meeting putting broad pressure on the market. The S&P 500 (-1.4%) finished a touch above its 200-day moving average of 6,615, while the Nasdaq Composite (-1.5%) and DJIA (-1.6%) violated their respective 200-day moving averages. 

Stocks opened to more modest losses following the release of the February PPI (0.7%; Briefing.com consensus: 0.3%), which fueled inflation concerns, especially since the index does not yet reflect the recent surge in oil prices. Oil was also higher this morning amid reports that Iran threatened numerous Gulf energy sites following an Israeli strike on an Iranian gas field, though the action was choppy, and crude oil futures settled today's session $0.63 lower (-0.7%) at $95.42 per barrel. 

While there was some modest relief in oil prices, inflation concerns took center stage this afternoon with the March FOMC meeting. The FOMC voted 11-1 to leave the target range for the fed funds rate unchanged at 3.50-3.75% (Fed Governor Miran preferred a 25 bps cut), which was widely expected. 

What the market was particularly attuned to was the updated summary of economic projections (SEP), which showed a bump in the median estimate for change in real GDP to 2.4% from 2.3% and PCE inflation to 2.7% from 2.4%. There was no change in the median estimate of one rate cut this year and one rate cut next year, although the longer-run estimate for the fed funds rate ticked up to 3.10% from 3.00%.

The market's initial reaction to these updates was fairly muted, though stocks moved lower in broad fashion during Fed Chair Powell's press conference. Mr. Powell noted that officials are still looking for goods inflation to come down as tariffs work their way through the system and that the higher inflation expectations are not solely due to rising oil prices. 

Mr. Powell also warned, "The possibility that our next move might be an increase did come up at the meeting, as it did the last meeting. The vast majority of participants don't see that as their base case."

Ultimately, today's meeting weighed on stocks, with all eleven S&P 500 sectors finishing at session lows in negative territory. Eight of those sectors finished with losses of 1.0% or wider. 

The consumer staples (-2.4%) and consumer discretionary (-2.3%) sectors finished at the bottom of today's leaderboard amid the focus on inflation, with nearly all of their components trading lower. lululemon athletica (LULU 165.39, +6.12, +3.84%) and Williams-Sonoma (WSM 184.04, +1.87, +1.03%) managed a higher finish after their earnings reports but were well off their session highs by the close. 

The top-weighted information technology sector (-1.2%) was a relative outperformer this morning, though it faced increasing pressure this afternoon. Software stocks were a point of weakness, with the iShares GS Software ETF finishing 1.4% lower, while NVIDIA (NVDA 180.40, -1.53, -0.84%) and other chipmakers ceded their early gains. Micron (MU 461.73, +0.04, +0.01%) traded flat ahead of its earnings after the close. 

Outside of the S&P 500, the Russell 2000 (-1.7%) finished in line with the major averages, while the S&P Mid Cap 400 (-0.9%) closed with a more modest loss. 

Ultimately, the combination of sticky inflation and policy uncertainty leaves the market vulnerable, especially with key technical levels now in focus. Continued volatility in energy prices remains an added headwind for equities.

U.S. Treasuries also had a tough day, and yields rose across the curve. The 2-year note yield settled up eight basis points to 3.75%, and the 10-year note yield settled up six basis points to 4.26%. 

• S&P Mid Cap 400: +1.8% YTD
• Russell 2000: -0.1% YTD
• S&P 500: -3.2% YTD
• DJIA: -3.8% YTD
• Nasdaq Composite: -4.7% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -10.9%; Prior was revised to 3.2% from
• February PPI 0.7% (Briefing.com consensus 0.3%); Prior 0.5%, February Core PPI 0.5% (Briefing.com consensus 0.4%); Prior 0.8%
  
  • The key takeaway from the report is that the uptick in producer prices was seen in both goods (+1.1%) and services (+0.5%), and the added point is that this higher inflation occurred before the war with Iran and subsequent surge in energy prices, which will foment concerns about a worsening inflation situation.
• January Factory Orders 0.1%; Prior was revised to -0.4% from -0.7%
  
  • The key takeaway from the report is the tepid level of business spending in January, evidenced by the 0.1% increase in new orders for nondefense capital goods excluding aircraft.

Overseas:

• Europe: DAX -0.9%, FTSE -0.9%, CAC -0.1%
• Asia: Nikkei +2.9%, Hang Seng +0.6%, Shanghai +0.3%

Commodities:

• Crude Oil -0.63 @ 95.42
• Nat Gas +0.04 @ 3.07
• Gold -112.90 @ 4894.60
• Silver -2.31 @ 77.43
• Copper -0.17 @ 5.59

After-Hours Spotlight:

• Accelerant Holdings (ARX) beats by $0.04, authorizes a $200 mln share repurchase program; CFO to step down, names new CFO... ARX -1.0%
• ARKO Corp (ARKO): CFO bought 40000 shares at $5.015-5.080 worth ~$203K... ARKO +4.4%
• dLocal Limited (DLO) reports EPS in-line, beats on revs; provides outlook; authorizes new $300 mln share repurchase program... DLO +7.1%
• EquipmentShare.com (EQPT) beats by $0.12, beats on revs; guides FY26 revs in-line... EQPT +7.0%
• Five Below (FIVE) beats by $0.31, beats on revs, comps +15.4%; guides Q1 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs in-line... FIVE +7.4%
• Micron (MU) beats by $3.01, beats on revs; guides Q3 EPS above consensus, revs above consensus; increases dividend... MU -1.4%
• Red Cat Holdings (RCAT) misses by $0.02, beats on revs... RCAT -3.5%
• Waters (WAT): Director bought 500 shares at $289.46 worth ~$145K... WAT +1.6%

Fair Value for Thursday, March 19:

• S&P 500: 6,679
• Nasdaq 100: 24,656
• DJIA: 46,545

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

• Earnings/Guidance (Full Earnings Calendar):
  • Bob’s Discount Furniture (BOBS) beats by $0.24, beats on revs; guides FY26 revs in-line
  • DocuSign (DOCU) beats by $0.06, beats on revs; guides Q1 revs above consensus; guides FY27 revs above consensus; increases share buyback authorization by $2 bln
  • General Mills (GIS) misses by $0.09, reports revs in-line, organic net sales down 3%; Reaffirms FY26 outlook
  • HealthEquity (HQY) beats by $0.05, reports revs in-line; guides FY27 EPS mostly above consensus, revs in-line
  • Hello Group (MOMO) beats by RMB0.34, reports revs in-line; guides Q revs in-line
  • Jabil (JBL) beats by $0.18, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • Kestra Medical Technologies (KMTS) misses by $0.01, beats on revs; guides FY26 revs above consensus
  • lululemon athletica (LULU) beats by $0.23, reports revs in-line, comps of +3%; guides Q1 EPS below consensus, revs below consensus; guides FY27 EPS below consensus, revs below consensus
  • Macy's (M) beats by $0.10, beats on revs; guides FY27 EPS below consensus, revs above consensus
  • nVent Electric (NVT) highlights portfolio transformation and growth priorities at 2026 investor day
  • Oklo Inc. (OKLO) reports 2025 results in 10-K
  • SailPoint (SAIL) reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY27 EPS in-line, revs below consensus
  • Tencent (TCEHY) reports Q4 results
  • Titan America (TTAM) misses by $0.01, misses on revs; guides FY26 revs below consensus
  • Weibo (WB) reports Q4 results
  • ZTO Express (ZTO) beats by $0.17, beats on revs; new US$1.5 bln share repurchase program
• General News
  • Gulf states want the U.S. to cripple or dismantle the Iranian regime before the war ends, according to WSJ
  • U.S. Central Command says "U.S. forces successfully employed multiple 5,000-pound deep penetrator munitions on hardened Iranian missile sites along Iran’s coastline near the Strait of Hormuz. The Iranian anti-ship cruise missiles in these sites posed a risk to international shipping in the strait"
  • Three members of the FOMC could dissent at today's Fed meeting, according to WSJ
  • Japanese Prime Minister Sanae Takaichi will meet with President Trump tomorrow to discuss Iran, according to FT
  • Iranian attacks on Gulf states continue. President Trump told reporters the Iran war could end "in the near future.", according to Bloomberg
  • The Trump administration plans to ease sanctions on Venezuela's oil sector, according to Bloomberg
  • Iraq has resumed Kirkuk crude exports via Ceyhan, according to Reuters
  • 10% of TSA workers are skipping work due to DHS shutdown, according to Bloomberg
  • California is expected to see the largest increase in insurance costs, according to Bloomberg
  • U.S. set to temporarily waive summer gasoline rules to ease prices amid Iran conflict, according to Reuters
  • AerCap (AER) places major Airbus narrowbody order to drive long-term growth
  • Alibaba (BABA) and Baidu (BIDU) to increase cloud prices, according to SCMP
  • Alphabet (GOOG): Google launches AI-native "Vibe Design" canvas in Stitch to turn natural language into high-fidelity UI
  • Amazon (AMZN) flags Cisco (CSCO) Firewall Zero-Day exploited by Ransomware; exposing critical enterprise security risk, according to The Register
  • Amazon (AMZN) ticks lower on report it wants to reduce its postal volume by at least two-thirds by this fall, according to WSJ
  • Apple (AAPL) home device executive Brian Lynch to leave the company, according to Bloomberg
  • AptarGroup (ATR) CEO Stephan Tanda to retire; names Gael Touya as its next CEO
  • Arvinas (ARVN) announces positive Phase 1 Data for ARV-102 showing greater than 50% LRRK2 degradation in the CSF of patients with Parkinson’s Disease treated for 28 days
  • AT&T (T) launches new wireless plans - giving customers more value
  • Baker Hughes (BKR) secures long-term turbomachinery services deal in Brazil
  • BHP Group (BHP) names Brandon Craig as CEO, effective July 1
  • California Water (CWT) receives proposed rate decision with multi-year increases
  • Cohu (COHU) announces that a leading U.S. based semiconductor manufacturer and foundry services company placed a multi-unit order for the Eclipse platform
  • Compass (COMP) confirms plans to dismiss lawsuit following Zillow (Z / ZG) ban reversal
  • DTE Energy (DTE) approved execution of a Primary Supply Agreement and a Clean Capacity Accelerator Agreement with Google (GOOG / GOOGL)
  • EA (EA): Banks will soon sell $18 billion in debt related to EA deal, according to FT
  • Eni S.p.A. (E) advances Indonesia gas strategy with dual project sanctions
  • Euroseas (ESEA) signs a contract for the construction of two specialized 2,800 teu, high-reefer containerships to be built at Huanghai Shipbuilding Co, in China
  • FLEX LNG (FLNG) extends charters and increases contract visibility
  • Frontier Group Holdings (ULCC) discloses in filing that it entered into an amendment to the A320 Family Aircraft Purchase Agreement, deferring delivery of 69 A320neo family aircraft from between 2027 and 2030 to between 2031 and 2033
  • Gran Tierra Energy (GTE) announces strategic partnership with Ecopetrol to develop fields in the Middle Magdalena Valley
  • HIVE Digital Technologies (HIVE) launches Paraguay AI cluster with academic validation
  • HUYA (HUYA) authorizes new $50 mln share repurchase program
  • Kforce (KFRC) entered into a corporate stock trading plan
  • Kraft Heinz (KHC) and Unilver (UL) previously considered merger, according to FT
  • Lantheus (LNTH) Announces Three-Month Extension of PDUFA Date for LNTH-2501 (Ga 68 edotreotide), a PET Diagnostic Imaging Kit Targeting Somatostatin Receptor-Positive Neuroendocrine Tumors
  • Meta Platforms (META) ticking a bit higher on report it plans to discontinue key Metaverse product for VR headsets, according to Bloomberg
  • Microsoft (MSFT) mulling legal action against Amazon (AMZN) and OpenAI over a $50 billion cloud deal, according to FT
  • Myriad Genetics (MYGN) receives FDA approval of the MyChoice CDx Test as the Companion Diagnostic for Zejula (niraparib) for patients with ovarian cancer
  • Netflix (NFLX) planning KPop Demon Hunters world tour, according to Bloomberg
  • NVIDIA (NVDA) ticking higher on report its CEO says company is firing up H200 production for China, according to Bloomberg
  • Nvidia (NVDA) will soon get Chinese approval for H200 sales, according to Reuters
  • Nvidia (NVDA) CEO Jensen Huang, in an interview, says that OpenClaw is "definitely the next ChatGPT.", according to CNBC
  • Oklo Inc. (OKLO) nnounces that the U.S. Department of Energy has approved the Nuclear Safety Design Agreement for Atomic Alchemy’s Groves Isotopes Test Reactor in Texas
  • OKYO Pharma (OKYO) reports new Phase 2 data demonstrating meaningful improvements in patient-reported quality of life outcomes with Urcosimod in Neuropathic Corneal Pain
  • ORIC Pharmaceuticals (ORIC) announces preclinical rinzimetostat (ORIC-944) presentations at the 2026 American Association for Cancer Research (AACR) Annual Meeting
  • RTX (RTX) awarded $470 mln Defense Logistics Agency contract for remanufacture of F100 engine modules
  • Samsung (SSNLF) & AMD (AMD) expand strategic collaboration on next-generation AI memory solutions
  • Samsung (SSNLF) will produce chips for Tesla (TSLA) starting next year, according to Economic Times
  • Sanofi (SNY) secures breakthrough designation for venglustat
  • Sibanye-Stillwater (SBSW) backs US preliminary tariffs on Russian palladium imports
  • SoFi Technologies (SOFI) rebuts short seller report, signals potential legal action
  • Teck Resources (TECK) royalty on Fourmile gold project could impact Barrick’s (B) IPO plans, according to Globe & Mail
  • Tonix Pharmaceuticals (TNXP) announces oral presentation and two poster presentations on preclinical immuno-oncology portfolio at the American Association for Cancer Research (AACR) Annual Meeting 2026
  • TotalEnergies SE (TTE): Convening of the annual shareholders’ meeting on May 29, 2026
  • TransAlta (TAC) confirms that its subsidiary, TransAlta Centralia Generation, has received an order from the United States Department of Energy
  • Union Pacific (UNP) train derailed in Richmond, TX, but no injuries were reported, according to WRAL
  • Verastem Oncology (VSTM) Announces Abstracts Accepted for Presentation on AVMAPKI FAKZYNJA (avutometinib capsules; defactinib tablets) Combination Therapy at the Society of Gynecologic Oncology 2026 Annual Meeting on Women’s Cancers
  • Woodside Energy Group (WDS) appoints Liz Westcott as CEO

• Upgrades:
  • Block (XYZ) upgraded to Buy from Hold at Truist, tgt $77
    
  • Block (XYZ) upgraded to Neutral from Sell at Rothschild & Co Redburn, tgt $55
    
  • Constellation Brands (STZ) upgraded to Buy from Neutral at Citigroup, tgt $175
    
  • CubeSmart (CUBE) upgraded to Outperform from Neutral at BNP Paribas, tgt $43
    
  • GRAIL (GRAL) upgraded to Buy from Hold at TD Cowen, tgt $65
    
  • Knight-Swift Transportation (KNX) upgraded to Buy from Neutral at UBS, tgt $66
    
  • LENSAR (LNSR) upgraded to Buy from Neutral at BTIG Research, tgt $10
    
  • LyondellBasell (LYB) upgraded to Neutral from Sell at UBS, tgt $73
    
  • ManpowerGroup (MAN) upgraded to Neutral from Sell at Goldman, tgt $30
    
  • NRG Energy (NRG) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $190
    
  • SL Green Realty (SLG) upgraded to Buy from Hold at Deutsche Bank, tgt $44
    
  • TotalEnergies (TTE) upgraded to Buy from Hold at TD Cowen, tgt $97
• Downgrades:
  • Aldeyra Therapeutics (ALDX) downgraded to Neutral from Buy at H.C. Wainwright, tgt $2
    
  • Beiersdorf (BDRFY) downgraded to Neutral from Overweight at JPMorgan
    
  • CF Industries (CF) downgraded to Underperform from Neutral at Mizuho, tgt $100
    
  • Duolingo (DUOL) downgraded to Hold from Buy at Argus
    
  • Gemini Space Station (GEMI) downgraded to Sell from Neutral at Citigroup, tgt $5.50
    
  • Health Catalyst (HCAT) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $1
    
  • National Grid (NGG) downgraded to Hold from Buy at Jefferies
    
  • Starbucks (SBUX) downgraded to Sector Perform from Outperform at RBC Capital, tgt $105
    
  • Tencent Music Entertainment (TME) downgraded to Hold from Buy at Benchmark
    
  • Tencent Music Entertainment (TME) downgraded to Neutral from Overweight at JPMorgan, tgt $12
    
  • The Trade Desk (TTD) downgraded to Hold from Buy at Stifel, tgt $26
• Others:
  • Americold Realty Trust (COLD) initiated with a Buy at Compass Point, tgt $14.50
    
  • Apogee Therapeutics (APGE) initiated with a Hold at Truist, tgt $83
    
  • Arcturus Therapeutics (ARCT) initiated with a Buy at B. Riley, tgt $22
    
  • Climb Bio (CLYM) initiated with a Buy at Truist, tgt $17
    
  • Doximity (DOCS) initiated with a Buy at Freedom Capital, tgt $31
    
  • Evommune (EVMN) initiated with a Buy at Clear Street, tgt $53
    
  • Lineage (LINE) initiated with a Buy at Compass Point, tgt $47
    
  • Maze Therapeutics (MAZE) initiated with a Buy at Truist, tgt $68
    
  • Netflix (NFLX) resumed with a Buy at Citigroup, tgt $115
    
  • NRG Energy (NRG) initiated with an Outperform at BNP Paribas, tgt $232
    
  • SanDisk (SNDK) initiated with an Outperform at KGI Securities, tgt $992
    
  • Sixth Street Specialty Lending (TSLX) initiated with a Buy at Lucid Capital, tgt $21
    
  • Talen Energy (TLN) initiated with an Outperform at BNP Paribas, tgt $548
    
  • Weatherford International (WFRD) initiated with an Outperform at RBC Capital, tgt $105
    
  • XCF Global (SAFX) initiated with a Neutral at Roth Capital, tgt $0.40

• Econ Data (Thursday):
  • 08:30 ET: Weekly Initial (Briefing.com consensus: 215K; prior 213K) and Continuing Jobless Claims (prior 1850K)
  • 08:30 ET: March Philadelphia Fed Index (Briefing.com consensus: 4.7; prior 16.3)
  • 10:00 ET: January New Home Sales (Briefing.com consensus: 719K; prior 745K)
  • 10:00 ET: January Wholesale Inventories (Briefing.com consensus: 0.2%; prior 0.2%)
  • 10:30 ET: EIA Natural Gas Inventories (prior -38 bcf)

• Earnings:
  • Monday (March 16)
    • Pre-Market: DLTR, BEKE, SAIC
    • After-Hours: SMTC
      
    Tuesday (March 17)
    • Pre-Market: ASO, GDS, HUYA, TME
    • After-Hours: BOBS, DOCU, KMTS, LULU, OKLO, TTAM, ZTO
      
  • Wednesday (March 18)
    • Pre-Market: GIS, MOMO, JBL, M, SAIL, WB, WSM
      
    • After-Hours: DLO, FIVE, HTFL, MU
  • Thursday (March 19)
    • Pre-Market: ARX, ACN, BABA, ARCO, AVAH, CAL, CSIQ, DRI, SIG, MWH
    • After-Hours: FDX, PL
  • Friday (March 20)
    • Pre-Market: None
    • After-Hours: None