After Hours Report

The stock market saw an extension of yesterday's losses, though some late-session geopolitical developments helped the major averages finish well off their session lows. The S&P 500 (-0.3%), Nasdaq Composite (-0.3%), and DJIA (-0.4%) finished just modestly lower, though the S&P 500 failed to close above its 200-day moving average (6,619). 

The S&P 500 moved above the key technical level during the brief stint that the major averages spent in positive territory late in the session. The move was prompted by commentary from Israel's Prime Minister Benjamin Netanyahu, who stated at a press conference that Iran "can no longer enrich uranium" or "manufacture ballistic missiles," according to The Times of Israel. Mr. Netanyahu also noted that Israel is helping U.S. efforts to reopen the Strait of Hormuz, adding that the war will be over sooner than people think.

Crude oil, which settled today's session $0.29 higher (+0.3%) at $95.71 per barrel, moved lower in response, currently trading $1.32 (-1.4%) lower at $94.14 per barrel. Oil traded higher early in the session following a Wall Street Journal report that Iranian missiles caused extensive damage to a liquefied natural gas hub in Qatar. 

While stocks finished off their session lows, the energy sector (+1.5%) was the only S&P 500 sector to secure a gain today. 

The top-weighted information technology sector was able to finish flat after trading with a modest loss for most of the session. The sector was supported by another strong performance from Ciena (CIEN 412.66, +27.40, +7.11%), which extended its week-to-date gain to 22.3%.

Semiconductor stocks also performed relatively well, with the PHLX Semiconductor Index finishing 0.8% higher. Micron (MU 444.27, -17.46, -3.78%) was a laggard after its earnings report despite blowing away analyst expectations but succumbed to profit-taking after a strong rally this year and skepticism around massive capital expenditure plans. 

The financials sector also managed to finish on its flat line, with relative strength across major banking names. 

Meanwhile, the materials sector (-1.6%) faced the widest retreat. Newmont Corporation (NEM 99.13, -7.41, -6.96%) was among the worst-performing S&P 500 names today as gold futures settled $290.50 lower (-5.9%) at $4,605.70 per ounce. 

Continued geopolitical volatility around shipping in the Middle East also weighed on fertilizer names such as Mosaic (MOS 26.20, -1.58, -5.69%). 

The consumer discretionary sector (-0.9%) also saw an extension of yesterday's weakness, with Tesla's (TSLA 380.30, -12.48, -3.18%) weakness overshadowing mixed strength across the sector's other components. 

Outside of the S&P 500, the Russell 2000 (+0.7%) and DJIA (+0.3%) outperformed the major averages, ending the day in positive territory following late-session commentary from Prime Minister Netanyahu. 

The late-session bounce highlights the market's sensitivity to geopolitical headlines, but the S&P 500's failure to close back above its 200-day moving average suggests conviction remains limited as the market adjusts to the new rate cut outlook, which was significantly pushed back after yesterday's FOMC meeting. Ongoing volatility in energy prices is likely to keep investors on edge in the near term. 

U.S. Treasuries had a rough overnight session, reacting negatively to rising oil prices and the stark realization that rate cuts from the Fed (and other central banks) are going to be pushed out due to the uncertainty surrounding the war with Iran (the BOJ, BOE, Swiss National Bank, and ECB followed the Fed in voting to keep their policy rates unchanged). There was a nice reversal from early highs, however, driven by technical buying support and short-covering activity. The 2-year note yield settled up eight basis points to 3.83%, and the 10-year note yield settled up two basis points to 4.28%. 

• S&P Mid Cap 400: +2.0% YTD
• Russell 2000: +0.5% YTD
• S&P 500: -3.5% YTD
• DJIA: -4.3% YTD
• Nasdaq Composite: -5.0% YTD

Reviewing today's data:

• Weekly Initial Claims 205K (Briefing.com consensus 215K); Prior 213K, Weekly Continuing Claims 1.857 mln; Prior was revised to 1.847 mln from 1.850 mln
  • The key takeaway from the report is that the low level of initial jobless claims will keep the Fed preoccupied for now with the inflation side of its mandate, which is to say it won't be inclined to cut rates.
• March Philadelphia Fed Index 18.1 (Briefing.com consensus 4.7); Prior 16.3
• January New Home Sales 587K (Briefing.com consensus 719K); Prior was revised to 712K from 745K
  • The key takeaway from the report is that sharp declines were registered in all regions, despite declines in both median and average selling prices, which suggests some demand attrition in the face of elevated mortgage rates and perhaps burgeoning concerns about job security.
• January Wholesale Inventories -0.5% (Briefing.com consensus 0.2%); Prior was revised to -0.1% from 0.2%
• January Leading Economic Index -0.1%; Prior -0.2%

Overseas:

• Europe: DAX -2.8%, FTSE -2.4%, CAC -2.0%
• Asia: Nikkei -3.4%, Hang Seng -2.0%, Shanghai -1.4%

Commodities:

• Crude Oil +0.29 @ 95.71
• Nat Gas +0.09 @ 3.16
• Gold -278.80 @ 4615.80
• Silver -5.96 @ 71.47
• Copper -0.11 @ 5.48

After-Hours Spotlight:

• FedEx (FDX) beats by $1.10, beats on revs; guides FY26 EPS above consensus, revs above consensus; FedEx Freight spin-off remains on track for June 1...FDX +8.8%
• Firefly Aerospace (FLY) beats by $0.11, beats on revs; guides FY26 revs in-line...FLY +6.8%
• Gemini (GEMI) Reports Fourth Quarter and Full Year 2025 Results...GEMI +7.3%
• Planet Labs (PL) beats by $0.05, beats on revs; guides Q1 revs above consensus; guides FY27 revs above consensus...PL +15.3%
• Scholastic (SCHL) Reports Fiscal 2026 Third Quarter Results...SCHL +9.4%
• Torrid (CURV) Reports Fourth Quarter and Fiscal 2025 Results and Initiates Fiscal 2026 Guidance...CURV +21.6%
• York Space Systems (YSS) reports Q4 (Dec) results; beats on revs; guides FY26 revs in-line...YSS +6.4%

Fair Value for Friday, March 20:

• S&P 500: 6,658
• Nasdaq 100: 24,577
• DJIA: 46,322

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

• Earnings/Guidance (Full Earnings Calendar):
  • Accelerant Holdings (ARX) beats by $0.04, authorizes a $200 mln share repurchase program; CFO to step down, names new CFO
  • Alibaba (BABA) misses by RMB4.42, misses on revs
  • Alvotech (ALVO) reports Q4 results; beats on revs
  • Arcos Dorados (ARCO) misses by $0.08, reports revs in-line
  • Aveanna (AVAH) beats by $0.02, beats on revs; guides FY26 revs in-line
  • Canadian Solar (CSIQ) misses by $1.19, misses on revs; guides Q1 revs below consensus
  • Cardinal Infrastructure Group Inc (CDNL) reports FY25 results; beats on revs; sees FY26 revs above consensus
  • Darden Restaurants (DRI) beats by $0.01, reports revs in-line; guides FY26 EPS in-line, revs above consensus
  • dLocal Limited (DLO) reports EPS in-line, beats on revs; provides outlook; authorizes new $300 mln share repurchase program
  • EquipmentShare.com (EQPT) beats by $0.12, beats on revs; guides FY26 revs in-line
  • 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
  • Heartflow (HTFL) misses by $0.12, beats on revs; guides FY26 revs above consensus
  • Hillman Solutions Corp. (HLMN) reaffirms FY26 guidance and provides 5 year targets ahead of investor day
  • Micron (MU) beats by $3.01, beats on revs; guides Q3 EPS above consensus, revs above consensus; increases dividend; provides update on cap-ex plans
  • Nucor (NUE) guides Q1 EPS below consensus
  • Red Cat Holdings (RCAT) misses by $0.02, beats on revs
• General News
  • Qatar says Iranian missiles caused extensive damage at a key hub for liquified natural gas, according to WSJ
  • President Trump says U.S. knew nothing about Israel's attack on South Pars Gas Field in Iran; says no more attacks will be made by Israel pertaining to South Pars Field unless Iran decides to attack Qatar; says if Iran does attack Qatar U.S. will "massively blow up the entirety" of the South Pars Gas Field "at an amount of strength and power that Iran has never seen or witnessed before" (
  • The Trump administration is considering deploying thousands of additional soldiers to the Middle East and is also considering sending ground forces to Iran's Kharg Island, according to Reuters
  • EU natural gas prices surged more than 20%, according to WSJ
  • EU to invest €330 million to accelerate fusion energy and support nuclear technologies and skills
  • Japan to back JFE Holdings green steel project with up to $1.14 bln in loan guarantees, according to Nikkei
  • IEA confirms member country contributions to collective action to release oil stocks in response to Middle East disruptions
  • Israel Prime Minister Benjamin Netanyahu says Iran can “no longer enrich uranium” or "manufacture ballistic missiles", according to Times of Israel
  • SEC under pressure to restrict Chinese companies’ access to capital markets, according to FT
  • Treasury issued a new license for Russian oil sales
  • 3M (MMM) to create a leading fire and safety business; acquires Madison Fire & Rescue and combines with Scott Safety
  • AbbVie (ABBV) unit, Allergan Aesthetics, reveals evolution in approach to modern aesthetic treatments with comprehensive global survey and new educational solutions
  • Accenture (ACN) collaborates with Microsoft (MSFT) to bring agentic security and business resilience to the front lines of cyber defense
  • Adobe (ADBE): UK CMA opened an investigation into suspected infringements of consumer protection law by Adobe Systems Software Ireland Limited, trading as Adobe
  • Aecom Tech (ACM) awarded position on $151 bln U.S. MDA SHIELD contract
  • Airbus (EADSY) wants damages from Pratt & Whitney (RTX) for engine delays, according to Reuters
  • Alphabet's (GOOG) Google tests Gemini Mac App as it moves to compete with ChatGPT and Claude, according to Bloomberg
  • Amazon's (AMZN) Jeff Bezos in talks to fund Project Prometheus acquisitions of manufacturing companies, according to WSJ
  • Apple (AAPL) could have $1 billion in revenue from artificial intelligence this year, according to WSJ
  • Armata Pharmaceuticals (ARMP) delays announcement of fourth quarter results and provides corporate update
  • Biogen (BIIB) announces upcoming scientific presentations at the 2026 American Academy of Dermatology (AAD) Annual Meeting, taking place March 27-31. Late-breaking data from Part A of the AMETHYST Phase 2/3 study will be presented that highlight litifilimab’s effect on cutaneous lupus erythematosus disease activity
  • Biohaven (BHVN) announces the completion of enrollment in a Phase 2 proof-of-concept study with its myostatin-activin pathway inhibitor, taldefgrobep alfa, which offers the potential to achieve high-quality weight loss in people living with obesity
  • Black Hawk Acquisition Corp (BKHA): Vesicor Therapeutics Inc. appoints new CEO ahead of planned de-SPAC
  • Boeing (BA): NASA reducing Boeing's rule in moon landing plans while elevating SpaceX, according to Bloomberg
  • BP (BP) agrees to sell German refinery, raises cost savings target
  • Catalyst Pharma (CPRX) disclosed that District Court for the District of New Jersey delayed the start of the bench trial between the Company and Hetero USA
  • Citigroup (C) provided a GBP 100 mln credit line to a lender backed by MFS’ Raja, according to Bloomberg
  • Coty (COTY) revamps Board with the appointment of five new independent directors
  • DuPont (DD) announces plans for reverse stock split
  • Ecolab (ECL) close to agreement for KKR-owned (KKR) data center cooling business, according to WSJ
  • Eli Lilly's (LLY) triple agonist, retatrutide, demonstrated significant reductions in A1C and weight in first Phase 3 trial for treatment of type 2 diabetes
  • Ellomay Capital (ELLO) provides update regarding implementation of separation mechanism concerning Ellomay Luzon Energy Infrastructures Ltd.
  • Energy Fuels (UUUU) amended the structure of consideration to be provided by Energy Fuels to each ASM shareholder pursuant to a court-approved scheme of arrangement
  • Equinor (EQNR) restructures operations to enhance trading and infrastructure focus
  • Evotec SE (EVO) receives $10 mln milestone from Bristol Myers Squibb (BMY) protein degradation collaboration for clinical study initiation
  • Freddie Mac (FMCC) & Fannie Mae (FNMA) remove certain homeowners insurance requirements that will reduce costs
  • General Dynamics (GD) awarded a $15.3 bln modification to Navy contract
  • Glaukos (GKOS) announces the commercial availability of Epioxa HD / Epioxa
  • Goldman Sachs (GS) aims to trim some staff next month, according to Business Insider
  • HSBC (HSBC) considering large job cuts, according to Bloomberg
  • Hilton (HLT) announces an exclusive agreement with YOTEL that will provide guests yet another way to stay within the hospitality leader’s growing global portfolio
  • JP Morgan (JPM) closed a private banking account of Tang Hao, according to Bloomberg
  • Kanzhun Limited (BZ) has approved an amendment to its existing share repurchase program and a shareholder return target
  • Keysight (KEYS) announces that AttoTude has adopted enhanced signal analysis capabilities in Keysight’s 89600 Vector Signal Analysis software to accelerate development of its THz radio technology
  • Lantronix (LTRX) and Unusual Machines (UMAC) partner to deliver NDAA-compliant AI-autonomous drone components for U.S. defense programs
  • Logitech Int'l SA (LOGI) approves a new, three-year share buyback program which will allow the Company to use up to $1.4 billion to repurchase its shares
  • Merck (MRK): FDA approves BRAVECTO from Merck Animal Health to treat and control Asian longhorned tick and Gulf Coast tick for 12 months in dogs
  • Meta Platforms (META): Meta AI agent revealed sensitive company and user data to unauthorized employees, according to The Information
  • Microvast (MVST) and Iveco Group (IVCGF) reaffirm and expand their long-standing partnership, which has been advancing electric battery solutions across Europe
  • Namib Minerals (NAMM) names new Tulani Sikwila as CEO effective March 18; Ibrahima Sory Tall is leaving Namib to pursue other opportunities
  • Net Lease Office Properties (NLOP) declares special cash distribution of $3.30 per share
  • Novo Nordisk's (NVO) Wegovy HD (semaglutide 7.2 mg) approved in the US, providing 20.7% mean weight loss; expects to launch in the US in April 2026
  • NuScale Power (SMR) and Ebara Elliott Energy announce a strategic partnership to showcase use of advanced nuclear technology to power petrochemical plants
  • Orla Mining (ORLA) receives permits to extend operations in Mexico; also files Camino Rojo technical report including underground PEA
  • Petrobras (PBR) announces results in the Capacity Reserve Auction
  • Pfizer (PFE) TALZENNA plus XTANDI significantly improves radiographic progression-free survival in metastatic prostate cancer
  • Pony AI (PONY) expands robotaxi rollout with new fleet partnership in China
  • Qnity Electronics (Q) collaborates with NVIDIA (NVDA) to accelerate innovation for semiconductor and advanced electronics materials
  • Rocket Lab USA (RKLB) secures $190 mln contract for 20x HASTE launches, cements hypersonics leadership with Department of War partnership
  • RTX (RTX) awarded a ceiling increase of $8.4 bln to previously awarded Missile Defense Agency contract
  • RTX (RTX): Department of State has made a determination approving a possible foreign military sale to the Government of the United Arab Emirates
  • Samsung (SSNLF) outlines AI-driven investment and shareholder return strategy
  • Samsung (SSNLF) retains No. 1 position in global commercial displays market for 17th consecutive year
  • Samsung (SSNLF) plans $73 billion in investment this year, according to Reuters
  • Seabridge Gold (SA): Tudor abandons appeal of the BC Chief Gold Commissioner's decision pertaining to Seabridge Gold's KSM's Mitchell Treaty Tunnels
  • Shell plc (SHEL) halts Qatar LNG output following security incident
  • SoftBank (SFTBY): Japan intervened against SoftBank's $6.3 bln fee, which was part of a trade deal, according to FT
  • SoundHound AI (SOUN) announces that CFO Nitesh Sharan will depart the company on April 3, to assume a leadership role at a company in the quantum computing space; James Hom to serve as interim CFO
  • Surf Air Mobility (SRFM) has achieved ARGUS Certified Charter Broker accreditation, a recognized industry standard for operational excellence and due diligence in private aviation brokerage
  • Talen Energy (TLN) and X-energy to evaluate gigawatt-scale Xe-100 SMR deployment
  • TEGNA (TGNA): DIRECTV files Federal antitrust lawsuit to block anticompetitive Nexstar-TEGNA merger
  • Tesla (TSLA) CEO Elon Musk says "With some luck and acceleration using AI, we might be able to tape out AI6 in December"
  • TG Therapeutics (TGTX) secures an additional $500 million in non-dilutive capital from Blue Owl (OWL) and expands share repurchase program to $300 million
  • The Stryker (SYK) cyberattack delayed surgeries for some patients, according to Bloomberg
  • Titan Intl (TWI) announces consolidation of tire production to improve operational efficiency of U.S. manufacturing
  • Vaxcyte (PCVX) reports VAX-31 Phase 1/2 Adult Data published in The Lancet Infectious Diseases
  • WeRide (WRD) expands into Slovakia with national AV deployment program
  • Xponential Fitness (XPOF) finalizes a previously disclosed settlement with the Federal Trade Commission to fully resolve the agency’s allegations relating to the Company’s past franchising disclosure practices

• Upgrades:
  • Carnival (CCL) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $31
    
  • Cross Country (CCRN) upgraded to Outperform from Neutral at Wedbush; tgt $15
  • Five Below (FIVE) upgraded to Outperform from Market Perform at William Blair
    
  • Fluence Energy (FLNC) upgraded to Neutral from Sell at Guggenheim
    
  • Mastercard (MA) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $600
    
  • MoonLake Immunotherapeutics (MLTX) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $40
    
  • Nu Holdings (NU) upgraded to Buy from Neutral at UBS, tgt $17.60
    
  • South State (SSB) upgraded to Outperform from Market Perform at Hovde Group, tgt $110
    
  • Tandem Diabetes Care (TNDM) upgraded to Buy from Hold at Truist, tgt $35
    
  • Union Pacific (UNP) upgraded to Outperform from In Line at Evercore ISI, tgt $262
• Downgrades:
  • CSX (CSX) downgraded to In Line from Outperform at Evercore ISI, tgt $41
    
  • Freshworks (FRSH) downgraded to Perform from Outperform at Oppenheimer
    
  • Kinsale Capital (KNSL) downgraded to Underperform from Hold at Jefferies, tgt $312
    
  • Life360 (LIF) downgraded to Neutral from Buy at DA Davidson, tgt $40
    
  • Micron (MU) downgraded to Hold from Buy at Summit Insights
    
  • Xponential Fitness (XPOF) downgraded to Market Perform from Strong Buy at Raymond James
• Others:
  • ADP (ADP) initiated with a Buy at Guggenheim, tgt $270
    
  • ALX Oncology (ALXO) initiated with an Overweight at Wells Fargo, tgt $5
    
  • Aligos Therapeutics (ALGS) assumed with a Buy at Jefferies, tgt $48
    
  • EnerSys (ENS) initiated with a Buy at TD Cowen, tgt $190
    
  • FrontView REIT (FVR) initiated with a Buy at B. Riley, tgt $20.50
    
  • Globe Life (GL) initiated with a Buy at Texas Capital Securities, tgt $170
    
  • Inventiva (IVA) initiated with a Buy at Truist, tgt $13
    
  • MapLight Therapeutics (MPLT) initiated with a Buy at Canaccord, tgt $35
    
  • Okta (OKTA) initiated with an Outperform at Macquarie, tgt $100
    
  • Olema Pharmaceuticals (OLMA) assumed with a Buy at Jefferies
    
  • Paychex (PAYX) initiated with a Neutral at Guggenheim
    
  • Rocket Lab USA (RKLB) initiated with a Buy at Clear Street, tgt $88
    
  • Saneamento Basico (SBS) initiated with a Buy at Jefferies, tgt $36.60
    
  • Slide Insurance Holdings (SLDE) initiated with a Buy at Texas Capital, tgt $25
    
  • SoFi Technologies (SOFI) initiated with an Equal Weight at Wells Fargo, tgt $19
    
  • Vor Biopharma (VOR) initiated with an Overweight at Wells Fargo, tgt $30

• Econ Data (Friday):
  • There is no U.S. economic data of note

• 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