After Hours Report

The stock market saw broad gains today in reaction to developments on the geopolitical front, helping the S&P 500 (+1.2%), Nasdaq Composite (+1.4%), and DJIA (+1.4%) rise from their worst levels of the year. 

Equity futures reversed their overnight losses after President Trump said on Truth Social that the U.S. and Iran have engaged in productive discussions to end all hostilities and that strikes on Iranian energy targets will be paused for five days to allow for negotiations. Oil prices retreated sharply, and the major averages opened to gains that eventually saw the S&P 500 and DJIA briefly reclaim their 200-day moving averages. 

The major averages could not sustain all of their early gains, which saw them close below their respective 200-day moving averages. Enthusiasm was somewhat tempered by multiple reports that Iranian officials denied any negotiations with the U.S., leaving the market to question the validity of an off-ramp to the conflict. 

Still, President Trump's desire to negotiate a deal reflects a clear shift in rhetoric, which helped underpin today's risk-on move and ease some near-term concerns about further escalation in the conflict, even as uncertainty around the situation remains elevated.

All eleven S&P 500 sectors finished at or above their flatlines. The health care sector (flat) was the only sector that failed to secure a gain, as today's improvement in risk sentiment saw more defensive pockets of the market lag, with the consumer staples sector (+0.4%) logging a modest gain. 

Even the energy sector (+1.1%) captured a nice gain despite crude oil futures settling today's session $9.93 lower (-10.1%) at $88.19 per barrel.

Meanwhile, the consumer discretionary sector (+2.5%) notched the widest gain, with cruise lines such as Norwegian Cruise Line (NCLH 20.13, +1.18, +6.23%) among the outperformers amid the falling price of oil. 

Tesla (TSLA 380.83, +12.87, +3.50%) was a "magnificent seven" standout in a solid day for mega-cap stocks, with the Vanguard Mega Cap Growth ETF finishing 1.5% higher. 

Elsewhere, the top-weighted information technology sector (+1.5%) also outperformed today. Strength across Palantir Technologies (PLTR 160.90, +10.22, +6.78%) and other software names pushed the iShares GS Software ETF 1.8% higher. 

Semiconductor names surged out of the gate, with the PHLX Semiconductor Index trading more than 3.0% higher this morning. The index finished with a more modest 1.3% gain as weakness across Micron (MU 404.35, -18.55, -4.39%) and other memory storage names tempered gains. 

Outside of the S&P 500, the Russell 2000 (+2.3%) and S&P Mid Cap 400 (+1.9%) outperformed as the uptick in risk sentiment favored growth stocks today. 

All told, today's session reflected a market eager to respond to any signs of de-escalation, with the sharp pullback in oil prices fueling a broad risk-on move. Still, the inability to hold key technical levels highlights lingering uncertainty, leaving investors sensitive to further geopolitical headlines in the near term.

U.S. Treasuries began the week with gains across the curve, pressuring yields from Q1 highs, amid some improvement in geopolitical sentiment. The 2-year note yield settled down six basis points to 3.83%, and the 10-year note yield settled down six basis points to 4.33%. 

• S&P Mid Cap 400: +1.6% YTD
• Russell 2000: +0.5% YTD
• S&P 500: -3.9% YTD
• DJIA: -3.9% YTD
• Nasdaq Composite: -5.6% YTD

Reviewing today's data:

• January Construction Spending -0.3% (Briefing.com consensus 0.1%); Prior was revised to 0.8% from 0.3%
  
  • The key takeaway from the report is that the weakness was paced by a decline in private residential spending, which is believed to be a knock-on effect of labor constraints and higher interest rates.

Overseas:

• Europe: DAX +1.0%, FTSE -0.2%, CAC +0.8%
• Asia: Nikkei -3.5%, Hang Seng -3.5%, Shanghai -3.6%

Commodities:

• Crude Oil -9.93 @ 88.19
• Nat Gas -0.21 @ 2.89
• Gold -167.10 @ 4407.20
• Silver -0.31 @ 69.30
• Copper +0.10 @ 5.47

After-Hours Spotlight:

• Abivax (ABVX) Announces Full Year 2025 Financial Results and Provides Business Updates...ABVX +2.4%
• Agi Inc. (AGBK) Delivers Record Profit Exceeding R$1 Billion and Robust Assets Growth of 62% in 2025...AGBK +0.2%
• Core Labs (CLB) lowers Q1 guidance citing regional instability in the Middle East...CLB -6.6%
• Estee Lauder (EL) confirms that it is in discussions regarding a potential business combination with Puig; no final decision has been made, and no agreement has been reached...EL +0.8%
• Slide Insurance Holdings (SLDE) announces new $125 mln stock repurchase program...SLDE flat
• Surrozen (SRZN) Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update...SRZN flat
• WisdomTree (WT) announces private offering of $525 mln of convertible senior notes...WT -1.6%
• Zions Bancorp (ZION) to acquire Fannie Mae and Freddie Mac business line from Basis Investment Group...ZION -0.5%

Fair Value for Tuesday, March 24:

• S&P 500: 6,628
• Nasdaq 100: 24,393
• DJIA: 46,477

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

• Earnings/Guidance (Full Earnings Calendar):
  • BRC Inc. (BRCC) confirms and clarifies guidance prvided by Director during a podcast
  • Lithium Argentina (LAR) reports fourth quarter and full year 2025 results
  • WeRide (WRD) reports record full year 2025 revenue up 90% year over year; authorized $100 mln share repurchase program
• General News
  • President Trump on Truth Social says US and Iran have had, over the last two days, very good and productive conversations... I HAVE INSTRUCTED THE DEPARTMENT OF WAR TO POSTPONE ANY AND ALL MILITARY STRIKES AGAINST IRANIAN POWER PLANTS AND ENERGY INFRASTRUCTURE FOR A FIVE DAY PERIOD, SUBJECT TO THE SUCCESS OF THE ONGOING MEETINGS AND DISCUSSIONS
  • President Trump said, "We are very intent on making a deal, hoping we get something this week on regime change" - CNBC
  • President Trump says US considering winding down Iran military campaign, according to Bloomberg
  • President Trump on Saturday gives Iran 48 hours to fully open the Strait of Hormuz
  • Iran Parliament Speaker responds to President Trump - will consider critical infrastructure legitimate targets after Iran's power plants and infrastructure are targeted
  • President Trump says Strait of Hormuz will have to be guarded by nations that use it. Truth Social
  • G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America, and the High Representative of the European Union, express support to our partners in the region in the face of the unjustifiable attacks by the Islamic Republic of Iran and its proxies.
  • A collision at New York's LaGuardia Airport (LGA) involving a CRJ aircraft operated by Air Canada Express and a Port Authority firetruck. The Federal Aviation Administration (FAA) has closed LGA, and the airport is currently closed through 2 p.m. today.
  • Bipartisan bill planned for banning sports bets on prediction markets. WSJ
  • Japan will spend about JPY800 bln to offset high gasoline prices.
  • South Korea's President Lee nominated Shin Hyun-song to be the next governor of the Bank of Korea.
  • Ireland: S&P Upgrades To 'AA+' On Stronger Economic And Fiscal Profiles; Outlook Stable
  • Fed Governor Miran (FOMC voter) says it’s too early to shift rate-cut outlook despite oil spike, according to Bloomberg
  • Trump envoy signals energy terms at risk without EU ratification, according to FT
  • Iran's Ghalibaf says, "No negotiations have been held with the US"
  • Pentagon weighs rapid deployment of 82nd Airborne troops to Iran, according to NYT
  • US Interior Secretary Burgum on CNBC says there is engagement with Iran about a possible solution going forward
  • Altria (MO) announces the national retail expansion of on! PLUS nicotine pouches, an oral nicotine pouch product manufactured by Helix Innovations, an Altria operating company
  • Apple (AAPL)  plans to add search ads to Maps to boost services revenue, according to Bloomberg
  • Apple (AAPL) confirms it will host its annual Worldwide Developers Conference (WWDC) online from June 8-12
  • Asure Software (ASUR) accelerates its partnership with Juiced Fuel
  • Banc of California's (BANC) Board of Directors approved an extension of the Company’s existing stock repurchase program, which was originally announced on March 17, 2025 and subsequently upsized from $150 mln to $300 mln on April 23, 2025
  • Bausch + Lomb (BLCO) announces positive 24-month U.S. data on the ELIOS system for treatment of glaucoma
  • Bayer AG (BAYRY) Faces potential stake sale as Ubben’s Inclusive Capital explores exit, according to Bloomberg
  • Berkshire Hathaway (BRK.A): Tokio Marine Partners (TKOMY) with Berkshire Hathaway for strategic investment
  • Broadcom (AVGO) introduces Symantec CBX, delivering enterprise-grade security to under-resourced SOC teams
  • Capital One Software (COF) expands databolt capabilities to adress growing complexity of enterprise data security
  • Cardinal Health (CAH) appoints Patricia A. Hemingway Hall as Chair, succeeding Gregory B. Kenny effective immediately
  • Diana Shipping (DSX) has extended the time charter contract with Nippon Yusen Kabushiki Kaisha, Tokyo, for one of its Kamsarmax dry bulk vessels, the m/v Myrto
  • Elastic (ESTC) announces that Elastic Workflows, a native automation capability with direct access to alerts, cases, and investigation data, is now built directly into Elastic Security
  • Elastic (ESTC) eliminates per-endpoint pricing for XDR
  • Eli Lilly (LLY) is discontinuing some of its insulin presentations (containing human insulin, insulin lispro and insulin glargine) across selected countries
  • Estee Lauder (EL) nears $40 bln merger with Puig, owner of Jean Paul Gaultier and Charlotte Tilbury, according to FT
  • Everest Group (EG) has signed a definitive agreement to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company
  • Everest Group (EG): Wawanesa confirms plans to acquire Everest Insurance Company of Canada; transaction is expected to add approximately $305 mln in annual commercial lines premiums – an increase of roughly 30% from Wawanesa’s current volume
  • Fair Isaac (FICO): Sen. Josh Hawley (R-MO) to investigate FICO over mortgage credit scoring practices, according to Politico
  • FEMSA (FMX) announces the completion of the derivative instrument known as accelerated share repurchase that was first announced in December 2025
  • GE HealthCare (GEHC) receives 510(k) clearance from the U.S. FDA for Photonova Spectra, a photon-counting computed tomography solution powered by the company’s novel Deep Silicon detector technology and offered as a flexible platform with multiple configurations to meet diverse clinical needs
  • General Motors (GM) launches real-world AI autonomy testing with new safety framewor
  • Gilead Sciences (GILD) $2 bln deal to buy private biotech company Ouro Medicines could be announced soon, according to FT
  • GlaxoSmithKline (GSK) receives Japan orphan designation for lung cancer ADC
  • Goodyear Tire (GT) announces restructuring actions in EMEA, includes overall net reduction of 400 positions
  • indie Semiconductor (INDI) expands quantum portfolio with its first UV DFB laser source at 399 nm wavelength
  • Kratos Defense and Security (KTOS) has been selected by SKY Perfect JSAT Corporation to develop and validate the 5G Non-Terrestrial Network ground system for SKY Perfect JSAT’s Universal NTN initiative
  • Medtronic (MDT) receives FDA approval for an expanded indication for the OmniaSecure defibrillation lead
  • Palo Alto Networks (PANW) launches Prisma Browser for Business; This new offering enables small business owners to easily configure and manage the apps and AI tools their business relies on, while allowing employees to work securely from any device, anywhere
  • PayPal (PYPL): Venmo announces a major expansion that brings the app's peer-to-peer payment experience to a global audience for the first time
  • Pentair (PNR): David Jones, Chair of the Board, to retire; T. Michael Glenn named as next Chair
  • Playboy, Inc. (PLBY) closes China licensing joint venture deal with United Trademark Group
  • Public Policy Holding Company (PPHC) to acquire WPI Strategy Limited; announces share cancellation and executive appointment
  • Sanofi (SNY) inks $1 bln+ autoimmune deal, securing tri-specific T-cell engager platform
  • SentinelOne (S) brings AI security to on-premise, regulated, sovereign, self-hosted and airgapped environments
  • SL Green Realty (SLG) announces that its board of directors has established an annual ordinary dividend on its common stock for 2026 of $2.47/share
  • Strategy Inc (MSTR) discloses joinder agreements and filings supplementing base prospectus supplement
  • Synopsys (SNPS): Elliott Management builds stake in comapny. WSJ
  • TotalEnergies SE (TTE) confirms it has signed agreements with U.S. Department of Interior to end its U.S. offshore wind projects
  • Toyota Motor (TM) details $1 bln investment across its Kentucky and Indiana operations as part of Toyota's November 2025 commitment to invest up to $10 bln in its U.S. plants over the next five years
  • Turkcell (TKC) secures $1 billion Murabaha Syndication facility to boost 5G and future connectivity
  • Vita Coco (COCO) will replace TEGNA (TGNA) in the S&P SmallCap 600
  • Zillow (ZG) announces a multiyear partnership with Major League Baseball, becoming the official real estate and home rentals marketplace partner of MLB

• Upgrades:
  • AeroVironment (AVAV) upgraded to Market Perform from Underperform at Raymond James
  • APA Corp. (APA) upgraded to Equal Weight from Underweight at Barclays, tgt $35
  • Banco Santander (SAN) upgraded to Overweight from Equal Weight at Morgan Stanley
  • Brookfield Infrastructure Partners (BIP) upgraded to Overweight at Morgan Stanley, tgt $45
  • Celldex Therapeutics (CLDX) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $44
  • Cheniere Energy (LNG) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $313
  • Colony Bankcorp (CBAN) upgraded to Buy from Neutral at Brean Capital
  • MongoDB (MDB) upgraded to Outperform from Neutral at Mizuho, tgt $325
  • MoonLake Immunotherapeutics (MLTX) upgraded to Outperform from Underperform at Wolfe Research, tgt $24
  • Valvoline (VVV) upgraded to Buy from Hold at Stifel, tgt $42
  • Venture Global (VG) upgraded to Overweight from Underweight at Morgan Stanley, tgt $22
• Downgrades:
  • AvePoint (AVPT) downgraded to Market Perform from Outperform at William Blair
  • Beiersdorf (BDRFF) downgraded to Hold from Buy at Berenberg
  • Brookfield Infrastructure (BIPC) downgraded to Underweight at Morgan Stanley, tgt $45
  • Brookfield Renewable (BEPC) downgraded to Underweight at Morgan Stanley, tgt $42
  • China Eastern Airlines (CEA) downgraded to Underweight from Neutral at JPMorgan
  • Commvault Systems (CVLT) downgraded to Market Perform from Outperform at William Blair
  • Crown Castle (CCI) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $85
  • Gossamer Bio (GOSS) downgraded to Neutral from Overweight at Cantor Fitzgerald
  • ING Groep (ING) downgraded to Equal Weight from Overweight at Morgan Stanley
  • Mereo BioPharma (MREO) downgraded to Neutral from Overweight at JPMorgan
  • National Grid (NGG) downgraded to Neutral from Buy at Goldman
  • Nutanix (NTNX) downgraded to Market Perform from Outperform at William Blair
  • PG&E (PCG) downgraded to Hold from Buy at Jefferies, tgt $19
  • SSE (SSEZY) downgraded to Neutral from Buy at Goldman
  • Super Micro Computer (SMCI) downgraded to Market Perform from Outperform at Northland, tgt $22
  • Thomson Reuters (TRI) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $95
  • Varonis Systems (VRNS) downgraded to Market Perform from Outperform at William Blair
  • XPeng (XPEV) downgraded to Neutral from Outperform at Macquarie, tgt $19
  • Zimmer Biomet (ZBH) downgraded to Neutral from Buy at BTIG Research
• Others:
  • Eupraxia Pharmaceuticals (EPRX) initiated with an Outperform at William Blair
  • Jasper Therapeutics (JSPR) assumed with a Neutral at UBS, tgt $1.50
  • MTN Group (MTNOY) initiated with a Buy at UBS
  • Odysight.ai (ODYS) initiated with a Buy at Benchmark, tgt $10
  • Red Rock Resorts (RRR) initiated with a Buy at Benchmark, tgt $67
  • TeraWulf (WULF) initiated with a Buy at Arete, tgt $30
  • Vodacom (VDMCY) initiated with a Neutral at UBS

• Econ Data (Tuesday):
  • 8:30 ET: Revised Q4 Productivity (prior 2.8%) and revised Q4 Unit Labor Costs (prior 2.8%)
  • 9:45 ET: Flash March S&P Global U.S. Manufacturing PMI (prior 50.2) and flash March S&P Global U.S. Services PMI (prior 50.4)

• Earnings:
  • Monday (March 16)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (March 17)
    • Pre-Market: CNXC, CNM, SFD
    • After-Hours: AIR, BRZE, GME, KBH, WOR
      
  • Wednesday (March 18)
    • Pre-Market: CHWY, CTAS, KC, PAYX, PDD, WGO
      
    • After-Hours: EPAC, FUL, JBS, JEF, KRMN, MLKN, NAVN, WS
  • Thursday (March 19)
    • Pre-Market: DOO, CMC, LOVE, SCVL
    • After-Hours: AGX, BTGO, OXM
  • Friday (March 20)
    • Pre-Market: CCL, LGN
    • After-Hours: None