After Hours Report

The stock market posted broad gains today amid lingering optimism surrounding reports of a U.S. peace proposal to Iran, though stocks finished off their best levels as Iranian officials continued to deny that negotiations are taking place. The S&P 500 (+0.5%), Nasdaq Composite (+0.8%), and DJIA (+0.7%) finished with over half of their gains from session highs, though even at their best levels, their 200-day moving averages acted as resistance. 

Despite Iranian officials denying claims that talks are occurring between the U.S. and Iran, the market was supported by a retreat in oil prices, with crude oil futures settling today's session $1.96 lower (-2.1%) at $90.33 per barrel after moving below the $87 per barrel mark earlier in the session. 

The energy sector (-0.5%) was the only S&P 500 sector to finish lower (the real estate sector finished flat). Despite the major averages closing below their best levels of the session, strength remained broad, with nine S&P 500 sectors finishing higher. 

The materials sector (+2.0%) led the advance, supported by broad strength and another solid day from chemical names. Newmont Corporation (NEM 101.54, +2.52, +2.54%) also outperformed amid a rebound in precious metal prices, with gold futures settling $150.30 higher (+3.4%) at $4,552.30 per ounce. 

A solid rebound effort from mega-cap stocks helped lead the consumer discretionary sector (+1.2%) to a higher finish, with Amazon (AMZN 211.71, +4.47, +2.16%) leading the "magnificent seven" today. 

Elsewhere in the sector, Carvana (CVNA 308.58, +7.61, +2.53%) posted a nice gain as Treasury yields retreated today, while cruise lines outperformed amid the retreat in oil prices. 

NVIDIA (NVDA 178.71, +3.51, +2.00%) was another mega-cap standout, and strength across chipmakers helped the top-weighted information technology sector (+0.6%) chart a nice gain. Advanced Micro Devices (AMD 220.27, +14.90, +7.26%) and Intel (INTC 47.18, +3.12, +7.08%) finished even higher, boosting the PHLX Semiconductor Index (+1.2%). Gains were somewhat tempered by losses across memory storage names such as Sandisk (SNDK 677.86, -24.62, -3.50%) and Micron (MU 382.09, -13.44, -3.40%) after Google Research introduced TurboQuant, which it claims to dramatically reduce AI memory requirements.

The technology sector also saw a strong continuation of yesterday's rally across hardware names such as Hewlett Packard Enterprise (HPE 25.80, +1.90, +7.93%). 

Notably, the communication services sector (+0.2%) finished only slightly higher despite housing several mega-cap components of its own. Alphabet (GOOG 289.59, +0.39, +0.13%) and Meta Platforms (META 594.89, +1.97, +0.33%) both ceded nearly all of their early gains after a jury found the companies liable in a landmark social media addiction trial over platform design, according to Bloomberg.

Elsewhere, the health care sector (+1.0%) outperformed due to solid gains across biotechnology and pharmaceutical names that sent the iShares Nasdaq Biotech ETF 2.5% higher. 

Ultimately, stocks benefited from broad buying interest after a mostly lower showing yesterday and a modest retreat in oil prices, but even at session highs, the major averages remained pinned below their 200-day moving averages. Additionally, today's geopolitical headlines did little to clarify the state of negotiations between the U.S. and Iran, leaving the market vulnerable to volatility as investors continue to react to incoming headlines and shifts in oil prices.

U.S. Treasuries enjoyed a solid midweek bounce that pressured yields from their highest levels of 2026. Treasuries added to their starting gains in mid-morning trade, staying just below their highs into the close even though today's $70 billion 5-year note auction met weak demand, making for the second disappointing auction in a row ahead of tomorrow's $44 billion 7-year note offering. The 2-year note yield settled down five basis points to 3.88%, and the 10-year note yield settled down six basis points to 4.33%. 

• S&P Mid Cap 400: +3.3% YTD
• Russell 2000: +2.2% YTD
• DJIA: -3.4% YTD
• S&P 500: -3.7% YTD
• Nasdaq Composite: -5.7% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -10.5%; Prior -10.9%
• Q4 Current Account Balance -$190.7 bln (Briefing.com consensus -$242.3 bln); Prior was revised to -$239.1 bln from -$226.4 bln
• February Import Prices 1.3%; Prior was revised to 0.6% from 0.2%
• February Import Prices ex-oil 1.1%; Prior was revised to 0.8% from 0.5%
• February Export Prices 1.5%; Prior 0.6%
• February Export Prices ex-ag. 1.7%; Prior 0.7%

Overseas:

• Europe: DAX +1.3%, FTSE +1.4%, CAC +1.3%
• Asia: Nikkei +2.9%, Hang Seng +1.1%, Shanghai +1.3%

Commodities:

• Crude Oil -1.96 @ 90.33
• Nat Gas unch @ 2.91
• Gold +150.20 @ 4551.20
• Silver +3.13 @ 72.62
• Copper +0.10 @ 5.56

After-Hours Spotlight:

• Enerpac Tool Group (EPAC) misses by $0.01, beats on revs; narrows FY26 EPS and revenue guidance...EPAC flat
• H.B. Fuller (FUL) beats by $0.02, misses on revs; guides Q2 revs above consensus; guides FY26 EPS and revs above consensus...FUL flat
• Jefferies (JEF) reports Q1 (Feb) results, beats on revs...JEF +0.3%
• Karman Space and Defense (KRMN) misses by $0.01, beats on revs; guides FY26 revs above consensus...KRMN +2.1%
• MillerKnoll (MLKN) misses by $0.02, misses on revs; guides Q4 EPS below consensus, revs in-line...MLKN -13.6%
• Navan (NAVN) reports Q4 (Jan) results, beats on revs; guides Q1 revs above consensus; guides FY27 revs above consensus...NAVN
• Worthington Steel (WS) misses by $0.16, misses on revs (two analyst estimate)...WS -12.7%

Fair Value for Thursday, March 26:

• S&P 500: 6,641
• Nasdaq 100: 24,370
• DJIA: 46,706

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

• Earnings/Guidance (Full Earnings Calendar):
  • AAR Corp (AIR) beats by $0.10, beats on revs; guides Q4 revs above consensus
  • Arm Holdings plc (ARM) on conference call reaffirms Q4 guidance; sees ARM CPU business reaching $15 bln in revenue in FY31
  • Braze (BRZE) misses by $0.04, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY27 EPS in-line, revs above consensus; authorizes new $100 mln share repurchase program
  • Chewy (CHWY) beats by $0.18, reports revs in-line
  • Cognyte Software (CGNT) beats by $0.06; revs in-line; sees FY27 outlook above consensus
  • Dana Inc (DAN) expects approximately $10 billion in annual sales by 2030, representing a thirty-three percent increase compared to 2026 sales guidance
  • GameStop (GME) reports Q4 (Jan) adjusted earnings of $0.49 per share. Revenue fell 13.9% yr/yr to $1.10 bln
  • KB Home (KBH) misses by $0.03, misses on revs
  • Medtronic (MDT) lowers Q4 EPS guidance due to recent MiniMed developments
  • PDD Holdings (PDD) misses by RMB3.21, reports revs in-line
  • Winnebago (WGO) beats by $0.03, beats on revs; guides FY26 EPS in-line, revs in-line
  • Worthington Enterprises (WOR) beats by $0.02, beats on revs
• General News
  • U.S. presents Iran with 15-point proposal to bring the Middle East war to an end, according to NYT
  • President Trump voices support for Hungary's Viktor Orbán
  • President Trump orders further continuance of the Federal Emergency Management Agency review council
  • California at risk of fuel crisis. Bloomberg
  • Senate Republicans looking to fund DHS. WSJ
  • There was some speculation that China's sovereign wealth fund will be allocating new money to U.S.-based managers like Blackstone and TPG.
  • CPU supply crunch at Intel (INTC) and Aadv. Micro Devices (AMD) deepens semiconductor shortage, pressuring PC and server makers, according to Nikkei
  • According to reports, Iran has rejected the U.S. proposal, demands five conditions to end war including reparations and Strait of Hormuz control
  • President Trump claims Democrats are sabotaging airports, promises ICE and National Guard to the rescue
  • Russia loses 40% of oil export capacity amid Ukraine strikes, pipeline damage, and tanker seizures, according to Reuters
  • Iran outlines ceasefire demands as U.S. plans weekend talks, deploys troops and strikes persist; VP Vance may attend talks, according to CNN
  • EPA fortifies domestic fuel supply; approve nationwide E15 and removing boutique fuel markets for E10
  • WH Press Secretary Leavitt affirms that Iran talks are ongoing
  • Iran's Ghalibaf says the vital infrastructure of regional countries will be targeted if steps are taken to occupy Iranian islands
  • USPS to add 8% fuel surcharge on packages amid rising costs, according to WSJ
  • Ukraine's Zelenskiy discusses risks if Donbas region ceded to Russia in Reuters interview
  • 3D Systems (DDD) has received full-scope certification under the European Union Medical Device Regulation 2017/745
  • Alphabet (GOOG): Google expands AI music tools with Lyria 3 Pro, enabling longer, customizable tracks across apps and platforms
  • Anavex (AVXL) has withdrawn its application for the marketing authorization of blarcamesine in the EU as an add-on therapy for the treatment of early Alzheimer’s disease in adults, which had been under review by the European Medicines Agency
  • Anglo American (NGLOY)/ Codelco agreement to develop a joint mining plan in the Andina-Los Bronces district receives free competition authorizations
  • Box (BOX): State and Local Governments turn to Box to modernize workflows with secure AI
  • Celsius (CELH)/ Costco's (COST) Kirkland Signature energy drink competitor discussed in WSJ report - notes Celsius spokesperson affirmed confidence in growth trajectory
  • Coinbase Global (COIN) has integrated Chainlink to bring its premium exchange data underpinning billions in trading activity onchain for the first time via DataLink, an institutional-grade data publishing service powered by the Chainlink data standard
  • Comcast (CMCSA) Advertising launches Outcomes+, a next gen targeting and attribution solution across traditional and streaming TV
  • Corcept Therapeutics (CORT): FDA approves relacorilant with nab-paclitaxel for platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer
  • Corcept Therapeutics (CORT) confirms that the U.S. FDA has approved Lifyorli in combination with nab-paclitaxel for the treatment of adults with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer who have received one to three prior systemic treatment regimens, at least one of which included bevacizumab
  • CrowdStrike (CRWD) announces an expansion of its strategic collaboration with Intel to optimize the CrowdStrike Falcon platform for Intel-powered AI PCs, enabling organizations to detect threats faster and safeguard sensitive data as AI workloads move directly onto the endpoint
  • Denali Therapeutics (DNLI): FDA approves Avlayah to treat neurologic manifestations of hunter syndrome
  • Denali Therapeutics (DNLI) confirms the U.S. FDA has granted accelerated approval for AVLAYAH, the first FDA-approved biologic specifically designed to cross the blood-brain barrier and reach the whole body, including the brain
  • DocuSign (DOCU) introduces a new AI-powered contract review assistant, designed to help legal teams review agreements faster and keep business moving through the entire agreement process
  • Domo (DOMO) announces an upgrade to its core business intelligence experience, introducing new capabilities that make it easier for business users to work with data while giving analysts stronger modeling tools and giving data teams better governance control
  • Ecopetrol (EC) releases Board of Directors statement following March 24 meeting
  • Energy Fuels (UUUU) produces terbium oxide in U.S., marking rare domestic heavy rare earth milestone
  • Eve Holding (EVEX) successfully conducted a flight of its full-scale engineering prototype at Embraer's (EMBJ) test facility in Gavião Peixoto, Brazil, for Brazilian government authorities, including Brazil's President Luiz Inácio Lula da Silva
  • Generac (GNRC) to reorganize its two reportable segments, effective March 31, 2026; will discuss at today's investor day
  • General Motors (GM): SINTTIA, GM Silao agree on 15% global wage hike after tough negotiations, according to El Economista
  • GH Research (GHRS) announces publication of Phase 2b results for Mebufotenin (GH001) in JAMA psychiatry and reports new finding of severity-independent efficacy in TRD
  • Honda Motor (HMC) and Sony (SONY) release Joint statement on review of the business direction of Sony Honda Mobility
  • Honeywell (HON) signed supplier framework agreement with the U.S. Department of War to rapidly increase the production of critical defense technologies
  • Infosys (INFY) has entered into an agreement to acquire Optimum Healthcare IT for up to $465 mln and Stratus for up to $95 mln
  • Interactive Brokers (IBKR) enables crypto portfolio transfers for lower-cost trading and broader market access
  • KKR (KKR) strikes $2 bln deal to acquire U.S. bakery chain Nothing Bundt Cakes, according to WSJ
  • Lockheed Martin (LMT) partners with U.S. Space Force for VICTUS DIEM exercise
  • Maze Therapeutics (MAZE) announces "positive" topline data from the Phase 2 HORIZON trial of MZE829, an oral, small molecule, dual-mechanism APOL1 inhibitor, in patients with broad APOL1-mediated kidney disease
  • Meta Platforms (META) faces $375 mln civil penalty as New Mexico jury rules it misled users; enabled child exploitation risks on core platforms, according to Bloomberg
  • Meta Platforms (META) to cut several hundred jobs in Reality Labs division, other areas amid AI-focused restructuring, according to The Information
  • Meta Platforms (META): Jury reaches verdict in Meta Platforms–Google social media addiction trial; decision pending announcement, according to CNBC
  • Meta Platforms (META) and Google (GOOG) found liable in landmark social media addiction trial over platform design, according to Bloomberg
  • Microsoft (MSFT) shakes up HR leadership, unveils new People & Culture structure, according to Business Insider
  • Nanobiotix (NBTX) issues statement regarding recent media speculation
  • NOV Inc. (NOV) plans to roughly double the capacity of its subsea flexible pipe manufacturing facility in Açu, Brazil, through a $200 million investment over the next three years
  • Novo Nordisk A/S (NVO) reports phase 2 results for UBT251 showing strong glycemic and weight outcomes
  • NVIDIA's (NVDA) exports to China in jeopardy of being blocked. FT
  • On (ONON) appoints co-founders as co-CEOs in leadership transition
  • Paramount Skydance (PSKY): CBS Sports and the WNBA have expanded their seven-year partnership through a new long-term, multiplatform rights agreement
  • Rio Tinto (RIO) secures funding deal to extend Boyne smelter operations through 2040
  • Salesforce (CRM) is restricting raises for upper management, according to Business Insider
  • SK Hynix planning U.S. listing. Reuters
  • Stratus Properties (STRS) announces that its Board of Directors has unanimously approved a plan of complete liquidation and dissolution following conclusion of the strategic review announced on March 11, 2026
  • Texxon Holding (NPT) filed for offering of up to $12 mln (up to 1,898,734 Ordinary Shares at an assumed offering price of $6.32 per share)
  • U.S. Bancorp (USB) Avvance point-of-sale lending platform introduces new longer-term loan options designed for larger home improvement projects
  • Visa (V) will join the Canton Network as the first major global payments company to serve as a Super Validator, to help extend privacy-preserving blockchain infrastructure to banks and financial institutions around the world
  • Vishay (VSH) unveils compact high-precision 40 mm linear position sensor for harsh environments
  • Walt Disney (DIS) ends OpenAI arrangement following Sora closure, according to The Hollywood Reporter

• Upgrades:
  • Acadia Pharmaceuticals (ACAD) upgraded to Buy from Neutral at BofA Securities, tgt $29
  • Arm Holdings (ARM) upgraded to Outperform from Market Perform at Raymond James, tgt $166
  • BorgWarner (BWA) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $68
  • CVR Energy (CVI) upgraded to Market Perform from Underperform at Raymond James
  • Diageo (DEO) upgraded to Neutral from Underperform at BNP Paribas
  • Enterprise Products Partners (EPD) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $42
  • Four Corners Property Trust (FCPT) upgraded to Outperform from Market Perform at Citizens, tgt $28
  • General Motors (GM) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $96
  • Kinetik Holdings (KNTK) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $52
  • Kosmos Energy (KOS) upgraded to Buy from Accumulate at Johnson Rice, tgt $4.25
  • Murphy Oil (MUR) upgraded to Accumulate from Hold at Johnson Rice, tgt $63
  • ONEOK (OKE) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $100
  • Rezolute (RZLT) upgraded to Outperform from Neutral at Wedbush, tgt $5
• Downgrades:
  • Alexandria Real Estate (ARE) downgraded to Market Perform from Outperform at BMO Capital, tgt $52
  • Crescent Energy (CRGY) downgraded to Accumulate from Buy at Johnson Rice, tgt $19
  • EVgo (EVGO) downgraded to Neutral from Overweight at JPMorgan
  • Mondelez International (MDLZ) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $55
  • W. R. Berkley (WRB) downgraded to Neutral from Buy at Brean Capital, tgt $73
• Others:
  • ArcelorMittal (MT) assumed with a Sector Weight at KeyBanc
  • ATI (ATI) assumed with an Overweight at KeyBanc, tgt $140
  • Bicara Therapeutics (BCAX) initiated with a Buy at BofA Securities, tgt $35
  • Byrna Technologies (BYRN) initiated with a Buy at Texas Capital, tgt $20
  • Carpenter Technology (CRS) assumed with an Overweight at KeyBanc, tgt $380
  • Cleveland-Cliffs (CLF) assumed with a Sector Weight at KeyBanc
  • Commercial Metals (CMC) assumed with a Sector Weight at KeyBanc
  • Esco Technologies (ESE) initiated with a Buy at Deutsche Bank, tgt $350
  • Figma (FIG) initiated with a Perform at Oppenheimer
  • Hexcel (HXL) assumed with a Sector Weight at KeyBanc
  • Howmet Aerospace (HWM) assumed with a Sector Weight at KeyBanc
  • Immix Biopharma (IMMX) initiated with an Overweight at Morgan Stanley, tgt $20
  • Materion (MTRN) assumed with an Overweight at KeyBanc, tgt $170
  • Mercantile Bank (MBWM) initiated with an Equal Weight at Stephens, tgt $54
  • Metallus (MTUS) assumed with a Sector Weight at KeyBanc
  • National Bank Holdings (NBHC) assumed with an Overweight at Piper Sandler, tgt $48
  • Nucor (NUE) assumed with a Sector Weight at KeyBanc
  • Payoneer Global (PAYO) initiated with a Buy at BofA Securities, tgt $6
  • Reliance Steel & Aluminum (RS) assumed with an Overweight at KeyBanc, tgt $341
  • Rocket Companies (RKT) initiated with a Market Perform at Citizens
  • Ryerson Holding (RYZ) assumed with a Sector Weight at KeyBanc
  • Steel Dynamics (STLD) assumed with an Overweight at KeyBanc, tgt $190
  • Strata Critical Medical (SRTA) initiated with a Buy at B. Riley, tgt $8
  • Vertiv Holdings (VRT) initiated with a Buy at HSBC, tgt $325
  • Worthington Steel (WS) assumed with an Overweight at KeyBanc, tgt $46

• Econ Data (Thursday):
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 210,000; prior 205,000) and Continuing Claims (prior 1.857 mln)
  • 10:30 ET: Weekly natural gas inventories (prior +35 bcf)

• Earnings:
  • Monday (March 23)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (March 24)
    • Pre-Market: CNXC, CNM, SFD
    • After-Hours: AIR, BRZE, GME, KBH, WOR
      
  • Wednesday (March 25)
    • Pre-Market: CHWY, CTAS, KC, PAYX, PDD, WGO
      
    • After-Hours: EPAC, FUL, JBS, JEF, KRMN, MLKN, NAVN, WS
  • Thursday (March 26)
    • Pre-Market: DOO, CMC, LOVE, SCVL
    • After-Hours: AGX, BTGO, OXM
  • Friday (March 27)
    • Pre-Market: CCL, LGN
    • After-Hours: None