After Hours Report

Stocks opened with broad gains following Friday's sharp sell-off and a relatively quiet weekend on the Iran front. However, the major averages were unable to hold most of those gains amid pronounced weakness in semiconductor stocks and another day of sharply higher oil prices, ultimately leading to a mostly lower finish.

The Nasdaq Composite (-0.7%) lagged for most of the session amid the weakness in tech names, while the S&P 500 (-0.4%) moved lower in the afternoon, and strength in the broader market helped the DJIA (+0.1%) squeak out a modest gain. The smaller-cap Russell 2000 (-1.5%) and S&P Mid Cap 400 (-0.8%) moved lower earlier in the session, and finished with wider losses.

Much of the early strength in equities was attributed to a technical bounce in the wake of Friday's sell-off. All eleven S&P 500 sectors traded higher out of the gate, but losses across tech names quickly capped gains at the index level.

The top-weighted information technology sector (-1.5%) was one of the first S&P 500 sectors to move into negative territory as semiconductor stocks saw an extension of recent weakness. The PHLX Semiconductor Index finished 4.2% lower as names such as Micron (MU 321.80, -35.42, -9.92%) and Coherent (COHR 219.65, -23.83, -9.79%) were among the worst-performing S&P 500 names today.

It is worth noting that losses in the broader technology sector were somewhat lessened due to a strong showing from software stocks that sent the iShares GS Software ETF (IGV) 1.0% higher. ServiceNow (NOW 104.97, +5.56, +5.59%) was the top-performing S&P 500 component while Palo Alto Networks (PANW 154.35, +7.33, +4.99%) captured a similar gain after disclosing that its CEO purchased approximately $10 million worth of shares late Friday.

The industrials sector (-1.6%) was also a laggard today, while the energy sector (-0.9%) also finished lower despite crude oil futures settling today's session $3.41 higher (+3.4%) at $102.92 per barrel.

There was some early optimism on the geopolitical front after President Trump wrote on Truth Social that Iran has conceded most of the demands in the 15-point peace proposal that the U.S. set forth, though he did not provide details. Additionally, the same post included threats to destroy Iran's energy infrastructure if a deal is not struck soon. A lack of clarity and climbing oil prices kept the market's enthusiasm in check, while reports circulated late in the session that Israel's Air Force completed a wave of attacks on infrastructure sites in Tehran, suggesting a resolution remains distant.

However, the market received some encouraging news today regarding the Fed's view of the situation in Iran. Fed Chair Jerome Powell (voting FOMC member) said inflation expectations remain well anchored beyond the short term and noted that the Fed's tools do not have a meaningful impact on supply shocks. This commentary had a notable impact on market-implied rate expectations, with the probability of a rate hike later this year falling to around 5% from over 20% on Friday, according to the CME FedWatch Tool.

Corporate news flow was on the lighter side today, though there were a few notable moves. Sysco (SYY 69.30, -12.50, -15.28%) was the worst-performing S&P 500 component after agreeing to acquire Jetro Restaurant Depot in a $29.1 billion deal.

With tomorrow marking the final trading day of the quarter, positioning dynamics could come into focus. However, the major averages remain firmly below their 200-day moving averages, highlighting a still-challenged technical backdrop as oil prices continue to climb. 

Unlike stocks, U.S. Treasuries began the week with strong gains across the curve, bouncing off their lowest levels of the month ahead of tomorrow's final session of Q1. The 2-year note yield settled down nine basis points to 3.83%, and the 10-year note yield settled down 10 basis points to 4.34%. 

There was no economic data of note. 

• S&P Mid Cap 400: -0.7% YTD
• Russell 2000: -2.7% YTD
• DJIA: -5.9% YTD
• S&P 500: -7.3% YTD
• Nasdaq Composite: -10.5% YTD

Overseas:

• Europe: DAX +0.9%, FTSE +1.6%, CAC +0.9%
• Asia: Nikkei -2.8%, Hang Seng -0.8%, Shanghai +0.2%

Commodities:

• Crude Oil +3.41 @ 102.92
• Nat Gas -0.14 @ 2.89
• Gold +64.20 @ 4557.00
• Silver +0.86 @ 70.63
• Copper unch @ 5.50

After-Hours Spotlight:

• FactSet (FDS) accelerates innovation in banking with launch of a new AI-native solution in partnership with Finster AI...FDS -0.3%
• Inogen (INGN) appoints Jason Richardson as CFO, effective April 6, 2026; reaffirms guidance...INGN flat
• M&T Bank (MTB) authorizes new $5 bln share repurchase program...MTB flat
• Netflix (NFLX) looking to expand its NFL package to four games, according to WSJ...NFLX -0.1%
• Phreesia (PHR) misses by $0.04, reports revs in-line; guides FY27 revs below consensus...PHR -22.0%
• Progress Software (PRGS) beats by $0.03, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY26 EPS above consensus, revs in-line...PRGS +2.0%

Fair Value for Tuesday, March 31:

• S&P 500: 6,385
• Nasdaq 100: 23,132
• DJIA: 45,442

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

• Earnings/Guidance (Full Earnings Calendar):
  • Americas Silver (USAS) announces strong full-year 2025 results and 2026 guidance with ~30% annual production growth
  • Sigma Lithium (SGML) announces full year 2025 results: US$31 mln cash flow and 47% cash margin in 4Q25; signed US$146 mln in two offtake agreements
  • Sysco (SYY) reaffirms FY26 outlook
• General News
  • President Trump confirms, 'serious discussions with a new, and more reasonable, regime to end our Military Operations in Iran'. Truth Social
  • President Trump says Iran has agreed to most demands. Bloomberg
  • President Trump tells FT the US may take Iran's oil
  • President Trump speculates about seizing Kharg Island from Iran. The Independent
  • President Trump speculates about seizing Iran's uranium. WSJ
  • President Trump said on Sunday that long sought after targets in Iran have been taken out
  • Bond market underestimating slowdown risk, according to JPMorgan and PIMCO. Bloomberg
  • Senate Banking Committee plans to complete nomination proceedings for the new Fed Chairman by April 13.
  • The Japanese yen briefly hit its lowest level against the dollar since mid-2024 before bouncing. The rebound followed the release of the Bank of Japan's latest Summary of Opinions, which did not show opposition to additional rate hikes.
  • U.S. Treasury officials will reach out to domestic and international insurance regulators to discuss systemic risk within the private credit sector.
  • India restricting speculative bets against rupee. Bloomberg
  • Treasury Secretary Scott Bessent signals optimism on Strait of Hormuz reopening; says U.S. working to close global oil supply gap, Bloomberg citing Fox News interview
  • U.S. deploys hundreds of special forces, Marines, and paratroopers to Middle East amid Strait of Hormuz tensions, according to CBS News
  • US Department of Labor proposes landmark rule to democratize access to alternative investments in 401(k) plans
  • Israeli Air Force confirms it has 'completed a wave of extensive strikes a short while ago targeting infrastructure of the Iranian terror regime in the heart of Tehran'
  • Abbott Labs (ABT) expands access to precision oncology portfolio through integration with Flatiron's OncoEMR platform
  • Alnylam Pharma (ALNY): New Data presented at ACC.26 further support benefits of Vutrisiran in ATTR-CM and potential of zilebesiran for hypertension management
  • Amentum Holdings (AMTM) announces the relocation of its Hawaii office from Aiea to a new, significantly larger facility at 3375 Koapaka Street in Honolulu
  • Americold Realty Trust (COLD): Sieve Capital announces campaign for Boardroom change at Americold Realty Trust; sees significant upside opportunity via a sale
  • Amgen (AMGN) reports Repatha cuts risk of first major cardiovascular events by 31% in high-risk patients without known significant atherosclerosis
  • Apollo Global Management (APO) nears $10 bln deal for Atlantic Aviation stake from KKR, according to Bloomberg
  • Apple (AAPL) has removed Anything application from the App Store after violating AI-powered app creation rules, according to The Information
  • Arthur J. Gallagher (AJG) acquires international International Insurance Brokers Pty Ltd
  • Bayer AG (BAYRY) wins EU approval for Kerendia in heart failure with preserved ejection fraction
  • Biogen (BIIB) announces that the High Dose Regimen of SPINRAZA, which is comprised of 50 mg/5 mL and 28 mg/5 mL doses, was approved by the U.S. Food and Drug Administration for the treatment of spinal muscular atrophy
  • Bitdeer Technologies (BTDR) partners with DCI to advance Norway AI data center project
  • Boston Scientific (BSX) disclosed additional Penumbra (PEN) details - received a Second Request on March 16 from the FTC in connection with the FTC's review
  • BP (BP) loses second EV charging chief as incoming CEO Meg O'Neill shifts focus back to oil and gas, according to FT
  • BridgeBio Pharma (BBIO): Acoramidis significantly reduces the risk of all-cause and cardiovascular mortality in patients with ATTR-CM through month 54
  • Capstone Green Energy Holdings (CGEH) has entered into securities purchase agreements for a $112.5 mln strategic investment led by funds managed by Monarch Alternative Capital LP
  • CVS Health (CVS) to expand footprint in 2026 after years of consolidating operations, according to Bloomberg
  • DraftKings (DKNG: Manhattan federal prosecutors eye insider trading in fast-growing prediction markets, according to CNN
  • Edwards Lifesciences (EW) announces new data on the EVOQUE transcatheter tricuspid valve replacement system at the American College of Cardiology Annual Scientific Session, demonstrating significant and sustained patient benefits including lower mortality when accounting for patient crossover, extending the findings presented at the European Society of Cardiology Congress
  • First Watch Restaurant Group (FWRG) terminated employment of Chief Operations Officer Dan Jones as part of its restructuring
  • Flagstar Bank (FLG) and Mphasis mark major milestone by completing first phase of modernizing the Bank's technology infrastructure
  • Flex (FLEX) announces agreement to acquire Electrical Power Products in an all-cash transaction is valued at approximately $1.1 billion
  • Genmab (GMAB) announces under reference to Section 30 of the Danish Capital Markets Act that Orbis Investment Management Limited has informed us that, as of March 27, 2026, Orbis Investment Management Limited through shares controlled the voting rights to 3,205,763 shares in Genmab A/S, which amounts to 4.99% of the share capital and voting rights in Genmab A/S
  • Gevo (GEVO) announces that it is developing plans for a potential expansion at the site of its Gevo North Dakota facility in Richardton, North Dakota by adding a second ethanol production facility with targeted production capacity of up to 75 million gallons per year of low-carbon ethanol
  • Google (GOOG) expands Maps EV capabilities across 350+ Android Auto Models, adding AI-powered battery predictions, dynamic charging stops, and integrated trip planning
  • Instacart (CART) and ALDI U.S. launch a redesigned ALDI U.S. website; The upgraded website and app deliver a simpler online shopping experience for ALDI customers nationwide
  • JetBlue Airways (JBLU) raising baggage fees to offset fuel costs, according to CNBC
  • Johnson & Johnson (JNJ) reports ICOTYDE (icotrokinra) one-year results confirm lasting skin clearance and favorable safety profile in once-daily pill for plaque psoriasis
  • Kyndryl (KD) has been awarded a contract by the Texas Department of Information Resources to provide deliverables-based IT services to state and local government agencies and other eligible public sector organizations
  • Match Group (MTCH) reaches FTC settlement agreement over OkCupid data use, according to Reuters
  • Merck (MRK) announces detailed results from CORALreef AddOn, an active comparator study designed to evaluate the efficacy and safety of enlicitide decanoate compared to other oral non-statin therapies when added to background statins in adults with hypercholesterolemia who have a history of or are at risk for atherosclerotic cardiovascular disease
  • Meta Platforms (META) tests premium Instagram subscription tier, exploring new monetization stream with exclusive features, AI tools, and freemium expansion beyond advertising - Tech Crunch
  • Nanobiotix (NBTX) reports early Phase 2 data for JNJ-1900 in lung cancer
  • Palo Alto Networks (PANW): CEO disclosed the purchase of 68,085 shares at $146.46 - $147.48 worth approximately $10 mln (transaction date 3/27)
  • Realty Income (O) provided certain updates with respect to its capital raising, liquidity matters and certain financing matters
  • Red Cat Holdings (RCAT) announces strategic partnership with Ukraine’s Spetstechnoexport to advance multi-domain uncrewed systems collaboration
  • Red Cat Holdings (RCAT) has acquired Apium Swarm Robotics, a California-based developer of distributed control systems for autonomous swarming drones and uncrewed surface vessels
  • Rio Tinto (RIO) resumes Pilbara iron ore operations after cyclone disruption
  • Silvaco Group (SVCO) announces an expanded strategic partnership with Advanced Power Electronics Corp., a leading developer of silicon and silicon carbide power devices based in Taiwan
  • Starbucks (SBUX) confirms annual meeting results - did not approve proposal requesting adoption of an independent board chair policy
  • StoneX Group (SNEX) announces a strategic partnership with The Pathfinder Group, Ltd., to deliver institutional-grade cross-border payment capabilities for financial institutions
  • TJX (TJX) increases quarterly dividend 13% to $0.48/share from $0.425/share
  • Universal Music Group N.V. (UMGNF) to implement a share buyback program to repurchase the Company's own shares for an aggregate amount of €500 million
  • Vertical Aerospace Group (EVTL) entered into non-binding termsheet for comprehensive financing package
  • Voyager Technologies (VOYG) awarded contract with Icarus Robotics
  • WeRide (WRD): Uber (UBER) affirms 5.82% passive stake
  • Zymeworks (ZYME) gains FDA Fast Track for ZW191 in ovarian cancer

• Upgrades:
  • Adecoagro (AGRO) upgraded to Buy from Neutral at UBS, tgt $16.20
  • Analog Devices (ADI) upgraded to Buy from Neutral at Arete, tgt $389
  • Badger Meter (BMI) upgraded to Outperform from Neutral at Robert W. Baird, tgt $173
  • Banco Santander Chile (BSAC) upgraded to Overweight from Neutral at JPMorgan, tgt $40
  • Carnival (CCL) upgraded to Buy from Hold at HSBC, tgt $30.10
  • Celsius (CELH) upgraded to Buy from Hold at Deutsche Bank, tgt $44
  • Colgate-Palmolive (CL) upgraded to Buy from Hold at Deutsche Bank, tgt $98
  • CrowdStrike (CRWD) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $450
  • Expedia (EXPE) upgraded to Buy from Hold at Jefferies, tgt $300
  • Group 1 Automotive (GPI) upgraded to Buy from Hold at Benchmark, tgt $425
  • Insmed (INSM) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $212
  • Instacart (CART) upgraded to Buy from Hold at Jefferies, tgt $45
  • Macerich (MAC) upgraded to Outperform from Sector Perform at Scotiabank, tgt $22
  • Nokia (NOK) upgraded to Neutral from Sell at Goldman
  • Novanta (NOVT) upgraded to Outperform from Neutral at Robert W. Baird, tgt $144
  • Openlane (OPLN) upgraded to Buy from Neutral at Northcoast, tgt $34
  • Salvatore Ferragamo (SFRGY) upgraded to Outperform from Underperform at Bernstein
  • SLM (SLM) upgraded to Neutral from Sell at Compass Point, tgt $22
  • Sodexo (SDXAY) upgraded to Buy from Hold at Jefferies
  • South32 (SOUHY) upgraded to Buy from Neutral at Citigroup
• Downgrades:
  • Boston Scientific (BSX) downgraded to Outperform from Strong Buy at Raymond James, tgt $88
  • BYD Electronic (BYDIF) downgraded to Hold from Buy at Jefferies
  • Dole (DOLE) downgraded to Hold from Buy at Deutsche Bank, tgt $15
  • Hartford (HIG) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $149
  • Nomad Foods (NOMD) downgraded to Hold from Buy at Deutsche Bank, tgt $10
  • Ovintiv (OVV) downgraded to Neutral from Buy at Citigroup, tgt $62
• Others:
  • Alcoa (AA) initiated with an Outperform at CICC, tgt $73.20
  • CBIZ (CBZ) initiated with an Outperform at BMO Capital, tgt $33
  • Crescent Capital BDC (CCAP) initiated with a Neutral at B. Riley, tgt $13.50
  • Forestar Group (FOR) assumed with a Neutral at BTIG
  • FuboTV (FUBO) initiated with an Outperform at Citizens, tgt $13
  • Guardian Pharmacy (GRDN) initiated with a Buy at Jefferies, tgt $44
  • Liberty Formula One (FWONA) initiated with an Outperform at Citizens, tgt $100
  • Live Nation (LYV) initiated with an Outperform at Citizens, tgt $190
  • Netflix (NFLX) initiated with a Market Perform at Citizens
  • Opus Genetics (IRD) initiated with an Overweight at Cantor Fitzgerald, tgt $15
  • ProPetro Holding (PUMP) initiated with a Buy at BofA Securities, tgt $18
  • Qualcomm (QCOM) initiated with a Neutral at Goldman, tgt $135
  • Sanmina (SANM) initiated with a Neutral at JPMorgan, tgt $145
  • Seagate (STX) initiated with an Overweight at JPMorgan, tgt $525
  • Sphere Entertainment (SPHR) initiated with an Outperform at Citizens, tgt $150
  • Starbucks (SBUX) initiated with an Underperform at BNP Paribas, tgt $84
  • Sweetgreen (SG) initiated with an Underperform at BNP Paribas, tgt $4.50
  • Sylvamo (SLVM) initiated with a Buy at Truist, tgt $54
  • TKO Group (TKO) initiated with an Outperform at Citizens, tgt $240
  • TSS, Inc. (TSSI) initiated with a Buy at Needham, tgt $16
  • Vor Bio (VOR) initiated with a Buy at Jefferies, tgt $50
  • Voyager Technologies (VOYG) initiated with a Buy at Citigroup, tgt $36
  • Waystar (WAY) initiated with an Equal Weight at Morgan Stanley, tgt $28

• Econ Data (Friday):
  • 9:00 ET: January FHFA Housing Price Index (Briefing.com consensus 0.0%; prior 0.1%) and January S&P Case-Shiller Home Price Index (Briefing.com consensus 1.3%; prior 1.4%)
  • 9:45 ET: March Chicago PMI (Briefing.com consensus 54.8; prior 57.7)
  • 10:00 ET: February Job Openings (Briefing.com consensus 6.795 mln; prior 6.946 mln) and March Consumer Confidence (Briefing.com consensus 88.0; prior 91.2)

• Earnings:
  • Monday (Mar 30)
    • Pre-Market: FRMI
    • After-Hours: PHR
      
    Tuesday (Mar 31)
    • Pre-Market: FDS, MKC, SNX
    • After-Hours: PLAY, NCNO, NKE, PVH, RH
      
  • Wednesday (Apr 1)
    • Pre-Market: CALM, CAG, LW, MSM, UNF
      
    • After-Hours: PENG
  • Thursday (Apr 2)
    • Pre-Market: AYI, LNN
    • After-Hours: None
  • Friday (April 3)
    • Market closed for Holiday