After Hours Report

Stocks posted a strong session today, with the S&P 500 (+1.1%), Nasdaq Composite (+1.5%), and DJIA (+1.3%) finishing near their best levels as tech and mega-cap names rebounded from recent weakness while an improving macro backdrop supported broader market gains.

Investors bought into semiconductor stocks from the opening bell, with NVIDIA's (NVDA 223.33, +2.72, +1.23%) earnings report after the close acting as a catalyst amid expectations for another blowout quarter. Advanced Micro Devices (AMD 447.58, +33.53, +8.10%) and Intel (INTC 118.96, +8.16, +7.36%) were among the information technology sector's (+1.9%) top performers, as the PHLX Semiconductor Index (+4.5%) moved into positive territory for the week.

Several mega-cap names elsewhere also received some "buy-the-dip" attention this morning, including Tesla (TSLA 417.26, +13.15, +3.25%) and Amazon (AMZN 265.01, +5.67, +2.19%), helping the Vanguard Mega Cap Growth ETF (+1.4%) move into positive week-to-date territory as well.

The consumer discretionary sector (+2.5%) was already off to a strong start as a result.

Momentum accelerated just before midday after President Trump told reporters on Air Force One that the U.S. is in the "final stages" of talks on Iran, which sent oil prices and Treasury yields sharply lower after both had already been trending modestly downward.

Crude oil futures settled today's session $5.96 lower (-5.7%) at $98.19 per barrel, and the 10-year note yield settled down ten basis points to 4.57%.

Cruise lines such as Norwegian Cruise Line (NCLH 16.04, +1.24, +8.42%) and Carnival (CCL 26.04, +2.14, +8.98%) moved sharply higher, while homebuilders including Lennar (LEN 87.32, +4.32, +5.20%) and D.R. Horton (DHI 141.78, +7.06, +5.24%) also outperformed, helping the consumer discretionary sector build on its strong start and finish as the best-performing S&P 500 sector.

The iShares U.S. Home Construction ETF finished 4.5% higher.

The intraday retreat in yields and oil prices helped the broader market move firmly higher after a somewhat muted start. United Airlines (UAL 98.02, +8.90, +9.99%) and Delta Air Lines (DAL 74.12, +6.36, +9.39%) were among the best-performing S&P 500 components, contributing to strength in the industrials (+1.2%), while a rebound in container and packaging names pushed the materials sector (+1.4%) higher, and the real estate sector (+1.2%) benefited from the retreat in yields.

Weakness was limited to the energy sector (-2.6%) amid the plunge in oil prices, while the defensive consumer staples (-1.0%) and health care (-0.1%) sectors were overlooked in favor of more growth-oriented stocks today.

The consumer staples sector was also pressured by weakness in Target (TGT 122.33, -4.91, -3.86%) despite the company posting a solid beat-and-raise earnings report, while Walmart (WMT 130.85, -3.35, -2.50%) traded lower ahead of its earnings tomorrow morning.

Outside of the S&P 500, the Russell 2000 (+2.6%) and S&P Mid Cap 400 (+1.9%) outperformed amid the more favorable interest rate backdrop.

Stocks posted wins on multiple fronts today, which helped the major averages move into positive territory for the week. While there is still a lack of clarity around the state of negotiations between the U.S. and Iran, today's slide in oil prices alleviated some upward pressure on Treasury yields that were becoming increasingly viewed as a material headwind for equities.

Additionally, investors continued to buy dips across semiconductor and mega-cap stocks, with NVIDIA's upcoming earnings release serving as an additional potential catalyst for the group.

U.S. Treasuries climbed on Wednesday, bouncing from a slide that lifted yields to fresh 2026 highs earlier this week. The market held its ground through today's $16 billion 20-year bond auction, which met good demand, while the April FOMC Minutes showed some division among policymakers about the future rate path, which was not a surprise. The 2-year note yield settled down eight basis points to 4.04%, and the 10-year note yield settled down ten basis points to 4.57%. 

• Russell 2000: +13.5% YTD
• Nasdaq Composite: +13.0% YTD
• S&P Mid Cap 400: +10.1% YTD
• S&P 500: +8.6% YTD
• DJIA: +4.1% YTD

Reviewing today's data:

• April Pending Homes Sales 1.4% (Briefing.com consensus 1.6%); Prior was revised to 1.7% from 1.5%

Overseas:

• Europe: DAX +1.4%, FTSE +1.0%, CAC +1.7%
• Asia: Nikkei -1.2%, Hang Seng -0.6%, Shanghai -0.2%

Commodities:

• Crude Oil -5.96 @ 98.19
• Nat Gas -0.12 @ 3.00
• Gold +25.00 @ 4535.00
• Silver +0.99 @ 76.11
• Copper +0.12 @ 6.33

After-Hours Spotlight:

• Applied Digital (APLD) enters into long-term lease agreement with the same U.S. based high investment-grade hyperscaler that previously signed at Delta Forge 1...APLD +6.9%
• Anthropic expects its first operating profit in JunQ, with revenue projected to surge about 130% to $10.9 bln, according to WSJ
• e.l.f. Beauty (ELF) beats by $0.03, beats on revs; guides FY27 EPS below consensus, revs in-line...ELF +3.2%
• Intuit (INTU) beats by $0.23, reports revs in-line; guides Q4 EPS above consensus, revs above consensus...INTU -14.3%
• NVIDIA (NVDA) beats by $0.12, beats on revs; guides Q2 revs above consensus; increases share repurchase authorization by $80 bln, increases dividend...NVDA -0.6%
• SpaceX files IPO prospectus with the SEC, number of shares offered and projected price range not yet determined; Applied to list its common stock on the Nasdaq under ticker symbol "SPCX"
• Urban Outfitters (URBN) beats by $0.16, beats on revs, comparable retail segment net sales of +5.6%...URBN -3.5%

Fair Value for Thursday, May 21:

• S&P 500: 7,452
• Nasdaq 100: 29,384
• DJIA: 50,082

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

• Earnings/Guidance (Full Earnings Calendar):
  • Analog Devices (ADI) beats by $0.21, beats on revs; guides Q3 EPS above consensus, revs in-line
  • Arcos Dorados (ARCO) beats by $0.06, reports revs in-line
  • CAVA Group (CAVA) beats by $0.03, beats on revs; same restaurant sales +9.7%; raises FY26 same restaurant sales growth
  • Dorian LPG (LPG) beats by $0.44, beats on revs
  • Hasbro (HAS) beats by $0.27, beats on revs; reaffirms FY26 guidance
  • James Hardie (JHX) reports EPS in-line, revs in-line; guides JunQ revs below consensus; guides FY27 revs below consensus
  • Keysight (KEYS) beats by $0.55, reports revs in-line; guides Q3 EPS above consensus, revs above consensus
  • Lowe's (LOW) beats by $0.06, reports revs in-line; reaffirms FY27 guidance; Q1 comps +0.6%
  • Roivant Sciences (ROIV) beats by $0.57, misses on revs
  • Target (TGT) beats by $0.24, beats on revs; raises FY27 guidance; Q1 comps +5.6%
  • TJX (TJX) beats by $0.17, beats on revs, reports Q1 comps of +6%; guides Q2 EPS below consensus; raises FY27 EPS and comp guidance; increasing its range for share repurchases to $2.75-3.00 bln
  • Toll Brothers (TOL) beats by $0.14, beats on revs, adjusted home sales gross margin of 26.2%; Sees Q3 Deliveries of 2,600-2,700, raises low end of FY26 deliveries guidance range
  • V.F. Corp (VFC) beats by $0.01, beats on revs; reaffirms FY27 guidance
  • ZTO Express (ZTO) misses by RMB 0.12, beats on revs
• General News
  • President Trump says he hopes the Iran war ends "very quickly." The Hill
  • Chinese President Xi warned against resuming military operations in Iran. Bloomberg
  • The Senate advances a resolution to cease hostilities in Iran, but the resolution does not have enough support to override a presidential veto. CBS News
  • Rep. Thomas Massie's defeat in a Republican primary highlights President Trump's grip on the Republican party. Bloomberg
  • President Trump signed an executive order to protect America’s financial system from illicit activity
  • The House is expected to pass revised housing affordability legislation today and send it back to the Senate. Politico
  • China will quicken construction of mineral reserve sites, according to Reuters
  • EU agrees to eliminate tariffs on all US industrial goods and providing preferential market access for certain US agricultural and seafood products, in line with the EU commitments made in the EU-US Joint Statement of 21 August 2025
  • OpenAI said to prepare confidential IPO filing as soon as this week, according to WSJ
  • Iran allows a batch of ships through the Strait of Hormuz, according to Trade Winds
  • White House wants to brief companies on plan to review AI models prior to the release, according to The Information
  • Aecom (ACM), Binnies and Ramboll joint venture appointed for Phase 2 of Singapore’s Integrated Waste Management Facility
  • Airbus (EADSY) establishes Tech Hub in Canada
  • Alibaba (BABA) introduced its Zhenwu M890 AI accelerator. Bloomberg
  • AllianceBernstein (AB), Brookfield Asset Management and Carlyle announce a collaboration to deliver private markets solution for Defined Contribution (DC) plans
  • Alphabet (GOOG): Expansion in Montgomery County with Ameren (AEE) partnership targets 500MW capacity and $20 mln utility relief program
  • Alphabet (GOOG): Google AI workers to enter union recognition talks, according to CWU
  • Amerant Bancorp (AMTB) announces its Board of Directors has appointed Carlos Iafigliola as President and Chief Executive Officer of Amerant Bank N.A., the Company’s main operating subsidiary, effective May 18, 2026
  • Amgen (AMGN) announces the retirement of Executive Vice President and CFO Peter Griffith
  • A.O. Smith (AOS) announces that Carrie L. Anderson will become the company's next executive vice president and CFO on July 1, succeeding Charles T. Lauber, who will retire from the company
  • Boeing (BA): China will purchase 200 Boeing jets. Reuters
  • Boston Beer Co (SAM) discloses that it entered a plan to repurchase up to $25 mln of the company's Class A Common stock
  • Bristol-Myers (BMY) confirms strategic agreement with Anthropic to deploy Claude
  • C3.ai (AI) confirms verdict in favor of C3 AI in its lawsuit against Cummins (CMI)
  • Caleres (CAL) announces the appointment of Dan Karpel as senior vice president and chief financial officer, effective immediately
  • Clear Secure (YOU) partners with Expedia (EXPE) to bring a more seamless airport experience to travelers
  • Clear Secure (YOU) and General Dynamics (GD) Information Technology announce strategic collaboration agreement to deliver secure digital identity management and verification solutions for federal health and civilian agencies
  • Collective Mining (CNL) discovers a precious metal-rich oxide zone at Northern Apollo with intercepts including 71.20 meters at 1.95 g/t gold equivalent (0.75 g/t Au and 87 g/t Ag) from surface
  • Core Natural Resources (CNR) discloses that a subsidiary received an imminent danger order
  • DocuSign (DOCU)  and ID.me announce a partnership to make identity verification for commercial and legal agreements easier and more secure
  • Dyne Therapeutics (DYN) announces the initiation of the Phase 3 FORZETTO trial of zeleciment rostudirsen, in individuals with Duchenne muscular dystrophy amenable to exon 51 skipping
  • Eton Pharmaceuticals (ETON) announces it has entered into a supply and distribution agreement for the United States commercialization rights to IMPAVIDO (miltefosine) from an affiliate of Knight Therapeutics
  • GDS Holdings (GDS) announces that Mr. Lim Ah Doo has resigned as an independent director of the Board of Directors and as Chairman of the Audit Committee for personal reasons, effective May 20, 2026
  • Goldman (GS) expected to be the lead banker on SpaceX's IPO. WSJ
  • Grid Dynamics (GDYN) announces an AI-native modernization service offering on Microsoft (MSFT) Azure
  • Hasbro (HAS) trades modestly higher in after hours after canceling publishing deal with video game studio Giant Skull to develop Dungeons & Dragons game, according to Bloomberg
  • HF Sinclair (DINO) discloses it entered into a stock purchase agreement with REH Advisors
  • Huntington Ingalls (HII) showcases next-generation autonomous unmanned maritime and LVC capabilities at Combined Naval Event 2026
  • ImmunityBio (IBRX) announces FDA acceptance of supplemental BLA for ANKTIVA Plus BCG in BCG-unresponsive non-muscle invasive bladder cancer with papillary disease; PDUFA date set for January 6, 2027
  • InMode (INMD) appoints Dr. Shlomo Nass as Chairman of the Board and Moshik Itzkovich as Chief Financial Officer
  • Intel (INTC) wants PC makers to use more advanced CPUs. Nikkei
  • Klarna Group plc (KLAR) launched the Klarna Shopping Search app in ChatGPT, bringing real-time product discovery directly into the conversation
  • Logitech Int'l SA (LOGI) announces the board of directors has approved a proposal for a Fiscal Year 2026 cash dividend, which, if approved by shareholders, would be an increase to CHF 1.36 per share from CHF 1.26
  • Meta (META) starts cutting 8000 jobs. Bloomberg
  • Miami International Holdings (MIAX) announced a clearing and settlement agreement between MIAX Futures and the Options Clearing Corporation
  • Monopar (MNPR) announces publication of Phase 2 study demonstrating ALXN1840 significantly improves copper balance in patients with Wilson Disease
  • NexGen Energy (NXE) appoints Ryan Podrasky as Chief Financial Officer effective May 25, 2026
  • Northrop Grumman (NOC) increases quarterly cash dividend to $2.47/share from $2.310/share
  • NVIDIA (NVDA) and Google (GOOG/GOOGL) Cloud empower next wave of AI builders
  • Nvidia (NVDA) committed $90 bln to dealmaking over the last several months. FT
  • NVIDIA (NVDA): China bans a Nivida gaming chip. FT
  • PepsiCo (PEP) aiming to increase prices by 10 to 20 cents on some single serve bags, according to Bloomberg
  • Pfizer (PFE) advances pivotal pediatric pneumococcal vaccine program following strong positive phase 2 results
  • Philip Morris International (PM) announces that Massimo Andolina has been appointed Group Chief Financial Officer, effective August 1, 2026
  • Qiagen (QGEN) to integrate NVIDIA accelerated computing and the NVIDIA BioNeMo platform to help researchers use AI more effectively in drug discovery
  • Redwire (RDW) awarded a $15 mln follow-on order from the 1st Aviation Brigade, US Army Aviation Center of Excellence for Redwire Stalker uncrewed aerial systems
  • Roblox (RBLX) announces its Board of Directors has authorized the repurchase of up to $3 bln of the company’s common stock with the intent to buy back up to $1 bln over the next twelve months
  • Royal Caribbean (RCL) confirms SEMARNAT Mexico news; continues to believe in Mexico and the potential to advance its investment responsibly
  • Samsung (SSNLF): 48,000 Samsung workers to strike. Reuters
  • SentinelOne (S) announces its Singularity Platform is now available through AWS Security Hub Extended (AMZN), Amazon Web Services’ unified security solution
  • Stellantis (STLA) and Dongfeng announce their intention to form a european joint venture for shared sales & distribution, manufacturing, purchasing, and engineering activities
  • Tesla (TSLA) hiring for self driving roles in China. Bloomberg
  • Towne Bank (TOWN) increases quarterly cash dividend to $0.28/share from $0.27/share
  • TTEC Holdings (TTEC) selected for Salesforce (CRM) Forward Deployed Engineering Partner Network
  • Victoria's Secret (VSCO): BBRC releases an investor presentation entitled, “A Targeted Accountability Campaign to Preserve Victoria’s Secret’s Turnaround”

• Upgrades:
  • C.H. Robinson (CHRW) upgraded to Buy from Hold at Jefferies, tgt $200
    
  • California Resources (CRC) upgraded to Buy from Neutral at Citigroup, tgt $78
    
  • Centene (CNC) upgraded to Buy from Hold at Deutsche Bank, tgt $80
    
  • Elevance Health (ELV) upgraded to Buy from Hold at Deutsche Bank, tgt $498
    
  • Ermenegildo Zegna Group (ZGN) upgraded to Buy from Hold at TD Cowen, tgt $15
    
  • Etsy (ETSY) upgraded to Buy from Neutral at Arete, tgt $76
    
  • Franco-Nevada (FNV) upgraded to Buy from Hold at TD Cowen, tgt $291
    
  • Humana (HUM) upgraded to Buy from Hold at Deutsche Bank, tgt $441
    
  • Orla Mining (ORLA) upgraded to Buy from Hold at TD Cowen
    
  • Ovintiv (OVV) upgraded to Buy from Neutral at Citigroup, tgt $70
    
  • Packaging Corporation of America (PKG) upgraded to Buy from Neutral at UBS, tgt $248
    
  • Rubrik (RBRK) upgraded to Outperform from Perform at Oppenheimer, tgt $85
    
  • SM Energy (SM) upgraded to Outperform from Underperform at Raymond James, tgt $55
    
  • Xponential Fitness (XPOF) upgraded to Outperform from Market Perform at Northland, tgt $8
• Downgrades:
  • Cigna (CI) downgraded to Hold from Buy at Deutsche Bank, tgt $302
    
  • Crown Castle (CCI) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • Newell Brands (NWL) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $3.50
    
  • Northern Oil and Gas (NOG) downgraded to Hold from Accumulate at Johnson Rice, tgt $36
  • Phreesia (PHR) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $9
• Others:
  • BJ's Wholesale (BJ) assumed with a Neutral at BofA Securities, tgt $110
  • Casey's General Stores (CASY) initiated with an Outperform at William Blair
    
  • Driven Brands (DRVN) reinstated with an Outperform at Robert W. Baird, tgt $18
    
  • Pinnacle Financial Partners (PNFP) initiated with an Outperform at Robert W. Baird, tgt $115
    
  • ProMIS Neurosciences (PMN) initiated with a Buy at Brookline Capital Markets, tgt $40
    
  • QuickLogic (QUIK) initiated with a Buy at Needham, tgt $22
    
  • SAB Biotherapeutics (SABS) initiated with a Buy at Jefferies, tgt $11
    
  • X-Energy (XE) initiated with an Overweight at Cantor Fitzgerald, tgt $38

• Econ Data (Thursday):
  • 8:30 ET: April Housing Starts (Briefing.com consensus 1.420 mln; prior 1.502 mln), Building Permits (Briefing.com consensus 1.380 mln; prior 1.372 mln), weekly Initial Claims (Briefing.com consensus 210,000; prior 211,000), Continuing Claims (prior 1.782 mln), and May Philadelphia Fed survey (Briefing.com consensus 15.5; prior 26.7)
  • 10:30 ET: Weekly natural gas inventories (prior +85 bcf)

• Earnings:
  • Monday (May 18)
    • Pre-Market: BIDU BRC
    • After-Hours: AGYS
      
    Tuesday (May 19)
    • Pre-Market: AS BILI EXP HD BEKE
    • After-Hours: CAVA JHX KEYS TOL ZTO
  • Wednesday (May 20)
    • Pre-Market: ADI ARCO LPG GDS HAS IMVT LOW ROIV TGT TJX VFC
      
    • After-Hours: ELF ENS INTU NDSN NVDA STEP URBN
  • Thursday (May 21)
    • Pre-Market: AAP WMS DE HLNE LSPD NTES NIO RL SCVL VIPS WMT
    • After-Hours: CAE CPRT DECK FLO LION RAMP ROST TTWO BULL WDAY ZM
  • Friday (May 22)
    • Pre-market: BJ BAH GSL
    • After-Hours: None