After Hours Report

The stock market started a holiday-abbreviated week on a sharply higher note as a pullback in oil prices culminated in relatively broad gains and strong leadership from mega-cap and tech names. The S&P 500 (+1.7%), Nasdaq Composite (+3.1%), and DJIA (+0.9%) traded in a narrow range after the initial oil-driven opening gains, with the DJIA securing fresh all-time high levels.

Yesterday's announcement from President Trump that the U.S. and Iran have reached a peace agreement, which will include the reopening of the Strait of Hormuz and lifting Iran's naval blockade, provided the spark for a constructive session today. The deal is expected to be signed on Friday in Switzerland, and while questions remain around some of the tougher issues, including Iran's nuclear program, the market was satisfied by the progress and the subsequent slide in oil prices. Crude oil futures settled the session $3.98 lower (-4.7%) at $80.90 per barrel.

Importantly, mega-cap and tech stocks took part in the rally after some choppiness across the group last week. The information technology sector (+3.4%) finished with the widest gain, supported by a 5.5% advance across components of the PHLX Semiconductor Index. NVIDIA (NVDA 212.45, +7.26, +3.54%) reclaimed its 50-day moving average (207.60), while memory names Western Digital (WDC 653.53, +90.60, +16.10%), Micron (MU 1087.99, +106.38, +10.84%), and Seagate Tech (STX 1018.80, +87.76, +9.43%) were among the top-performing S&P 500 names.

Meta Platforms (META 593.48, +26.50, +4.67%) and Amazon (AMZN 246.10, +7.55, +3.16%) were among the other mega-cap standouts, which helped the communication services (+2.4%) and consumer discretionary (+1.9%) sectors also finish near the top of the leaderboard. The Vanguard Mega Cap Growth ETF finished 2.8% higher.

Though not yet a component of the S&P 500, SpaceX (SPCX 192.50, +31.55, +19.60%) traded sharply higher again in its second trading day, putting its total gain at roughly 40% above its IPO price.

Outside of the mega-cap realm, oil- and rate-sensitive stocks contributed to today's rally amid the pullback in crude prices. DoorDash (DASH 168.09, +17.51, +11.63%) was an S&P 500 standout, while a host of cruise lines and other travel-related names also contributed to the strength in the consumer discretionary sector.

The industrials sector (+1.4%) was another top mover, bolstered by solid performances across airline names and electrical product names, which have become increasingly linked to semiconductor performance.

Meanwhile, the energy sector (-3.6%) faced a sharp retreat amid the oil pullback, while the more defensive-oriented real estate (-0.9%), health care (-0.7%), and consumer staples (-0.5%) sectors also underperformed as growth stocks surged today.

Altogether, it was a relatively quiet session, as a lack of corporate news kept the major averages trading near their opening highs for most of the day. The retreat in oil prices improved sentiment across the market and helped alleviate some inflation and growth concerns, while mega-cap and technology stocks regained their footing after a volatile previous week

U.S. Treasuries started the week on a positive note, though some intraday backtracking left the complex with only a portion of its initial gains. The 2-year note yield settled down two basis points to 4.07%, and the 10-year note yield settled down two basis points to 4.47%.

• Russell 2000: +19.5% YTD
• S&P Mid Cap 400: +15.2% YTD
• Nasdaq Composite: +14.8% YTD
• S&P 500: +10.4% YTD
• DJIA: +7.5% YTD

Reviewing today's data:

• June Empire State Manufacturing 5.7 (Briefing.com consensus 12.5); Prior 19.6
• May Industrial Production 0.1% (Briefing.com consensus 0.2%); Prior was revised to 0.9% from 0.7%, May Capacity Utilization 76.2% (Briefing.com consensus 76.2%); Prior 76.1%
  • The key takeaway from the report is that manufacturing output moved sideways in May, reflecting a cooling down after some solid activity in April.
• June NAHB Housing Market 35 (Briefing.com consensus 37); Prior 37

Overseas:

• Europe: DAX +1.1%, FTSE -0.4%, CAC +0.4%
• Asia: Nikkei +5.0%, Hang Seng +0.5%, Shanghai +1.6%

Commodities:

• Crude Oil -3.98 @ 80.90
• Nat Gas +0.03 @ 3.15
• Gold +112.00 @ 4351.20
• Silver +2.18 @ 70.20
• Copper +0.05 @ 6.49

After-Hours Spotlight:

• Applied Materials (AMAT) unveils deposition and selective etch systems to advance 3D chip scaling...AMAT +0.1%
• Dave & Buster's (PLAY) misses by $0.38, misses on revs...PLAY -5.1%
• Domo (DOMO) Announces First Quarter Fiscal 2027 Financial Results and Provides Strategic Alternatives Process Update...DOMO -8.0%
• Gilead (GILD): U.S. FDA Accepts Gilead’s Application for Investigational Once-Weekly Oral Yeztugo, Potentially the First Long-Acting Pill for HIV Prevention...GILD fat
• Hewlett Packard Enterprise (HPE) advances quantum computing at scale with expanded industry collaborations...HPE +0.3%
• Kohl's (KSS) announces that Elliott Rodgers has been named Chief Operating Officer; He will assume the role on September 9, 2026...KSS flat
• Mondelez Int'l (MDLZ) announces appointment of Amit Banati as Executive Vice President and Chief Financial Officer, effective July 1, 2026...MDLZ +1.0%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Invesco Mortgage Capital (IVR) provides May financial update; Total investment portfolio including TBAs of $8.0 billion
  • Lotus Technology (LOT) announces operational and earnings reporting updates
  • Plains All American (PAA) and Plains GP Holdings provide an update to capital spending guidance for 2026
  • PowerFleet (AIOT) reports results for fourth quarter and full-year fiscal 2026
  • Toyota Motor (TM) to book JPY577 bln gain from Toyota Industries share sale in Q1 FY27
• General News
  • U.S.-Iran peace deal to be signed on Friday. Reuters
  • President Trump threatens France with wine tariff if tech tax is not ended. NY Post
  • U.K. to implement social media ban for minors. Bloomberg
  • Alkermes Plc (ALKS) announces that alixorexton was recently granted orphan drug designations from leading regulatory bodies in the U.S. and Europe
  • Apple (AAPL)-linked factory allegedly polluted farmland in India. Reuters
  • AstraZeneca (AZN) receives FDA approval for TRUQAP in PTEN-deficient metastatic prostate cancer
  • AstraZeneca's (AZN) Alexion unit receives Priority Review for Ultomiris in IgA nephropathy
  • Avista (AVA) pauses processing of energy service request from 500 MW data center developer while seeking broader policy and community alignment
  • Axsome Therapeutics (AXSM) Presents New Data Highlighting its Innovative Sleep Medicine Portfolio at SLEEP 2026
  • Bank of Montreal (BMO) Insurance launches of BMO Health and Dental Insurance, a new offering distributed by BMO Insurance Solutions and powered by GreenShield
  • Bayer (BAYRY) receives FDA approval for next-generation MRI contrast agent AMBELVIST
  • Bayer (BAYRY) receives FDA approval for Ambelvist low-dose MRI contrast agent
  • Belite Bio (BLTE) completes NDA submission for tinlarebant in Stargardt disease
  • Celldex (CLDX) presents first-in-human results from Phase 1 Study of Novel Bispecific CDX-622 at the European Academy of Allergy and Clinical Immunology Annual Meeting
  • Corteva (CTVA) discloses Spain production exit as part of Crop Protection restructuring
  • Crinetics (CRNX) presents full results from Phase 2 Trial of Atumelnant in Congenital Adrenal Hyperplasia (CAH) in Oral Presentation at ENDO 2026
  • Diana Shipping Inc. (DSX) addresses Genco Shipping & Trading’s (GNK) last-ditch attempt to cling to poison pill
  • Dr. Reddy's (RDY) launches generic Bosulif in U.S. with 180-day exclusivity
  • Ecopetrol (EC) reached a final agreement on a new collective bargaining agreement with the Oil Workers Union
  • Electronic Arts (EA) announces launch of EA Advertising, a new platform transforming how brands connect with audiences through digital and real-world experiences across its portfolio of games
  • Elicio Therapeutics (ELTX) Reports Results from Phase 2 AMPLIFY-7P Study and Outlines Refined Phase 3 Development Strategy for ELI-002 7P in Adjuvant Pancreatic Cancer
  • Federal Signal (FSS) provides update on Streator, Illinois facility; announces signing of definitive agreement to acquire Western Technology
  • Fermi America (FRMI) files definitive consent revocation statement and mails letter to shareholders
  • Fortuna Silver Mines (FSM) secures environmental approval for Diamba Sud project in Senegal
  • Genmab (GMAB) reports Epcoritamab Monotherapy and Epcoritamab-Based combination regimens demonstrate high response rates in elderly patients with newly diagnosed diffuse Large B-Cell Lymphoma
  • Halozyme Therapeutics (HALO) sees little impact from Medicare pricing rules on royalty revenue
  • Honeywell (HON) board approves Aerospace spin-off ahead of June 29 separation
  • Hudson Technologies (HDSN) discloses storm and tornado damage at primary refrigerant reclamation facility in Illinois
  • IDEAYA Biosciences (IDYA) announces IDE892, a Potential Best-in-Class MTA-Cooperative PRMT5 Inhibitor, Initiates a Phase 1/2 Clinical Combination Study in MTAP-Deleted Pancreatic and Lung Cancers
  • Immuneering (IMRX) names Andrew Gengos as CFO
  • Incyte (INCY) reports results from Pivotal Phase 3 frontMIND Trial of Tafasitamab (Monjuvi/Minjuvi) combination presented at the 2026 European Hematology Association (EHA) Congress Plenary Showed Prolonged Progression Free Survival
  • Intellia Therapeutics (NTLA) reports additional Phase 3 Results for Lonvoguran Ziclumeran (lonvo-z) in Patients with Hereditary Angioedema
  • Johnson & Johnson (JNJ) reports new TALVEY (talquetamab-tgvs) plus DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) data demonstrate the strength of a bispecific combination in earlier-line relapsed or refractory multiple myeloma
  • Johnson & Johnson (JNJ) to invest over $1 bln to expand U.S. vision operations in Florida
  • JPMorgan Chase (JPM) reports May card metrics
  • Legend Biotech (LEGN) establishes clinical proof-of-concept for LB2501, a Potential first-in-class in vivo CD19/CD20 Dual-Targeting CAR-T, in Relapsed/Refractory B-Cell Non-Hodgkin Lymphoma
  • Lexeo Therapeutics (LXEO) announces that the Company has finalized the SUNRISE-FA 2 pivotal trial protocol and statistical analysis plan intended to provide clinical evidence to support the submission of a Biologics License Application to the U.S. Food and Drug Administration for gene therapy candidate LX2006 under the accelerated approval pathway in 2028
  • Lilly (LLY) to present initial clinical data for first-in-class type II JAK2 inhibitor in patients with previously treated myelofibrosis at the 2026 EHA Annual Meeting
  • Lilly's (LLY) Jaypirca (pirtobrutinib) significantly reduced the risk of disease progression or death by 45% when added to a venetoclax time-limited regimen in people with previously treated CLL/SLL
  • Lockheed Martin (LMT) awarded a $2.29 bln Navy contract
  • Merck (MRK): FDA Approves KEYTRUDA (pembrolizumab) and KEYTRUDA QLEX, Each With WELIREG (belzutifan), for Adjuvant Treatment of Certain Patients With Clear Cell Renal Cell Carcinoma
  • Mirum Pharmaceuticals (MIRM) and Incyte (INCY) report pivotal Phase 2 results from PROGRESS study of Zilurgisertib in Fibrodysplasia Ossificans Progressiva
  • Nutrien (NTR) cautions investors regarding Ocehan LLC's below market "mini-tender" offer
  • Rhythm Pharmaceuticals (RYTM) presents interim six-month data from Phase 2 Trial of Setmelanotide in Patients with Prader-Willi Syndrome (PWS) at ENDO 2026
  • NVIDIA (NVDA): Trust3 AI joins NVIDIA inception program to accelerate adoption of data and AI
  • Ouster (OUST) expands Benchmark (BHE) partnership to ramp production of Rev8 lidar sensors
  • Parsons (PSN) wins $184 mln Navy intelligence support contract
  • Peabody Energy (BTU) announces new surety arrangements in the U.S. and Australia
  • Pharvaris N.V. (PHVS) reports data supporting differentiated profile of Deucrictibant in HAE Management Presented at EAACI 2026
  • Precigen's (PGEN) PAPZIMEOS Granted orphan drug exclusivity by FDA; long-term data from clinical study encouraging
  • Sanofi (SNY) secures FDA approval for expanded use of Tzield in newly diagnosed type 1 diabetes
  • Tesla (TSLA) allegedly misled European regulators with self-driving data. Reuters
  • TWO (TWO) provides update on UWMC engagement following expiration of waiver period
  • USA Rare Earth (USAR) announces commissioning of its hydrometallurgical demonstration facility in Wheat Ridge, Colorado
  • Vaalco Energy (EGY) reports initial production results from Gabon and Egypt wells
  • Village Farms (VFF) provides operational update on Delta 2 Greenhouse expansion
  • Yum! Brands' (YUM) KFC launches its next chapter globally, complete with new menu innovation, modern restaurant design and fresh branding
  • Zymeworks (ZYME) reports encouraging Phase 1 data for ovarian and endometrial cancer ADC ZW191

• Upgrades:
  • Aviat Networks (AVNW) upgraded to Outperform from Market Perform at Northland, tgt $25
  • Datadog (DDOG) upgraded to Buy from Hold at Truist, tgt $300
  • Ferrari (RACE) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $438
  • FireFly Aerospace (FLY) upgraded to Overweight from Sector Weight at KeyBanc, tgt $50
  • HawkEye 360 (HAWK) upgraded to Buy from Hold at Jefferies, tgt $34
  • Paychex (PAYX) upgraded to Buy from Neutral at Citigroup, tgt $140
  • Rocket Lab (RKLB) upgraded to Overweight from Sector Weight at KeyBanc, tgt $135
  • Silvercorp Metals (SVM) upgraded to Buy from Neutral at Roth Capital, tgt $13.75
• Downgrades:
  • Accenture (ACN) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $177
  • Caesars Entertainment (CZR) downgraded to Hold from Buy at Stifel, tgt $31
  • C.H. Robinson (CHRW) downgraded to Neutral from Buy at Citigroup, tgt $199
  • Cheesecake Factory (CAKE) downgraded to Neutral from Buy at Northcoast
  • Credicorp (BAP) downgraded to Neutral from Overweight at JPMorgan, tgt $415
  • Curbline Properties (CURB) downgraded to Peer Perform from Outperform at Wolfe Research
  • Intercorp Financial (IFS) downgraded to Neutral from Overweight at JPMorgan, tgt $56
  • Knight-Swift (KNX) downgraded to Neutral from Buy at Citigroup, tgt $90
  • MGM Resorts (MGM) downgraded to Hold from Buy at Stifel, tgt $49
  • Nu Holdings (NU) downgraded to Neutral from Buy at Citigroup, tgt $13
  • Old Dominion Freight Line (ODFL) downgraded to Sell from Neutral at Citigroup, tgt $228
  • Roku (ROKU) downgraded to Neutral from Outperform at Robert W. Baird, tgt $160
  • Runway Growth Finance (RWAY) downgraded to Underperform from Neutral at BofA Securities, tgt $5.50
  • Saia (SAIA) downgraded to Neutral from Buy at Citigroup, tgt $524
  • Traws Pharma (TRAW) downgraded to Neutral from Buy at Ladenburg
• Others:
  • 3M (MMM) reinstated with a Buy at Goldman, tgt $190
  • Adial Pharmaceuticals (ADIL) initiated with a Buy at Lucid Capital, tgt $6
  • Ametek (AME) initiated with a Neutral at Citigroup, tgt $257
  • Better Home & Finance (BETR) initiated with a Buy at Roth Capital, tgt $35
  • Biodesix (BDSX) initiated with a Buy at H.C. Wainwright, tgt $26
  • Brookdale Senior Living (BKD) initiated with a Buy at Compass Point, tgt $22
  • CEVA (CEVA) initiated with a Buy at Needham, tgt $55
  • Coupang (CPNG) initiated with an Outperform at CLSA, tgt $24
  • DuPont (DD) initiated with a Neutral at Goldman, tgt $53
  • EPAM Systems (EPAM) initiated with a Neutral at Wedbush, tgt $99
  • ESCO Technologies (ESE) initiated with an Overweight at JPMorgan, tgt $420
  • Greenland Energy (GLND) initiated with a Buy at ThinkEquity, tgt $6
  • ICU Medical (ICUI) initiated with a Buy at BTIG Research, tgt $170
  • Jade Biosciences (JBIO) initiated with a Buy at UBS, tgt $45
  • Kalaris Therapeutics (KLRS) initiated with a Buy at TD Cowen
  • Lincoln International (LCLN) initiated with a Buy at Goldman, tgt $27.50
  • Lincoln International (LCLN) initiated with an Equal Weight at Morgan Stanley, tgt $27
  • Lincoln International (LCLN) initiated with an In Line at Evercore ISI, tgt $25
  • Lincoln International (LCLN) initiated with a Market Perform at BMO Capital, tgt $26
  • Lincoln International (LCLN) initiated with a Market Perform at Keefe Bruyette, tgt $26
  • Lincoln International (LCLN) initiated with an Outperform at Citizens, tgt $30
  • Lincoln International (LCLN) initiated with an Outperform at Wolfe Research, tgt $29
  • Onto Innovation (ONTO) initiated with an Overweight at Morgan Stanley, tgt $371
  • Quoin Pharmaceuticals (QNRX) initiated with a Buy at ThinkEquity, tgt $12
  • TeraWulf (WULF) initiated with a Buy at BofA Securities, tgt $34
  • Twist Bioscience (TWST) initiated with a Buy at Canaccord, tgt $90

• Econ Data (Tuesday):
  • 8:30 ET: May Housing Starts (Briefing.com consensus 1.440 mln; prior 1.465 mln), Building Permits (Briefing.com consensus 1.410 mln; prior 1.442 mln), May Import Prices (prior 1.9%), Import Prices ex-oil (prior 0.8%), Export Prices (prior 3.3%), and Export Prices ex-agriculture (prior 3.4%)

• Earnings:
  • Monday (June 15)
    • Pre-Market: None
    • After-Hours: PLAY
      
    Tuesday (June 16)
    • Pre-Market: WLY
    • After-Hours: LZB
      
  • Wednesday (June 17)
    • Pre-Market: KMX, JBL
      
    • After-Hours: SWBI
      
  • Thursday (June 18)
    • Pre-Market: ACN KR
    • After-Hours: None
  • Friday (June 19)
    • Pre-market: None
    • After-Hours: None