After Hours Report

Stocks had a relatively sleepy session on the heels of Monday's rally, with the DJIA (+0.6%) furthering its push into record territory as oil prices continued to fall, while the S&P 500 (-0.6%) and Nasdaq Composite (-1.2%) faced pressure amid a pullback across tech names.

The information technology sector (-2.3%) finished with the widest loss by a considerable margin after posting a 3.4% gain in the previous session. Semiconductor stocks in particular faced some profit-taking, with the PHLX Semiconductor Index (-5.7%) giving back all of yesterday's gains as stocks such as Lumentum (LITE 875.36, -81.88, -8.55%) and Monolithic Power (MPWR 1496.52, -155.77, -9.43%) were among the worst-performing S&P 500 components.

NVIDIA (NVDA 207.42, -5.03, -2.37%) was a "magnificent seven" laggard amid a mostly lower showing across the group, helping drive the Vanguard Mega Cap Growth ETF 1.1% lower.

For much of the session, it appeared that relative weakness across the mega-cap cohort would have little effect on SpaceX (SPCX 202.09, +9.59, +4.98%). After surrendering most of an early advance during the afternoon, the stock found renewed buying interest into the close and extended its powerful post-IPO run.

As tech charted a lower course, the broader market saw some rotational interest that helped soften the tech-inflicted blow on the major averages. Strength in the broader market was once again supported by a retreat in oil prices, as investors remained optimistic that Friday's planned signing of the U.S.-Iran peace agreement will result in a lasting resolution and help keep energy prices contained. Crude oil futures settled today's session $4.84 lower (-6.0%) at $76.06 per barrel, and the energy sector (-0.3%) was the only other S&P 500 sector to finish with a loss wider than 0.1%.

Meanwhile, seven S&P 500 sectors posted gains, led by the financials sector (+1.5%) as falling oil prices eased growth concerns and supported bank stocks. JPMorgan Chase (JPM 331.14, +11.74, +3.68%) was the best-performing Dow component after Bloomberg reported that L3Harris (LHX 310.45, +6.28, +2.06%) selected JPMorgan and Morgan Stanley (MS 220.83, +2.85, +1.31%) to lead a potential $2 billion IPO of its missile unit, Axyv.

Other cyclical sectors were also among today's outperformers. The majority of stocks in the industrials sector (+0.7%) traded higher, while the materials sector (+0.5%) was supported by another solid showing from construction material names as Treasury yields continued to move lower.

Outside of the S&P 500, the Russell 2000 (-0.9%) and S&P Mid Cap 400 (-0.3%) finished lower.

Corporate news flow was on the lighter side again today, though there were a few notable stock-specific moves. Moderna (MRNA 55.39, +3.26, +6.25%) surged in reaction to upbeat pipeline and commercialization updates, while CoreWeave (CRWV 117.03, +10.32, +9.67%) finished with an even wider gain after the company said it delivered the fastest DeepSeek-V3 671B training performance in the benchmark.

Altogether, today's session reflected a pause in the recent technology-led advance rather than a meaningful deterioration in sentiment. Profit-taking across semiconductor and mega-cap names weighed on the major averages, but continued weakness in oil prices helped support rotation into other areas of the market and kept the broader tone constructive.

Attention now turns to tomorrow's FOMC meeting, where the Fed is widely expected to leave rates unchanged, though investors will be closely monitoring the first meeting under Fed Chair Warsh for clues about the policy outlook and how the Committee views the recent improvement in inflation and energy prices.

U.S. Treasuries continued their upbeat start to the week, sending the 30-year yield to its lowest close since late April while yields on the 5 and 10 year note yields recorded their lowest settlements since mid-May as the market remained optimistic that geopolitical tensions with Iran will become a distant memory soon. The Treasury complex climbed past its early highs in mid-morning action, staying near their best levels after the U.S. Treasury sold $22 billion in 20-year bonds to strong demand. The 2-year note yield settled down two basis points to 4.05%, and the 10-year note yield settled down four basis points to 4.43%. 

• Russell 2000: +18.4% YTD
• S&P Mid Cap 400: +14.9% YTD
• Nasdaq Composite: +13.5% YTD
• S&P 500: +9.7% YTD
• DJIA: +8.2% YTD

Reviewing today's data:

• May Housing Starts 1.177 mln (Briefing.com consensus 1.440 mln); Prior was revised to 1.392 mln from 1.465 mln, May Building Permits 1.413 mln (Briefing.com consensus 1.410 mln); Prior was revised to 1.423 mln from 1.442 mln
  • The key takeaway from the report is that the weakness in starts was concentrated on the multi-unit side, as starts there were down 40.2% month-over-month, yet it would be remiss not to mention that single-unit starts in the South—the largest homebuilding region—were down 5.2% month-over-month.
• May Import Prices 1.9%; Prior was revised to 2.0% from 1.9%
• May Import Prices ex-oil 0.8%; Prior was revised to 0.6% from 0.8%
• May Export Prices 1.3%; Prior was revised to 3.5% from 3.3%
• May Export Prices ex-ag. 1.2%; Prior was revised to 3.7% from 3.4%

Overseas:

• Europe: DAX +0.1%, FTSE +0.6%, CAC +0.8%
• Asia: Nikkei +0.1%, Hang Seng -1.4%, Shanghai -0.1%

Commodities:

• Crude Oil -4.84 @ 76.06
• Nat Gas +0.09 @ 3.24
• Gold +4.80 @ 4356.00
• Silver +0.27 @ 70.47
• Copper +0.01 @ 6.50

After-Hours Spotlight:

• AutoZone (AZO) authorizes the repurchase of an additional $1.5 bln of common stock..AZO +0.1%
• AT&T (T) discloses that CFO Pascal Desroches intends to retire; appoints Jennifer Biry as Deputy Chief Financial Officer...T -1.3%
• La-Z-Boy (LZB) beats by $0.44, reports revs in-line; guides Q1 revs in-line...LZB +14.5%
• Lionsgate Studios (LION) trading lower after hours following report Netflix (NFLX) is not interested in acquiring Lionsgate, according to TheWrap...LION -4.9%
• SoFi Technologies (SOFI): CEO bought 13,888 shares at $18.06 worth ~$251K...SOFI +0.6%
• Six Flags Entertainment (FUN): Director bought 250,000 shares at $23.69-23.41 worth ~$5.88 mln...FUN +1.9%
• SOPHiA GENETICS SA (SOPH) announces the commencement of a proposed underwritten public offering of its ordinary shares...SOPH -3.8%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Dave & Buster's (PLAY) misses by $0.38, misses on revs
  • Domo (DOMO) Announces First Quarter Fiscal 2027 Financial Results and Provides Strategic Alternatives Process Update
  • Equinor (EQNR) hosts Capital Markets Day; boosts buybacks and raises long-term production outlook
  • High Tide (HITI) Reports Second Quarter 2026 Financial Results Featuring Record Revenue of $179.3MM, and Adjusted EBITDA of $13.9MM
  • Nexxen International (NEXN) raises 2026 revenue outlook ahead of investor day
  • SCHMID Group N.V. (SHMD) sees €26 mln of new orders tied to AI infrastructure demand
  • Valmont (VMI) reaffirms FY26 outlook at Investor Day
  • Wiley (WLY) beats by $0.02, reports revs in-line; guides FY27 EPS in-line
• General News
  • Adaptive Biotechnologies (ADPT) announces its intention to pursue a separation of its Minimal Residual Disease and Immune Medicine businesses
  • Advanced Micro Devices (AMD) and Rackspace Technology (RXT) announce signing of an agreement for the phased deployment of an initial 30 MW footprint dedicated to AMD-based compute deployments across Rackspace's data centers
  • Almonty Industries (ALM) announces update on its large-scale drilling program at the Sangdong Molybdenum Project; To date, approximately 37% of the 26 planned drill holes have been drilled
  • Apollo Commercial Real Estate (ARI) declares quarterly common stock dividend and provides update on review of strategic alternatives
  • Applied Materials (AMAT) unveils deposition and selective etch systems to advance 3D chip scaling
  • Avalo Therapeutics (AVTX) expands pipeline with AVTX-010, a long-acting next-generation anti-IL-1ß antibody
  • Ballard Power (BLDP) lands follow-on 15 MW stationary power order
  • Blackstone (BX) announces launch of SablePointe Credit Strategies
  • Bombardier (BDRBF) announces the delivery of the first Global 8000 aircraft in Africa to BUA Group, a Nigerian-based multinational company with interests across cement, food, oil and gas, energy, infrastructure, ports and terminals, and real estate
  • Clean Energy Fuels (CLNE) has been awarded two separate contracts to design and install liquefied natural gas fueling systems for gas-to-power applications in Puerto Rico
  • ConocoPhillips (COP) to help restart gas production in Syria. FT
  • CVB Financial (CVBF) authorizes the repurchase of up to 15.0 mln shares of company's common stock
  • Dell (DELL) awarded $1.4 bln Air Force call order for the Microsoft Enterprise License Agreement renewal
  • Edgewise Therapeutics (EWTX) announces positive top-line results from the 12-week Phase 2 Part D CIRRUS-HCM trial of EDG-7500 in obstructive and nonobstructive HCM
  • enCore Energy Corp. (EU) reports positive results from the ongoing drilling program at the Alta Mesa East Project, located immediately adjacent to the established Alta Mesa Wellfields and Central Processing Plant in South Texas
  • Ensign Group (ENSG) announces that its Board of Directors has approved a $60 mln increase to the Company’s previously approved $40 mln stock repurchase program
  • Ericsson (ERIC) appointed Per Narvinger new President and CEO of Ericsson as Börje Ekholm steps down
  • Euroseas (ESEA) announces order for the construction of two additional feeder 1,800 teu containerships
  • F&G Annuities & Life (FG) announces executive leadership transitions
  • Gilead (GILD): U.S. FDA Accepts Gilead’s Application for Investigational Once-Weekly Oral Yeztugo, Potentially the First Long-Acting Pill for HIV Prevention
  • GM (GM) looking to partner with Lockheed Martin on production of parts for weapons. WSJ
  • Gogo (GOGO), in partnership with Pilatus and Pro Star Aviation, have received the Federal Aviation Administration’s Supplemental Type Certificate approval for the installation of the Gogo Galileo HDX on the Pilatus PC-12 turboprop
  • Hewlett Packard Enterprise (HPE) advances quantum computing at scale with expanded industry collaborations
  • Infosys (INFY) announced a strategic, long-term collaboration with Valmet, a global technology leader in serving process industries
  • InterDigital (IDCC) has been awarded another injunction against Disney (DIS) by a court in Europe
  • Intrepid Potash (IPI) names Jason Tremblay as CFO
  • iRhythm (IRTC) discloses in SEC filing that on June 8, it identified unauthorized activity involving data maintained on certain third-party-hosted business applications; Company has determined that the incident is material in light of volume of potentially affected data
  • Jacobs Solutions (J) appointed to deliver feasibility study for potential desalination plant in Singapore
  • JPMorgan Chase (JPM) to increase European presence. FT
  • Kohl's (KSS) announces that Elliott Rodgers has been named Chief Operating Officer; He will assume the role on September 9, 2026
  • Lovesac (LOVE) announces it has appointed Andrew Farag as the Company’s Executive Vice President, Chief Financial Officer and Treasurer, effective immediately
  • Marriott (MAR) hotel owners demand changes to loyalty program. WSJ
  • Microsoft's (MSFT) Xbox studios, including Compulsion Games and Double Fine, attempt to negotiate with Xbox to evade closure
  • Microsoft (MSFT) may spinoff some game development studios. Bloomberg
  • Moderna (MRNA) announced changes to its operating model to support its short- and long-term business goals
  • Mondelez Int'l (MDLZ) announces appointment of Amit Banati as Executive Vice President and Chief Financial Officer, effective July 1, 2026
  • Neurocrine Biosciences (NBIX) presents first retrospective case series of CRENESSITY (crinecerfont) in patients with Classic Congenital Adrenal Hyperplasia due to 11ß-Hydroxylase Deficiency at ENDO 2026
  • Neurocrine Biosciences' (NBIX) Soleno Therapeutics presents new VYKAT XR (diazoxide choline) data at ENDO 2026 demonstrating meaningful and durable improvements in hyperphagia and behavioral symptoms in Prader-Willi syndrome following randomized withdrawal period
  • Newmont Corporation (NEM) announces leadership appointments
  • Novo Nordisk (NVO) seeks Chinese regulatory approval for weight loss pill. Reuters
  • NVIDIA (NVDA) raises $25 bln through debt sale. Bloomberg
  • Parsons (PSN) wins oversight roles on $1.1-1.4 bln Blatnik Bridge replacement
  • PAR Technology (PAR) announces that Pizza Factory has selected its unified suite of solutions to modernize its restaurant technology stack
  • Qualcomm (QCOM) in discussions to expand AI chip capabilities with potential Tenstorrent acquisition, according to The Information
  • Rhythm Pharmaceuticals (RYTM) announces multiple new data presentations from MC4R agonists in acquired Hypothalamic Obesity, Bardet-Biedl Syndrome and Prader-Willi Syndrome at ENDO 2026
  • Robinhood Markets (HOOD) announced a reduction in force
  • SSR Mining (SSRM) approves an additional $500 mln for share repurchases and the reinstatement of regular quarterly dividend; Anticipates declaring the first quarterly cash dividend of $0.03/share in conjunction with 2Q26 results
  • Teledyne Tech (TDY) FLIR Defense launches upgraded vehicle vision systems
  • TETRA Tech (TTI) discloses it entered into a master services agreement with Diversified Construction & Design
  • Vizsla Silver Corp (VZLA) awards major plant equipment contract for Panuco
  • Western Copper (WRN) announced a further strengthening of its strategic partnership with Mitsubishi Materials Corporation
  • Zai Lab (ZLAB) receives EU orphan status for DLL3-targeted cancer drug

• Upgrades:
  • Camp4 Therapeutics (CAMP) upgraded to Overweight from Neutral at JPMorgan, tgt $9
  • Exxon Mobil (XOM) upgraded to Buy from Neutral at BofA Securities, tgt $154
  • Gran Tierra Energy (GTE) upgraded to Buy from Neutral at Roth Capital
    
  • RBB Bancorp (RBB) upgraded to Outperform from Market Perform at Hovde Group, tgt $29
• Downgrades:
  • Centerspace (CSR) downgraded to Neutral from Buy at BTIG Research
  • Dave & Buster's (PLAY) downgraded to Hold from Buy at Benchmark
    
  • Domo (DOMO) downgraded to Hold from Buy at TD Cowen, tgt $3.25
  • Elicio Therapeutics (ELTX) downgraded to Hold from Buy at JonesResearch
    
  • Fannie Mae (FNMA) downgraded to Neutral from Buy at BTIG Research
    
  • Freddie Mac (FMCC) downgraded to Neutral from Buy at BTIG Research
    
  • Hudson Pacific Properties (HPP) downgraded to Underperform from Neutral at BofA Securities, tgt $14
  • Rocket Companies (RKT) downgraded to Neutral from Buy at BTIG Research
    
  • Tanger (SKT) downgraded to Underperform from Neutral at BofA Securities, tgt $38
• Others:
  • Aktis Oncology (AKTS) initiated with a Strong Buy at Raymond James, tgt $40
    
  • Applied Industrial Technologies (AIT) initiated with a Buy at DA Davidson, tgt $380
    
  • Belden (BDC) initiated with a Buy at DA Davidson, tgt $155
    
  • Better Home & Finance (BETR) initiated with a Buy at BTIG Research, tgt $36
    
  • Brazil Potash (GRO) initiated with a Buy at H.C. Wainwright, tgt $4.75
    
  • Core Scientific (CORZ) initiated with a Hold at Freedom Capital, tgt $33
    
  • DNOW Inc. (DNOW) initiated with a Buy at DA Davidson, tgt $17
    
  • Dynatrace (DT) assumed with a Buy from Neutral at UBS, tgt $60
    
  • Emerson (EMR) initiated with a Neutral at DA Davidson, tgt $145
    
  • ESAB (ESAB) initiated with a Buy at DA Davidson, tgt $130
    
  • Fastenal (FAST) initiated with a Neutral at DA Davidson, tgt $46
    
  • Flutter Entertainment (FLUT) initiated with an Outperform at Wedbush, tgt $138
    
  • Genuine Parts (GPC) initiated with a Neutral at DA Davidson, tgt $145
    
  • Grainger (GWW) initiated with a Neutral at DA Davidson, tgt $1,250
    
  • Kennametal (KMT) initiated with a Neutral at DA Davidson, tgt $34
    
  • Lincoln Electric (LECO) initiated with a Buy at DA Davidson, tgt $320
    
  • MSC Industrial (MSM) initiated with a Buy at DA Davidson, tgt $145
    
  • nVent Electric (NVT) initiated with a Buy at Melius Research, tgt $214
    
  • Palantir (PLTR) resumed with Peer Perform at Wolfe Research
    
  • PDD Holdings (PDD) initiated with an Underperform at BNP Paribas, tgt $89
    
  • Prenetics (PRE) initiated with a Buy at Benchmark, tgt $30
    
  • Regal Rexnord (RRX) initiated with a Buy at DA Davidson, tgt $260
    
  • Rockwell Automation (ROK) initiated with a Neutral at DA Davidson, tgt $500
    
  • Spruce Biosciences (SPRB) initiated with a Buy at Guggenheim, tgt $123
    
  • Stevanato Group (STVN) initiated with a Buy at TD Cowen, tgt $25
    
  • Timken (TKR) assumed with a Neutral at DA Davidson, tgt $130
    
  • Watsco (WSO) initiated with a Neutral at DA Davidson, tgt $385
    
  • Wesco (WCC) initiated with a Buy at DA Davidson, tgt $440

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior 10.8%)
  • 8:30 ET: May Retail Sales (Briefing.com consensus 0.5%; prior 0.5%) and Retail Sales ex-auto (Briefing.com consensus 0.5%; prior 0.7%) 
  • 10:00 ET: April Business Inventories (prior 1.5%) and May Pending Home Sales (Briefing.com consensus 0.9%; prior 1.4%)
  • 10:30 ET: Weekly crude oil inventories (prior -7.23 mln)
  • 14:00 ET: June FOMC Rate Decision (Briefing.com consensus 3.50-3.75%; prior 3.50-3.75%)

• 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