After Hours Report

The major averages started this full week of trading that is sandwiched between two holiday-abbreviated weeks on a mostly lower note, with the S&P 500 (-0.4%) and Nasdaq Composite (-1.3%) pressured by weakness across mega-cap stocks while the DJIA (+0.3%) was supported by some rotational gains in the broader market.

Stocks opened mostly higher, supported by reports from both sides that negotiations between the U.S. and Iran are progressing measurably, while chipmaker stocks showed an extension of recent strength. However, losses across mega-cap stocks outside the semiconductor space quickly widened, pushing the major averages into mostly lower territory, where they traded in a relatively stable range for the remainder of the session.

Alphabet (GOOG 348.78, -18.68, -5.08%) was one of the worst-performing S&P 500 components, sinking below its 50-day moving average (365.20) after a top engineering executive, John Jumper, decided to leave Google DeepMind and join Anthropic. The headline added to lingering concerns over the company's massive AI capital expenditure plans, with the stock now down nearly 8% in June. Meta Platforms (META 563.85, -13.37, -2.32%) also traded lower while Netflix (NFLX 72.88, -4.50, -5.82%) fell to its lowest level since late 2024, and the communication services sector (-3.8%) ended the day as the worst-performing S&P 500 sector.

Amazon's (AMZN 232.79, -11.60, -4.75%) weakness ahead of tomorrow's Prime Day event weighed similarly on the consumer discretionary sector (-2.3%), and the Vanguard Mega Cap Growth ETF finished 1.4% lower.

SpaceX (SPCX 154.60, -30.40, -16.43%) retreated sharply for the third consecutive session, which contributed to the underperformance of the Nasdaq Composite.

Meanwhile, the top-weighted information technology sector had a flat showing today, with Microsoft (MSFT 367.34, -12.06, -3.18%) a "magnificent seven" laggard while NVIDIA (NVDA 208.66, -2.03, -0.96%) also traded lower despite the strength across semiconductor names.

Micron (MU 1211.38, +77.39, +6.82%) was a standout ahead of its earnings release Wednesday evening, while AI-infrastructure names such as Super Micro Computer (SMCI 35.46, +4.80, +15.66%) and Corning (GLW 209.85, +14.93, +7.66%) traded even higher.

Elsewhere, seven S&P 500 sectors traded higher, highlighting some rotational interest across the broader market. The real estate sector (+1.4%) captured the widest gain, while the energy sector (+1.2%) finished similarly despite crude oil retreating today after several sharp retreats last week.

The health care sector (+0.9%) was another outperformer, boosted by a strong showing from AbbVie (ABBV 230.06, +13.57, +6.27%) after the company agreed to acquire Apogee Therapeutics (APGE 132.55, +42.17, +46.66%) for $135.11 per share in cash.

Outside of the S&P 500, the Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.4%) outperformed, furthering the idea that not all of the money taken out of mega-cap tech today left the stock market entirely.

Overall, today's session was characterized by continued selling pressure across several mega-cap stocks, which obscured otherwise constructive underlying action. Strength across seven S&P 500 sectors and outperformance from both the Russell 2000 and S&P Mid Cap 400 suggest that investors remained engaged in equities, even as leadership continued to shift beneath the surface.

U.S. Treasuries began the week with losses across the curve after a lower start was followed by continued selling as the day went on. Treasuries recorded more than half of their losses at the open after the three-day holiday weekend featured some Friday selling in the futures market. The 2-year note yield settled up five basis points to 4.23%, and the 10-year note yield settled up six basis points to 4.51%.

There was no economic data of note today.

• Russell 2000: +21.1% YTD
• S&P Mid Cap 400: +15.2% YTD
• Nasdaq Composite: +12.6% YTD
• S&P 500: +9.2% YTD
• DJIA: +7.6% YTD

Overseas:

• Europe: DAX +0.6%, FTSE +0.7%, CAC -0.3%
• Asia: Nikkei +1.6%, Hang Seng -0.7%, Shanghai +1.8%

Commodities:

• Crude Oil -1.40 @ 75.19
• Nat Gas +0.01 @ 3.25
• Gold -42.70 @ 4202.60
• Silver -0.73 @ 65.54
• Copper -0.02 @ 6.37

After-Hours Spotlight:

• President Trump signs Executive Order to supercharge US innovation in quantum technologies and strengthen national security
• Avis Budget (CAR) entered into Settlement and Release Agreement with Pentwater Capital Management to settle its pending lawsuit against Pentwater for the recovery of short-swing profits; Settlement amount is $650.0 mln in cash... CAR up 6.5%
• Best Buy (BBY) announces that CFO Matt Bilunas will step down and depart from company at end of July; Current CEO Corie Barry will provide financial oversight during transition to a new CFO... BBY down 3.2%
• Domino's Pizza (DPZ): CEO Russell Weiner to retire; Joe Jordan appointed as new CEO, effective October 1, 2026... DPZ down 2.4%
• Green Plains (GPRE) files for 550,000 share common stock offering by selling shareholders, issuable on the exercise of warrants... GPRE unchanged
• KeyCorp (KEY) files for 158,723,874 share common stock offering by selling shareholders... KEY unchanged
• Meta Platforms (META) halts AI-powered training program following a recent data leak incident, according to Business Insider... META down 0.1%
• Palantir Technologies (PLTR) announces that it secures a foundational role in NGC2 data layer for the U.S Army... PLTR up 0.1%
• Primoris Services (PRIM) lowers FY26 guidance, citing additional renewables cost overruns and delays; COO departs; announces new project awards... PRIM down 32.6%
• Public Storage (PSA) enters into agreement to acquire Public Storage Canada for $1.2 bln; Expects acquisition to be accretive to long-term portfolio IRR, NOI growth, and FFO per share... PSA unchanged
• Qualcomm (QCOM) nearing deal for AI Chip startup Modular, according to Bloomberg... QCOM down 0.2%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Ennis, Inc. (EBF) reports results for the quarter ended may 31, 2026 and declares quarterly dividend
  • HawkEye 360 (HAWK) announces first quarter 2026 financial results
  • MOGU (MOGU) announces unaudited financial results for the six months ended March 31, 2026 and fiscal year 2026
• General News
  • Qatar issues statement following U.S. talks with Iran; says "Encouraging progress has been made including the creation of a mechanism for further technical talks"; says "high level committee has agreed upon a roadmap towards reaching a final deal within 60 days"; says "a communication line was formed to avoid incidents and miscommunication with the aim of safe passage for commercial vessels through the Strait of Hormuz"
  • Senator Lindsey Graham says he spent hours with President Trump and he expects if the Iran deal fails, the U.S. will take the Strait of Hormuz over by force and charge fees to ships that go through. CBS News
  • UK Prime Minister Keir Starmer says he will resign as Labor Party leader; Andy Burnham will likely become the next Prime Minister of the UK
  • Abelardo De La Espriella wins presidential election in Columbia. He was endorsed by President Trump. NY Times
  • Senate and House will vote on a housing affordability bill this week that will increase housing supply. The bill puts limitations on large institutional investors in the single-family housing market. The bill is expected to pass both chambers of Congress
  • Aecom Tech (ACM) wins expanded role on U.K. public-sector consulting framework
  • Alamos Gold (AGI) Provides Operational Update Across Canadian Operations
  • Alarm.com (ALRM) announces the ADC-V530, a premium indoor Wi-Fi camera designed to deliver strong security and built-in privacy
  • Align Tech (ALGN) names Kevin Conroy chairman in board transition
  • Anthropic: President Trump says Anthropic was a national security threat, but relations have improved since. Axios
  • ASML (ASML) spokesperson denied the company sold a chipmaking tool to China. Reuters
  • Aura Minerals (AUGO) announces its Board of Directors has approved the repurchase programs pursuant to which the Company is authorized to repurchase its common shares and Brazilian Depositary Receipts
  • BCB Bancorp (BCBP) announces suspension of cash dividend
  • Boeing (BA) awarded a $880 mln Navy contract for the procurement, modernization, and sustainment of P-8A Poseidon aircrew and maintenance training systems
  • Boeing (BA): New Boeing Air Force One will be equipped with Starlink (SPCX). Telegraph
  • Capital Clean Energy Carriers Corp. (CCEC) announces it has successfully taken delivery of the LNG Carrier 'Agamemnon'
  • Charles Schwab (SCHW) will work with CBOE (CBOE) on prediction market contracts. WSJ
  • Churchill Downs (CHDN) announces State of Maryland's to acquire the Preakness IP rights
  • Coca-Cola (KO) will face the IRS in court over a $20 billion tax dispute. WSJ
  • Definium Therapeutics (DFTX) reports topline results from Phase 3 Emerge Study of DT120 Orally Disintegrating Tablet (ODT) in Major Depressive Disorder
  • Delta Air Lines (DAL) increases quarterly dividend 15% to $0.2150/share
  • Eledon Pharmaceuticals (ELDN) presents long-term extension phase 2 bestow results at american transplant congress showing sustained higher kidney function and improved patient-reported outcomes with tegoprubart compared with tacrolimus
  • Eli Lilly (LLY) and BioArctic partner on brain delivery technology for neurodegeneration
  • enCore Energy Corp. (EU) announces that the U.S. Nuclear Regulatory Commission issued an Environmental Assessment which was followed with a finding of no significant impact in support of the Dewey Burdock Uranium Project's 20-year source materials license
  • Enphase Energy (ENPH) discloses it entered into a tax credit transfer agreement to sell up to $150 mln of credits
  • Entain (GMVHY) mulling options for its joint venture in Central and Eastern Europe. Reuters
  • Fermi America (FRMI): Neugebauer says shareholders support strategic review at Fermi
  • Fervo Energy (FRVO) and PNNL Leverage AI and NVIDIA (NVDA) accelerated computing for new digital twin platform designed to advance geothermal development
  • Getty Images (GETY) signs content display agreement with OpenAI
  • Google (GOOG, GOOGL) offering financial guarantees to encourage chip usage for data centers. WSJ
  • HIVE Digital Technologies (HIVE) states Columbia research validates Paraguay AI infrastructure
  • Incyte (INCY) receives approval in Japan for Minjuvi combination for relapsed or refractory DLBCL
  • Intel (INTC) announces appointment of Seok-Hee Lee as executive vice president of Intel Foundry
  • Jabil (JBL) expands manufacturing footprint in India
  • Jacobs Solutions (J) awarded $249 mln Navy contract
  • Labcorp Holdings Inc. (LH) announces nationwide availability of ColoSense
  • MapLight Therapeutics (MPLT) discloses that CFO Vishwas Setia was separated from the company
  • MapLight (MPLT) reports topline results from Phase 2 IRIS Study for ML-004 in Autism Spectrum Disorder
  • Marcus & Millichap (MMI) announces a strategic partnership with Brown & Brown (BRO)
  • Merck’s (MRK) Tulisokibart met primary and key secondary endpoints in the Phase 3 ATLAS-UC Induction-only Study in Patients With Moderately to Severely Active Ulcerative Colitis (UC)
  • Meta Platforms (META) ticking slightly higher as company lobbies Congress for legal immunity from child-harm claims related to social media platforms, according to Reuters
  • Meta Platforms (META) signs new AI compute agreements with Crusoe, according to Bloomberg
  • Microsoft (MSFT) Satya Nadella was critical of the concentration of AI power. WSJ
  • Microsoft (MSFT) and Chevron (CVX) secure 20 year power deal for data center in Texas, according to Bloomberg
  • Moderna (MRNA) announces FDA Advisory Committee votes unanimously in favor of the benefit-risk profile of mRNA-1010
  • MoonLake (MLTX) reports Week 52 Results of Sonelokimab from its Phase 3 VELA Program in Hidradenitis Suppurativa and Confirms Investor Day on June 22, 2026
  • MP Materials (MP): China places restrictions on U.S. companies, including MP Materials and USA Rare Earth (USAR). WSJ
  • Newmont Corporation (NEM) secures key approvals for Red Chris underground expansion
  • NIKE (NKE) announces that John Rogers, Jr., Founder of Ariel Investments and a director since 2018, has decided to retire and will not stand for reelection to company's Board of Directors
  • Nova Minerals Limited (NVA) announces U.S. redomicile is complete and provides a project update
  • NRx Pharmaceuticals (NRXP) receives FDA expanded access pathway for depression therapy
  • Nuvectis Pharma (NVCT) announces strategic portfolio expansion via a license agreement for exclusive ex-China rights with Haisco Pharmaceutical Group to two clinical-stage compounds
  • Palvella Therapeutics (PVLA): FDA grants rolling review of Palvella’s QTORIN Rapamycin NDA
  • Petrobras (PBR) approves $1.2 bln renewable fuels project at RPBC refinery
  • QXO, Inc (QXO) discloses that a complaint has been filed in the Court of Chancery of the State of Delaware by a purported stockholder of QXO
  • Rayonier Adv. Materials (RYAM) names Daniel Krawczyk as CEO; continues to actively evaluate a broad range of strategic alternatives
  • Regeneron Pharma (REGN) receives Priority Review for myasthenia gravis candidate
  • REGENXBIO (RGNX) Announces Alignment with FDA on Path Forward for NAVSUNLI BLA Resubmission for Accelerated Approval; First Potential Gene Therapy for MPS II
  • REGENXBIO (RGNX): FDA will reverse rejection of RGNX experimental gene therapy, according to WSJ
  • Repay Holdings (RPAY) completes successful proof of concept for stablecoin payments
  • Ribbon Communications (RBBN) announces that Comporium has selected its network transformation solution to to further modernize its voice infrastructure
  • Sanofi (SNY): Japan approves subcutaneous Sarclisa for multiple myeloma
  • Silvercorp Metals (SVM) announces a budget $196.3 mln for Chaarat ZAAV projecy
  • Tesla (TSLA): A Tesla in Autopilot mode crashes into a Texas home. ABC News
  • Teva Pharma (TEVA) submits NDA for ecopipam, a first-in-class investigational therapy for pediatric Tourette syndrome
  • uniQure (QURE) reports preliminary data on the first cohort in the Phase I/IIa Clinical Trial of AMT-260 in Refractory Mesial Temporal Lobe Epilepsy
  • Vail Resorts (MTN): Activist investor considers proxy battle at Vail Resorts, according to Semafor
  • Valens Semiconductor (VLN) names new CFO and appoints interim finance chief during transition
  • Walt Disney's (DIS) Toy Story 5 generated $312 mln globally. WSJ

• Upgrades:
  • APA Corp. (APA) upgraded to Buy from Neutral at Roth Capital, tgt $38
    
  • Baldwin Group (BWIN) upgraded to Overweight from Neutral at JPMorgan, tgt $28
    
  • BWX Technologies (BWXT) upgraded to Buy from Neutral at Seaport Research, tgt $245
    
  • ConocoPhillips (COP) upgraded to Buy from Neutral at Roth Capital, tgt $130
    
  • Diamondback Energy (FANG) upgraded to Buy from Neutral at Roth Capital, tgt $212
    
  • Incyte (INCY) upgraded to Market Perform from Underperform at BMO Capital, tgt $94
    
  • Kimco Realty (KIM) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $28
    
  • Magnolia Oil & Gas (MGY) upgraded to Buy from Neutral at Roth Capital, tgt $31
    
  • Matador Resources (MTDR) upgraded to Buy from Neutral at Roth Capital, tgt $65
    
  • Ovintiv (OVV) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $80
    
  • Permian Resources (PR) upgraded to Buy from Neutral at Roth Capital, tgt $23
    
  • SM Energy (SM) upgraded to Buy from Neutral at Roth Capital, tgt $32
    
  • Super Micro Computer (SMCI) upgraded to Buy from Hold at GF Securities, tgt $48
    
  • Visteon (VC) upgraded to Overweight from Equal Weight at Barclays, tgt $145
    
  • Visteon (VC) upgraded to Overweight from Neutral at JPMorgan, tgt $165
• Downgrades:
  • Cleveland-Cliffs (CLF) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $12.50
    
  • Melco Resorts (MLCO) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $6
    
  • Sands China (SCHYY) downgraded to Equal Weight from Overweight at Morgan Stanley
    
  • TE Connectivity (TEL) downgraded to In Line from Outperform at Evercore ISI, tgt $230
    
  • Umicore (UMICY) downgraded to Hold from Buy at Berenberg
• Others:
  • Adlai Nortye (ANL) initiated with an Overweight at Cantor Fitzgerald
    
  • Agomab Therapeutics (AGMB) initiated with a Buy at H.C. Wainwright, tgt $35
    
  • Altimmune (ALT) initiated with an Outperform at Leerink, tgt $10
    
  • Bill (BILL) initiated with a Buy at TD Cowen, tgt $43
    
  • Boyd Gaming (BYD) initiated with a Buy at Benchmark, tgt $100
    
  • Chagee (CHA) initiated with a Neutral at Goldman, tgt $13.60
    
  • Conexeu Sciences (CNXU) initiated with a Buy at H.C. Wainwright, tgt $20
    
  • Credo Technology (CRDO) initiated with an Outperform at Evercore ISI, tgt $325
    
  • Darling Ingredients (DAR) initiated with an Equal Weight at Barclays, tgt $58
    
  • Dauch (DCH) reinstated with an Equal Weight at Barclays, tgt $8
    
  • Estee Lauder (EL) reinstated with a Buy at Goldman, tgt $100
    
  • Faeth Therapeutics (FTH) initiated with a Buy at H.C. Wainwright, tgt $60
    
  • Hut 8 (HUT) initiated with a Buy at Lucid Capital, tgt $226
    
  • NRC Health (NRC) initiated with an Outperform at Citizens, tgt $23
    
  • SpaceX (SPCX) initiated with a Sector Weight at KeyBanc
    
  • Tenax Therapeutics (TENX) initiated with a Buy at Chardan, tgt $27

• Econ Data (Tuesday):
  • 09:45 ET: June Preliminary S&P Global U.S. Manufacturing PMI
  • 09:45 ET: June Preliminary S&P Global U.S. Services PMI 

• Earnings:
  • Monday (June 22)
    • Pre-Market: FRVO
    • After-Hours: None
      
    Tuesday (June 23)
    • Pre-Market: CCL, KFY
    • After-Hours: FDX, KBH, WOR
      
  • Wednesday (June 24)
    • Pre-Market: PAYX
      
    • After-Hours: FUL, JEF, MU, MLKN, TCOM, WS
      
  • Thursday (June 25)
    • Pre-Market: AYI, BB, CMC, DRI, MKC, SNX, WGO
    • After-Hours: None
  • Friday (June 26)
    • Pre-market:APOG
    • After-Hours: None