After Hours Report

The stock market finished mixed today as a strong rally across memory and semiconductor stocks was offset by continued weakness in several mega-cap technology names, while broad strength across cyclical and defensive sectors kept the underlying tone constructive. The S&P 500 finished flat, the Nasdaq Composite (-0.5%) finished modestly lower, and the DJIA (+0.1%) eked out a gain after touching another all-time intraday high.

Micron (MU 1213.56, +165.05, +15.74%) was among the session's top performers after delivering a stellar beat-and-raise earnings report that reinforced exceptionally strong demand across the memory market. The results sparked broad gains among memory-related names and helped the PHLX Semiconductor Index finish 3.6% higher, though not before the group endured another volatile session that saw the index surrender an opening gain of more than 5% before recovering into the close.

However, the same memory-pricing dynamics that benefited Micron weighed on several of the market's largest technology companies. Apple (AAPL 275.15, -17.93, -6.12%) and Microsoft (MSFT 352.83, -12.63, -3.46%) were among the weakest Dow components after both companies announced price increases tied to rising memory costs, while Amazon (AMZN 227.01, -7.26, -3.10%) and Alphabet (GOOG 342.19, -2.85, -0.83%) also finished lower.

As a result, the information technology (-0.1%), consumer discretionary (-1.8%), and communication services (-1.0%) sectors all lagged despite the strength across semiconductor stocks. The Vanguard Mega Cap Growth ETF declined 1.0%.

Away from mega-cap technology, the market continued to broaden. Six S&P 500 sectors finished higher, reinforcing the recent rotation into other areas of the market rather than away from equities altogether.

The industrials sector (+2.2%) captured the widest gain, with Caterpillar (CAT 1056.83, +62.38, +6.27%) notching all-time highs and finishing as the best-performing Dow component amid another strong session for industrial machinery names.

The health care sector (+1.5%) also outperformed, led by Bio-Techne (TECH 70.67, +11.80, +20.03%), which surged after agreeing to be acquired by Merck KGaA (MKKGY 33.59, +1.74, +5.46%) for $73 per share in cash.

The materials sector (+1.4%) benefited from strength across fertilizer and metals producers, while the energy sector (+1.0%) rebounded alongside crude oil after yesterday's retreat.

The S&P 500 Equal Weight Index (+0.6%) outperformed its market-weighted counterpart once again.

Outside the S&P 500, the Russell 2000 (+0.7%) and S&P Mid Cap 400 (+0.9%) also finished higher.

Overall, today's session continued to reinforce the market's evolving leadership. While elevated volatility persists across mega-cap technology stocks, strength has steadily broadened beneath the surface, with the DJIA's year-to-date gain (+8.0%) now surpassing that of the S&P 500 (+7.5%) as investors continue rotating within the equity market rather than exiting it. The contrasting reactions to Micron's earnings also underscored how the AI trade is becoming increasingly nuanced, with surging memory demand benefiting suppliers while simultaneously creating cost pressures for some of the market's largest technology customers.

U.S. Treasuries of most tenors recorded their third consecutive day of gains while the long bond underperformed, ending with a slight loss. The 2-year note yield settled down two basis points to 4.12%, and the 10-year note yield settled down one basis point to 4.39%. 

• Russell 2000: +21.2% YTD
• S&P Mid Cap 400: +15.7% YTD
• Nasdaq Composite: +9.1% YTD
• DJIA: +9.0% YTD
• S&P 500: +7.5% YTD

Reviewing today's data:

• May Personal Income 0.7% (Briefing.com consensus 0.3%); Prior 0.0%, May Personal Spending 0.7% (Briefing.com consensus 0.3%); Prior was revised to 0.4% from 0.5%, May PCE Prices 0.4% (Briefing.com consensus 0.4%); Prior 0.4%, May PCE Prices - Core 0.3% (Briefing.com consensus 0.3%); Prior was revised to 0.3% from 0.2%
  • The key takeaway from the report is that, first, there weren't any headline shocks for the PCE price indexes. They were in line with expectations, allowing participants to assume that next month's readings will look better given the sharp decline in oil prices. Secondly, real PCE was up 0.3% month-over-month, demonstrating that spending was driven by increased demand and not just higher prices. This will be a nice input for Q2 GDP forecasts.
• Q1 GDP - Third Estimate 2.1% (Briefing.com consensus 1.6%); Prior 1.6%, Q1 GDP Deflator - Third Estimate 3.6% (Briefing.com consensus 3.5%); Prior 3.5%
  • The key takeaway from the report is that Q1 GDP was stronger than originally thought, due primarily to a downward revision to imports, which are a subtraction in GDP calculations.
• May Durable Orders -4.5% (Briefing.com consensus -3.2%); Prior was revised to 8.5% from 7.9%, May Durable Goods 0 ex transportation 1.3% (Briefing.com consensus 0.5%); Prior was revised to 1.4% from 1.1%
  • The key takeaway from the report is that there was a healthy pickup in business spending in May, evidenced by the 1.6% increase in new orders for nondefense capital goods excluding aircraft.
• Weekly Initial Claims 215K (Briefing.com consensus 225K); Prior was revised to 227K from 226K, Weekly Continuing Claims 1.821 mln; Prior was revised to 1.800 mln from 1.810 mln
  • The key takeaway from the report is that initial jobless claims continue to track at low levels, offering a nice cue that suggests the labor market, overall, remains on solid ground.

• Europe: DAX +1.1%, FTSE +0.7%, CAC +0.6%
• Asia: Nikkei +4.6%, Hang Seng -1.4%, Shanghai +0.2%

Commodities:

• Crude Oil +1.54 @ 71.96
• Nat Gas +0.11 @ 3.33
• Gold +41.00 @ 4048.40
• Silver +0.31 @ 58.36
• Copper +0.13 @ 6.08

After-Hours Spotlight:

• American Express (AXP) releases 2026 Dodd-Frank Act Stress Test results..AXP +0.2%
• Coca-Cola (KO) announces leadership transition for North America operating unit...KO +0.2%
• FedEx Freight (FDFX) reports Q4 results; first earnings post-spinoff from Fedex...FDXF -0.3%
• ICF International (ICFI) increases share repurchase authorization by $100 mln to a total of $165 mln...ICFI flat
• Quantum (QMCO) Reports Fiscal Fourth Quarter and Full Year 2026 Financial Results...QMCO -2.2%
• Rocket Lab USA (RKLB) selected by NASA to provide three Electron launches for two separate NASA missions, PolSIR and TSIS-2...RKLB +4.2%
• Synaptics (SYNA) and onsemi (ON) enter into definitive agreement under which onsemi has agreed to acquire Synaptics in an all-stock transaction representing a total enterprise value of approximately $7 bln; Transaction is expected to be accretive to non-GAAP EPS within 18 months of closing...SYNA +11.8%, ON -8.2%
• Titan Mining (TII) selected by U.S. Army to establish first-ever public-private partnership for domestic critical minerals processing on strategic defense installations...TII +6.2%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Acuity (AYI) beats by $0.14, beats on revs
  • ARS Pharmaceuticals (SPRY) provides commercial and financial updates
  • Barnes & Noble Education (BNED) issues downside FY26 revenue guidance; Issues FY27 guidance, expects continued growth in revenues
  • BlackBerry (BB) beats by $0.01, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY27 EPS in-line, revs in-line
  • Commercial Metals (CMC) beats by $0.03, beats on revs
  • Darden Restaurants (DRI) beats by $0.03, reports revs in-line, Consolidated same store sales growth of +4.6%; guides FY27 EPS below consensus, revs in-line; Authorizes new share repurchase program of up to $1.5 bln of common stock
  • H.B. Fuller (FUL) beats by $0.01, beats on revs; guides FY26 EPS in-line, reaffirms FY26 revs guidance
  • Jefferies (JEF) misses by $0.14, misses on revs
  • KKR (KKR) announces intra-quarter update
  • McCormick (MKC) beats by $0.11, beats on revs; reaffirms FY26 EPS guidance, revs guidance
  • Micron (MU) beats by $4.28, beats on revs, Non-GAAP gross margin up 10 ppt qtr/qtr; guides Q4 EPS above consensus, revs above consensus
  • MillerKnoll (MLKN) beats by $0.03, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY27 EPS in-line, revs in-line
  • TD Synnex (SNX) beats by $0.71, beats on revs; guides Q3 EPS above consensus, revs above consensus
  • Trip.com Group (TCOM) misses by RMB0.32, beats on revs
  • Winnebago (WGO) misses by $0.10, misses on revs; lowers FY26 EPS guidance below consensus, revs below consensus
  • Worthington Steel (WOR) misses single est by $0.01, misses single est on revs
• General News
  • Iran's IRGC warned that transit through the Strait of Hormuz is "unacceptable and dangerous" without its approval. CNBC
  • Iraq would consider leaving OPEC if it doesn't get a production increase. Bloomberg
  • Oil prices have fallen back to pre-war levels. FT
  • House Democrats concerned about the rise of socialist candidates. CNN
  • EU governments adopt U.S. trade deal. Reuters
  • Federal Reserve Board's annual bank stress test confirms that large banks are well positioned to weather a severe recession and able to continue to lend to households and businesses
  • The White House sends Congress an $88 billion funding request for the Iran war and farm aid. The request will face an uphill battle in Congress. CBS News
  • USGS reports 7.5 magnitude earthquake 28 km SE of Yumare, Venezuela and a 7.2 magnitude earthquake 23 km SE of Yumare, Venezuela; dozens were killed; hundreds injured
  • Two Republican Senators switched their votes and voted against a resolution to end the Iran war after a meeting with President Trump; the resolution failed to pass, according to NBC News
  • Amazon (AMZN) announces it will invest $48 billion in India by 2030
  • Americas Silver (USAS) announces the completion of Phase 2 of the No. 3 Shaft modernization program at the Galena Complex in Idaho
  • Amgen's (AMGN) drug was pulled due to alleged data manipulation. Bloomberg
  • Atea Pharmaceuticals (AVIR) announces completion of patient enrollment in C-FORWARD, its Phase 3 clinical trial outside North America, evaluating the regimen of bemnifosbuvir and ruzasvir for the treatment of hepatitis C virus infection
  • ATN International (ATNI) appoints Courtland Madock as President and CEO
  • Bank of America (BAC) releases info on Fed Stress test, according to CNBC
  • Barclays US LLC (BCS) annual Stress Test Results
  • Blue Moon Metals (BMM) announces several milestones towards advancing its Nussir copper-silver-gold project
  • Bombardier (BDRBF) and Rolls-Royce introduce enhanced aircraft health monitoring program for Bombardier Global 5500 and 6500 aircraft
  • Canadian Solar (CSIQ) announces that e-STORAGE, its energy storage solutions business, has entered into a supply agreement with an electric utility in Florida to deliver a 95 MW/426 MWh battery energy storage system
  • Capital One (COF) announces Fed Stress Test Results
  • Charles Schwab (SCHW) releases Fed Stress Test results
  • Compass Diversified (CODI) announces a Settlement Agreement and Mutual Release and a related Plan Support Agreement in connection with the Chapter 11 proceedings of Lugano Diamonds & Jewelry Inc.
  • Consolidated Water (CWCO) announces Cayman Water Company Limited receives 25-year exclusive retail water license for Grand Cayman operations
  • CURRENC Group (CURR) executes strategic restructuring of Indonesian WalletKu subsidiary to refocus on high-growth AI & Web3 roadmap
  • Dollar Tree (DLTR) announces secondary block trade by selling stockholders and share buyback
  • Elastic (ESTC) announces they expect to reduce its workforce by approximately 7% as part of a realignment plan
  • Eli Lilly (LLY) announced additional details regarding the Medicare GLP-1 Bridge program taking effect July 1, 2026
  • Eli Lilly (LLY) planning on building empire around weight loss drugs, according to Bloomberg
  • Equifax (EFX) extends revolving credit facility through 2029
  • Fermi America (FRMI): Neugebauer highly confident tenant will be announced soon
  • Gilead (GILD): U.S. FDA Approves Trodelvy® for First-Line Treatment of Metastatic Triple-Negative Breast Cancer
  • Global Ship Lease (GSL) announces additional newbuilding orders
  • Goldman Sachs (GS) intends to increase common dividend from $4.50 to $5.00 per share beginning July 1, up 11% from current level and up 25% from prior year
  • Granite Constr (GVA) awarded West Davis Corridor expansion project in Utah
  • Highlander Silver (HSLV) reports on a comprehensive geophysical study of the Corani Silver Project integrating historical datasets with the first airborne magnetic survey and more extensive induced polarization-resistivity surveys than historically undertaken
  • HIVE Digital Technologies (HIVE) signed a letter of intent with an investment-grade, sovereign Swedish technology companyfor an up to 10 year lease of the Company's 32 megawatt Boden, Sweden facility
  • HUTCHMED (HCM) highlights pivotal Phase II Data for Fanregratinib in Intrahepatic Cholangiocarcinoma presented at ESMO Gastrointestinal Cancers Congress 2026
  • IBM (IBM) unveiled a major semiconductor breakthrough with the introduction of the world's first sub-1 nanometer chip technology
  • Ionis Pharma (IONS) licenses ex-U.S. rights to zilganersen to Recordati
  • JPMorgan Chase (JPM): Following Dodd-Frank Act Stress Test results, company intends to increase quarterly common stock dividend to $1.65/share from $1.50/share for Q3 and authorizes new share repurchase program of $50 bln
  • Kymera Therapeutics (KYMR) has completed enrollment in the global BROADEN2 Phase 2b trial of KT-621, its first-in-class, oral STAT6 degrader, for the treatment of moderate to severe atopic dermatitis
  • L3Harris (LHX) plans Arkansas facility expansion for PAC-3 propulsion production
  • Lockheed Martin (LMT) awarded a seven-year UCA for up to $35 bln to quadruple production of THAAD interceptors
  • MDA Space Ltd (MDA) wins contracts for Japan defense satellite program
  • Merck (MRK): FDA Approves KEYTRUDA and KEYTRUDA QLEX, each with Trodelvy as first-line treatment of PD-L1+ advanced triple-negative breast cancer
  • Microsoft (MSFT): EU Commission reaches preliminary position that Amazon's (AMZN) and Microsoft's (MSFT) market leading cloud services should be designated under the DMA
  • Moderna (MRNA) Science Day highlights expanding potential of mRNA platform
  • Morgan Stanley (MS) to increase quarterly common stock dividend to $1.15/share from $1.00/share and authorizes share repurchase program of up to $20 bln after Federal Reserve released CCAR 2026 results
  • NANO Nuclear (NNE) highlights global strategic engagements across emerging nuclear markets and management team updates
  • NANO Nuclear Energy (NNE) announced continued progress in the U.S. Nuclear Regulatory Commission's review of the Construction Permit Application
  • Natera (NTRA) and Eledon (ELDN) announce strategic partnership for Prospera monitoring in planned phase 3 kidney transplant trial
  • NRx Pharmaceuticals (NRXP) announces that its subsidiary, HOPE Therapeutics, has treated its first patients using Zeta Surgical's FDA-cleared Zeta TMS Navigation System
  • PNC (PNC) publishes Dodd-Frank Act company-run stress test disclosures
  • ProQR Therapeutics (PRQR) announced 'positive' target engagement data from its ongoing Phase 1 clinical study evaluating AX-0810, the Company’s first investigational Axiomer RNA editing oligonucleotide
  • Qualcomm (QCOM) accelerates diversification with strategy for Data Center and sees multiple inflection points over the next 3-5 years; sees Data Center revs above $15 bln by FY29
  • Qualcomm (QCOM) and Hugging Face expand relationship to advance open, developer-driven AI from device to cloud
  • RadNet's (RDNT) DeepHealth receives two FDA clearances enabling it to add cardiovascular insights and prior exam integration to its AI-powered breast suite
  • Raymond James (RJF) reports May client asset metrics
  • Ryman Hospitality (RHP) addresses recent media reports regarding Opry Entertainment Group
  • Samsung (SSNLF) responds to buyback speculation, says no decision has been made
  • Spok (SPOK) announces an agreement to sell certain narrowband spectrum licenses to Sensus USA
  • State Street (STT) announces planned 10% dividend increase to $0.92/share and 2026 Federal Reserve Supervisory Stress Test results
  • Taseko Mines (TGB) announces that shareholders approved the change of the Company’s name to Trekor Metals Limited
  • Tiziana Life Sciences (TLSA) announces that the last patient in its ongoing Phase 2a clinical trial has received their first dose of intranasal foralumab for the treatment of non-active Secondary Progressive Multiple Sclerosis
  • U.S. Bancorp (USB) comments on Dodd-Frank Act Stress Test results; plans to increase quarterly dividend 3.8% to $0.54/share
  • Vale S.A. (VALE) clarifies media reports; reiterates governance
  • Vivani Medical (VANI) receives regulatory approval for the initiation of SLIM-1 in Australia
  • Wells Fargo (WFC) completes 2026 stress test and intends to raise its quarterly dividend by 11% to $0.50/share

• Upgrades:
  • Canadian National Railway (CNI) upgraded to Outperform from In Line at Evercore ISI, tgt $124
    
  • ICON plc (ICLR) upgraded to Outperform from Sector Perform at RBC Capital, tgt $185
    
  • Keurig Dr Pepper (KDP) upgraded to Overweight from Equal Weight at Barclays, tgt $36
    
  • L'Oréal (LRLCY) upgraded to Buy from Neutral at Citigroup
    
  • Nomura Holdings (NMR) upgraded to Buy from Neutral at BofA Securities, tgt $10.20
    
  • Primoris Services (PRIM) upgraded to Neutral from Sell at Goldman, tgt $102
    
  • Qualcomm (QCOM) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $231
    
  • UWM Holdings (UWMC) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $3.75
    
  • Xylem (XYL) upgraded to Buy from Hold at Jefferies, tgt $140
• Downgrades:
  • Affirm Holdings (AFRM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $79
    
  • Apollo Commercial Real Estate Finance (ARI) downgraded to Neutral from Buy at BTIG Research
    
  • Brown-Forman (BF.B) downgraded to Equal Weight from Overweight at Barclays, tgt $27
    
  • Identiv (INVE) downgraded to Hold from Buy at Craig-Hallum, tgt $3.10
    
  • PVH Corp. (PVH) downgraded to Underperform from Neutral at BofA Securities, tgt $70
    
  • Swatch Group (SWGAY) downgraded to Market Perform from Outperform at Bernstein
• Others:
  • Biodesix (BDSX) initiated with a Buy at Roth Capital, tgt $32
    
  • BOK Financial (BOKF) initiated with a Hold at Benchmark
    
  • Boost Run (BRUN) initiated with a Buy at BTIG Research, tgt $45
    
  • Castle Biosciences (CSTL) initiated with a Buy at Roth Capital, tgt $40
    
  • CoreWeave (CRWV) initiated with a Buy at Rosenblatt, tgt $250
    
  • Enact Holdings (ACT) initiated with a Sector Perform at RBC Capital, tgt $47
    
  • Equity Bancshares (EQBK) initiated with a Buy at Benchmark, tgt $57
    
  • Exagen (XGN) initiated with a Buy at Roth Capital, tgt $8
    
  • Exelixis (EXEL) assumed with a Hold at Truist, tgt $54
    
  • FB Financial (FBK) initiated with a Buy at Benchmark, tgt $64
    
  • First Financial Bankshares (FFIN) initiated with a Buy at Benchmark, tgt $39
    
  • First Internet Bancorp (INBK) initiated with a Buy at Benchmark, tgt $33
    
  • Hancock Whitney (HWC) initiated with a Buy at Benchmark, tgt $84
    
  • Home BancShares (HOMB) initiated with a Hold at Benchmark
    
  • Intel (INTC) initiated with a Neutral at Goldman, tgt $150
  • JFrog (FROG) initiated with a Buy at Benchmark, tgt $100
    
  • Klarna (KLAR) initiated with a Buy at Freedom Capital, tgt $25
    
  • MapLight Therapeutics (MPLT) initiated with a Strong Buy at Raymond James, tgt $46
    
  • Oklo (OKLO) initiated with a Neutral at Guggenheim
    
  • Pinnacle Financial Partners (PNFP) initiated with a Buy at Benchmark, tgt $132
    
  • Prosperity Bancshares (PB) initiated with a Hold at Benchmark
    
  • Qiagen (QGEN) initiated with a Hold at Kepler Cheuvreux, tgt $38.60
    
  • Sezzle (SEZL) initiated with a Hold at Freedom Capital, tgt $150
    
  • Shift4 Payments (FOUR) initiated with a Hold at Loop Capital, tgt $40
    
  • SmartFinancial (SMBK) initiated with a Buy at Benchmark, tgt $54
    
  • South Plains Financial (SPFI) initiated with a Buy at Benchmark, tgt $53
    
  • Southside Bancshares (SBSI) initiated with a Hold at Benchmark
    
  • Tonix Pharmaceuticals (TNXP) initiated with a Strong Buy at Raymond James, tgt $26
    
  • Velo3D (VELO) initiated with a Buy at Needham, tgt $33
    
  • VICI Properties (VICI) initiated with a Sector Perform at RBC Capital, tgt $29

• Econ Data (Friday):
  • 8:30 ET: May advance International Trade in Goods (prior -$82.4 bln), advance Retail Inventories (prior 0.7%), and advance Wholesale Inventories (prior 0.5%)
  • 10:00 ET: Final June University of Michigan Consumer Sentiment (Briefing.com consensus 48.9; prior 48.9)

• 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