After Hours Report

The major averages started the new week with solid gains as investors rotated back into the market's largest technology names following last week's broadening in market leadership. The S&P 500 (+1.2%), Nasdaq Composite (+2.1%), and DJIA (+0.6%) all finished higher, with the Vanguard Mega Cap Growth ETF climbing 2.6%.

After ceding ground to other areas of the market last week, mega-cap technology stocks reasserted themselves. Five of the "Magnificent Seven" stocks finished higher, allowing the market-weighted S&P 500 to comfortably outperform the S&P 500 Equal Weight Index (+0.2%). The DJIA also benefited from its recent addition of Alphabet A (GOOGL 353.65, +16.26, +4.82%) Class A shares, giving the price-weighted index modestly greater exposure to today's rebound in mega-cap technology.

The communication services sector (+3.1%) led the advance, with Alphabet A (GOOGL 353.65, +16.26, +4.82%) providing solid leadership following its first full session as a DJIA component. Elsewhere, Comcast (CMCSA 24.22, +1.05, +4.53%) traded higher after announcing plans to separate NBCUniversal and Sky into an independent public company through a tax-free spin-off, while Charter Comm (CHTR 146.17, +12.53, +9.38%) gained after Bloomberg reported the company is in discussions with SpaceX (SPCX 164.06, +10.82, +7.06%) regarding a mobile phone partnership. The Comcast news, however, weighed on other broadband and wireless providers, including Verizon (VZ 44.10, -2.44, -5.24%), T-Mobile US (TMUS 173.97, -8.71, -4.77%), and AT&T (T 21.82, -0.90, -3.96%).

The consumer discretionary sector (+2.7%) also posted a strong gain as its mega-cap components rebounded. Tesla (TSLA 411.84, +32.13, +8.46%) reclaimed its 50-day moving average (405.03), while Amazon (AMZN 240.14, +7.45, +3.20%) benefited from encouraging Prime Day sales data.

Technology stocks experienced considerable intraday volatility before ultimately finishing as one of the market's leadership groups. Semiconductor stocks recovered from an early selloff that briefly sent the PHLX Semiconductor Index more than 2% lower before ending the session up 3.8%. Early weakness in memory names following reports that Apple (AAPL 281.74, -2.04, -0.72%) was seeking approval to purchase memory chips from China's ChangXin Memory Technologies ultimately gave way to broad buying interest, while Applied Materials (AMAT 694.64, +67.80, +10.82%), Corning (GLW 255.79, +34.74, +15.72%), and other AI infrastructure beneficiaries rallied on news of major long-term investment plans from Samsung and SK Hynix. Corning finished as the top-performing S&P 500 component.

Software also contributed to the advance, with the iShares Expanded Tech-Software Sector ETF (IGV) rising 1.9%.

The information technology sector (+1.7%) finished among the market's leaders despite late-session weakness in Super Micro Computer (SMCI 28.15, -2.48, -8.10%), which declined after Bloomberg reported that Taiwanese authorities raided one of the company's offices as part of an investigation into the smuggling of NVIDIA chips into China.

Elsewhere, the industrials (+0.8%), health care (+0.1%), and financials (+0.1%) sectors also finished higher.

The materials sector (-1.9%) was the day's weakest performer as construction materials names gave back a portion of last week's gains, with Martin Marietta (MLM 581.23, -34.83, -5.65%) particularly weak after announcing the acquisition of Lhoist North America.

The real estate sector (-0.7) also lagged, while the defensive consumer staples (-0.4%) and utilities (-0.5%) sectors underperformed as investors rotated back toward growth-oriented stocks.

Overall, today's session marked a convincing rebound for the market's largest technology names after they ceded leadership last week. The S&P 500 and Nasdaq Composite recovered roughly half of last week's losses, while the S&P 500 also reclaimed its 50-day moving average (7,371), which it briefly lost in Friday's session.

U.S. Treasuries started the holiday week on a quiet note with 10-year note yield and shorter tenors finishing lower for the first time since last Monday while the long bond outperformed, settling just above its unchanged level. The 2-year note yield settled up two basis points to 4.11%, and the 10-year note yield finished unchanged at 4.37%. 

There was no economic data of note. 

• Russell 2000: +21.3% YTD
• S&P Mid Cap 400: +15.8% YTD
• Nasdaq Composite: +11.1% YTD
• S&P 500: +8.7% YTD
• DJIA: +8.6% YTD

 Overseas:

• Europe: DAX -0.1%, FTSE -0.2%, CAC -0.2%
• Asia: Nikkei +0.2%, Hang Seng +1.6%, Shanghai +1.2%

Commodities:

• Crude Oil +1.58 @ 70.82
• Nat Gas -0.05 @ 3.18
• Gold -58.40 @ 4038.30
• Silver -0.66 @ 58.64
• Copper -0.05 @ 6.16

After-Hours Spotlight:

• AeroVironment (AVAV) beats by $0.38, beats on revs; guides FY27 EPS below consensus, revs in-line...AVAV +17.5%
• Comcast (CMCSA): NBCUniversal weighing potential video-game entry post split; cable and connectivity business eyes technology investments, according to Reuters...CMCSA +0.6%
• Concentrix (CNXC) misses by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY26 EPS below consensus, revs below consensus...CNXC -25.2%
• Digital Realty Trust (DLR) announces purchase of Blackstone (BX) interest in three northern Virginia data centers; also secondary offering of common stock by Blackstone...DLR -2.4%, BX -0.4%
• Forgent Power Solutions (FPS) files for 11,671,418 share common stock offering; also files for 23,328,582 share common stock offering by selling shareholders...FPS -5.6%
• Mama’s Creations (MAMA) announces proposed public offering of common stock...MAMA -8.5%
• Praxis Precision Medicines (PRAX) announces the FDA has extended the review for its NDA for relutrigine by 3 months...PRAX -6.5%

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

• Earnings/Guidance (Full Earnings Calendar):
  • BioCryst Pharma (BCRX) to close research facility, cuts operating expense outlook; reaffirms revs outlook
  • GameStop (GME) announces that, for the fiscal year ending January 30, 2027 ("FY26"), co currently expects to generate Adjusted EBITDA in excess of $600 mln vs $345.4 mln in FY25
  • MetLife (MET) estimates that quarterly variable investment income will be approximately $220-270 mln (pre-tax), which compares to full-year 2026 guidance of approximately $1.6 bln (pre-tax)
  • Verizon (VZ): in the second quarter of 2026, Verizon expects to record an estimated loss in the range of $700 million to $800 million
• General News
  • Iran launched ballistic missiles and drones at eight infrastructure targets at U.S. military bases in Kuwait and Bahrain. U.S. launched additional attacks against multiple targets in Iran. NBC News
  • U.S. and Iran agree to stop attacking each other and meet Tuesday in Qatar to work out their dispute over the Strait of Hormuz. Axios
  • Iran claims it has the exclusive right to manage traffic in the Strait of Hormuz. WSJ
  • President Trump confirms that U.S. and Iran will meet for talks tomorrow in Qatar
  • The Supreme Court will announce several key decisions this week on the Fed, independent agencies, elections, and immigration. Axios
  • China's artificial intelligence systems matched the performance of Anthropic's Mythos in some cybersecurity scenarios. WSJ
  • Fed Chairman Warsh will speak at the European Central Bank's policy forum in Portugal on Wednesday
  • Four million Americans drop Affordable Care Act plans. WSJ
  • U.S.: S&P 'AA+/A-1+' sovereign ratings affirmed; outlook remains stable
  • Abbott (ABT): DOJ closed investigation into Abbott over a baby formula plant. WSJ
  • Amazon (AMZN) Prime Day spending increases 9.3% yr/yr to $26.4 bln. Reuters
  • Anthropic moving toward deal with US govt to lift curbs on AI models, according to Bloomberg
  • AstraZeneca (AZN) reported positive Phase III results from the MULBERRY trial showing efzimfotase alfa met its primary endpoint
  • Comcast (CMCSA) announced plans to separate NBCUniversal and Sky into an independent, publicly traded company through a tax-free spin-off, creating two focused businesses expected to enhance strategic flexibility and shareholder value
  • Genesco (GCO) names Jonathan Collins CFO
  • Google (GOOG, GOOGL) placed limits on Meta's (META) use of its Gemini AI models. FT
  • Honeywell (HON) completes Aerospace spin-off and begins trading as standalone automation company
  • Kroger (KR) discloses in filing that, effective July 1, 2026, Ronald Sargent, Chairman of the Board, will cease serving as an employee of the company; He will continue serving as Chairman of the Board in a non-executive capacity
  • Neurogene (NGNE) reports positive long-term clinical data from phase 1/2 trial of NGN-401 gene therapy for rett syndrome
  • NVIDIA (NVDA): Firmus to build 170,000 GPU AI factory campus with NVIDIA for global AI-natives
  • Palantir Technologies (PLTR) and Surf Air Mobility (SFRM) expand partnership to accelerate commercialization of OperatorOS, OwnerOS, and Enterprise Products
  • Samsung Electronics (SSNLF) outlined a long-term domestic investment plan through 2040 totaling approximately KRW 2,450 tln, including about KRW 2,100 tln earmarked for its semiconductor business
  • Samsung (SSNLF) and SK Hynix (SKHY) will build two chipmaking plants each for KRW 800 bln. Bloomberg
  • Satellos Bioscience (MSLE) announces that the U.S. Food and Drug Administration has granted Fast Track designation to SAT-3247 for the treatment of Duchenne Muscular Dystrophy
  • Scotts Miracle-Gro (SMG) names Nate Baxter CEO, effective immediately, succeeding Jim Hagedorn, and reaffirms fiscal 2026 outlook
  • SharonAI Holdings Inc. (SHAZ) closes $1.6 billion strategic financing
  • SpaceX (SPCX) will join the Nasdaq-100 Index effective prior to the market open on July 7, 2026
  • SpaceX (SPCX) and Charter (CHTR) had discussions about a mobile phone partnership. Bloomberg
  • United Therapeutics (UTHR) announces FDA approval of the LungFX device for centralized ex vivo lung perfusion
  • Verizon (VZ) to combine international enterprise business with BT in joint venture
  • Viatris (VTRS) reports top-line results from Phase 3 Study of VR-205 in Japanese Adults with Primary Immunoglobulin A Nephropathy
  • Visa (V) authorized the deposit of $250 million into the U.S. litigation escrow account previously established under the Company’s U.S. retrospective responsibility plan

• Upgrades:
  • Casey's (CASY) upgraded to Outperform from Market Perform at BMO Capital, tgt $950
  • Cytokinetics (CYTK) upgraded to Buy from Neutral at UBS, tgt $115
  • Delek US (DK) upgraded to Buy from Hold at TD Cowen, tgt $58
  • FuelCell Energy (FCEL) upgraded to Buy from Neutral at B. Riley, tgt $32
  • PBF Energy (PBF) upgraded to Hold from Sell at TD Cowen, tgt $39
  • Primoris (PRIM) upgraded to Overweight from Neutral at JPMorgan, tgt $116
  • Prime Medicine (PRME) upgraded to Buy from Neutral at H.C. Wainwright, tgt $8
  • Roblox (RBLX) upgraded to Buy from Neutral at Arete, tgt $95
  • STMicroelectronics (STM) upgraded to Equal Weight from Underweight at Barclays
  • United Rentals (URI) upgraded to Outperform from Neutral at BNP Paribas, tgt $1,320
  • Warner Bros. Discovery (WBD) upgraded to Buy from Neutral at Seaport Research, tgt $31
• Downgrades:
  • Adobe (ADBE) downgraded to Neutral from Buy at Phillip Securities, tgt $203
  • Alkermes (ALKS) downgraded to Underperform from Neutral at BofA Securities, tgt $38
  • Amphastar Pharmaceuticals (AMPH) downgraded to Underperform from Neutral at BofA Securities, tgt $20
  • Biohaven (BHVN) downgraded to Underperform from Neutral at BofA Securities, tgt $11
  • Conmed (CNMD) downgraded to Underperform from Neutral at BofA Securities, tgt $40
  • CrowdStrike (CRWD) downgraded to Neutral from Buy at Arete, tgt $730
  • Definitive Healthcare (DH) downgraded to Underperform from Buy at BofA Securities, tgt $0.70
  • Doximity (DOCS) downgraded to Underperform from Buy at BofA Securities, tgt $20
  • Lindblad Expeditions (LIND) downgraded to Hold from Buy at Texas Capital, tgt $31
  • Liquidia (LQDA) downgraded to Neutral from Buy at BofA Securities, tgt $79
  • MSG Entertainment (MSGE) downgraded to Neutral from Buy at Seaport Research
  • Progressive (PGR) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $205
  • Salesforce (CRM) downgraded to Neutral from Buy at Phillip Securities, tgt $166
  • Sezzle (SEZL) downgraded to Perform from Outperform at Oppenheimer
• Others:
  • Amdocs (DOX) initiated with a Sector Weight at KeyBanc
  • AppLovin (APP) initiated with a Strong Buy at Raymond James, tgt $640
  • Applied Aerospace & Defense (AADX) initiated with a Buy at BofA Securities, tgt $24
  • Applied Aerospace & Defense (AADX) initiated with a Buy at Jefferies, tgt $25
  • Applied Aerospace & Defense (AADX) initiated with a Buy at Stifel, tgt $24
  • Applied Aerospace & Defense (AADX) initiated with an Equal Weight at Morgan Stanley, tgt $23
  • Applied Aerospace & Defense (AADX) initiated with an Outperform at Robert W. Baird, tgt $30
  • Applied Aerospace & Defense (AADX) initiated with an Outperform at RBC Capital, tgt $24
  • Dave & Buster's (PLAY) initiated with a Market Perform at Citizens
  • Graphic Packaging (GPK) initiated with a Neutral at JPMorgan, tgt $11.70
  • Honeywell Aerospace (HONA) initiated with a Buy at Melius Research, tgt $306
  • Honeywell Aerospace (HONA) initiated with a Peer Perform at Wolfe Research
  • Innio (INIO) initiated with a Buy at BofA Securities, tgt $46
  • Innio (INIO) initiated with a Buy at Goldman, tgt $42
  • Innio (INIO) initiated with a Buy at UBS, tgt $47
  • Innio (INIO) initiated with a Hold at Deutsche Bank, tgt $41
  • Innio (INIO) initiated with an Outperform at Robert W. Baird, tgt $50
  • Innio (INIO) initiated with an Overweight at JPMorgan, tgt $44
  • Innio (INIO) initiated with an Overweight at Morgan Stanley, tgt $47
  • Innio (INIO) initiated with a Sector Perform at RBC Capital, tgt $39
  • Liftoff Mobile (LFTO) initiated with a Buy at Deutsche Bank, tgt $37
  • Liftoff Mobile (LFTO) initiated with a Buy at Goldman, tgt $40
  • Liftoff Mobile (LFTO) initiated with a Buy at Jefferies, tgt $34
  • Liftoff Mobile (LFTO) initiated with a Buy at UBS, tgt $38
  • Liftoff Mobile (LFTO) initiated with an Equal Weight at Morgan Stanley, tgt $30
  • Liftoff Mobile (LFTO) initiated with an Outperform at Raymond James, tgt $32
  • Liftoff Mobile (LFTO) initiated with an Outperform at RBC Capital, tgt $35
  • Liftoff Mobile (LFTO) initiated with an Outperform at William Blair
  • Liftoff Mobile (LFTO) initiated with an Overweight at Barclays, tgt $34
  • Liftoff Mobile (LFTO) initiated with an Overweight at Cantor Fitzgerald, tgt $33
  • Lucky Strike (LUCK) initiated with a Market Perform at Citizens
  • Quantinuum (QNT) initiated with a Buy at BofA Securities, tgt $100
  • Quantinuum (QNT) initiated with a Buy at Jefferies, tgt $90
  • Quantinuum (QNT) initiated with a Buy at Needham, tgt $100
  • Quantinuum (QNT) initiated with a Buy at TD Cowen
  • Quantinuum (QNT) initiated with a Buy at UBS, tgt $93
  • Quantinuum (QNT) initiated with an Equal Weight at Morgan Stanley, tgt $78
  • Quantinuum (QNT) initiated with an Outperform at Evercore ISI, tgt $98
  • Quantinuum (QNT) initiated with an Outperform at Mizuho, tgt $90
  • Quantinuum (QNT) initiated with an Overweight at Cantor Fitzgerald, tgt $90
  • Quantinuum (QNT) initiated with an Overweight at JPMorgan, tgt $97
  • Seagate Technology (STX) initiated with a Buy at Melius Research, tgt $1,600
  • Six Flags (FUN) initiated with an Outperform at Citizens, tgt $29
  • Solaris Energy (SEI) initiated with a Buy at Needham, tgt $97
  • Sunshine Silver Mining (SSMR) initiated with a Buy at Citigroup, tgt $18
  • Sunshine Silver Mining (SSMR) initiated with an Outperform at BMO Capital, tgt $16.50
  • Sunshine Silver Mining (SSMR) initiated with an Outperform at Scotiabank, tgt $20
  • Sunshine Silver Mining (SSMR) initiated with a Sector Perform at RBC Capital, tgt $15
  • TeraWulf (WULF) initiated with a Buy at Citigroup, tgt $36
  • Unity (U) initiated with a Market Perform at Raymond James
  • United Parks & Resorts (PRKS) initiated with a Market Perform at Citizens
  • Vertex (VERX) initiated with a Buy at TD Cowen, tgt $14
  • Warby Parker (WRBY) initiated with a Buy at BofA Securities, tgt $33
  • Western Digital (WDC) initiated with a Buy at Melius Research, tgt $1,050
  • Wise Group plc (WSE) initiated with an Equal Weight at Morgan Stanley, tgt $16.10

• Econ Data (Tuesday):
  • 9:00 ET: April FHFA Housing Price Index (Briefing.com consensus 0.2%; prior 0.1%) and April S&P Case-Shiller Home Price Index (Briefing.com consensus 0.9%; prior 0.8%)
  • 9:45 ET: June Chicago PMI (Briefing.com consensus 60.0; prior 62.7)
  • 10:00 ET: June Consumer Confidence (Briefing.com consensus 94.2; prior 93.1)

• Earnings:
  • Monday (June 29)
    • Pre-Market: None
    • After-Hours: AVAV, CNXC
      
    Tuesday (June 30)
    • Pre-Market: None
    • After-Hours: STZ, NKE, PRGS
      
  • Wednesday (July 1)
    • Pre-Market: FDS, GIS, MSM, UNF
      
    • After-Hours: GBX
      
  • Thursday (July 2)
    • Pre-Market: LNN
    • After-Hours: None
  • Friday (July 3)
    • Closed for holiday