After Hours Report

The major averages moved in a relatively stable range in their first session back from the long holiday weekend, with the Nasdaq Composite (+1.1%) and S&P 500 (+0.7%) buoyed by continued strength across mega-cap stocks and a rebound in semiconductor names today. That momentum helped the S&P 500 close above the 7,500 mark for the first time since June 18. The DJIA (+0.3%) notched a more modest gain as there was some rotational selling across more defensive pockets of the market amid the outperformance in tech, though it was enough for the index to secure all-time highs and close above the 53,000 mark for the first time.

Today's rebound across semiconductor stocks was widely attributed to investors buying last week's pullback rather than any single industry-specific catalyst. There were still a few news items of note, with Advanced Micro Devices (AMD 552.05, +34.23, +6.61%) outperforming after Goldman Sachs reiterated its Buy rating on the stock and increased its target price to $640 from $450, while Broadcom (AVGO 373.90, +13.45, +3.73%) and Apple (AAPL 312.66, +4.03, +1.31%) agreed to expand their long-standing technology collaboration through 2031. The PHLX Semiconductor Index advanced 2.2%, helping the top-weighted information technology sector (+1.3%) finish as one of the top-performing S&P 500 sectors.

Only the communication services sector (+1.6%) notched a wider gain, with Meta Platforms (META 600.29, +17.39, +2.98%) and Alphabet (GOOG 364.90, +8.72, +2.45%) charting session highs this afternoon to offset broader weakness in the sector.

Tesla (TSLA 419.77, +26.32, +6.69%) was another mega-cap standout, reclaiming nearly all of Friday's loss and pushing the consumer discretionary sector (+1.0%) higher despite weakness across most of the sector. Specialty stores such as O'Reilly Auto (ORLY 84.24, -6.01, -6.66%) and AutoZone (AZO 2957.71, -201.57, -6.38%) were the worst-performing S&P 500 components today.

In total, the Vanguard Mega Cap Growth ETF gained 1.5%, and the market-weighted S&P 500 (+0.7%) outperformed the S&P 500 Equal Weighted Index (flat).

Performance across other cyclical sectors was mixed, with the financials (+0.9%) and industrials (+0.8%) sectors posting solid gains while the energy (-0.3%) and materials (-0.2%) sectors faced modest retreats.

Meanwhile, the defensive health care (+1.2%), utilities (-1.1%), and consumer staples (-0.9%) sectors lagged as investors rotated back into mega-cap tech and semiconductor names today. The real estate sector (-0.9%) faced a similar retreat.

Outside the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.4%) notched decent gains after underperforming last week.

All told, the stock market returned from the holiday weekend on solid footing, with continued strength across technology helping the major averages push through several notable round-number milestones. While those gains came at the expense of some more defensive areas of the market, overall breadth remained decidedly positive, with analysts characterizing the rotation beneath the surface as a healthy feature of the ongoing bull market.

U.S. Treasuries began the week on a mixed, but largely quiet note, with the long bond recording its fourth consecutive loss while the 5-year note yield and shorter tenors climbed for the second day in a row. 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 4.48%.

• Russell 2000: +21.3% YTD
• S&P Mid Cap 400: +15.5% YTD
• Nasdaq Composite: +12.4% YTD
• DJIA: +10.4% YTD
• S&P 500: +10.1% YTD

Reviewing today's data:

• June S&P Global U.S. Services PMI - Final 51.2; Prior 51.3
• June ISM Non-Manufacturing Index 54.0% (Briefing.com consensus 54.2%); Prior 54.5%
  • The key takeaway from the report is that activity in the services sector is still running at a good pace despite ongoing price pressures. The June reading was 0.9 percentage points above the 12-month average of 53.1%.

 Overseas:

• Europe: DAX +0.2%, FTSE -0.3%, CAC -0.3%
• Asia: Nikkei flat, Hang Seng +1.1%, Shanghai -0.1%

Commodities:

• Crude Oil -0.13 @ 68.55
• Nat Gas +0.04 @ 3.24
• Gold +41.60 @ 4167.50
• Silver +1.24 @ 62.34
• Copper +0.06 @ 6.23

After-Hours Spotlight:

• AbbVie (ABBV) revises guidance following acquired IPR&D and milestones expense...ABBV +0.1%
• Coursera (COUR) commits to a workforce reduction plan in connection with Udemy merger...COUR flat
• RxSight (RXST) guides Q2 revenue in line and updates FY26 guidance following strategic collaboration agreement with Alcon (ALC)...RXST -8.9%, ALC flat
• SEALSQ Corp (LAES) reports preliminary 1H26 results and reaffirms FY26 revenue guidance...LAES +0.7%
• Toyota Motor (TM) announces $3.6 bln expansion, 2,000 new jobs at its San Antonio plant...TM flat
• Vertex Pharma (VRTX) to acquire Crinetics Pharmaceuticals (CRNX)...VRTX -1.8%, CRNX +99.5%
• Walmart (WMT): President Trump says Walmart will be lowering prices...WMT -0.1%

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

• Earnings/Guidance (Full Earnings Calendar):
  • AerCap (AER) reports Q2 leasing activity, repurchases $691 mln of stock
  • Coincheck Group N.V. (CNCK) reports preliminary monthly disclosure information for the past twelve months
  • Embraer SA (EMBJ) reports 65 aircraft delivered in second quarter, up 48% quarter-over-quarter
  • Hon Hai Precision (HNHPF) reports June sales
  • Kosmos Energy (KOS) reports H1 operations, cuts net debt by over $400 mln
  • Niu Technologies (NIU) reports Q2 sales volume up 24%
  • Regeneron Pharma (REGN) discloses Q2 results will include an acquired in-process research and development charge of approximately $127 million on a pre-tax basis
  • United Micro (UMC) reports June revenue up 22.9% yr/yr
  • Venu Holding Corp. (VENU) reports strong quarter of triple net ownership sales, capped by $11.3 million in June
• General News
  • Shipping along the U.S. protected corridor in the Strait of Hormuz is seeing signs of recovering. Bloomberg
  • Iran and Oman submit proposal to charge administrative fees to maintain the Strait of Hormuz. The model will be similar to what is used in the Strait of Malacca and Singapore. NBC News
  • President Trump's allies are considering ways to remove members of the Fed's Board of Governors. Bloomberg
  • House Speaker Mike Johnson says House will pass voter ID bill through budget reconciliation process, which will allow Senate to pass it with 50 votes. CNN
  • Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability
  • Sriram Krishnan says President Trump will not support heavy artificial intelligence regulation. FT
  • Large institutional investors committing billions to private credit. FT
  • June North America Class 8 net orders increased 231% yr/yr. Act Research
  • President Trump says "The Department of Treasury will now accept philanthropic contributions of readily tradable publicly traded stock to help fund Trump accounts for eligible American children"
  • AdaptHealth (AHCO) discloses that it is investigating a security incident
  • Agenus (AGEN) Reports Landmark BOT+BAL Data Showing 33% Three-Year Overall Survival in Refractory MSS Metastatic Colorectal Cancer Without Active Liver Metastases at ESMO GI 2026
  • Alarum Technologies (ALAR) warns FBI domain seizures could materially impact operations; temporarily suspends portions of NetNut network during investigation
  • Alibaba (BABA): Judge orders the Pentagon to give Alibaba a reprieve from a lobbying ban. Bloomberg
  • Apple (AAPL) analyst Ming-Chi Kuo posts blog titled "Foldable iPhone May Repeat the iPhone X Story: Joint Debut, Later Launch, Tight Supply to Year-End"
  • AtaiBeckley (ATAI) announces that the last patient has been dosed in Elumina, its Phase 2b clinical trial evaluating VLS-01 in adults living with treatment-resistant depression (TRD). The study randomized 156 patients, with topline data expected in Q4 2026
  • Autoliv (Shanghai) Management (ALV) and Great Wall Motor sign global strategic cooperation framework agreement
  • AXT (AXTI) subsidiary enters into a Master Development and Supply Agreement with Coherent
  • Bausch Health Canada (BHC) announces the listing of PrOKEDI (extended-release injectable suspension of risperidone) 75 mg and 100 mg strengths to the drug formulary of the Régie de l'assurance maladie du Québec effective June 25th, 2026, for the treatment of schizophrenia in adults
  • Boeing (BA): Gulf carriers are considering the purchase of Boeing and Airbus (EADSY) jets. Bloomberg
  • Boeing (BA) begins operating its fourth 737 MAX assembly line at its Everett, WA factory, according to Reuters
  • Canadian Nat'l Rail (CNI) reports record June grain movement
  • Ceva (CEVA) secures landmark AI IP licensing deal with major U.S. software platform company
  • Coda Octopus (CODA) interim CFO Gayle Jardine to retire effective August 3
  • Core Natural Resources' (CNR) CONSOL Innovations has been selected for a multi-million-dollar grant awarded by the U.S. Department of Energy's Office of Critical Minerals and Energy Innovation
  • Cormedix (CRMD) COO Elizabeth Hurlburt appointed to the newly created role of Chief Operating and Commercial Officer
  • Dakota Gold Corp. (DC) completes pre-feasibility drilling and releases further assay results from the Richmond Hill Gold Project
  • Delek Logistics Partners (DKL) announces executive leadership changes
  • Enhanced Group (ENHA): ESPN's documentary program E60 aired its feature documentary on the Enhanced Games; Initially, the episode aired on Thursday July 2nd
  • Fermi America (FRMI): Neugebauer suspends current proxy campaign while leading with about 70% of votes recorded, following judge's inexplicable last-minute recusal that throws off timeline for strategic process; reaffirms confidence in Fermi's future
  • Freightcar America (RAIL) enters into new multi-year order for 1,900 railcars from a key customer; Also announces that Q2 orders totaled approximately 3,000 railcars
  • Halozyme Therapeutics (HALO) discloses the departure of COO Courtney Caudill
  • Ionis (IONS) completes enrollment in pivotal cohort of the Phase 3 REVEAL study evaluating obudanersen in Angelman syndrome
  • Kyndryl (KD) names Ellen Johnson CFO
  • Micron (MU) breaks ground on a $9 billion Japan factory expansion. Bloomberg
  • Molecular Partners (MOLN) updates on clinical progress across expanding pipeline of DARPin Radiotherapeutics
  • Natera's (NTRA) Signatera MRD test predicted overall survival benefit from chemotherapy in resected metastatic colorectal cancer
  • Navient (NAVI) discloses cybersecurity incident
  • Netflix (NFLX) viewers are abandoning programs after the first season. Bloomberg
  • New Found Gold Corp. (NFGC) provides Queensway and Pine Cove update
  • NN Inc (NNBR) provides update on developments in its Medical Products business; States that a "large and well-known new customer" has released its first purchase orders to company
  • Novo Nordisk A/S (NVS): Canadian patients with private coverage using an Ozempic Savings Card - as well as those paying entirely out-of-pocket - will now get Ozempic (semaglutide) at a price aligned with generic alternatives
  • NVIDIA (NVDA): Semi Analysis says "Massive delay: Just 3 months after Jensen demoed Kyber NVL144 at GTC, it has faced major setbacks and has been delayed by more than 12 months, pushing it back to 2028"
  • OR Royalties (OR) provides Barnat Pit Update
  • Orthofix (OFIX) discloses CMS withdrew reimbursement changes for non-invasive bone growth stimulators; expects prior Medicare rates to return
  • Pharvaris N.V. (PHVS) announces FDA acceptance of New Drug Application for deucrictibant ir for on-demand treatment of hereditary angioedema attacks
  • ProFrac Holding (ACDC) refinances ABL facility, expands borrowing capacity to $300 mln
  • Six Flags Entertainment (FUN) names Mark Pauls as COO
  • SpaceX (SPCX): President Trump says he expects Elon Musk to donate SpaceX shares to Trump Accounts. CNBC
  • SpaceX (SPCX) COO Gwynne Shotwell confirms "My husband and I are honored and thrilled to participate in the Invest America program and gift a share of our SpaceX stock to a Trump Account for each of more than two million children across our great nation"
  • StubHub Holdings (STUB): Texas Attor­ney Gen­er­al Ken Pax­ton inves­ti­gates Stub­Hub for "fail­ing to pro­vide FIFA World Cup Tick­ets that fans have paid for"
  • Tesla (TSLA) says Robotaxi now available in Miami
  • TG Therapeutics (TGTX) initiates Phase 2 trial evaluating BRIUMVI for treatment-resistant schizophrenia
  • Third Coast Bancshares (TCBX) announces an approved continuation of its share repurchase program
  • Uber (UBER) pauses most of planned food delivery expansion in Europe. FT
  • Unum Group (UNM) reinsures $3.8 bln of long-term care reserves, further reducing legacy LTC exposure
  • U.S. GoldMining (USGO) has commenced drilling as part of the previously announced 2026 exploration program at its 100% owned Whistler Gold-Copper Project in Alaska

• Upgrades:
  • Agnico Eagle (AEM) upgraded to Buy from Hold at Jefferies, tgt $200
    
  • Cullen/Frost (CFR) upgraded to Hold from Underperform at Jefferies, tgt $160
    
  • Flagstar Bank (FLG) upgraded to Buy from Hold at TD Cowen, tgt $18
    
  • Gilead Sciences (GILD) upgraded to Buy from Hold at HSBC, tgt $155
    
  • GSK (GSK) upgraded to Hold from Reduce at HSBC
    
  • Lincoln National (LNC) upgraded to Overweight from Equal Weight at Barclays, tgt $45
    
  • Murphy USA (MUSA) upgraded to Neutral from Sell at Goldman, tgt $550
    
  • Okta (OKTA) upgraded to Outperform from Sector Perform at Scotiabank, tgt $165
    
  • Qualys (QLYS) upgraded to Outperform from Sector Perform at Scotiabank, tgt $190
    
  • SentinelOne (S) upgraded to Outperform from Sector Perform at Scotiabank, tgt $23.50
    
  • Tenable (TENB) upgraded to Outperform from Sector Perform at Scotiabank, tgt $50
    
  • T-Mobile (TMUS) upgraded to Buy from Neutral at BofA Securities , tgt $220
    
  • U.S. Bancorp (USB) upgraded to Buy from Hold at Jefferies, tgt $75
• Downgrades:
  • Allstate (ALL) downgraded to Hold from Buy at HSBC, tgt $264
    
  • Bank OZK (OZK) downgraded to Hold from Buy at TD Cowen, tgt $53
    
  • Brown & Brown (BRO) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $55
    
  • BYD Electronic (BYDIF) downgraded to Sell from Neutral at Goldman
    
  • Chubb (CB) downgraded to Hold from Buy at HSBC, tgt $373
    
  • Citizens Financial Group (CFG) downgraded to Neutral from Outperform at Robert W. Baird, tgt $72
    
  • Datadog (DDOG) downgraded to Market Perform from Outperform at Bernstein, tgt $226
    
  • Delta Air Lines (DAL) downgraded to Outperform from Strong Buy at Raymond James, tgt $104
    
  • EHang (EH) downgraded to Underweight from Neutral at JPMorgan, tgt $4.40
    
  • Huntington Bancshares (HBAN) downgraded to Hold from Buy at Jefferies, tgt $19
    
  • JetBlue Airways (JBLU) downgraded to Underperform from Market Perform at Raymond James
    
  • M&T Bank (MTB) downgraded to Neutral from Outperform at Robert W. Baird, tgt $240
    
  • Pfizer (PFE) downgraded to Hold from Buy at HSBC, tgt $28
    
  • Prosperity Bancshares (PB) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $80
    
  • Regions Financial (RF) downgraded to Underperform from Neutral at Robert W. Baird, tgt $28
    
  • Roche (RHHBY) downgraded to Hold from Buy at HSBC
    
  • SES S.A. (SGBAF) downgraded to Underweight from Equal Weight at Barclays
    
  • Slide Insurance (SLDE) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $20
    
  • Stellantis (STLA) downgraded to Reduce from Hold at HSBC
    
  • Truist Financial (TFC) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $54
• Others:
  • ERock (EROC) initiated with Neutral at BofA Securities, tgt $16
    
  • ERock (EROC) initiated with Outperform at Evercore ISI, tgt $28
    
  • ERock (EROC) initiated with Overweight at JPMorgan, tgt $24
    
  • ERock (EROC) initiated with Overweight at Morgan Stanley, tgt $21
    
  • ERock (EROC) initiated with Outperform at Wolfe Research, tgt $24
    
  • Forbright (FRBT) initiated with Buy at Goldman, tgt $23.50
    
  • Forbright (FRBT) initiated with Overweight at Barclays, tgt $23
    
  • Forbright (FRBT) initiated with Neutral at JPMorgan, tgt $21
    
  • Forbright (FRBT) initiated with Neutral at Piper Sandler, tgt $21.50
    
  • Forbright (FRBT) initiated with Overweight at Wells Fargo, tgt $21
    
  • Glaukos (GKOS) initiated with Buy at H.C. Wainwright, tgt $168
    
  • NRG Energy (NRG) initiated with Buy at Siebert Williams Shank, tgt $184
    
  • Parabilis Medicines (PBLS) initiated with Buy at BofA Securities, tgt $45
    
  • Parabilis Medicines (PBLS) initiated with Buy at Guggenheim, tgt $40
    
  • WhiteHawk Minerals (WHK) initiated with Buy at Stifel, tgt $30
    
  • Wise (WSE) initiated with Overweight at JPMorgan, tgt $17.50

• Econ Data (Tuesday):
  • 8:30 ET: May Trade Balance (Briefing.com consensus -$78.8 bln; prior -$55.9 bln)

• Earnings:
  • Monday (July 6)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (July 7)
    • Pre-Market: None
    • After-Hours:EPAC PENG
      
  • Wednesday (July 8)
    • Pre-Market: HELE
      
    • After-Hours: AZZ LEVI PSMT
      
  • Thursday (July 9)
    • Pre-Market: PEP SMPL
    • After-Hours: WDFC
  • Friday (July 10)
    • Monday: DAL
    • Afternoon: None