After Hours Report

Stocks started the week on a muted note, with the S&P 500 (-0.1%), Nasdaq Composite (-0.3%), and DJIA (-0.1%) finishing modestly lower amid a surge in oil prices and a late retreat across select tech names.

Rising oil prices weighed on the market at the open and continued to climb throughout the day, with crude oil futures settling today's session $3.98 higher (+5.1%) at $82.17 per barrel. President Trump said that the U.S. will give Iran time to face mounting economic pressure amid the inability to reach a lasting deal, while Iran reiterated that reopening the Strait of Hormuz is contingent on the U.S. permanently ending the conflict and paying reparations.

The spike in oil prices sent Treasury yields higher across the curve, weighing on oil- and rate-sensitive areas of the market. The real estate (-1.2%) and utilities (-1.1%) sectors were the worst-performing S&P 500 groups, while the iShares U.S. Home Construction ETF fell 2.7% and the Russell 2000 (-0.6%) underperformed the major averages.

However, the broader market weathered the oil-driven pressure relatively well, with mixed sector strength keeping losses muted at the index level. Outside of the energy sector (+4.6%), the health care sector (+1.5%) outperformed, with Vertex Pharma (VRTX 523.91, +27.84, +5.61%) surging after competitor Sionna Therapeutics (SION 4.50, -46.54, -91.18%) halted development of a cystic fibrosis treatment following disappointing Phase 2a results.

The materials sector (+0.7%) also posted a decent gain as precious metals prices continued to move higher, while positive showings from Alphabet (GOOG 355.84, +2.37, +0.67%) and Meta Platforms (META 594.92, +2.82, +0.48%) helped outweigh lingering post-earnings weakness in The Trade Desk (TTD 13.39, -0.41, -2.97%) within the communication services sector (+0.7%).

Meanwhile, the information technology sector (-1.1%) faced pressure as semiconductor stocks weakened throughout the session. The PHLX Semiconductor Index fell 2.9%, closing at a session low as some profit-taking followed last week's strong rebound. NVIDIA (NVDA 217.56, -6.40, -2.86%) contributed to the late weakness, sliding to session lows after the Financial Times reported that the company is working with a host of large asset managers on financing platforms aimed at mobilizing more than $500 billion for AI infrastructure development.

Intel (INTC 97.52, -4.13, -4.06%) also weighed on the chipmaker index after announcing a $15 billion underwritten common stock offering, while Apple (AAPL 308.26, -5.07, -1.62%) lagged after Jefferies downgraded the stock to Underperform from Hold.

Software stocks provided a notable counterweight to the weakness in semiconductors. The iShares GS Software ETF (IGV) climbed 2.3%, helping limit the information technology sector's decline despite the late selling across chipmakers.

Even with late weakness in technology and a sharp rise in oil prices, the major averages finished only modestly lower, remaining near last week's record highs and reflecting some underlying strength following a strong Q2 earnings season.

With earnings beginning to wind down, the market's next test of sentiment looms with Wednesday's release of the July Consumer Price Index (Briefing.com consensus 0.1%), which will likely be influential in the Fed's next policy decision. The CME FedWatch tool now assigns a 51.7% probability of a rate hike at the September FOMC meeting, up from 44.4% on Friday but down from 67.2% a week ago.

U.S. Treasuries retreated to begin the week, lifting yields on the 5-year note and longer tenors to one-week highs while the 2-year note reversed its decrease from Friday, staying just above its 50-day moving average (4.186%). The 2-year note yield settled up three basis points to 4.24%, and the 10-year note yield settled up four basis points to 4.70%. 

There was no economic data of note. 

• Russell 2000: +21.6% YTD
• S&P Mid Cap 400: +17.1% YTD
• Nasdaq Composite: +14.5% YTD
• S&P 500: +13.3% YTD
• DJIA: +12.3% YTD

 Overseas:

• Europe: DAX +0.1%, FTSE -0.4%, CAC +0.1%
• Asia: Nikkei +2.1%, Hang Seng +1.1%, Shanghai +0.7%

Commodities:

• Crude Oil +3.98 @ 82.17
• Nat Gas +0.14 @ 2.80
• Gold +22.30 @ 4420.30
• Silver +1.72 @ 65.24
• Copper +0.03 @ 6.62

After-Hours Spotlight:

• Amentum Holdings (AMTM) beats by $0.06, misses on revs; provides FY26 guidance...AMTM -12.4%
• Archer Aviation (ACHR) reports EPS in line, beats on revs; provides Q3 (Sep) guidance...ACHR +0.4%
• Electrovaya (ELVA) reports JunQ results, misses on revs; lowers FY26 revenue outlook...ELVA -19.2%
• FutureFuel (FF) Announces Second Quarter 2026 Results...FF +21.9%
• Hims & Hers Health (HIMS) reports Q2 (Jun) results, beats on revs; guides Q3 revs above consensus; guides FY26 revs above consensus...HIMS -5.1%
• Life360 (LIF) misses by $0.02, beats on revs; provides FY26 guidance...LIF -17.9%
• NVIDIA (NVDA) partners with Apollo, BlackRock (BLK), Blackstone (BX), Brookfield (BN), Goldman Sachs (GS) and KKR (KKR) on AI compute financing platforms...NVDA +0.6%
• Plug Power (PLUG) beats by $0.01, beats on revs; Provides FY26 outlook...PLUG +7.5%
• Rocket Lab USA (RKLB) misses by $0.02, beats on revs; provides Q3 (Sep) guidance...RKLB -3.3%
• Upwork (UPWK) beats by $0.07, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY26 EPS below consensus, revs below consensus...UPWK -19.3%

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

• Earnings/Guidance (Full Earnings Calendar):
  • AAON (AAON) beats by $0.18, beats on revs; raises FY26 revs above consensus
  • ASE Technology (ASX) reports July revs increase 43% yr/yr
  • Axsome Therapeutics (AXSM) misses by $0.10, misses on revs
  • Barrick Mining (B) misses by $0.01, beats on revs
  • Berkshire Hathaway (BRK.B) reports Q2 results
  • Bitdeer Technologies (BTDR) misses by $0.01, beats on revs; provides Q3 (Sep) guidance
  • Camtek (CAMT) beats by $0.02, beats on revs; provides Q3 (Sep) and FY26 guidance
  • CECO Environ. (CECO) beats by $0.21, reports revs in-line; raises FY26 revenue and adjusted EBITDA guidance
  • Ceva (CEVA) beats by $0.01, beats on revs; provides Q3 (Sep) and FY26 guidance
  • ChipMOS TECHNOLOGIES (IMOS) reports July revenue rises 44% yr/yr
  • Citi Trends (CTRN) sees Q2 revs above estimates
  • Dole plc (DOLE) reports EPS in line, misses on revs; provides FY26 guidance
  • Embraer SA (EMBJ) reports Q2 (Jun) results, beats on revs; reaffirms FY26 revs guidance
  • International Seaways (INSW) beats by $0.48, beats on revs
  • Monday.com (MNDY) beats by $0.37, beats on revs; provides Q3 (Sep) and FY26 guidance
  • N-able (NABL) reports EPS in line, beats on revs; provides Q3 (Sep) and FY26 guidance
  • National Energy Services Reunited (NESR) beats by $0.09, beats on revs
  • RadNet (RDNT) beats by $0.09, beats on revs
  • Seadrill Limited (SDRL) beats by $0.10, beats on revs; provides FY26 guidance
  • Surgery Partners (SGRY) beats by $0.04, beats on revs; provides FY26 guidance
  • Taiwan Semiconductor Manufacturing (TSM) reports July revenue rises 45% yr/yr
• General News
  • President Trump, in an interview, says he will be taking a "low-key" approach to Iran. He wants to put economic pressure on Iran instead of ordering more attacks. Axios
  • Iran says the U.S. must withdraw its naval blockade, pay Iran damages for the war, unfreeze Iranian assets, and lift sanctions before the Strait of Hormuz can be reopened. The Houthis attacked a Saudi Aramco oil refinery. NBC News
  • Israel rejected the Gaza peace plan. NBC News
  • Senate passes bill to extend government funding from September 30 through December 11. The House will vote when they return from August recess. NBC News
  • President Trump privately tells donors to support JD Vance for president in 2028. Washington Post
  • Pentagon asks defense contractors to accelerate production of key weapon systems. Bloomberg
  • Private credit default rates are reaching record highs. WSJ
  • Senate sets up vote on Clarity Act in September when lawmakers return from recess. Reuters
  • White House confirms over $2 billion in critical mining and mining-related projects to revitalize the industry and over $180 million in mining school investments to bolster the American mining workforce
  • HHS Secretary RFK Jr. to target loophole that allows chemicals to make into the food supply, according to Washington Post 
  • Appeals court allows thousands of social media addiction lawsuits to proceed, according to Reuters
  • President Trump extends and narrows Jones Act waiver, according to Bloomberg
  • FDA says "As a result of the recall by Coast Citrus Distributors, downstream recalls are being conducted for recalled jalapeños and products containing recalled jalapenos"
  • Cleveland Fed President Beth Hammack (voting FOMC member, dissenter at last meeting) says "some number" of rate increases may be needed, according to Bloomberg
  • President Trump signs executive order that will split the childhood MMR vaccine into three separate shots that will be administered at three separate doctor visits; COVID-19, Hepatitis B, & Influenza vaccines no longer recommended for all children
  • AbCellera Biologics (ABCL) reports Top-Line Phase 2 clinical trial results for ABCL635
  • Accendra Health's (ACH) CEO Ed Pesicka announces intent to retire; board of directors has begun successor search
  • Amazon (AMZN) is investing in its own natural gas power plant to power its large Texas data center. NY Times
  • Andersen (ANDG) to buy Andersen Mexico and five U.S. consulting firms; deals add ~$34.5 mln annualized revenue
  • Apple (AAPL) Mac users will be allowed to connect to Alibaba's (BABA) Qwen AI service. Reuters
  • Apple (AAPL) tests memory chips from China's CXMT. WSJ
  • Aquestive (AQST) reports positive Anaphylm human factors, PK data ahead of planned Q3 NDA resubmission
  • Baker Hughes (BKR) wins subsea systems award for Indonesia's Kutei Northern Hub
  • Barrick Mining's (B) overhaul is receiving criticism from investors. Bloomberg
  • Barrick Mining (B) & Newmont (NEM) reach agreement regarding Nevada Gold Mines joint venture
  • BeOne Medicines (ONC) enters RAS cancer collaboration with Revolution Medicines (RVMD)
  • BHP (BHP) workers at the Port Hedland iron ore export facility go on strike. Bloomberg
  • Blackstone (BX) in discussions to acquire minority stake in Air Canada’s (ACDVF) travel loyalty program, according to Bloomberg
  • BP (BP) is expected to transfer 20% of a Cocuina-Manakin nautral gas field stake to Trinidad and Tobago's NGC, according to Reuters
  • Brookfield Asset Management (BAM) leads $605 mln debt financing for 5C AI data center platform
  • Cadeler (CDLR) orders two new T-class offshore wind installation vessels for about EUR805M
  • Ceribell (CBLL) gets FDA 510(k) clearance for two AI enhancements in Neurology Portal
  • Charles Schwab (SCHW) releases Schwab Trading Activity Index - July STAX rises to 59.80 from 59.12; clients remained net buyers
  • Chemours (CC) launches Opteon ZE and Opteon 515B refrigerants for stationary chillers
  • Dine Brands (DIN): The Edge Group completed the sale of its position in Dine Brands Global
  • Dr. Reddy's (RDY) terminated the agreement dated February 11, 2022, with Novartis India Limited with respect to the distribution and promotion of select brands in India
  • EHang (EH) completes first pilotless human-carrying eVTOL flight in Kazakhstan
  • Globe Life (GL) authorizes new $2.5 bln share repurchase program
  • Illumina (ILMN) provided litigation update; Court will hold a hearing on the proposed dismissal on November 2
  • Innate Pharma (IPHA) partners with Sobi (SOBI) on lacutamab in T-cell lymphoma
  • Johnson & Johnson (JNJ): FDA updated its communication to inform the public that the Oscor Catheter Introducer issue has been classified as a Class I Recall
  • KBR (KBR) unit wins estimated $208 mln U.S. Army tactical munitions task order
  • Labcorp (LH) wins FDA approval for melanoma companion diagnostic
  • Lincoln Financial (LNC) plans to resume share repurchases in Q3 under existing $1.5 bln authorization
  • Lincoln Financial (LNC) names Adam Cohen interim CFO as Chris Neczypor departs
  • Lockheed Martin (LMT) launches Strigo modular missile technology suite, opens dedicated product center
  • Marsh McLennan Agency (MRSH) to acquire Accel Holdings
  • Meta Platforms (META) CEO Mark Zuckerberg writes letter titled "The Path to a Positive AI Future"; META also introduces Muse Glimmer AI model
  • Netflix (NFLX) nearly doubles 2026 US ad commitments in Upfront
  • Nvidia (NVDA) will invest up to $3 bln in Berkshire (BRK.B) supported power firm. The Information
  • NVIDIA (NVDA), private capital giants join forces on $500 bln AI buildout, according to FT
  • Paramount (PSKY) will release 30 movies a year in theaters if it acquires Warner Brothers (WBD). Bloomberg
  • Red Cat (RCAT) announces multiyear partnership with Washington Commanders
  • Roche Hldg (RHHBY): ChemoMetec enters collaboration agreement with Roche Diagnostics
  • RTX (RTX): Raytheon awarded contract action on a new Missile Defense Agency contract with base value of this contract at $745.4 mln; also awarded a $536 mln modification to US Army contract
  • Scholar Rock (SRRK) says FDA review of apitegromab BLA will proceed with second fill-finish site; PDUFA date remains Sept. 30, 2026
  • Silence Therapeutics (SLN) announces positive topline results from the Phase 2 SANRECO trial of divesiran, a first-in-class siRNA, in 48 phlebotomy-dependent patients with polycythemia vera
  • Silicon Motion (SIMO) launches MonTitan SSD reference design kit for AI infrastructure
  • Sionna (SION) halts SION-719 add-on program after Phase 2a miss in cystic fibrosis
  • Situational Awareness invested $400 million this week in Source Foundry. WSJ
  • SK hynix Inc. (SKHY) clarifies that, while it is reviewing various measures to strengthen the competitiveness of its packaging business, no matters have been determined as of the date hereof
  • Sony (SONY) and Taiwan Semiconductor Manufacturing (TSM) in discussions to spend $6.4 billion on an image sensor factory in Japan. Bloomberg
  • Taylor Farms is pulling prepared food items containing jalapenos. Bloomberg
  • Tenax (TENX) says Phase 3 LEVEL trial of TNX-103 missed primary endpoint in PH-HFpEF
  • Trump Media & Technology Group Corp. (DJT) pulls back from Crypto.com deals ahead of upcoming merger, according to Axios
  • Uranium Royalty (UROY) announces the appointment of Kevin McQuilkin and Peter Rozenauers to the Company's Board of Directors, effective immediately
  • V2X (VVX) wins U.S. Marine Corps logistics support contract worth up to $500 mln
  • Vertical Aerospace Group (EVTL) entered into an agreement in principle with Mudrick Capital Management
  • Voya Financial (VOYA): TOMS Capital presses Voya to consider strategic alternatives
  • Waste Connections (WCN) renews NCIB for up to 12.58M shares
  • Western Copper (WRN) appoints Mark E. Smith as Chairman of the Board; provides an update on the 2026 site program

• Upgrades:
  • B2Gold (BTG) upgraded to Outperform from Sector Perform at Scotiabank
    
  • BlackSky Technology (BKSY) upgraded to Buy from Hold at Clear Street, tgt $41
    
  • Dick's Sporting Goods (DKS) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $240
    
  • Everpure (P) upgraded to Positive from Neutral at Susquehanna, tgt $120
    
  • Everpure (P) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $108
    
  • FirstCash (FCFS) upgraded to Buy from Hold at Loop Capital, tgt $255
    
  • HPE (HPE) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $69
    
  • James Hardie Industries (JHX) upgraded to Overweight from Equal Weight at Barclays, tgt $35
    
  • Lincoln Electric (LECO) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $283
    
  • LSB Industries (LXU) upgraded to Outperform from Sector Perform at RBC Capital, tgt $13
    
  • NetApp (NTAP) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $173
    
  • Protagonist Therapeutics (PTGX) upgraded to Buy from Neutral at Goldman, tgt $186
    
  • SanDisk (SNDK) upgraded to Buy from Hold at Argus
    
  • Sezzle (SEZL) upgraded to Buy from Hold at TD Cowen, tgt $165
    
  • United Microelectronics (UMC) upgraded to Buy from Neutral at Arete
• Downgrades:
  • Akamai Technologies (AKAM) downgraded to Hold from Buy at HSBC, tgt $123
    
  • Amrize (AMRZ) downgraded to Underperform from Sector Perform at RBC Capital, tgt $48
    
  • Apple (AAPL) downgraded to Underperform from Hold at Jefferies, tgt $263.66
    
  • Arko (ARKO) downgraded to Outperform from Strong Buy at Raymond James, tgt $7
    
  • ATS Corporation (ATS) downgraded to Hold from Buy at TD Securities
  • BioLife Solutions (BLFS) downgraded to Hold from Buy at Benchmark
    
  • Chemours (CC) downgraded to Neutral from Buy at UBS, tgt $18
    
  • Cognex (CGNX) downgraded to Hold from Buy at HSBC, tgt $65
    
  • Compass Minerals (CMP) downgraded to Underweight from Neutral at JPMorgan, tgt $27
    
  • Domino's Pizza (DPZ) downgraded to Hold from Buy at Loop Capital, tgt $353
    
  • Doximity (DOCS) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $18
    
  • Global-e Online (GLBE) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $44
    
  • i3 Verticals (IIIV) downgraded to Hold from Buy at Benchmark
    
  • Interparfums (IPAR) downgraded to Hold from Buy at TD Cowen, tgt $120
    
  • Interparfums (IPAR) downgraded to Neutral from Buy at Goldman, tgt $129
    
  • Kennametal (KMT) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $27
    
  • MapLight Therapeutics (MPLT) downgraded to Neutral from Buy at UBS, tgt $13
    
  • Samsara (IOT) downgraded to Neutral from Overweight at Piper Sandler, tgt $40
    
  • Spectrum Brands (SPB) downgraded to Sector Perform from Outperform at RBC Capital, tgt $92
    
  • Teradata (TDC) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $29
    
  • The Trade Desk (TTD) downgraded to Reduce from Hold at HSBC, tgt $10
• Others:
  • Banc of California (BANC) assumed with an Overweight at Wells Fargo, tgt $23
    
  • Bank OZK (OZK) assumed with an Equal Weight at Wells Fargo, tgt $56
    
  • BankUnited (BKU) assumed with an Overweight at Wells Fargo, tgt $54
    
  • BOK Financial (BOKF) assumed with an Equal Weight at Wells Fargo, tgt $148
    
  • Commerce Bancshares (CBSH) assumed with an Equal Weight at Wells Fargo, tgt $63
    
  • Columbia Banking System (COLB) assumed with an Equal Weight at Wells Fargo, tgt $34
    
  • Csquare (CSQR) initiated with an Outperform at Scotiabank, tgt $30
    
  • Csquare (CSQR) initiated with an Outperform at Bernstein, tgt $27
    
  • Csquare (CSQR) initiated with a Buy at Jefferies, tgt $29
    
  • Csquare (CSQR) initiated with a Buy at BofA Securities, tgt $46
    
  • Csquare (CSQR) initiated with a Buy at TD Cowen, tgt $28
    
  • Csquare (CSQR) initiated with an Overweight at Wells Fargo, tgt $25
    
  • Csquare (CSQR) initiated with a Neutral at JPMorgan, tgt $24
    
  • Csquare (CSQR) initiated with an Outperform at RBC Capital, tgt $24
    
  • Csquare (CSQR) initiated with an Overweight at Morgan Stanley, tgt $26
    
  • Csquare (CSQR) initiated with an Outperform at BMO Capital, tgt $26
    
  • East West Bancorp (EWBC) assumed with an Overweight at Wells Fargo, tgt $155
    
  • F.N.B. Corporation (FNB) assumed with an Overweight at Wells Fargo, tgt $22
    
  • First BanCorp (FBP) assumed with an Overweight at Wells Fargo, tgt $33
    
  • First Horizon (FHN) assumed with an Equal Weight at Wells Fargo, tgt $28
    
  • First Interstate BancSystem (FIBK) assumed with an Underweight at Wells Fargo, tgt $34
    
  • Forbright (FRBT) assumed with an Overweight at Wells Fargo, tgt $22
    
  • Guidewire (GWRE) initiated with an Overweight at Piper Sandler, tgt $210
    
  • Kestra Medical Technologies (KMTS) initiated with an Overweight at JPMorgan, tgt $30
    
  • OFG Bancorp (OFG) assumed with an Equal Weight at Wells Fargo, tgt $55
    
  • Pinnacle Financial Partners (PNFP) assumed with an Equal Weight at Wells Fargo, tgt $118
    
  • Standard Nuclear (STDN) initiated with a Buy at BofA Securities, tgt $15
    
  • Standard Nuclear (STDN) initiated with an Outperform at William Blair
    
  • Standard Nuclear (STDN) initiated with an Overweight at Barclays, tgt $17
    
  • Standard Nuclear (STDN) initiated with an Outperform at Evercore ISI, tgt $17
    
  • Standard Nuclear (STDN) initiated with a Buy at UBS, tgt $14
    
  • Standard Nuclear (STDN) initiated with a Buy at Stifel, tgt $16
    
  • Standard Nuclear (STDN) initiated with an Outperform at RBC Capital, tgt $11
    
  • UMB Financial (UMBF) assumed with an Equal Weight at Wells Fargo, tgt $160
    
  • Western Alliance Bancorporation (WAL) assumed with an Equal Weight at Wells Fargo, tgt $90

• Econ Data (Tuesday):
  • 6:00 ET: July NFIB Small Business Optimism Index (Briefing.com consensus 97.1; prior 97.4)
  • 10:00 ET: July Existing Home Sales (Briefing.com consensus 4.07 mln; prior 4.09 mln)

• Earnings:
  • Monday (August 10)
    • Pre-Market: AXSM B BTDR CRC CAMT CECO CEVA DOLE EMBJ FERG INSW MPT MNDY NABL NESR RDNT SDRL SGRY
    • After-Hours: AAON ACVA ACM ALC AMTM ACHR ASTS BBIO EROK HLIO HPK HIMS JBS NHI PLUG RPD RKLB RUM SPG UPWK USAR WBTN
  • Tuesday (August 11)
    • Pre-Market: ARMK CAH CDNL NVRI ETOR JBI LEGN MIDD ONON SE SFD TME VG
    • After-Hours: ATRO BGS CAVA IMOS CRWV FLY FNV HRB LITE MOBI SMCI LIF
  • Wednesday (August 12)
    • Pre-Market: AMCR BETA EAT FRVO GLBE KTB KRNT LQDA MSGE MRX EYE NBIS PFGC WYFI
    • After-Hours: AVEX AOSL ANDG BTGO CAE CBRS CSCO COHR ENS ENVX GO HLIT JACK PAAS REZI STAA STUB
  • Thursday (August 13)
    • Pre-Market: ALH AIT BIRK BLSH FRMI FIGR GMRS LUNR JD LGN MH NOMD MWH SSYS TPR ELMT WWW XE YETI
    • After-Hours: AMAT DLO GEMI GLOB HTFL KLC
  • Friday (August 14)
    • Pre-market: SIND RMIX
    • Afternoon: None