After Hours Report

Stocks started the week on a weaker note, with an afternoon surge in oil prices adding to selling pressure that had already been evident across much of the broader market. The S&P 500 (-0.5%), Nasdaq Composite (-0.3%), and DJIA (-0.5%) all finished lower, while strength in semiconductor stocks helped limit the Nasdaq's decline.

The market had already displayed a negative bias beneath the surface during the morning, but losses widened as geopolitical concerns pushed oil prices higher in the afternoon. President Trump told reporters that he does not think Iran will agree to the deal he views as necessary ahead of today's expiration of the 60-day ceasefire agreement between the U.S. and Iran. WTI crude oil futures settled $2.06 higher (+2.5%) at $84.46 per barrel.

The late climb in oil left the energy sector (+0.9%) as the only S&P 500 sector to finish higher and overshadowed what had been a strong showing from semiconductor stocks earlier in the session. The PHLX Semiconductor Index (+1.6%) still outperformed considerably, though it surrendered a sizable portion of an earlier gain that had topped 2.5%. Memory stocks remained a bright spot, with Sandisk (SNDK 1786.85, +145.74, +8.88%) extending its recent surge after Commerce Secretary Howard Lutnick said the Trump administration does not want Apple (AAPL 305.59, -0.34, -0.11%) purchasing Chinese memory chips. Applied Materials (AMAT 535.31, +28.13, +5.55%) also rebounded sharply after moving lower on Friday despite delivering a strong beat-and-raise earnings report.

The fading semiconductor rally, combined with weakness across other large technology names, ultimately pulled the information technology sector (-0.2%) into negative territory. Continued enthusiasm surrounding the AI trade provided some support after Anthropic reported a massive jump in revenue, while outside the sector, SpaceX (SPCX 146.23, +6.23, +4.45%) extended its recovery from post-IPO lows following regulatory filings showing newly disclosed positions from NVIDIA (NVDA 225.01, -0.15, -0.07%) and Advanced Micro Devices (AMD 506.00, -8.39, -1.63%).

Weakness remained broad elsewhere. The communication services sector (-1.5%) was among the worst performers as Meta Platforms (META 568.97, -20.88, -3.54%) remained under pressure ahead of opening arguments Tuesday in a child social-media addiction case.

The consumer staples sector (-1.5%) matched that loss amid weakness in alcoholic beverage names. The consumer discretionary (-1.0%) and financials (-1.0%) sectors also lagged. Apparel and homebuilder stocks weighed on consumer discretionary, with NIKE (NKE 39.09, -1.64, -4.03%) falling to its lowest level since late 2014. Homebuilders faced an additional headwind from elevated longer-term Treasury yields after the 30-year yield reached a fresh 19-year high during the session.

The weakness extended beyond the large-cap benchmarks, with the Russell 2000 (-0.4%) and S&P MidCap 400 (-0.3%) also finishing lower.

Monday's session ultimately highlighted the market's inability to capitalize on another strong showing from semiconductor and AI-related stocks. Chip strength provided an important counterweight through much of the day, but broad sector weakness and the afternoon jump in oil prices as the U.S.-Iran ceasefire expired proved too much to overcome, leaving the major averages near their lows at the close.

U.S. Treasuries began the week with steady selling in longer tenors, driving the 30-year note yield to a fresh high for the year while the front end resisted, but also eventually gave in to the pressure. The 2-year note yield settled up one basis point to 4.18%, the 10-year note yield settled up three basis points to 4.72%, and the 30-year note yield settled up four basis points to 5.31%. 

• Russell 2000: +23.2% YTD
• S&P Mid Cap 400: +18.5% YTD
• Nasdaq Composite: +14.6% YTD
• S&p 500: +13.1% YTD
• DJIA: +11.2% YTD

Reviewing today's data:

• August Empire State Manufacturing 20.6 (Briefing.com consensus 11.0); Prior 15.6
• August NAHB Housing Market Index 35 (Briefing.com consensus 34); Prior 34

 Overseas:

• Europe: DAX -0.4%, FTSE -0.3%, CAC -0.7%
• Asia: Nikkei +0.7%, Hang Seng +1.3%, Shanghai +1.4%

Commodities:

• Crude Oil +2.06 @ 84.46
• Nat Gas -0.04 @ 2.69
• Gold +37.10 @ 4474.00
• Silver +1.12 @ 66.23
• Copper +0.01 @ 6.62

After-Hours Spotlight:

• Amylyx Pharmaceuticals (AMLX) to Announce Topline Results from its Phase 3 LUCIDITY Clinical Trial of Avexitide in Post-Bariatric Hypoglycemia on August 18, 2026...AMLX +14.3%
• Andersen (ANDG) launches secondary offering of 4.28M Class A shares...ANDG -4.5%
• Coherent (COHR) begins customer sampling of 300mm silicon carbide substrates for AI infrastructure...COHR +0.4%
• Duos Technologies (DUOT) Reports Second Quarter 2026 Results...DUOT +4.2%
• Fabrinet (FN) beats by $0.29, beats on revs; provides Q1 (Mar) and FY27 guidance...FN -5.6%
• Firefly Aerospace (FLY) onboarded to NASA spacecraft processing contract at Vandenberg...FLY +0.1%
• Flexsteel Industries, Inc. (FLXS) Reports Fourth Quarter and Fiscal Year 2026 Results; Continued Net Sales Growth and Record Diluted Earnings Per Share...FLXS +8.7%
• XP (XP) beats by BRL0.08, beats on revs...XP -1.1%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Anthropic Q2 revenue surges to over $11.5 bln, according to Bloomberg
  • ARMOUR Residential REIT (ARR) provides investor presentation with updates on financial position, business and operations
  • Bally's Corporation (BALY) reports second quarter 2026 results
  • HIVE Digital Technologies (HIVE) reports Q1 results; misses on revs
  • H World Group (HTHT) reports Q2 results
  • OmniAb (OABI) raised its 2026 cash and cash equivalents financial guidance following recent technology licensing activity
• General News
  • Iran ceasefire agreement expires today. Only five vessels passed through the Strait on Saturday. CNBC
  • Israel launches strikes against Lebanon. The U.S. is preparing a new Iranian sanctions package. Bloomberg
  • Middle Eastern oil producers are moving crude oil out of the Persian Gulf through incognito crossings & pipelines. Volumes are higher than market estimates of 4 mln per day. Bloomberg
  • The U.S. is scheduled to impose 50% tariffs on cement, wine, and hockey sticks from Canada starting Wednesday as talks continue. Washington Post
  • President Trump says "I have instructed Secretary of War, Pete Hegseth, to substantially reduce the joint military exercises in South Korea"
  • House Minority Leader Hakeem Jeffries says he does not currently support Medicare for all legislation. NBC News
  • Democratic Wisconsin Governor candidate David Crowley does not support a moratorium on data center construction. Republican candidate Tom Tiffany wants subsidies ended. NOTUS
  • Troubled loans in private credit are increasing. FT
  • Trump-backed crypto company World Liberty Financial gets conditional approval for US bank charter, according to Reuters
  • Prescription drug prices fall this year, largest drop in 60 years. Washington Post
  • Hurricane Lala impacted Hawaii with heavy rain and winds. NBC News
  • General Atlantic once again considering an IPO, according to The Wall Street Journal
  • President Trump tells reporters says he doesn't think Iran will agree to a deal that he thinks is necessary
  • Energy Secretary Chris Wright will speak to refiners about producing more fuel, according to Reuters 
  • Abbott (ABT), NACHC launch multi-year Food for Health initiative for community health centers
  • Advanced Micro Devices (AMD) discloses updated portfolio positions in 13F filing: New NTNX SPCX CBRS positions
  • Alibaba (BABA) artificial intelligence models have reached 3 billion downloads, more than Meta (META) & Google (GOOG, GOOGL). Bloomberg
  • Alibaba (BABA) aiming to sell game developer unit Lingxi Games for more than $2 bln. Reuters
  • Allegiant (ALGT) adds nine nonstop routes, including seven hyper-seasonal Florida flights for spring 2027
  • Almonty (ALM) authorizes up to $300 mln share repurchase program
  • American Express (AXP) reported July card metrics
  • AmpliTech (AMPG) says 2026 revenue should top FY25; cites $17 mln backlog and improved ORAN economics
  • Apple (AAPL): The Trump administration does not want Apple to purchase memory chips from China. WSJ
  • Aramark (ARMK) adds more than a dozen new K-12 student nutrition partnerships
  • Arrow Electronics (ARW) expands IBM distribution coverage to seven additional countries
  • Arrowhead (ARWR) says REDEMPLO now available and reimbursable in Germany for FCS
  • ArcelorMittal (MT) statement regarding missile strike on its Ukraine plant
  • argenx (ARGX) reports topline results from Phase 3 ALKIVIA Trial of Efgartigimod in Autoimmune Myositis
  • AstraZeneca (AZN) discontinues Phase III eVOLVE-Lung02 trial after efficacy review
  • AstraZeneca's (AZN) Enhertu meets primary endpoint in Phase III DESTINY-Lung04 trial
  • AstraZeneca (AZN), HUTCHMED say TAGRISSO plus savolitinib improved PFS and OS in Phase III SAFFRON trial
  • Bank of America (BAC) reports July card metrics
  • Bayer AG (BAYRY) announces that Health Canada has issued a Notice of Compliance expanding the indication of LYNKUET to include the treatment of moderate to severe vasomotor symptoms caused by adjuvant endocrine therapy related to breast cancer
  • Bed Bath & Beyond (BBBY) changes its corporate name to Neighborhood Intelligence
  • Better Home (BETR) urges former CEO Vishal Garg to end campaign to regain control
  • BlackBerry's (BB) future depends on car and security software. FT
  • Boeing (BA) awarded a $636.1 mln modification to US Army contract
  • Bristol-Myers (BMY): Hematogenix's proprietary MM MRD assay underpins FDA accelerated approval of Bristol Myers Squibb's ZENBEXUS, the first approved CELMoD therapy for multiple myeloma
  • Capital One (COF) reports July card metrics
  • Caterpillar (CAT) and Cummins (CMI) investing millions to expand electricity generator production amid data center demand. WSJ
  • Centene names Lincoln Financial's Neczypor CFO effective Jan. 1, 2027; Asher to step down Dec. 31; reaffirms FY26 adjusted EPS guidance
  • Citigroup (C) reports July card metrics
  • Cognizant (CTSH) selected with Benchling to support Kyowa Kirin R&D platform rollout
  • Cohen & Steers (CNS) acquires Royal Plaza grocery-anchored shopping center in Virginia with DLC
  • Delta Air Lines (DAL): Berkshire Hathaway (Warren Buffett) confirmed increased passive stake to 8.7% (prior 6.1%)
  • Diageo plc (DEO) aiming to reformulate whisky in India, according to Reuters
  • Diamondback (FANG), Devon (DVN), MPLX (MPLX) and Western Midstream (WES) JV reaches FID on Permian-to-Gulf gas pipeline project
  • Dr. Reddy's (RDY) confirms the USFDA completed a GMP inspection at our formulations manufacturing facility (FTO-3) in Bachupally, Hyderabad
  • Endeavour Silver (EXK) suspends operations at Terronera mine due to illegal blockade
  • Enovix (ENVX) names CFO Ryan Benton interim CEO after Raj Talluri resigns; T.J. Rodgers becomes executive chairman
  • Equinox Gold (EQX) receives positive record of decision for South Railroad; significant permitting milestone unlocks next North American growth project
  • Equinor (EQNR) to acquire an interest in the Lackawanna Energy Center (Lackawanna), a 1,483 MW gas-fired combined cycle power plant in Pennsylvania for $940 mln
  • Exxon Mobil (XOM) and others awarded $1.1 billion in pre-investment contracts for upstream equipment, according to Club Of Mozambique
  • Exzeo (XZO) authorizes $25 mln stock repurchase program
  • EyePoint (EYPT) says Phase III LUGANO missed primary endpoint in full dataset; DURAVYU showed non-inferiority in ad hoc analysis
  • Faeth (FTH) gets FDA Fast Track for PIKTOR plus paclitaxel in biomarker-selected advanced endometrial cancer
  • Ferrari's (RACE) first all-electric vehicle sold for $40 mln. Bloomberg
  • Globalstar (GSAT) says all 8 HIBLEO-4 replacement satellites launched and deployed successfully
  • HII (HII) completes acceptance sea trials for aircraft carrier John F. Kennedy
  • HIVE Digital Technologies' (HIVE) BUZZ HPC signs $350 mln five-year AI cloud services contract
  • HUTCHMED (HCM) says ORPATHYS plus AstraZeneca's TAGRISSO met PFS and OS goals in Phase III lung cancer trial
  • Intel (INTC): CEO Lip-Bu Tan bought 105,263 shares at $95 worth ~$10 mln
  • Intercontinental Hotels Group (IHG) signs three-hotel portfolio deal with Harilela Group for Vignette Collection
  • JPMorgan Chase (JPM) reports July card metrics
  • JPMorganChase (JPM) opens two-story Chicago Magnificent Mile flagship
  • KBR (KBR) wins $60 mln NATO PATRIOT support contract
  • Kratos Defense (KTOS) and Security and GE Aerospace announce that the GEK800 engine has been awarded a contract with the United States Air Force
  • L3Harris (LHX) names Sam Mehta CEO; Christopher Kubasik steps down after conduct investigation
  • Meta Platforms (META) and Blackrock's (BLK) Texas data center could have insurance risks, according to FT
  • Mosaic (MOS) launches Renuvis Enzara crop-residue management product
  • National Presto Indust.'s (NPK) AMTEC Corporation announces option awards under AMTEC’s current five-year 40mm systems contract
  • Nestle (NSRGY) aiming to develop new products to serve people who use weight loss drugs. Reuters
  • NexGen Energy (NXE) holding talks with BHP (BHP) as BHP wants $1 bln for uranium project, according to Reuters
  • NVIDIA (NVDA) discloses updated portfolio positions in 13F filing: New SPCX position
  • NVIDIA (NVDA) plans to launch the most advanced open-source AI model in the world, according to The Information
  • Nvidia (NVDA) downsized plans to guarantee a $250 bln Ohio data center. WSJ
  • OmniAb (OABI) signs ion channel collaboration and license deal with Eli Lilly
  • Otis (OTIS) wins Tianjin 117 Tower project for more than 250 elevators and escalators
  • PENN (PENN) plans $195 mln landside Hollywood Casino New Orleans project, pending approvals
  • Petrobras (PBR) receives additional R$536.7 mln under Brazil's gasoline and LPG subsidy programs; also identifies hydrocarbons in ultra-deepwater well offshore Brazil
  • Pilgrim's (PPC) Pride discloses additional terms regarding acquisition of Walker’s Deli & Sausage Company
  • Restaurant Brands Intl (QSR): Burger King outpaced McDonald's (MCD) and Wendy's (WEN) in sales growth following Whopper upgrades. WSJ
  • Rocket Lab (RKLB) says first 8 satellite platforms for MDA Space (MDA) reached orbit for Globalstar (GSAT) constellation
  • Sandoz (SDZNY) expands biosimilars partnership with Henlius in deal covering up to 10 assets
  • Softbank (SFTBY) aiming to invest in Gravis Robotics, according to Inc
  • Synchrony (SYF) partners with OpenAI to bring financing and rewards into AI-native shopping
  • Tesla (TSLA) preparing August introduction of Cybercab, according to The Information
  • Tidewater (TDW) awarded a $249 mln US Army contract
  • Townsquare Media (TSQ) announces strategic digital advertising partnership with Midlands Media Group
  • Trane Technologies (TT), Eaton (ETN) unveil AI data center reference design aligned with NVIDIA DSX
  • UnitedHealthcare (UNH) will face IRS investigation over alleged tax avoidance. Stat News
  • Zai Lab (ZLAB), argenx say Phase 3 ALKIVIA study of efgartigimod met primary endpoint in autoimmune myositis
  • ZenaTech (ZENA) confirms that a U.S. Presidential Proclamation signed August 13, 2026 imposing Section 232 tariffs on imported drones and components could strengthen the competitive positioning of its U.S.-based drone design and manufacturing subsidiary ZenaDrone

• Upgrades:
  • Apple (AAPL) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $400
    
  • Astera Labs (ALAB) upgraded to Outperform from Market Perform at Northland, tgt $350
    
  • CAE (CAE) upgraded to Outperform from Sector Perform at RBC Capital
    
  • Global Net Lease (GNL) upgraded to Outperform from Market Perform at BMO Capital, tgt $10
    
  • Mobileye (MBLY) upgraded to Buy from Hold at Berenberg, tgt $11
    
  • Okta (OKTA) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $180
    
  • PennyMac Mortgage Investment Trust (PMT) upgraded to Buy from Hold at Deutsche Bank, tgt $12
    
  • YPF (YPF) upgraded to Buy from Hold at HSBC, tgt $60
• Downgrades:
  • Amcor (AMCR) downgraded to Neutral from Overweight at JPMorgan, tgt $47
    
  • Bain Capital Specialty Finance (BCSF) downgraded to Market Perform at Keefe, Bruyette & Woods, tgt $13
    
  • Crescent BDC (CCAP) downgraded to Market Perform at Keefe, Bruyette & Woods, tgt $12
    
  • Kinetik Holdings (KNTK) downgraded to Hold from Buy at Clear Street, tgt $57
    
  • Netskope (NTSK) downgraded to Hold from Buy at Deutsche Bank
    
  • PLDT (PHI) downgraded to Neutral from Overweight at JPMorgan
    
  • SentinelOne (S) downgraded to Hold from Buy at Deutsche Bank
    
  • Shopify (SHOP) downgraded to Accumulate from Buy at Phillip Securities, tgt $170
    
  • Workday (WDAY) downgraded to Neutral from Buy at BTIG
    
  • Workday (WDAY) downgraded to Hold from Buy at Deutsche Bank, tgt $220
    
  • York Space Systems (YSS) downgraded to Neutral from Overweight at JPMorgan, tgt $17
• Others:
  • ADT Inc. (ADT) initiated with a Neutral at BTIG
    
  • Alpha Compute (ALP) assumed with a Neutral at H.C. Wainwright
    
  • Columbia Financial (CLBK) initiated with an Outperform at Keefe, Bruyette & Woods, tgt $14.50
    
  • Dave (DAVE) initiated with an Overweight at Piper Sandler, tgt $390
    
  • Deep Isolation Nuclear (DBHL) initiated with a Buy at ThinkEquity, tgt $8
    
  • Etsy (ETSY) reinstated with a Neutral at Goldman Sachs, tgt $89
    
  • Federal Signal (FSS) initiated with a Buy at Citi, tgt $150
    
  • Freenome (FRNM) initiated with a Buy at BTIG, tgt $17
    
  • Freenome (FRNM) initiated with a Buy at Jefferies, tgt $17
    
  • Huntington Bancshares (HBAN) initiated with an Overweight at Wells Fargo, tgt $23
    
  • Immunic (IMUX) initiated with an Outperform at Wedbush, tgt $45
    
  • Odysight.ai (ODYS) initiated with a Buy at Chardan, tgt $7.15
    
  • Onto Innovation (ONTO) initiated with a Buy at Goldman Sachs, tgt $400
    
  • Pacira Pharmaceuticals (PCRX) reinstated with a Buy at Truist, tgt $30
  • Pulse Biosciences (PLSE) initiated with a Buy at Needham, tgt $58
    
  • SoFi Technologies (SOFI) initiated with an Overweight at Piper Sandler, tgt $22
    
  • Sunbelt Rentals (SUNB) initiated with an Overweight at Wells Fargo, tgt $96
    
  • Target Hospitality (TH) initiated with an Overweight at Morgan Stanley, tgt $22
    
  • Universal Music Group (UMGNF) reinstated with a Buy at Citi

• Econ Data (Tuesday):
  • 8:30 ET: July Housing Starts (Briefing.com consensus 1.360 mln; prior 1.427 mln), Building Permits (Briefing.com consensus 1.390 mln; prior 1.367 mln), July Import Prices (prior 0.3%), Import Prices ex-oil (prior 0.4%), Export Prices (prior -0.6%), and Export Prices ex-agriculture (prior -0.7%)
  • 9:15 ET: July Industrial Production (Briefing.com consensus 0.3%; prior 0.1%) and Capacity Utilization (Briefing.com consensus 76.3%; prior 76.1%)
  • 10:00 ET: July Pending Home Sales (Briefing.com consensus 1.3%; prior -5.4%)

• Earnings:
  • Monday (August 17)
    • Pre-Market: None
    • After-Hours: FN
  • Tuesday (August 18)
    • Pre-Market: AS BIDU HD KLAR
    • After-Hours: JKHY KEYS LZB MRCY TOL ZTO
  • Wednesday (August 19)
    • Pre-Market: ADI EL KC LOW TGT TJX VIK
    • After-Hours: BILL COTY NDSN BULL WOLF
  • Thursday (August 20)
    • Pre-Market: AAP BABA ATHM NTES SCSC WMT DE
    • After-Hours: FLO OSIS ROST
  • Friday (August 21)
    • Pre-market: BJ BKE
    • Afternoon: None