After Hours Report

The first trading session of August belonged to mega-cap technology stocks, as investors built on last week's strong earnings-driven momentum and embraced easing geopolitical tensions. The S&P 500 rose 1.5%, closing above the 7,600 level for the first time since June 2, while the Nasdaq Composite climbed 2.1% and the DJIA advanced 1.3% to notch an all-time closing high.

Leadership once again came from the market's largest companies. Six of the seven "Magnificent Seven" components finished firmly higher, lifting the Vanguard Mega Cap Growth ETF 2.2%. The communication services sector (+4.3%) paced the market as Alphabet (GOOG 372.47, +15.82, +4.44%) extended its recovery from a recent post-earnings selloff and Meta Platforms (META 590.24, +33.53, +6.02%) continued its rebound from multi-month lows.

The consumer discretionary sector (+2.7%) also turned in a strong performance as Tesla (TSLA 322.08, +10.87, +3.49%) attracted another round of buy-the-dip buying, while Amazon (AMZN 284.02, +12.44, +4.58%) built on last week's earnings-fueled surge and became the latest U.S. company to surpass a $3 trillion market capitalization.

The top-weighted information technology sector (+1.6%) was another standout, supported by continued strength in Microsoft (MSFT 487.65, +22.93, +4.93%) following last week's earnings report and a solid gain in NVIDIA (NVDA 206.64, +5.89, +2.93%), which reclaimed its 50-day moving average (205.85).

The sector steadily improved throughout the session due to a sharp reversal in semiconductor stocks. After opening with losses approaching 3%, the PHLX Semiconductor Index fought back to finish 1.1% higher, while software shares also enjoyed a strong session, lifting the iShares Expanded Tech-Software Sector ETF (IGV) 3.0%.

Investors now turn their attention to another busy stretch of tech earnings, with Palantir Technologies (PLTR 125.65, +2.59, +2.10%) set to report after the close, while Advanced Micro Devices (AMD 484.64, +8.49, +1.78%) and several memory companies including Sandisk (SNDK 1288.03, +73.20, +6.03%) report in the coming days.

Although mega-cap technology once again accounted for much of the index-level advance, participation remained healthy across the broader market. The S&P 500 Equal Weight Index climbed 1.0%, eight of the 11 S&P 500 sectors finished higher, and advancers comfortably outpaced decliners throughout the session. Smaller-cap stocks also participated, with the Russell 2000 rising 1.7% and the S&P Mid Cap 400 gaining 1.1%.

Lower oil prices provided another tailwind for equities. WTI crude oil futures settled $4.21 lower (-5.0%) at $80.36 per barrel after President Trump called off planned strikes against Iran. Reports also indicated that discussions between U.S. and Iranian officials remain ongoing, although Iranian officials have continued to publicly downplay or deny the extent of those talks. The energy sector (-1.5%) finished as the session's primary laggard, with Exxon Mobil (XOM 155.05, -0.39, -0.25%) and Chevron (CVX 193.18, -3.65, -1.85%) also pressured after President Trump said oil companies were earning excessive profits and should lower retail gasoline prices.

Elsewhere, the consumer staples (-0.3%) and health care (-0.2%) sectors posted modest losses as investors rotated away from more defensive areas of the market in favor of higher-growth opportunities.

The market's leadership remained firmly tilted toward mega-cap technology stocks, but today's session also offered encouraging signs beneath the surface. Solid breadth, a sharp recovery across semiconductor stocks after an early selloff, and easing geopolitical concerns combined to give equities a strong start to August, leaving the S&P 500 at its highest closing level in two months as another busy week of earnings gets underway.

U.S. Treasuries began August with a rally that lifted the 10-year and 30-year note yields off their worst levels of the year. The 2-year note yield settled down four basis points to 4.25%, and the 10-year note yield settled down six basis points to 4.69%. 

• Russell 2000: +20.2% YTD
• S&P Mid Cap 400: +15.0% YTD
• Nasdaq Composite: +11.5% YTD
• S&P 500: +11.0% YTD
• DJIA: +10.6% YTD

Reviewing today's data:

• July S&P Global U.S. Manufacturing PMI - Final 53.9; Prior 53.8
• June Construction Spending -0.1% (Briefing.com consensus 0.3%); Prior was revised to 0.0% from 0.1%
  • The key takeaway from the report is that the softness was driven entirely by residential spending.
• July ISM Manufacturing Index 55.6% (Briefing.com consensus 54.0%); Prior 53.3%
  • The key takeaway from the report is that manufacturing activity picked up steam in July, with the PMI logging its highest reading since May 2022.

 Overseas:

• Europe: DAX +1.6%, FTSE -0.1%, CAC +1.2%
• Asia: Nikkei -0.9%, Hang Seng +0.5%, Shanghai -0.6%

Commodities:

• Crude Oil -4.21 @ 80.36
• Nat Gas +0.03 @ 2.78
• Gold -16.60 @ 4090.00
• Silver +0.07 @ 57.89
• Copper +0.07 @ 6.54

After-Hours Spotlight:

• Adeia (ADEA) reports Q2 earnings; raises long-term revenue outlook to $600 million after Google, RPX license deals...ADEA -16.0%
• Ameresco (AMRC) reports EPS in line, beats on revs; provides Q4 (Dec) and FY26 guidance...AMRC +27.3%
• Backblaze (BLZE) Announces Second Quarter 2026 Financial Results...BLZE +17.5%
• Clorox (CLX) beats by $0.02, beats on revs; guides FY27 EPS in-line, revs above consensus...CLX +1.0%
• Diamondback Energy (FANG) beats by $0.40, beats on revs...FANG -0.9%
• onsemi (ON) beats by $0.03, reports revs in-line; guides Q3 EPS in-line, revs in-line...ON +3.5%
• Palantir Technologies (PLTR) beats by $0.07, beats on revs; guides Q3 revs above consensus; raises FY26 revs above consensus...PLTR +12.3%
• Snap (SNAP) beats by $0.02, beats on revs; provides Q3 (Sep) and FY26 guidance...SNAP +9.2%
• TKO Group Holdings (TKO) misses by $0.07, reports revs in-line; guides FY26 revs in-line...TKO +2.8%
• Voyager Technologies (VOYG) beats by $0.18, beats on revs; provides FY26 guidance...VOYG +19.2%
• Whirlpool (WHR) misses by $0.15, misses on revs; guides FY26 EPS above consensus, reaffirms FY26 revs guidance...WHR -1.5%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Atkore Inc. (ATKR) reports Q3 results
  • Avista (AVA) beats by $0.20, misses on revs
  • CNA Financial (CNA) beats by $0.12
  • CNH Industrial (CNH) beats by $0.03, reports revs in-line; raises FY26 guidance
  • Easterly Government Properties (DEA) reports EPS in line, beats on revs
  • EchoStar Corporation (ECHO) reports Q2 (Jun) results, revs in-line
  • Integer Holdings (ITGR) beats by $0.22, beats on revs
  • Krystal Biotech (KRYS) beats by $0.06, misses on revs
  • Li Auto (LI) reports July deliveries of 30,468 vehicles
  • Loews Corp (L) reports Q2 results
  • Luckin Coffee (LKNCY) reports Q2 results, revenue increased 28.5% yr/yr
  • Marriott (MAR) beats by $0.11, misses on revs; guides Q3 EPS below consensus; guides FY26 EPS above consensus
  • NIO (NIO) reports July deliveries
  • Ocular Therapeutix (OCUL) beats by $0.05, beats on revs
  • Sally Beauty (SBH) beats by $0.02, misses on revs; provides FY26 guidance
  • Sportradar Group AG (SRAD) misses by EUR0.05, misses on revs
  • Supernus Pharma (SUPN) reports Q2 (Jun) results, beats on revs; guides FY26 revs in-line
  • TG Therapeutics (TGTX) misses by $0.26, beats on revs
  • Twist Bioscience (TWST) misses by $0.07, beats on revs; guides Q4 revs above consensus
  • XPeng (XPEV) reports July deliveries
• General News
  • President Trump says “We have just been asked by Iran, and other Middle Eastern countries to hold off any attack in that the perimeters of a deal has been agreed to. This would include the Immediate complete and total opening of the Strait of Hormuz and an end to Iran’s nuclear threat.”
  • Iran says it is close to reaching a deal with Oman to manage shipping through the Strait of Hormuz. The deal is critical to prevent the U.S./Iran war from escalating. FT
  • The U.S. is investigating if Iran was responsible for cyberattack on water systems in 7 states. CBS News
  • Senator Bernie Moreno (R-OH) says Rep. Max Miller (R-OH) should not serve in the House following abuse allegations. Politico
  • Fed Chairman Kevin Warsh's idea for fewer Fed meetings was presented as a topic for discussion at the latest Fed meeting, not a formal proposal. WSJ
  • New York Fed President John Williams (voting FOMC member) expects inflation will decline, but Fed will act if inflation does not decline, according to Reuters
  • The Senate will vote this week on a continuing resolution to extend government funding from September 30 through December 11. The Senate will also vote on a bill this week that allows President Trump to impose up to 100% tariffs on buyers of Russian energy. Politico
  • Democrats are concerned that a win by progressive Abdul El-Sayed in the Michigan Democratic Senate primary Tuesday could jeopardize Democrats' chances of winning that Senate seat. The Hill
  • Todd Blanche is on track to be confirmed this week as Attorney General after he gave written assurances to Senators that the anti-weaponization fund will be terminated. Politico
  • Senate continuing resolution will also extend surface transportation authorities to December 11. Bloomberg
  • Fed Chair Kevin Warsh is considering reducing the number of regularly scheduled Fed meetings, according to NYTimes
  • Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability
  • Treasury Secretary Scott Bessent confirms Friday's coordinated foreign exchange actions countered disorderly yen movements
  • Alibaba (BABA) introduced a new Qwen3.8-Max model. Bloomberg
  • AMC Entertainment (AMC) announces that it generated the highest total revenue in the U.S. and globally in its during a single weekend, Wednesday through Sunday
  • Amgen (AMGN) discloses cybersecurity incident
  • Apple (AAPL) restricts the number of software bugs researchers can submit to its security team. FT
  • Apple (AAPL): Memory shortages are impacting Mac mini and Mac Studio laptops. Bloomberg
  • ArcelorMittal (MT) expands Microsoft partnership to accelerate cloud and AI transformation
  • Best Buy (BBY): Incoming Best Buy CEO Jason Bonfig plans to invest in small-format stores. CNBC
  • BioNTech (BNTX) appoints Guido Oelkers as CEO, succeeding co-founder Ugur Sahin
  • Bit Digital'S (BTBT) Justin Zhu to resign and become CFO of WhiteFiber (WYFI)
  • Boeing (BA): Somon Air takes delivery of first 737 MAX, supporting fleet modernization
  • Capital One (COF) closed accounts from the Trump organization. Reuters
  • Chevron (CVX) expands North American base oils distribution network
  • Dr. Reddy's (RDY) receives U.S. FDA approval for rituximab biosimilar; Fresenius Kabi to exclusively commercialize the product in the United States
  • D-Wave (QBTS), Nasdaq (NDAQ) Verafin to develop quantum-hybrid financial crime detection applications
  • EMCOR Group (EME): US Dept of Labor's MSHA issues imminent danger order
  • Hawaiian Electric (HE) and Kalaeloa Partners L.P. has entered into a Power Purchase Agreement for Firm Capacity Renewable Dispatchable Generation on July 27, 2026
  • Hershey Foods's (HSY) Hershey Kisses recalled in Canada due to issue with almonds, according to Global News
  • Incyte (INCY) partner's Minjuvi gains Australian reimbursement for relapsed/refractory follicular lymphoma
  • Jefferies (JEF) reviewing its exposure to First Brands Group, which could be less than $300 mln. Bloomberg
  • Leidos (LDOS) announces new stock repurchase program for up to 20 mln shares of common stock
  • Novartis AG (NVS) announces the FDA has approved Pluvicto for patients with prostate-specific membrane antigen metastatic hormone-sensitive prostate cancer
  • Oculis Holding (OCS) receives positive FDA pre-IND feedback for Privosegtor in acute MS relapses
  • OpenAI finds more instances of AI agents escaping containment, according to Reuters
  • Sandoz (SDZNY) settles remaining U.S. generic drug antitrust claims; no impact to guidance
  • T1 Energy (TE) and Clearway (CWEN) execute strategic offtake deal
  • Truth Social introduced a new paid service that gives faster access to President Trump's posts. NBC News
  • Warner Music Group (WMG): Armin Zerza stepped down for personal reasons as CFO and COO
  • WeRide (WRD) partners with GreenMobility to launch autonomous ride-hailing in Denmark
  • WhiteFiber (WYFI) CFO resigned
  • Zai Lab (ZLAB) gets FDA orphan drug designation for zocilurtatug pelitecan in neuroendocrine carcinomas

• Upgrades:
  • Boeing (BA) upgraded to Outperform from Underperform at BNP Paribas Exane
    
  • CareDx (CDNA) upgraded to Buy from Hold at Craig-Hallum, tgt $64
    
  • Corning (GLW) upgraded to Buy from Hold at Truist, tgt $175
    
  • Coursera (COUR) upgraded to Neutral from Sell at Goldman, tgt $6.50
    
  • Eaton (ETN) upgraded to Outperform from In Line at Evercore ISI, tgt $502
    
  • inTEST (INTT) upgraded to Outperform from Market Perform at Northland, tgt $15
    
  • Ingersoll-Rand (IR) upgraded to Buy from Hold at Stifel, tgt $101
    
  • LyondellBasell (LYB) upgraded to Overweight from Neutral at JPMorgan, tgt $80
    
  • Parsons (PSN) upgraded to Buy from Hold at Jefferies, tgt $52
    
  • Protolabs (PRLB) upgraded to Buy from Hold at Needham, tgt $87
    
  • Solaris Energy Infrastructure (SEI) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $73
    
  • Starbucks (SBUX) upgraded to Hold from Sell at Melius Research
    
  • Texas Capital (TCBI) upgraded to Equal Weight from Underweight at Barclays, tgt $100
• Downgrades:
  • Birkenstock (BIRK) downgraded to Hold from Buy at Williams Trading, tgt $44
    
  • Circle Internet Group (CRCL) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $38
    
  • eBay (EBAY) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $92
    
  • FICO (FICO) downgraded to Peer Perform from Outperform at Wolfe Research
    
  • First Interstate BancSystem (FIBK) downgraded to Underweight from Equal Weight at Barclays, tgt $37
    
  • Laureate Education (LAUR) downgraded to Neutral from Overweight at JPMorgan, tgt $41
    
  • NXP Semiconductors (NXPI) downgraded to Neutral from Buy at UBS, tgt $270
    
  • Philips (PHG) downgraded to Neutral from Buy at UBS
    
  • Roblox (RBLX) downgraded to Neutral from Outperform at Macquarie, tgt $37
    
  • Stellantis (STLA) downgraded to Neutral from Buy at UBS
    
  • Wingstop (WING) downgraded to Market Perform from Outperform at Bernstein, tgt $155
• Others:
  • Adial Pharmaceuticals (ADIL) initiated with a Buy at Alliance Global Partners, tgt $11
    
  • Atmus Filtration Technologies (ATMU) assumed with an Equal Weight at Wells Fargo, tgt $56
    
  • Best Buy (BBY) reinstated with an Underperform at BofA Securities, tgt $80
    
  • Charles Schwab (SCHW) initiated with a Buy at Compass Point, tgt $135
    
  • Circle Internet Group (CRCL) initiated with a Buy at TD Cowen, tgt $82
    
  • Climb Bio (CLYM) initiated with an Outperform at RBC Capital, tgt $23
  • Life Time Group Holdings (LTH) assumed with a Buy at Goldman, tgt $53
    
  • Pyxis Oncology (PYXS) initiated with an Overweight at Wells Fargo, tgt $12
    
  • RH (RH) reinstated with an Underperform at BofA Securities, tgt $156
    
  • Sherwin-Williams (SHW) initiated with a Buy at Guggenheim, tgt $400
    
  • Yarrow Bioscience (YARW) initiated with a Buy at BTIG Research, tgt $58

• Econ Data (Friday):
  • 8:30 ET: June Trade Balance (Briefing.com consensus -$73.0 bln; prior -$77.6 bln)
  • 10:00 ET: June Factory Orders (Briefing.com consensus 0.2%; prior -1.3%) and June job openings (prior 7.594 mln)

• Earnings:
  • Monday (August 3)
    • Pre-Market: AVA CNA CNH DEA ECHO HESM KRYS MAR SBH SRAD TGTX TWST TSN
    • After-Hours: ADUS ADTN AEIS ARE ALSN AMRC ANDE AESI BCC BWXT CBT CSWC CLX CRGY CTOS FANG DORM LIFE EVER WGS GBDC IBTA ICHR IRT INSP JAZZ MATX NMFC NJR OKE ON OTTR PLTR PAY POWL SBRA SBAC STRL TDW TKO UCTT VVX VERX VRTX VNOM VNO VOYG WHR WMB PPLI SNAP
  • Tuesday (August 4)
    • Pre-Market: AHCO ADM AIN AME APO APTV ATKR BALL BRBR BNTX BXDC BP BR BRKR CAT CTRI CERT CIFR CMI DOCN DUK DD ENR ET NPO ENTG FIS FWRG IT GWW GPK HLNE HRMY HSIC IDXX INGR IPGP KMB KIM KNF LDOS LGIH MCD MRK MRP MPLX NRG OPLN MD PFE PNW PEG Q RVTY RYTM ROK SHLS SPOT SUN SYY TKR TSEM TPG TDG TREX TPB ULS PRKS WAT W WLK WIX XMTR ZBRA ARVN
    • After-Hours: ACAD AMD AGNT ALGT ATEC AFG AMGN ANGI ANET ARWR AIZ ALAB BBBY BIO BL BKNG BV CALY CE SKY CC CRBG CPNG CACC CRNX DVA DVN DEI EMR EQH WTRG EVTC ECG FLYW FBIN FRSH GILD GXO DOC HL HNGE IOSP INTA IPAR IFF J JAN KAI KTOS LSCC LMAT LNWO LCID LUMN MAC MQ MBC MTCH MAT MNTN MOS OGS OPEN PCRX PLMR PARR PSKY PINS PGEN PRIM PRCT PRU QLYS RRR RVLV WTTR TSLX SPCX LRN SU SUPN SNDX TALO SKT TDC TX TOST TMDX TVTX RARE UPST VSAT VOYA WK WYNN EXPD MPC PCTY
  • Wednesday (August 5)
    • Pre-Market: ADNT AMPX AVT ONC BCRX BLMN BWA CPRI CG CDW COR CRL CHH CRCL YOU CRTO CWK CVS DK DIN LPG DT ECVT EPC ELAN LLY EVGO EXTR FLUT FRPT GLXY ROCK GPN GFS GFF PODD IRM JJSF KMT KHC KYMR KD LCII LINE LIVN LPX MTRN MDLN VYX NYT NICE NI NWN OC PRGO PSX PRMB RRX SHAK SN SEDG SWX SR TBLA WULF TRI UBER UTHR UTZ VVV VSH DIS XPEL ZBH BCO
    • After-Hours: ATEN ADMA ALB ALL AWR APA APP ACA RCUS ARRY ATO AXON BBDC BLLN BKH XYZ OBDC OTF BMBL CACI CAI CENT LEU CF CHYM CHRD CRUS CDE CGNX CMP CPA CXW CPAY CXT CW DAVE DLX DHT DGII DIOD DASH DUOL BROS ELF EBAY ACT EHC ECPG ETSY EVCM EE EXEL EXPE FSLY FNF FIG FLNC FWRD FIP GNK GDRX GT HLF HMN HST HHH HUBS IONQ JOBY KMPR KNTK KVYO KLIC LB LZ LFMD RAMP LTC MGNI MNKD MFC MTDR MCK MELI MET MIAX MIRM MKSI MSI MWA MUR MUSA NHP NWSA NOVT SMR NTR OXY ORA OUT PTRN PAYC PR PTLO POWI PRI QGEN RDN RYN O RDW RELY RVMD ROOT RGLD SNDK SRPT SDGR SBGI SITM SM SOLV SOUN STE RUN SYM TS TNC RIG TROX TRUP TTMI TPC USPH VAL VECO VRRM VIAV VIR VSEC HCC WTS WDC WES ZG GTM NVST HP MGY
  • Thursday (August 6)
    • Pre-Market: ACIW GOLF WMS COLD APPN ARHS ATI ATS AVNT ACLS BDX BSY BKV BKSY BOBS CARS CECO CELH LNG CQP CCOI COLL COP CEG CNR DDOG DNOW DRVN DCO QBTS ENOV EPAM ESAB ESTA EVRG EVH FA FISV FOXA FTDR FSK GEL GENI GEO GSL GOGO GPGI GHM GPRE HAE HTZ HIMX HWM IMVT NSIT INSM IBP ITGR NTLA IOVA ITT KVUE KDP KOP DNUT LAMR LNTH LEG LFST LOAR MTSI VAC MMS MDU TAP NTCT NXST NVMI NVAX OSCR PZZA PH PAYO PTON PENN PLNT PLTK PRVA RL QSR ROIV RXO SRRK SRE FOUR SSTK SGI SHC STWD TNDM TGLS TFX TRIP U USFD VSNT VTRS VITL VNT WD WRBY WBD ZTS LGND UUUU
    • After-Hours: TXG AFL ABNB AKAM ALRM AHR AIG AMN AMRZ AAOI ARDX APC ARLO ARW AGO ASTH TEAM AVPT BTG BMRN CARG CWST CENX CPK CLNE CLSK NET ED CON CRSR CYTK DNLI XRAY DV DOCS DKNG DBX EQX ESE XZO FIGS FIVN FOXF GEN G GMED GRDN HALO ICFI ICUI INDI INOD CART IRTC JHX FROG KRMN KGS LION LYFT MTW MARA MCHP MNST MP NTRA NAVI NRDS NTGR LASR NOG OFRM ONTO OTEX PRDO POST PGNY QDEL RCAT RGA RSG RMD RGTI RLJ RKT ROKU RHP SVV SEZL SHAZ SARO SG SYNA TXRH REAL TTD TWLO WMG WEST WPM WSC XENE XPOF YELP ZD ZYME PK
  • Friday (August 7)
    • Pre-market: ACMR AQN AMR ANIP ATMU CLMT ROAD EMBC ESNT FLR TILE KRP OKLO PAA PPL SPB SLVM UAA WEN TTWO GTN
    • Afternoon: None