After Hours Report

The major averages finished a broadly weaker Monday off their session lows, as late buying interest in technology stocks helped the S&P 500 (-0.3%) and Nasdaq Composite (-0.1%) recover some of their earlier losses. The DJIA (-0.7%) underperformed as rising oil prices and renewed hostilities between the U.S. and Iran weighed on sentiment throughout the session.

Crude oil was a central influence on today's action, settling $2.45 higher (+2.9%) at $85.83 per barrel and recovering a large portion of last week's decline. The move followed the latest hostilities between the U.S. and Iran, while Axios reported during the afternoon that President Trump is considering limited strikes aimed at preventing Iran from reconstituting its capabilities to attack ships in the Strait of Hormuz. The energy sector (+2.1%) was the clear beneficiary, finishing comfortably atop the sector standings.

Most of the market moved in the opposite direction, however, with the Russell 2000 (-0.5%) and S&P Mid Cap 400 (-0.5%) also ending lower.

Technology stocks provided an important source of support, particularly late in the session. The information technology sector (+0.3%) moved into positive territory as semiconductor stocks attracted buying interest shortly before the close, helping pull the major averages off their session lows. The PHLX Semiconductor Index (+0.6%) finished modestly higher and ended August with a 2.0% gain despite considerable volatility throughout the month. NVIDIA (NVDA 220.50, +2.95, +1.36%) was among today's semiconductor standouts after last week's earnings-driven surge.

Elsewhere in the technology sector, CrowdStrike (CRWD 231.00, +12.60, +5.77%) extended its own post-earnings advance to finish as the top-performing S&P 500 component.

Mega-cap performance was less encouraging overall, leaving the Vanguard Mega Cap Growth ETF down 0.2% as most of the Magnificent Seven finished lower. The communication services sector (-1.6%) was among the weakest groups as Alphabet (GOOG 335.41, -7.47, -2.18%) lagged, while Amazon (AMZN 259.77, -6.66, -2.50%) pressured the consumer discretionary sector (-0.7%) after The Wall Street Journal reported that the FTC plans to file a lawsuit against the company. Tesla (TSLA 368.01, +19.26, +5.52%) bucked the broader mega-cap weakness, rallying sharply and climbing back above its 50-day moving average (359.81) amid enthusiasm surrounding autonomous driving and energy-storage developments. Elon Musk's comments outlining an aggressive goal of reaching 100 GW of annual solar production also contributed to the positive sentiment surrounding the stock.

Selling pressure also remained pronounced in several other areas. The utilities (-1.2%) and industrials (-1.2%) sectors finished with sizable losses. Edison (EIX 53.96, -16.21, -23.10%) and PG&E (PCG 13.28, -3.32, -20.00%) continued to weigh heavily on the utilities sector following developments surrounding California wildfire legislation, while weakness across military contractors pressured the industrials sector. Howmet Aerospace (HWM 244.91, -19.94, -7.53%) was a notable laggard after Elon Musk said in-house SpaceX (SPCX 143.75, +2.25, +1.59%) casting of natural-gas turbine blades and vanes could accelerate turbine deployment by up to 18 months.

In other corporate news, Aon (AON 321.34, -34.06, -9.58%) fell sharply after agreeing to acquire USI Insurance Services for $17.0 billion in cash.

Ultimately, Monday's session featured broad underlying weakness as the renewed rise in crude oil prices and U.S.-Iran tensions weighed on sentiment. The energy sector was the clear exception, while late strength in semiconductors and other technology stocks helped the major averages recover from their lows and limited the losses at the index level. Despite ending the final trading day of August on a lower note, the major averages still secured solid gains for the month.

U.S. Treasuries ended August with losses in most tenors, producing fresh 2026 highs in yields on 3-year, 5-year, 7-year, and 10-year notes. The 2- year note yield finished unchanged at 4.35% (+6 basis points in August), and the 10-year note yield settled up four basis points to 4.76% (+1 basis point in August). 

There was no economic data of note. 

• Russell 2000: +19.1% YTD
• S&P Mid Cap 400: +13.8% YTD
• Nasdaq Composite: +13.5% YTD
• S&P 500: +12.3% YTD
• DJIA: +10.7% YTD

 Overseas:

• Europe: DAX -1.1%, FTSE market closed, CAC -0.8%
• Asia: Nikkei -0.1%, Hang Seng -0.1%, Shanghai +0.9%

Commodities:

• Crude Oil +2.45 @ 85.83
• Nat Gas +0.04 @ 2.93
• Gold -48.60 @ 4479.80
• Silver -0.73 @ 66.95
• Copper +0.03 @ 6.69

After-Hours Spotlight:

• Apple (AAPL) alleges new evidence in trade secret lawsuit against OpenAI, according to 9to5Mac...AAPL +0.1%
• Bitdeer Technologies' (BTDR) Bitdeer AI announces it has sold out its approximately 9.5MW capacity at its A102 data center in Malaysia...BTDR -0.3%
• Charter (CHTR) CFO Jessica Fischer to step down Oct. 15; Kevin Howard named interim CFO...CHTR -1.7%
• Graco (GGG) closes $447 mln cash acquisition of Valco Melton...GGG +1.9%
• Greenbrier (GBX) CEO Lorie Tekorius to retire Jan. 6; Brian Comstock named successor...GBX -1.5%
• Mirion (MIR) authorizes new $250 mln share repurchase program – 8-K filing...MIR +1.3%
• The Wella Company files prospectus with the SEC for an IPO; Number of shares to be offered and expected price range not yet determined
• Teva (TEVA) says it intends to reach U.S. agreement on Medicaid drug pricing and supply chain security...TEVA +2.1%
• TXNM Energy (TXNM) launches $400 mln common stock offering...TNXM flat
• UPS (UPS) announces several executive leadership changes and announces implementation of new operating model...UPS flat

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

• Earnings/Guidance (Full Earnings Calendar):
  • GameStop (GME) sees Q2 revs above consensus
  • Science Applications (SAIC) beats by $0.70, beats on revs; raises FY27 guidance
  • So-Young (SY) reports unaudited second quarter 2026 financial results
• General News
  • Trilogy Metals executes definitive agreements with the US Dept of War in connection with previously announced strategic equity investment
  • Oil worth watching on headline that Pentagon in talks with Venezuelan mogul for massive oil deal, according to Bloomberg
  • PG&E issues statement on Senate Bill 492
  • Walmart: DOJ confirms Walmart agrees to pay $50 million for illegally filling unlawful opioid prescriptions
  • President Trump to make an announcement on healthcare affordability at 3:00 PM ET, per White House Schedule
  • President Trump posted an AI generated video on Truth Social of Iran’s Kharg Island being “blown to smithereens”, but no actual attack on the island occurred
  • Centcom says "U.S. forces took limited, precise action against IRGC minelaying forces posing an imminent threat in the Strait of Hormuz"
  • U.S. struck Iranian launchers that were getting ready to fire mines in the Strait of Hormuz. Iran fired missiles at a U.S. base in Jordan in retaliation. The U.S. military last week completed clearing sea mines from the shipping lanes in the waterway (see 6:01 -- USO, XLE). Axios
  • China is helping fuel Americans' disapproval of data centers with bot accounts on social media. Axios
  • Treasury Secretary Scott Bessent will ask G-20 countries to consider more trade barriers against China. Reuters
  • Treasury Secretary Scott Bessent expects new secondary sanctions on Iran every week. Reuters
  • President Trump to discuss high fuel prices with oil refiners this week. Bloomberg
  • Immigration and Customs Enforcement has arrested 500,000 people since President Trump returned to office. Washington Post
  • The college enrollment crisis is now hitting larger universities, such as Syracuse University. Fewer people are enrolling in college as the country reconsiders its value. WSJ
  • Toyota (TM) and Honda (HMC) will be negatively impacted by President Trump's Canadian tariffs. Reuters
  • PG&E will hold a webcast and conference call on Wednesday September 2, 2026, at 8:30 a.m. ET to provide an investor update, including PG&E Corporation’s response to Senate Bill 492
  • General Dynamics: Department of War announced the signing of two pivotal framework agreements with General Dynamics Ordnance and Tactical Systems (GD-OTS) and Lockheed Martin (LMT)
  • Adobe expands Saudi partnership with MCIT and HUMAIN, offering $4 bln+ of free AI creative tools (ADBE)
  • AECOM named design partner on Northland Corridor Section One in New Zealand (ACM)
  • Aon (AON) near deal to acquire USI Insurance from KKR (KKR). WSJ
  • Arrowhead says plozasiran Phase 3 studies cut pancreatitis events in severe hypertriglyceridemia (ARWR)
  • Ascendis Pharma, BioMarin (BMRN) sign binding term sheet for YUVIWEL global settlement and license deal
  • Axsome starts Phase 3 SUMMIT trial of AXS-05 for smoking cessation (AXSM)
  • BAE Systems awarded a $167.5 mln modification action to previously awarded US Navy contract (BAESY)
  • Bayer's AskBio highlights Phase II GenePHIT enrollment for heart failure gene therapy; initial data expected H1 2027 (BAYRY)
  • Bayer's investigational PET radiotracer meets primary endpoints in Phase III cardiac amyloidosis study (BAYRY)
  • BeOne Medicines posts new Phase 3 survival data for ZIIHERA regimens in first-line HER2+ gastroesophageal cancer (ONC)
  • BioMarin settles global patent disputes with Ascendis; royalties set on Yuviwel sales (BMRN)
  • Civista Bancshares (CIVB) completes CEO transition; Chuck Parcher becomes president and CEO
  • CrowdStrike, CLEAR partner on Falcon identity verification integration (CRWD)
  • Descartes announced that K&R International Services is using Descartes’ global security filing solution to automate European Union Import Control System 2 security filings (DSGX)
  • EPAM Systems: Engine Capital wants EPAM to consider more stock buybacks, according to FT
  • FIRY/Skillz says Israeli court rejects Papaya's current debt settlement plan for creditor vote
  • GameStop amends convertible note exchange; fixes share issuance and adds $358.4 mln cash settlement (GME)
  • GE Aerospace awarded a maximum $319.5 mln modification exercising the first two-year four-month option period of a six-year three-month base contract at Defense Logistics Agency
  • General Motors (GM) will invest in Canada under deal with union. Reuters
  • Glencore (GLNCY) had a $480 million provision from its exposure to Radiant World. Bloomberg
  • HDFC Bank CEO Sashidhar Jagdishan to retire Oct. 26; will not seek reappointment – 6-K filing (HDB)
  • Herbalife says CEO Stephan Gratziani to step down Oct. 31, 2026; CFO John DeSimone named interim CEO (HLF)
  • HUTCHMED says SANOVO Phase 3 trial met PFS endpoint for ORPATHYS plus AstraZeneca's TAGRISSO in first-line EGFR-mutant NSCLC (AZN)
  • IDEAYA says FDA Type C meeting supports Phase 3 registrational trial plan for IDE849 in ES-SCLC (AZN)
  • Innventure (INV) names Bruce Brown chairman, accelerates CEO transition
  • IperionX secures second U.S. army task order to accelerate industrial-scale American titanium production (IPX)
  • John Ternus will start as Apple's (AAPL) CEO tomorrow. Bloomberg
  • Kratos lands ~$35 mln national security military-grade hardware production award (KTOS)
  • Lilly says Phase 3b 52-week data for Taltz plus Zepbound showed durable benefit in psoriatic disease with obesity (LLY)
  • McKesson (MCK) discloses cybersecurity incident
  • Octave partners with MAIRE to deploy AI in engineering and construction workflows (OCTV)
  • Pilgrim's Pride disclosed settlement agreement (PPC)
  • Pinterest (PINS) discloses resignation of CFO Julia Donnelly
  • PTC Therapeutics (PTCT) announces U.S. FDA approval of hepcidin mimetic peptide MIMRYLO(TM) (rusfertide) for polycythemia vera; Investor call to be held Monday, August 31st at 8:30 a.m. ET
  • RingCentral partners with Digital Island to bring agentic voice AI to New Zealand (RNG)
  • SB Energy issued OpenAI warrants worth $5.5 bln (SFTBY, XLK). WSJ
  • SK hynix Inc. considering memory chip manufacturing expansion in Japan, according to Bloomberg (SKHY)
  • Stewart Info increases dividend beginning with the third quarterly payment of 2026 of $0.55 per share, up from $0.525 per share (STC)
  • Takeda (TAK) wins FDA approval for MIMRYLO in adults with polycythemia vera
  • Teladoc Health (AMSF) names Michael Grasher CFO
  • Tenax Therapeutics highlights presentation of Phase 3 LEVEL results in late-breaking scientific sessions at ESC Congress 2026 (TENX)
  • The Trump administration is expected to approve expanded biofuel waivers today, according to Reuters (ADM)
  • Warner Music (WMG) and Sony Music (SONY) file a lawsuit against Anthropic. Axios
  • WeRide added to HKEX Tech 100 Index after quarterly review (WRD)

• Upgrades:
  • Abercrombie & Fitch (ANF) upgraded to Buy from Hold at Argus; tgt $162
  • AGCO (AGCO) upgraded to Outperform from Neutral at Robert W. Baird, tgt $150
  • Chagee (CHA) upgraded to Outperform from Neutral at Macquarie, tgt $15.70
  • CNH Industrial (CNH) upgraded to Outperform from Neutral at Robert W. Baird, tgt $15
  • Deere (DE) upgraded to Outperform from Neutral at Robert W. Baird, tgt $800
  • Estee Lauder (EL) upgraded to Outperform from Market Perform at CICC, tgt $122
  • Kaiser Aluminum (KALU) upgraded to Buy from Neutral at UBS, tgt $184
  • STAG Industrial (STAG) upgraded to Outperform from Neutral at Robert W. Baird, tgt $42
  • Titan Machinery (TITN) upgraded to Outperform from Neutral at Robert W. Baird, tgt $29
  • XP Inc. (XP) upgraded to Outperform from Market Perform at Itau BBA, tgt $22
• Downgrades:
  • Aura Minerals (AUGO) downgraded to Neutral from Outperform at Grupo Santander, tgt $114.70
  • Edison (EIX) downgraded to Neutral from Outperform at Mizuho, tgt $70
  • HDFC Bank (HDB) downgraded to Hold at HSBC
  • Miniso (MNSO) downgraded to Hold from Buy at HSBC, tgt $10.80
  • Miniso (MNSO) downgraded to Neutral from Buy at Citigroup, tgt $11.30
  • PG&E (PCG) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $24
  • PG&E (PCG) downgraded to Market Perform from Outperform at BMO Capital, tgt $21
  • PG&E (PCG) downgraded to Neutral from Outperform at Mizuho, tgt $16
  • Sempra Energy (SRE) downgraded to Neutral from Outperform at Mizuho, tgt $84
  • Tenax Therapeutics (TENX) downgraded to Neutral from Buy at Guggenheim
• Others:
  • AirJoule Technologies (AIRJ) initiated with a Hold at Needham
  • Attovia (ATTO) initiated with an Outperform at Leerink, tgt $52
  • Attovia (ATTO) initiated with an Outperform at LifeSci Capital, tgt $45
  • Attovia (ATTO) initiated with a Buy at Citigroup, tgt $30
  • Attovia (ATTO) initiated with an Overweight at Morgan Stanley, tgt $39
  • Attovia (ATTO) initiated with an Outperform at RBC Capital, tgt $45
  • Babcock & Wilcox (BW) initiated with a Buy at Needham, tgt $20
  • Braveheart Bio (BRVE) initiated with an Overweight at Cantor Fitzgerald, tgt $40
  • Braveheart Bio (BRVE) initiated with a Buy at Goldman, tgt $48
  • Braveheart Bio (BRVE) initiated with a Buy at Jefferies, tgt $48
  • Braveheart Bio (BRVE) initiated with a Buy at Stifel, tgt $45
  • Braveheart Bio (BRVE) initiated with a Buy at TD Cowen
  • Deep Fission (FISN) initiated with a Buy at Maxim Group; tgt $17
  • Lumentum (LITE) initiated with an Outperform at Evercore ISI, tgt $1,100
  • Quantum Group (QNTM) initiated with a Buy at Rodman & Renshaw, tgt $8
  • Red Cat Holdings (RCAT) initiated with an Outperform at Evercore ISI; tgt $15
  • River City Bank (RCBC) initiated with an Equal Weight at Stephens, tgt $54
  • River City Bank (RCBC) initiated with a Neutral at DA Davidson, tgt $55
  • Scribe Therapeutics (SCTX) initiated with a Buy at H.C. Wainwright, tgt $60
  • Smith & Nephew (SNN) initiated with a Neutral at BTIG
  • Ticketplus (TP) initiated with a Buy at Roth Capital, tgt $14

• Econ Data (Tuesday):
  • 9:45 ET: Final August S&P Global U.S. Manufacturing PMI (prior 53.2)
  • 10:00 ET: July Job Openings (Briefing.com consensus 7.390 mln; prior 7.359 mln), July Construction Spending (Briefing.com consensus 0.2%; prior -0.1%), and August ISM Manufacturing Index (Briefing.com consensus 55.3%; prior 55.6%)

• Earnings:
  • Monday (August 31)
    • Pre-Market: SAIC
    • After-Hours: None
  • Tuesday (September 1)
    • Pre-Market: MDT MMED NIO YEXT
    • After-Hours: CRDO DELL GTLB MDB PANW
  • Wednesday (September 2)
    • Pre-Market: GIII OLLI
    • After-Hours: AGX, AI, AVGO, FIVE, HPE, NTAP, NTSK, PHR, PVH, SNOW, WOOF
  • Thursday (September 3)
    • Pre-Market: BRC, CIEN, CPB, DOO, MOMO, TTC, VSXY, WLY
    • After-Hours: AMBA, ASAN, DOCU, GWRE, IOT, LULU, OXM, PATH, PL, SWBI, ZS
  • Friday (September 4)
    • Pre-market: None
    • Afternoon: None