After Hours Report

The major averages finished lower for the second consecutive session on Tuesday as another surge in crude oil, elevated Treasury yields, and caution ahead of tomorrow's FOMC decision kept buying interest subdued. The S&P 500 (-0.5%), Nasdaq Composite (-0.8%), and DJIA (-0.6%) all ended in negative territory following a relatively quiet afternoon.

Oil prices were again a major influence on the session. WTI crude settled $4.59 higher (+4.5%) at $105.82 per barrel, marking its tenth gain in the past 11 sessions and leaving oil nearly $20 per barrel higher in September as the conflict with Iran continues. The latest advance pushed crude to its highest level since late May and helped the energy sector (+2.3%) finish comfortably atop the sector standings.

Higher interest rates presented another obstacle for equities. The 10-year note yield rose four basis points to 5.00%, keeping pressure on rate-sensitive areas of the market. The utilities sector (-1.2%) was among the more pronounced laggards after also retreating yesterday, as elevated Treasury yields increased the relative appeal of fixed-income alternatives.

The consumer discretionary sector (-1.8%) finished at the bottom of the standings amid continued concerns about inflation squeezing consumer-company profit margins. Homebuilders were also pressured by the elevated rate environment, while Chipotle Mexican Grill (CMG 34.83, -2.20, -5.94%) and Carvana (CVNA 66.89, -3.98, -5.62%) were among the group's notable individual laggards.

Technology stocks offered some relative support after yesterday's sharp semiconductor selloff, although the early rebound in chip stocks lost considerable momentum as the session progressed. The PHLX Semiconductor Index (+0.4%) finished modestly higher after gaining nearly 2.0% this morning, while the information technology sector (-0.3%) ended with a relatively modest loss.

Mega-cap weakness remained a drag elsewhere, contributing to the communication services sector's (-0.8%) decline. The financials sector (-0.3%) also faced pressure though it recovered from its worst levels, with weakness in crypto-related names intensifying during the afternoon after the U.S. Senate failed to advance the Clarity Act in its first procedural vote. Coinbase Global (COIN 172.11, -19.34, -10.10%) finished among the worst-performing S&P 500 components after already trading sharply lower earlier in the session as Bitcoin gave back yesterday's gain.

Aside from the energy sector, only the materials sector (+0.4%) managed to finish higher after spending part of the morning in negative territory.

Corporate headlines were otherwise relatively quiet and did little to alter the broader direction of the market. The lack of meaningful buying interest also came as investors prepared for Wednesday's FOMC decision. The CME FedWatch Tool assigns a 94.5% probability to a 25-basis-point rate hike. With crude oil above $105 per barrel and the 10-year yield back at 5.00%, the Fed decision takes on added significance as investors weigh persistent inflation pressures against an increasingly difficult backdrop for equities.

U.S. Treasuries found renewed pressure on Tuesday, causing longer tenors to give back their modest gains from the start of the week. The 2-year note yield settled up three basis points to 4.66%, and the 10-year note yield settled up four basis points to 5.0%. 

• Russell 2000: +15.7% YTD
• Nasdaq Composite: +11.8% YTD
• S&P 500: +10.8% YTD
• S&P Mid Cap 400: +10.8% YTD
• DJIA: +8.4% YTD

Reviewing today's data: 

• The Empire State Manufacturing Index fell to 7.6 in September (Briefing.com consensus 14.1) from 20.6 in August.

Overseas:

• Europe: DAX -0.2%, FTSE -0.4%, CAC -0.3%
• Asia: Nikkei flat, Hang Seng -1.0%, Shanghai -0.5%

Commodities:

• Crude Oil +4.59 @ 105.82
• Nat Gas +0.03 @ 2.92
• Gold -18.70 @ 4333.60
• Silver -0.32 @ 63.84
• Copper +0.03 @ 6.44

After-Hours Spotlight:

• Celsius (CELH): Director bought 36,000 shares at $27.65 - $27.95 worth ~$1.0 mln...CELH +1.7%
• FTAI Aviation (FTAI) authorizes $500 mln share repurchase program...FTAI +2.8%
• FuelCell Energy (FCEL): Director bought 16,404 shares at $15.05 worth ~$247K...FCEL +1.2%
• G-III Apparel (GIII): CEO Morris Goldfarb bought 40,000 shares at $27.94 worth ~$1.1 mln...GIII +2.6%
• NewAmsterdam Pharma (NAMS): CEO Michael Davidson bought 10,000 shares at $22.65 worth ~$227K...NAMS +4.1%
• Planet (PL) wins German federal satellite services contract with up to €25 mln over 5 years...PL +0.2%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Assoc Banc-Corp provided investor updates in presentation (ASB); reaffirms 2026 outlook including total loans up 18-20%, net interest income +19-21%
  • Boot Barn Holdings (BOOT) announces September conference schedule, provides SepQ update
  • Enova International (ENVA) reaffirms Q3 and FY26 guidance; intends to accelerate share repurchases
  • Fifth Third (FITB) provides investor updates in presentation; repeats Q3 guidance from prior earnings call - net interest income up 2-2.5% and net charge off ratio of 30-35 bps
  • Forgent Power Solutions (FPS) beats by $0.01, beats on revs; guides FY27 EPS above consensus, revs above consensus
  • Grab also upgrades 2028 targets to $1.7 billion in Adjusted EBITDA2 and a 30%+ Group revenue CAGR from 2025 to 2028 (GRAB)
  • Ingram Micro Holding Corp. outlines long-term strategy, intelligence-led transformation and multi-year financial framework at Capital Markets Day (INGM)
  • Kestra Medical Technologies (KMTS) Reports First Quarter Fiscal 2027 Financial Results
  • M&T Bank (MTB) provides investor updates in presentation with 2026 outlook
  • Radiant Logistics (RLGT) announces Q4 results
  • Scotts Miracle-Gro hits $275 mln free cash flow target, (SMG) reaffirms FY26 outlook; begins $500 mln buyback program
• General News
  • Enova International announces it has withdrawn its applications with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System related to the proposed acquisition of Grasshopper Bancorp, Inc.
  • dLocal selects Oscilar to expand AML and sanctions compliance tools
  • NVIDIA CEO Jensen Huang spoke with President Trump by phone about recent AI concerns, according to Axios
  • EPA finalizes repeal of 2024 power plant regulations, delivering $300+ billion in savings, proposes repeal of all remaining greenhouse gas emissions standards for power plants
  • Oil executives warn about fuel crisis (USO, XLE, XOM, CVX) WSJ
  • NVIDIA, Palantir, and Booz Allen Hamilton restrict AI model use (NVDA, PLTR, BAH) The Information
  • D-Wave Quantum announces participation at Quantum World Congress 2026, company to present results from annealing quantum computing applications solving complex commercial and public-sector optimization problems
  • Agomab Announces Positive Phase 1 Results for AGMB-447 in Patients with Idiopathic Pulmonary Fibrosis and Design of Phase 2 INSPIRIA Study
  • American Coastal restructures exclusive AmRisc agency agreement, removes fixed expiration date (ACIC)
  • Apple confirmed Widow’s Bay triumphs as the most decorated freshman comedy in Emmy history and Apple TV leads as the most awarded network at the 78th Primetime Emmy Awards (AAPL)
  • Apple TV show sets new Emmy record (AAPL) WSJ
  • Aptar Pharma partners with Massachusetts General Hospital on nose-to-brain drug-delivery research platform (ATR)
  • Arrowhead posts interim Phase 1/2a data for ARO-DIMER-PA in mixed hyperlipidemia (ARWR)
  • Ascendis board authorizes up to $400 mln share repurchase program (ASND)
  • BAE Systems awarded a $818 mln modification to Army contract for armored multi-purpose vehicles (BAESY)
  • BlossomHill Therapeutics Presents Updated Data from Ongoing Phase 1/2 SOLARA Trial Demonstrating Encouraging Anti-Tumor Activity of OMNI-EGFR Inhibitor BH-30643 in EGFR C797S-Positive NSCLC at IASLC 2026 World Conference on Lung Cancer (BLSM)
  • Boeing awarded a $552 mln modification to previously awarded Navy contract (BA)
  • CenterPoint (CNP) discloses cyber incident involving customer personal information – 8-K filing
  • Cognyte lands about $10 mln APAC national security contract (CGNT)
  • Connect Biopharma (CNTB) reports Phase 2 asthma data for rademikibart; plans FDA talks after COPD readout
  • Contineum: J&J's Phase 2 MOONLIGHT-1 trial for JNJ-5120/PIPE-307 in MDD misses primary endpoint
  • CoStar (CSGP) names former Immoweb and Immowelt CEO Felix Kusch president of Homes.com
  • Coya Therapeutics enrolls 100th patient in Phase 2/3 ALSTARS ALS trial (COYA)
  • Crown Castle (CCI) names Kris Hinson CFO effective April 1, 2027; CFO Sunit Patel to retire
  • Dexcom promotes CFO Jereme Sylvain to COO (DXCM)
  • DHT enters into three-year time charter agreement at $100,000 per day for the VLCC DHT Panther; Contract expected to commence in October 2026
  • Driven Brands sets 2-3x long-term leverage target, authorizes $100 mln buyback (DRVN)
  • Ducommun lands follow-on PAC-3 MSE missile award worth more than $35 mln (DCO)
  • Ecopetrol Board of Directors appointed Mr. Alfonso Camilo Barco Muñoz as Acting Chief Executive Officer, effective September 15, 2026 (EC)
  • Emergent BioSolutions outlines restructuring with 90 role cuts, closure of two Maryland labs – 8-K filing (EBS)
  • Euronext could merge with Deutsche Boerse (EUXTF, DBOEY) FT
  • Flex (FLEX) names Amy Schwetz expected post-separation CFO; outlines Flex and Axiom boards
  • Halliburton wins Eni (E) deepwater well construction and completions contract in Cyprus
  • HawkEye 360 partners with ERA on radar products from RF data (HAWK)
  • Hornbeck Offshore awarded multi-year decommissioning contract in the North Sea (HOS)
  • Iron Mountain partners with Paris Opera on heritage digitization (IRM)
  • Legend Biotech (JNJ) names Ingrid Zhang CEO; Alan Bash returns to President, CARVYKTI role
  • Leidos (LDOS) wins $875 mln Navy option-year award on enterprise network contract
  • Lockheed Martin awarded a $1.2 bln Army contract for the Precision Strike Missile Increment 2 Early Operational Capability (LMT)
  • Nasdaq Verafin partners with Stablecore on fiat and digital-asset crime monitoring (NDAQ)
  • Newegg appoints Christina Ching as CFO – 6-K filing (NEGG)
  • Newell's Crock-Pot brand partners with Valspar on kitchen color collection (NWL)
  • Ocular Therapeutix says FDA pre-NDA meeting supports 4Q26 AXPAXLI filing in wet AMD (OCUL)
  • Otis CEO Judy Marks to retire in 2027; board (OTIS) launches successor search
  • RB Global increases share repurchase authorization to $1 bln from $500 mln (RBA)
  • Rimini Street partners with Datacom to resell Oracle and SAP support across Australia and New Zealand (RMNI)
  • Riskified partners with Zendesk to add identity-risk signals to customer service workflows (RSKD)
  • Sionna to advance SION-451 + SION-2222 into Phase 2a CF trial; cuts workforce 46%
  • Softbank receives loan for OpenAI investment (SFTBY, MSFT) Bloomberg
  • Summit Therapeutics presents updated Phase III HARMONi data showing ivonescimab OS benefit trend strengthened with longer follow-up (SMMT)
  • Tempus AI CEO backs Anthropic's Dario Amodei in call to slow AI development, according to Bloomberg (TEM)
  • TotalEnergies partners with Mistral on €100 mln-plus AI program for reservoir exploration (TTE)
  • Transocean awarded $80 mln ultra-deepwater drillship contract in Equatorial Guinea (RIG)
  • V2X (VVX) wins position on $46 mln U.S. Air Force delivery order tied to B-52 LRSO program

• Upgrades:
  • Adient (ADNT) upgraded to Overweight from Neutral at JPMorgan, tgt $25
  • Agilon Health (AGL) upgraded to Outperform from Market Perform at Bernstein, tgt $125
  • AstraZeneca (AZN) upgraded to Hold from Sell at Deutsche Bank
  • Cardiff Oncology (CRDF) upgraded to Buy from Neutral at H.C. Wainwright, tgt $9
  • Eli Lilly (LLY) upgraded to Buy from Hold at Berenberg, tgt $1,400
  • Enbridge (ENB) upgraded to Outperform from Market Perform at BMO Capital
  • Enbridge (ENB) upgraded to Outperform from Sector Perform at National Bank
  • Etsy (ETSY) upgraded to Outperform from Perform at Oppenheimer, tgt $90
  • Gentherm (THRM) upgraded to Overweight from Neutral at JPMorgan, tgt $48
  • GSK (GSK) upgraded to Buy from Hold at Berenberg
  • Middleby (MIDD) upgraded to Overweight from Neutral at JPMorgan, tgt $147
  • New York Times (NYT) upgraded to Buy from Neutral at Guggenheim, tgt $82
  • Radiant Logistics (RLGT) upgraded to Outperform from Market Perform at Citizens, tgt $10
  • ResMed (RMD) upgraded to Outperform from Sector Perform at RBC Capital, tgt $262
  • SEI Investments (SEIC) upgraded to Outperform from Market Perform at William Blair
  • Ulta Beauty (ULTA) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $525
• Downgrades:
  • Aptiv (APTV) downgraded to Neutral from Overweight at JPMorgan, tgt $56
  • Ascendis Pharma (ASND) downgraded to Outperform from Strong Buy at Raymond James, tgt $287
  • Banco Santander Brasil (BSBR) downgraded to Hold from Buy at HSBC, tgt $6.20
  • Cellectis (CLLS) downgraded to Market Perform from Outperform at Citizens
  • EHang (EH) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $5.30
  • Lear (LEA) downgraded to Neutral from Overweight at JPMorgan, tgt $150
  • Magna (MGA) downgraded to Neutral from Overweight at JPMorgan, tgt $72
  • Rapid7 (RPD) downgraded to Underweight from Neutral at JPMorgan, tgt $12
  • Ribbon Communications (RBBN) downgraded to Neutral from Buy at Rosenblatt, tgt $2.20
  • Scholar Rock (SRRK) downgraded to Equal Weight from Overweight at Barclays, tgt $58
• Others:
  • AAR Corp. (AIR) initiated with a Neutral at Guggenheim
  • Applied Aerospace & Defense (AADX) initiated with a Buy at Guggenheim, tgt $30
  • Astrana Health (ASTH) initiated with an Outperform at Oppenheimer, tgt $53
  • Bentley Systems (BSY) initiated with an Overweight at Cantor Fitzgerald, tgt $37
  • BWX Technologies (BWXT) initiated with a Buy at Guggenheim, tgt $192
  • CenterPoint Energy (CNP) initiated with a Sector Perform at RBC Capital, tgt $40
  • Curtiss-Wright (CW) initiated with a Buy at Guggenheim, tgt $786
  • Dave (DAVE) initiated with an Overweight at JPMorgan, tgt $480
  • Evolution Metals & Technologies (EMAT) initiated with a Buy at Aletheia Capital, tgt $4.50
  • Einride (ENRD) initiated with a Buy at Canaccord, tgt $8
  • Fastenal (FAST) assumed with an Underperform at Wolfe Research, tgt $51
  • Ferguson Enterprises (FERG) assumed with a Peer Perform at Wolfe Research
  • GFL Environmental (GFL) assumed with an Outperform at Wolfe Research, tgt $77
  • Grainger (GWW) assumed with a Peer Perform at Wolfe Research
  • Hayward Holdings (HAYW) assumed with a Peer Perform at Wolfe Research
  • Healthcare Realty Trust (HR) assumed with a Hold at Jefferies, tgt $20
  • HEICO (HEI) initiated with a Neutral at Guggenheim
  • Hexcel (HXL) initiated with a Buy at Guggenheim, tgt $120
  • Howmet Aerospace (HWM) initiated with a Buy at Guggenheim, tgt $350
  • Installed Building Products (IBP) initiated with a Buy at Stifel, tgt $240
  • ITT (ITT) assumed with an Outperform at Wolfe Research, tgt $272
  • Janus Living (JAN) initiated with a Buy at Jefferies, tgt $36
  • Karman (KRMN) initiated with a Buy at Guggenheim, tgt $63
  • Kratos Defense & Security (KTOS) initiated with a Buy at Guggenheim, tgt $74
  • L3Harris Technologies (LHX) initiated with a Buy at Guggenheim, tgt $365
  • Leonardo DRS (DRS) initiated with a Buy at Guggenheim, tgt $51
  • Mercury Systems (MRCY) initiated with a Buy at Guggenheim, tgt $115
  • Moog (MOG.A) initiated with a Neutral at Guggenheim
  • MSC Industrial (MSM) assumed with a Peer Perform at Wolfe Research
  • Netskope (NTSK) initiated with an Overweight at Stephens, tgt $21
  • Nokia (NOK) initiated with a Buy at Rosenblatt, tgt $15
  • Northrop Grumman (NOC) initiated with a Buy at Guggenheim, tgt $612
  • Pentair (PNR) assumed with an Outperform from Peer Perform at Wolfe Research, tgt $91
  • PPL Corp. (PPL) initiated with a Sector Perform at RBC Capital, tgt $35
  • Procore Technologies (PCOR) initiated with an Overweight at Cantor Fitzgerald, tgt $65
  • Republic Services (RSG) assumed with a Peer Perform at Wolfe Research
  • RBC Bearings (RBC) initiated with a Buy at Guggenheim, tgt $600
  • Redwire (RDW) initiated with a Neutral at Guggenheim
  • Samsara (IOT) initiated with an Overweight at Cantor Fitzgerald, tgt $45
  • SPX Technologies (SPXC) assumed with an Outperform at Wolfe Research, tgt $250
  • StandardAero (SARO) initiated with a Neutral at Guggenheim
  • TransDigm (TDG) initiated with a Neutral at Guggenheim
  • Ventas (VTR) assumed with a Buy at Jefferies, tgt $102
  • VSE Corp. (VSEC) initiated with a Neutral at Guggenheim
  • Vishay Intertechnology (VSH) initiated with an Outperform at Oppenheimer, tgt $42
  • Waste Connections (WCN) assumed with an Outperform at Wolfe Research, tgt $204
  • Waste Management (WM) assumed with a Peer Perform at Wolfe Research
  • Welltower (WELL) assumed with a Buy at Jefferies, tgt $275
  • Woodward (WWD) initiated with a Buy at Guggenheim, tgt $404
  • Xylem (XYL) assumed with a Peer Perform at Wolfe Research
  • York Space Systems (YSS) initiated with a Neutral at Guggenheim

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -2.7%)
  • 8:30 ET: August Retail Sales (Briefing.com consensus 0.9%; prior -0.6%), Retail Sales ex-auto (Briefing.com consensus 0.5%; prior -0.3%), August Import Prices (prior -0.4%), Import Prices ex-oil (prior 0.4%), Export Prices (prior -1.3%), and Export Prices ex-agriculture (prior -1.5%)
  • 10:00 ET: July Business Inventories (Briefing.com consensus 0.2%; prior 0.0%) and September NAHB Housing Market Index (Briefing.com consensus 34; prior 35)
  • 10:30 ET: Weekly crude oil inventories (prior -390,000)
  • 14:00 ET: September FOMC Decision (Briefing.com consensus 3.75-4.00%; prior 3.50-3.75%)
  • 16:00 ET: July Net Long-Term TIC Flows (prior -$172.7 bln)

• Earnings:
  • Monday (September 14)
    • Pre-Market: None
    • After-Hours: PLAY
  • Tuesday (September 15)
    • Pre-Market: None
    • After-Hours: TCOM
  • Wednesday (September 16)
    • Pre-Market: None
    • After-Hours: LEN
  • Thursday (September 17)
    • Pre-Market: None
    • After-Hours: None
  • Friday (September 18)
    • Pre-market: None
    • Afternoon: None