After Hours Report

The major averages opened the week with robust gains on Monday, powered by a resurgence in semiconductor and mega-cap stocks alongside meaningful relief from two of the market's recent macro headwinds. The S&P 500 (+1.5%) and Nasdaq Composite (+2.3%) finished near their best levels of the session, while the DJIA (+0.7%) also posted a solid advance.

Technology stocks were at the center of the rally throughout the session. The PHLX Semiconductor Index surged 4.3%, helping the information technology sector (+2.5%) finish among the strongest groups. Advanced Micro Devices (AMD 615.52, +55.70, +9.95%) and Intel (INTC 121.78, +13.18, +12.14%) were two of the best-performing S&P 500 components despite the absence of company-specific catalysts, reflecting renewed momentum across the semiconductor space. AMD reached a new all-time high and crossed $600 per share for the first time, lifting its market capitalization above $1 trillion.

The strength represented a sharp change in tone following recent volatility surrounding AI stocks and debate over whether development of increasingly capable models should be slowed. NVIDIA (NVDA 227.38, +5.11, +2.30%) CEO Jensen Huang pushed back against AI safety concerns in a weekend interview, saying there is a "0% chance" AI ends the world by 2030 and arguing in favor of continued development. President Trump similarly reiterated his support for continued AI development. That backdrop was also complemented by preliminary U.S.-China discussions ahead of this week's meeting between President Trump and Chinese President Xi Jinping. The talks were characterized as successful and established a formal dialogue around AI, with Reuters reporting that the two sides are expected to meet again in two months to discuss AI safety. For now, the absence of an agreement to slow development provided another supportive element for the AI trade and today's semiconductor rally.

Mega-cap strength was equally pronounced, leaving the Vanguard Mega Cap Growth ETF up 2.7%. The communication services sector (+3.9%) topped the sector standings as Meta Platforms (META 741.24, +75.50, +11.34%) surged double-digits, extending its September gain beyond 30%. Enthusiasm surrounding the company's AI efforts remained a major driver, particularly after its Muse AI agent climbed to the top spot among free downloads on Apple's App Store.

The consumer discretionary sector (+1.5%) also outperformed amid the broader strength in growth stocks. The rally nevertheless extended well beyond the largest technology companies. Seven S&P 500 sectors finished higher, including a 1.1% gain in the real estate sector, as the simultaneous retreat in crude oil and Treasury yields provided a more favorable backdrop across the broader market.

Crude oil recorded a particularly sharp decline, with WTI settling $4.47 lower (-4.5%) at $95.77 per barrel. Optimism surrounding the potential for diplomatic progress between the U.S. and Iran at this week's United Nations gathering contributed to the decline, as President Trump has indicated he is open to meeting Iranian President Masoud Pezeshkian.

The energy sector (-2.5%) consequently finished at the bottom of the standings, with Chevron (CVX 203.78, -5.73, -2.73%) weighing on the DJIA.

The utilities (-0.4%) and consumer staples (-0.4%) sectors also finished lower as defensive areas generally lagged the growth-led rally. The health care sector bucked that defensive trend, supported by a surge in Moderna (MRNA 172.94, +18.90, +12.27%) to multi-year highs.

Corporate and speculative pockets of the market provided additional support. Warner Bros. Discovery (WBD 30.80, +3.00, +10.79%) and Paramount Skydance (PSKY 9.91, -0.30, -2.94%) surged after Bloomberg reported that Paramount Skydance reached a settlement with California and other states that had sought to block its acquisition of Warner Bros. Discovery, removing a legal obstacle to the transaction.

Crypto-related stocks also rallied as Bitcoin climbed above $86,000 to its highest level since January, boosting Coinbase Global (COIN 201.05, +6.80, +3.50%), Robinhood Markets (HOOD 123.30, +3.48, +2.90%), and Strategy Inc (MSTR 168.50, +14.58, +9.47%).

Monday's session ultimately combined renewed enthusiasm for AI and semiconductor stocks with a notably more accommodating macro backdrop. The 4.3% surge in the PHLX Semiconductor Index and pronounced mega-cap strength propelled the Nasdaq to a 2.3% gain, while lower crude oil and Treasury yields helped broaden participation beyond technology. With AI development remaining firmly in focus and diplomatic developments contributing to relief in oil and rates, several of the pressures responsible for recent market volatility moved in the opposite direction to start the week.

U.S. Treasuries performed well overnight, as oil prices moved lower, but there was no follow-through in the cash session. The 2-year note yield settled up one basis point to 4.75%, and the 10-year note yield settled donw four basis points to 4.96%. 

There was no economic data of note.

• Nasdaq Composite: +16.7% YTD
• Russell 2000: +15.9% YTD
• S&P 500: +13.4%
• S&P Mid Cap 400: +10.9% YTD
• DJIA: +8.3% YTD

Overseas:

• Europe: DAX +1.1%, FTSE +0.8%, CAC +0.9%
• Asia: Nikkei market closed, Hang Seng +1.2%, Shanghai +1.0%

Commodities:

• Crude Oil -4.47 @ 95.77
• Nat Gas -0.08 @ 2.83
• Gold -44.20 @ 4381.10
• Silver -0.80 @ 66.32
• Copper +0.07 @ 6.76

After-Hours Spotlight:

• CMS announces new preliminary Medicare payment rates for laboratory services...DGX -6.9%, LH -1.9%
• Governor Greg Abbott of Texas directs Texas Commission on Environmental Quality to halt all permits sought by data center providers until ERCOT completes its audit
• Anaptys (ANAB) Announces Second Quarter and Transitional Fiscal Year 2026 Financial Results and Provides Business Update...ANAB +5.6%
• Globalstar (GSAT): Director and 10% Owner James Monroe bought 361,600 shares at $82.52 worth ~$29.8 mln...GSAT +1.0%
• Qnity (Q) added to PHLX Semiconductor Sector Index...Q flat
• Southern's Georgia Power (SO), Google (GOOG / GOOGL) strike nuclear uprate deal tied to ~$900 mln projected customer benefit...SO +0.8%
• Vicor (VICR) raises Q3 2026 revenue growth outlook to more than 20% from nearly 10% sequentially...VICR +12%

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

• Earnings/Guidance (Full Earnings Calendar):
  • HP Inc (HPQ) preliminary planning assumption is that industry-wide personal computer unit volumes decline roughly mid-single-digits in percentage terms in calendar year 2027
• General News
  • President Trump announces Denmark deal on Truth Social
  • President Trump will be announcing, in the near future, the AI 'Czar'
  • President Trump to meet with Zelensky in New York on Tuesday, according to Axios
  • CNN, MSNOW and Politico to sue over White House access
  • President Trump threatens an attack on Iran but says he is open to meeting Iran's president at this week's United Nations General Assembly. CNBC
  • President Trump to meet with Ukraine President Volodymyr Zelensky in New York on Tuesday, according to Axios
  • President Trump will be announcing, in the near future, the AI 'Czar.' Truth Social
  • Treasury Secretary Bessent labeled his meeting with Chinese Vice Premier He Lifeng as "successful" ahead of the September 24 Trump-Xi meeting. CNBC
  • Houthis launched a weekend attack on Riyadh. Reuters
  • Saudi Arabia managed to export nearly 3.0 million barrels of oil per day the last six days via the Strait of Hormuz. Oilprice.com
  • CNN, MSNOW and Politico to sue over White House access. CNN
  • Anthropic IPO likely to happen in November, as opposed to October. WSJ
  • OpenAI anticipates cash burn rate of nearly $280 billion by end of 2030. FT
  • AbbVie (ABBV) partners with Iambic on AI-driven small molecule drug discovery
  • Accenture (ACN) partners with Anthropic on embedded AI safety evaluators
  • Accenture (ACN) partners with Anthropic on embedded AI safety evaluators
  • AIG (AIG) names Sierra Signorelli CEO of Americas and Global Personal Insurance, effective Jan. 1, 2027
  • Alphabet (GOOG) (GOOG/GOOGL): Gemini hacked other companies during cybersecurity testing. WSJ
  • Ameresco (AMRC) selected by U.S. Army for Aberdeen, Picatinny energy resilience lease talks
  • Amneal (AMRX) wins FDA approval, launches generic lanreotide injection
  • Anterix (ATEX) authorizes new $250 mln share repurchase program through Sept. 2029 – 8-K filing
  • Anthropic continues to pursue IPO, (XLK) expected to generate over $100 bln in annualized revenue this year, according to NY Times
  • Avantor (AVTR) names CONMED's Todd Garner CFO
  • Bruker (BRKR) gets $6 mln+ UC Berkeley order for high-field NMR systems
  • Cue Biopharma (CUE) reports topline results from CUE-221 Phase 2 Study in Chronic Spontaneous Urticaria
  • Deep Fission (FISN) partners with Youngquist Brothers on borehole drilling for underground reactor deployment
  • Einride teams with NVIDIA (NVDA) on Hyperion-based autonomous heavy-truck platform
  • Eli Lilly (LLY) and Novo Nordisk being sued over allegations that GLP-1 patients have increased risk of vision loss. WSJ
  • First Carolina Financial (FCBM) CFO Steven Deaton to retire effective Jan. 1, 2027
  • HEI monetizes part of ASB stake for $29.5 mln to help fund Maui wildfire settlement (HE)
  • Incyte (INCY) expands Opzelura partnership with Specialised Therapeutics into Australia
  • Johnson & Johnson (JNJ) announces positive topline results from the pivotal Phase 3 study evaluating CAPLYTA for the treatment of manic episodes with or without mixed features in adults with bipolar I disorder
  • Kodiak AI (KDK) teams with PrePass on roadside screening for driverless trucks
  • Lockheed Martin (LMT) awarded an $871.2 mln modification to US Navy contract
  • Neighborhood Intelligence and Alliant (NXH) announce the launch of Journey Home, a savings and homebuying program developed by Alliant in collaboration with Neighborhood Intelligence through its Bed Bath & Beyond brand
  • Novo Nordisk (NVO)'s CagriSema tops tirzepatide on weight loss in Phase III diabetes trial
  • Paramount Skydance (PSKY) in settlement talks with states as it aims to secure approval for its acquisition of Warner Bros. Discovery. Reuters
  • Precigen (PGEN) gets FDA platform technology designation for AdenoVerse
  • Qfin (QFIN) names Yan Zheng CEO, Haisheng Wu steps down to focus on international business
  • Saratoga Investment (SAR) announces CFO transition and new leadership appointments
  • Seer (SEER) CFO David Horn to resign; Charles Endweiss named principal financial officer – 8-K filing
  • Teva (TEVA) posts additional Phase 3 TEV-'749 schizophrenia data ahead of expected Q4 FDA decision
  • Tiziana Life Sciences (TLSA) announces that the last patient has completed their last visit in the Company’s Phase 2a clinical trial evaluating intranasal foralumab in patients with non-active Secondary Progressive Multiple Sclerosis
  • Volkswagen's Porsche business proposing an additional 4,000 job (VWAGY) cuts. Reuters
  • Walt Disney (DIS) saw a 3% increase in park attendance in most recent quarter, helped by promotional activity. WSJ
  • World Acceptance (WRLD) names John Calmes president and CEO

• Upgrades:
  • Arhaus (ARHS) upgraded to Buy from Hold at Jefferies, tgt $10
  • Candel Therapeutics (CADL) upgraded to Buy from Neutral at BofA Securities, tgt $18
  • Ciena (CIEN) upgraded to Outperform from In Line at Evercore ISI, tgt $550
  • Invitation Homes (INVH) upgraded to Outperform from Neutral at Mizuho, tgt $32
  • Macerich (MAC) upgraded to Outperform from In Line at Evercore ISI, tgt $26
  • Veeco (VECO) upgraded to Outperform from Market Perform at Northland, tgt $66
• Downgrades:
  • Compania Cervecerias Unidas (CCU) downgraded to Reduce from Buy at HSBC, tgt $10
  • Equity LifeStyle Properties (ELS) downgraded to Neutral from Outperform at Mizuho, tgt $65
  • Flutter Entertainment (FLUT) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $119
  • Porsche Automobil Holding (POAHY) downgraded to Reduce from Hold at Kepler Cheuvreux
  • Universal Technical Institute (UTI) downgraded to Hold from Buy at Texas Capital Securities, tgt $25
  • Volkswagen (VWAGY) downgraded to Hold from Buy at Kepler Cheuvreux
• Others:
  • Applied Digital (APLD) initiated with a Neutral at Rothschild & Co Redburn, tgt $22
  • Chiron Real Estate (XRN) initiated with an Overweight at Cantor Fitzgerald, tgt $43
  • Cipher Mining (CIFR) initiated with a Neutral at Rothschild & Co Redburn, tgt $18
  • Core Scientific (CORZ) initiated with a Neutral at Rothschild & Co Redburn, tgt $16
  • CoreWeave (CRWV) initiated with a Sell at Rothschild & Co Redburn, tgt $54
  • Cyabra (CYAB) initiated with a Buy at ThinkEquity, tgt $1
  • Digital Realty (DLR) initiated with a Buy at Rothschild & Co Redburn, tgt $227
  • Equinix (EQIX) initiated with a Buy at Rothschild & Co Redburn, tgt $1,261
  • Hut 8 (HUT) initiated with a Neutral at Rothschild & Co Redburn, tgt $96
  • Immunome (IMNM) initiated with a Buy at Alliance Global Partners, tgt $32
  • IQM Quantum Computers (IQMX) initiated with a Buy at BTIG, tgt $20
  • IREN (IREN) initiated with a Neutral at Rothschild & Co Redburn, tgt $40
  • Iron Mountain (IRM) initiated with a Buy at Rothschild & Co Redburn, tgt $132
  • NANO Nuclear Energy (NNE) initiated with a Buy at Needham, tgt $33
  • Nebius Group (NBIS) initiated with a Sell at Rothschild & Co Redburn, tgt $84
  • NexGen Energy (NXE) initiated with an Overweight at JPMorgan, tgt $14
  • NextNav (NN) initiated with a Buy at Clear Street, tgt $24
  • Securitize (SECZ) initiated with an Overweight at Cantor Fitzgerald, tgt $21.20
  • Tempus AI (TEM) initiated with a Neutral at Goldman, tgt $75
  • TeraWulf (WULF) initiated with a Neutral at Rothschild & Co Redburn, tgt $15
  • Palvella Therapeutics (PVLA) assumed with a Buy at Chardan, tgt $240

• Econ Data (Tuesday):
  • There is no U.S. economic data of note

• Earnings:
  • Monday (September 21)
    • Pre-Market: None
    • After-Hours: None
  • Tuesday (September 22)
    • Pre-Market: AZO, MLKN, THO
    • After-Hours: KBH, WOR
  • Wednesday (September 23)
    • Pre-Market: CBRL, CTAS, GIS, PAYX
    • After-Hours: FUL, SFIX
  • Thursday (September 24)
    • Pre-Market: DRI, SNX
    • After-Hours: BB, COST, FDXF
  • Friday (September 25)
    • Pre-market: None
    • Afternoon: None