After Hours Report

The major averages extended their rebound on Thursday, with easing Treasury yields providing a more favorable backdrop for equities after their sharp rise contributed to the market's early-week weakness. The S&P 500 (+1.1%), Nasdaq Composite (+1.4%), and DJIA (+1.2%) all finished with sizable gains, while the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.9%) also advanced.

The 10-year note yield fell three basis points to 4.76%, continuing its retreat from the elevated levels reached earlier in the week. The move followed comments from Fed Governor Christopher Waller (voting FOMC member) that reduced some concern surrounding the possibility of another rate hike at the September FOMC meeting. While Mr. Waller acknowledged that inflation remains meaningfully above the Fed's 2.00% target and left open the possibility of another increase if progress stalls, investors focused more heavily on his observation that recent data have shown encouraging signs of disinflation. The CME FedWatch Tool assigned a 49.6% probability to the Fed leaving rates unchanged in September, up from 36.8% yesterday.

Thursday's advance featured particularly strong participation from large-cap growth stocks, with the Vanguard Mega Cap Growth ETF rising 1.6%. That strength helped propel the consumer discretionary (+1.6%) and communication services (+1.5%) sectors toward the top of the standings, with Tesla (TSLA 376.36, +19.36, +5.42%) and Meta Platforms (META 610.68, +17.83, +3.01%) among the more notable contributors.

The financials sector (+1.6%) was another source of leadership. Major banking names participated in the advance, while Robinhood Markets (HOOD 124.72, +17.73, +16.57%) and Coinbase Global (COIN 192.70, +17.74, +10.14%) posted especially large gains alongside a sharp increase in Bitcoin that carried the cryptocurrency above $80,000.

Technology stocks also played a significant role in the broader advance, although performance beneath the surface remained uneven. The information technology sector (+1.3%) overcame early semiconductor weakness as software stocks staged a pronounced rebound from Wednesday's selloff. The iShares GS Software ETF advanced 3.4%, with Snowflake (SNOW 356.24, +50.40, +16.48%) surging following an impressive earnings beat and Microsoft (MSFT 510.12, +13.30, +2.68%) gaining after announcing a significant overhaul of its reporting structure.

Semiconductor stocks were a relative laggard for much of the session after the PHLX Semiconductor Index (+0.1%) fell more than 2% shortly after the open, largely due to Broadcom's (AVGO 357.16, -10.08, -2.74%) post-earnings decline. The group recovered considerably as the session progressed, however. Broadcom's weakness came despite better-than-expected Q3 earnings and revenue, as elevated expectations surrounding its AI business and Q4 outlook appeared to outweigh another solid report.

Elsewhere in the technology space, Dell (DELL 515.94, +23.74, +4.82%) extended its post-earnings momentum and reached a new all-time high, while Hewlett Packard Enterprise (HPE 54.44, +2.61, +5.03%) moved lower despite reporting a broad earnings beat and above-consensus Q4 guidance. Some consumer-related names were notable exceptions to the otherwise constructive action. Tyson Foods (TSN 51.77, -4.04, -7.24%) remained under pressure after lowering its FY26 revenue guidance, while The Campbell's Company (CPB 22.12, -1.66, -6.96%) fell following its earnings report and disappointing FY27 outlook.

Meanwhile, geopolitical developments remained relatively quiet compared with earlier in the week. WTI crude settled $0.39 higher (+0.4%) at $91.35 per barrel, with the modest increase doing little to disrupt the equity rally. The energy sector (-0.7%) finished with the widest loss, while the materials sector (-0.5%) also retreated.

Ultimately, Thursday's advance built meaningfully on Wednesday's rebound as easing Treasury yields removed some of the pressure that weighed on stocks earlier in the week. Strength across mega-cap stocks, software, financials, and most other areas of the market more than offset lingering weakness in select semiconductor and consumer names, leaving the major averages with modest week-to-date gains heading into Friday's session.

U.S. Treasuries climbed on Thursday, though they made little intraday progress, finishing near their starting levels. The 2-year note yield settled down six basis points to 4.33%, and the 10-year note yield settled three basis points to 4.76%. 

• Russell 2000: +19.6% YTD
• Nasdaq Composite: +14.4% YTD
• S&P Mid Cap 400: +14.4% YTD
• S&P 500: +13.2% YTD
• DJIA: +11.7% YTD

Reviewing today's data: 

• July Trade Balance -$88.6 bln (Briefing.com consensus -$89.6 bln); Prior was revised to -$71.2 bln from -$73.3 bln
  • The key takeaway from the report is that the widening deficit will be a drag on Q3 GDP growth estimates.
• Q2 Productivity -Rev. 1.4% (Briefing.com consensus 1.4%); Prior 1.4%, Q2 Unit Labor Costs-Rev. 1.2% (Briefing.com consensus 1.3%); Prior 1.3%
  • The key takeaway from the report is that the downtick in unit labor costs from the advance estimate helped keep inflation concerns in check.
• Weekly Initial Claims 206K (Briefing.com consensus 205K); Prior was revised to 204K from 203K, Weekly Continuing Claims 1.779 mln; Prior was revised to 1.771 mln from 1.778 mln
  • The key takeaway from the report is that the low level of initial jobless claims continues to connote a low-firing environment.
• August S&P Global U.S. Services PMI - Final 56.5; Prior 56.8
• August ISM Non-Manufacturing Index 55.4% (Briefing.com consensus 54.1%); Prior 54.1%
  • The key takeaway from the report is that it shows services organizations haven't seen any relief in the prices they are paying for materials and services. That invites the risk of pass-through to customers and sustained inflation issues.

 Overseas:

• Europe: DAX +0.7%, FTSE +0.7%, CAC +0.1%
• Asia: Nikkei -0.2%, Hang Seng -0.4%, Shanghai flat

Commodities:

• Crude Oil +0.39 @ 91.35
• Nat Gas -0.04 @ 2.92
• Gold +123.80 @ 4540.40
• Silver +2.23 @ 67.72
• Copper +0.08 @ 6.67

After-Hours Spotlight:

• Adobe (ADBE) names Anil Chakravarthy as next President and CEO; Shantanu Narayen to become Executive Chair on December 1, 2026...ADBE -1.1%
• Ambarella (AMBA) beats by $0.01, reports revs in-line; guides Q3 revs in-line...AMBA -1.4%
• Asana (ASAN) beats by $0.01, beats on revs; provides Q3 (Sep) and FY27 guidance...ASAN -9.8%
• DocuSign (DOCU) beats by $0.07, beats on revs; guides Q3 revs in-line; guides FY27 revs in-line...DOCU +4.2%
• Guidewire Software (GWRE) beats by $0.06, beats on revs; provides Q1 (Mar) and FY27 guidance...GWRE -15.2%
• lululemon athletica (LULU) beats by $1.13, misses on revs; guides Q3 EPS below consensus, revs below consensus; lowers FY27 EPS below consensus, revs below consensus...LULU -18.1%
• Oxford Industries (OXM) beats by $0.03, misses on revs; provides Q3 (Sep) and FY26 guidance...OXM -16.7%
• Planet Labs (PL) beats by $0.04, beats on revs; guides Q3 revs below consensus; guides FY27 revs in-line...PL +7.2%
• Samsara (IOT) beats by $0.04, beats on revs; provides Q3 (Sep) and FY27 guidance...IOT +14.2%
• UiPath (PATH) reports EPS in line, beats on revs; provides Q3 (Sep) and FY26 guidance...PATH -6.4%
• Zscaler (ZS) beats by $0.10, beats on revs; provides Q1 (Mar) and FY27 guidance...ZS +1.9%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Amber International Holding Limited (AMBR) reports Q2 results
  • Argan (AGX) beats by $1.12, beats on revs
  • Brady (BRC) beats by $0.01, beats on revs; provides FY26 guidance
  • Broadcom (AVGO) beats by $0.10, beats on revs; guides Q4 revs above consensus
  • BRP Inc. (DOO) beats by $0.31, beats on revs; provides Q3 (Sep) and FY27 guidance
  • Buckle (BKE) reports August comparable store net sales +1.6% yr/yr; net sales +3.6% to $123.5 mln
  • C3.ai (AI) beats by $0.06, reports revs in-line; guides Q2 revs below consensus; guides FY27 revs in-line
  • The Campbell's Company (CPB) reports EPS in-line, revs in-line; guides FY27 EPS below consensus, revs below consensus; reduces quarterly dividend 36%; launches a new program targeting total costsavings of $500 mln by FY30
  • ChargePoint (CHPT) Reports Second Quarter Fiscal Year 2027 Financial Results
  • Ciena (CIEN) beats by $0.38, beats on revs; guides Q4 revs above consensus
  • Ermenegildo Zegna Group (ZGN) reports first half 2026 revenues of €987 million with profit at €28 million and adjusted EBIT at €74 Million
  • Five Below (FIVE) beats by $0.28, beats on revs, comps +14.1%; guides Q3 EPS and revs above consensus; raises FY27 EPS, revenue and comps guidance
  • Genesco Inc. (GCO) reports fiscal 2027 second quarter results
  • Gold.com (GOLD) Reports Fiscal Fourth Quarter and Full Year 2026 Results
  • Hello Group (MOMO) beats by RMB0.27, reports revs in-line; guides Q3 revs below two analyst estimate
  • Hewlett Packard Enterprise (HPE) beats by $0.18, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • Lands’ End (LE) announces second quarter fiscal 2026 results
  • Methode Electronics, Inc. (MEI) Reports Fiscal 2027 First Quarter Financial Results
  • Microsoft (MSFT) announces that it will transition to two reporting segments for FY27, that it's updating certain metrics; Also restates financials to reflect new reporting structure and reaffirms Q1 guidance
  • NetApp (NTAP) beats by $0.46, beats on revs; guides Q2 EPS above consensus, revs above consensus; raises FY27 EPS above consensus, revs above consensus
  • Netskope (NTSK) beats by $0.04, beats on revs; provides Q3 (Sep) and FY27 guidance
  • Petco Health and Wellness (WOOF) beats by $0.06, revs in-line; guides Q3 revs in-line; reaffirms full year guidance
  • Phreesia (PHR) misses by $0.06, beats on revs; provides FY27 guidance
  • Polestar Automotive Holding UK PLC (PSNY) reports H1 results
  • PVH (PVH) beats by $0.62, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Snowflake (SNOW) beats by $0.17, beats on revs; provides Q3 (Sep) and FY27 guidance
  • Victoria's Secret (VSXY) beats by $0.18, reports revs in-line; guides Q3 revs above consensus; guides FY27 revs in-line
  • Wiley (WLY) beats by $0.04, beats on revs; provides FY27 guidance
• General News
  • President Trump signs bill to extend government funding from September 30 through December 11
  • President Trump's advisors are pushing him to keep the Iran war "quiet" ahead of the midterm elections. Reuters
  • Kuwait's army confronted hostile missile and drone attacks from Iran. CNBC
  • The U.S. military escorted 40 commercial vessels carrying 18 million barrels of oil through the Strait of Hormuz on Tuesday. The U.S. expects to continue conducting offensive strikes near the waterway. CNN
  • BOJ leaning towards increasing rates by 25 basis points. Bloomberg
  • DOJ to side with OpenAI in copyright lawsuit against NY Times. NY Times
  • Archer launches 'No Roads' U.S. flight tour ahead of White House pilot program, LA28 prep
  • AECOM selected to design Pure Water Silicon Valley demonstration facility (ACM)
  • Airbus (EADSY) has quality issues with A330neo jet. Bloomberg
  • Albemarle names BHP's Ragnar Udd CEO effective Feb. 1, 2027; Kent Masters to become executive chairman
  • Amazon delivery network on track to deliver 90% of packages, according to Business Insider (AMZN)
  • Ameresco's Enerqos (AMRC) names Paolo Formica CEO
  • American Healthcare REIT (PSA) names Public Storage's Aric Chang CFO, effective Oct. 1, 2026
  • Brady increases annual dividend (BRC)
  • BRP (DOO) names Minh Thanh Tran CFO as Sebastien Martel retires from role
  • C4 Therapeutics to present Phase 1 cemsidomide biomarker data in relapsed/refractory multiple myeloma at IMS (CCCC)
  • Charles Schwab (SCHW) aiming to impose limits on aware long-short accounts. Bloomberg
  • Climb Bio posts Phase 1 CLYM116 data supporting every-12-week dosing in IgA nephropathy (CLYM)
  • CSN (SID) names Fabio Schvartsman CEO effective Sept. 3; Benjamin Steinbruch becomes chairman – 6-K filing
  • Five Below authorizes new $600 mln share repurchase program – 8-K filing (FIVE)
  • Ford (F) wants to sell more than 100,000 of its new Fathom EV trucks during the first year. WSJ
  • Genworth expands share repurchase authorization by $500 mln (GNW)
  • Greer met with the Republican Study Committee to discuss Trump's beef import plan, according to Politico (QSR)
  • Hershey (HSY) names Dave Hulays CFO; Steve Voskuil to retire in early 2027
  • HPE expands Oracle collaboration for potential multi-year AI data center networking deployment
  • Insmed to present late-breaking Phase 3b ENCORE ARIKAYCE data at ERS 2026 (INSM)
  • Inventiva (IVA) completes last patient visit in Phase 3 NATiV3 trial; topline MASH data expected Q4
  • JP Morgan (JPM) previously scaled back financing to Jane Street. FT
  • LB Pharmaceuticals (LBRX) names Joseph Miller CFO
  • Lightspeed partners with ShipStation to integrate shipping and fulfillment capabilities (LSPD)
  • Mixed view on the bond market (TLT). Barron's
  • NANO Nuclear Energy announced continued progress toward the development of the primary helium circulator for its proprietary KRONOS MMR Energy System under its engineering collaboration with Howden, a Baker Hughes (BKR) business.
  • Nasdaq Verafin partners with Alloy on fraud-risk integrations (NDAQ)
  • NPK CFO Gregg Piontek to retire by Aug. 31, 2027; company starts successor search (NPKI)
  • Nyxoah S.A. (NYXH) announces ACCESS U.S. pivotal study meets primary safety and efficacy endpoints in complete concentric collapse patients
  • Revolution Medicines NEJM paper details Phase 1/2 RASONQUE data in previously treated RAS-mutant NSCLC (RVMD)
  • SoFi partners with Payward to link banking rails with Kraken digital-asset markets (SOFI)
  • Solowin Holdings' AlloyX Limited has entered into a non-binding Memorandum of Understanding with EvolveQ Limited (AXG)
  • SS&C selected by Fundamental Investment Management for Australian small-cap fund launch (SSNC)
  • Ultragenyx Phase 3 Aspire (RARE) misses primary, key secondary endpoints in Angelman syndrome
  • USA TODAY: NY Times reporter Ben Mullin says "USA Today is cutting staff and reorganizing its audience team. " (TDAY)
  • Volkswagen (VWAGY), Tesla (TSLA), Nokia (NOK), and Amazon (AMZN) have potential blacklisted suppliers. FT
  • Vyome Holdings: Poised to Advance Lead Antibiotic into Phase III Study for MFW -- Chardan (HIND)
  • Woodside Energy Group (WDS) announces that it had signed a non-binding memorandum of understanding with Petróleos Mexicanos

• Upgrades:
  • Broadcom (AVGO) upgraded to Outperform from Neutral at Macquarie, tgt $490
  • Copart (CPRT) upgraded to Overweight from Neutral at JPMorgan, tgt $40
  • Dell Technologies (DELL) upgraded to Outperform from Equal-Weight at Fox Advisors, tgt $625
  • Envista (NVST) upgraded to Overweight from Neutral at JPMorgan, tgt $32
• Downgrades:
  • Alumis (ALMS) downgraded to Neutral from Buy at Guggenheim
  • Covista (CVSA) downgraded to Hold from Buy at Truist, tgt $140
  • Fluence Energy (FLNC) downgraded to Underweight from Equal Weight at Barclays, tgt $10
  • Moderna (MRNA) downgraded to Sell from Neutral at Rothschild & Co Redburn, tgt $81
  • PG&E (PCG) downgraded to Hold from Buy at Truist, tgt $17
  • Sonoco (SON) downgraded to Neutral from Buy at BofA Securities, tgt $60
  • Ultragenyx (RARE) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $18
  • Ultragenyx (RARE) downgraded to Neutral from Overweight at JPMorgan, tgt $36
  • Ultragenyx (RARE) downgraded to Neutral from Outperform at Robert W. Baird, tgt $16
  • Ultragenyx (RARE) downgraded to In Line from Outperform at Evercore ISI, tgt $16
  • ZTO Express (ZTO) downgraded to Neutral from Overweight at JPMorgan, tgt $22
• Others:
  • Amalgamated Financial (AMAL) initiated with an Outperform at Raymond James, tgt $55
  • APA Corp. (APA) initiated with a Neutral at Seaport Research
  • Barrick Mining (B) resumed with a Neutral at Citigroup, tgt $45
  • BWX Technologies (BWXT) initiated with a Buy at Jefferies, tgt $181
  • C1 Fund (CFND) initiated with a Buy at StoneX, tgt $6
  • California Resources (CRC) initiated with a Neutral at Seaport Research
  • Cameco (CCJ) initiated with a Buy at Jefferies, tgt $138
  • Centrus Energy (LEU) initiated with a Hold at Jefferies, tgt $169
  • Chord Energy (CHRD) initiated with a Neutral at Seaport Research
  • ConocoPhillips (COP) initiated with a Neutral at Seaport Research
  • Crescent Energy (CRGY) initiated with a Sell at Seaport Research, tgt $12
  • Denison Mines (DNN) initiated with a Buy at Jefferies
  • Devon Energy (DVN) initiated with a Buy at Seaport Research, tgt $65
  • Diamondback Energy (FANG) initiated with a Neutral at Seaport Research
  • EOG Resources (EOG) initiated with a Neutral at Seaport Research
  • EnCore Energy (EU) initiated with a Buy at Jefferies, tgt $1.44
  • Liberty Latin America (LILAK) initiated with a Neutral at UBS, tgt $9
  • Magnolia Oil & Gas (MGY) initiated with a Neutral at Seaport Research
  • Matador Resources (MTDR) initiated with a Neutral at Seaport Research
  • Mirion Technologies (MIR) initiated with a Buy at Jefferies, tgt $20
  • Monolithic Power (MPWR) initiated with a Buy at StoneX, tgt $1,800
  • Murphy Oil (MUR) initiated with a Neutral at Seaport Research
  • NeuroSense (NRSN) initiated with a Buy at H.C. Wainwright, tgt $8
  • NexGen Energy (NXE) initiated with a Buy at Jefferies
  • Occidental Petroleum (OXY) initiated with a Buy at Seaport Research, tgt $73
  • Ovintiv (OVV) initiated with a Neutral at Seaport Research
  • Pagaya (PGY) initiated with a Buy at TD Cowen, tgt $26
  • Permian Resources (PR) initiated with a Buy at Seaport Research, tgt $29
  • Prudential plc (PUK) initiated with a Buy at Berenberg, tgt $39.30
  • RingCentral (RNG) initiated with an Outperform at RBC Capital, tgt $85
  • SM Energy (SM) initiated with a Sell at Seaport Research,. tgt $35
  • Solstice Advanced Materials (SOLS) initiated with a Buy at Jefferies, tgt $86
  • Thermo Fisher Scientific (TMO) initiated with an Outperform at CLSA, tgt $748
  • Tiziana Life Sciences (TLSA) initiated with a Buy at BTIG Research, tgt $7
  • Uranium Energy (UEC) initiated with a Hold at Jefferies, tgt $11.50
  • Viper Energy (VNOM) initiated with a Buy at Seaport Research, tgt $45
  • Vishay Intertechnology (VSH) initiated with a Buy at Truist, tgt $42
  • Vyome (HIND) initiated with a Buy at Chardan, tgt $3.50
  • WhiteFiber (WYFI) assumed with a Buy at H.C. Wainwright, tgt $37

• Econ Data (Friday):
  • 8:30 ET: August Nonfarm Payrolls (Briefing.com consensus 45,000; prior -23,000), Nonfarm Private Payrolls (Briefing.com consensus 45,000; prior 30,000), Unemployment Rate (Briefing.com consensus 4.2%; prior 4.1%), Average Hourly Earnings (Briefing.com consensus 0.2%; prior 0.1%), and Average Workweek (Briefing.com consensus 34.3; prior 34.3)

• 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