The Dow closed at a record 43,193 on Thursday, capping an 875-point surge, and the after-hours tape showed the rally has legs — at least for some sectors. Energy stocks continued their charge into the extended session, Broadcom slid further after its downgrade, and a handful of earnings reports produced notable late movers.
Energy keeps running. The XLE, which gained 3.7% in the regular session, edged another 0.4% higher after hours as WTI crude held above $99 a barrel. ExxonMobil added 0.3% extended, Chevron gained 0.5%, and ConocoPhillips rose 0.6%. Oil services names also saw continued buying — Schlumberger was up 0.4% and Halliburton added 0.5% after hours. The crude rally to near $100 appears to have follow-through momentum as traders position ahead of Monday’s OPEC+ JMMC meeting.
Broadcom keeps sliding. The semiconductor name, which fell 4.2% in the regular session after Morgan Stanley’s downgrade, slipped another 0.8% after hours to $192.40. The downgrade cited slowing custom-chip orders from hyperscale cloud customers, and the extended selling suggests institutional investors are still rebalancing. The broader SOX index stabilized after hours, however, with Nvidia flat and AMD up 0.2%.
Earnings movers. Several companies reported after the bell. DocuSign (DOCU) jumped 6.2% after beating Q1 revenue estimates and raising its full-year subscription guidance, driven by stronger-than-expected e-signature adoption in the financial services vertical. The company reported revenue of $712 million versus consensus of $698 million. CrowdStrike (CRWD) gained 3.8% after posting an earnings beat and guiding Q2 billings above consensus, citing robust demand for its Falcon platform amid an active threat environment.
On the downside, GameStop (GME) fell 4.1% after hours despite reporting a narrower-than-expected quarterly loss. The retailer’s revenue of $1.18 billion missed estimates of $1.22 billion, and the company declined to provide forward guidance, disappointing investors who had been hoping for a turnaround narrative to reignite the meme-stock crowd.
Healthcare holds. UnitedHealth, which surged 6.2% during the regular session on its Medicare Advantage expansion announcement, held its gains in after-hours trading, adding another 0.3%. Pfizer was flat after its 4.1% regular-session pop on positive oncology trial data. The healthcare sector’s momentum appears intact heading into Friday.
S&P 500 futures were up 0.2% as of 6:30 p.m. ET, pointing to a modestly positive open Friday. Nasdaq 100 futures were flat. The VIX held at 18.20, down from the intraday high of 20.10, suggesting the volatility spike from the Broadcom selloff has faded. The key question for Friday is whether the Dow’s record rally broadens out to include tech or remains concentrated in cyclicals and energy.
