The midterm-driven rally that lifted the S&P 500 1.7% on Democratic control of both chambers and a collapsing oil price held into the evening, with after-hours trading largely calm even as a dense earnings slate and fresh geopolitical headlines piled up.

Applovin led after-hours movers, up 22.3% on the latest snapshot after a report that sent shares surging as much as 27% intraday. Coherent gained 5.7%, TechnipFMC 5.5% and Steris 5.0%, the latter after raising fiscal 2027 adjusted EPS guidance and lining up a $1.6bn revolver tied partly to its pending Xodus Medical acquisition. Texas Pacific Land added 4.1%. On the losing side, Amcor fell 10% after missing EPS and cutting its transition-period outlook on higher energy and distribution costs, Expedia dropped 8.9% despite raising full-year guidance, Fair Isaac fell 7.5%, Mercado Libre lost 6.1% and News Corp slid 5.2% even after beating on EPS, with Chief Executive Robert Thomson flagging a push to get compensation from AI platforms for its content.

The earnings flow was heavy elsewhere. AMD posted record quarterly revenue of $13.4bn, up 45% year over year, with fourth-quarter guidance near $17bn. Snap returned to positive net income on 14% revenue growth. Motorola Solutions raised full-year guidance again and added $2bn to its buyback authorization. Allstate beat estimates by $2.79 on strong underwriting margins, MetLife topped expectations as revenue rose across every segment, and APA raised its free cash flow outlook to $2.9bn while cutting its net debt target. Edwards Lifesciences and ITT both raised full-year guidance, and CF Industries and Chord Energy reported mixed results alongside continued buybacks.

Oracle closed $20bn in new capital raised through stock and notes offerings, and Freeport-McMoRan's board approved a $4.5bn expansion of its Bagdad copper operation in Arizona, aimed at more than doubling output by 2030.

Geopolitical risk stayed elevated overnight. North Korea test-fired a new air-defense missile system, Saudi Arabia and Syria signed a defense cooperation agreement during Syrian President Ahmed al-Sharaa's visit to Riyadh, and South Korea said it will expand ship-protection operations near the Strait of Hormuz. Iranian state media reported Tehran's leadership has exempted India from Hormuz-related curbs, while Axios reported, per American officials, that the US military is completing preparations for a possible resumption of large-scale operations in Iran. Drone strikes hit a fifth Russian refinery in recent days, this time in Ryazan.

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