US Stock Market After Hours Today: Wall Street Stays Cautious as Fed Rate Cut Looms

Updated: Tuesday, December 9, 2025 – around 5:00 p.m. ET

As the first hour of the after-hours US stock market session winds down, Wall Street looks nervous but orderly. Index futures and extended-hours quotes are barely budging after a mixed regular session that left the S&P 500 just shy of record territory, with traders laser‑focused on tomorrow’s pivotal Federal Reserve rate decision. ^[1]

At around 5 p.m. ET, after-hours trading paints a picture of “wait and see” rather than panic or euphoria: most major benchmarks are fractionally lower, big-tech leaders are trading almost flat, and the real fireworks are in a cluster of small-cap earnings and biotech names.

After-Hours Snapshot (5 p.m. ET): Indexes Barely Move

In the extended session, index-level moves are extremely mild: ^[2]

S&P 500 after-hours: about –0.04%
Nasdaq 100: roughly –0.08%
Dow Jones Industrial Average: around –0.07%
Russell 2000: down about –0.08%

That follows a mixed regular session where: ^[3]

Dow Jones fell 0.38% to 47,560.29
S&P 500 slipped 0.09% to 6,840.51
Nasdaq Composite rose 0.13% to 23,576.49
Russell 2000 small‑cap index closed up about 0.2% after hitting an intraday record

In after-hours trading, mega-cap tech — the group that has powered much of 2025’s rally — is basically treading water. Real‑time extended-hours data shows Nvidia, Microsoft, Apple, Alphabet and Meta all moving only a few tenths of a percent up or down, with volumes well below the regular session. ^[4]

That muted action underlines just how important tomorrow’s Fed decision is: few traders want to place big directional bets in the thin after-hours session right before a major macro event.

Why Regular Trading Was So Tense Today

Fed Meeting: A Near-Certain Cut, Uncertain Message

The Fed began its two‑day December meeting this morning. Futures markets are pricing roughly an 87–90% chancethat policymakers will cut the federal funds rate by 25 basis points, likely taking the target range down to 3.50%–3.75%. ^[5]

But the bigger question for markets is what comes next:

The CME FedWatch tool and multiple analyses suggest traders expect this cut plus perhaps two more over 2026, but opinions inside the Fed look split between inflation hawks and growth worriers. ^[6]
Business Insider notes that the direction of US stocks since late October has closely tracked rate‑cut expectations, making tomorrow’s guidance and “dot plot” one of the most consequential macro events left in 2025. ^[7]

An unexpectedly hawkish tone from Chair Jerome Powell — for example, hinting at fewer cuts next year — could pressure richly valued AI and growth stocks. A more dovish message might extend the year‑end “Santa rally” that has already carried indexes near all‑time highs. ^[8]

JOLTS Data and Bond Yields Added to the Jitters

Today’s JOLTS report showed October job openings at about 7.67 million, above expectations of roughly 7.2 million. That points to a labour market that’s cooling, but still tighter than many Fed doves would like. ^[9]

In response, the 10‑year Treasury yield climbed toward 4.18–4.19%, extending a multi‑day rebound in yields and further dampening risk appetite. ^[10]

Sector Moves: Banks Hit, Energy Helps

Within the S&P 500 today: ^[11]

Banks sold off sharply.
- JPMorgan Chase dropped about 4.7%, its worst day since April, after management told a financial-services conference it expects expenses to climb to roughly $105 billion in 2026, driven by growth investments and volume‑related costs.
- That reversal dragged the S&P bank index from an early gain of nearly 1% to a 2% loss by the close.
Energy stocks were the session’s strongest group, up about 0.7%, helped by a rebound in crude.
Health care lagged, falling close to 1%, while consumer names were mixed as traders weighed holiday-spending trends against sticky inflation.

The AI theme remained in focus as well. Nvidia slipped about 0.3% after President Donald Trump said the US would allow the chipmaker to ship its H200 AI processors to “approved” customers in China — subject to a 25% export fee — even as reports suggested Beijing could curb access and Washington hawks criticised the move. ^[12]

After-Hours Trading 101 (and Why It Looks So Quiet)

For readers less familiar with extended hours:

On US exchanges such as the Nasdaq, after-hours trading typically runs from 4:00 p.m. to 8:00 p.m. Eastern Time, following the regular 9:30 a.m.–4:00 p.m. session. ^[13]
These trades are executed via electronic communication networks (ECNs), not traditional floor specialists. ^[14]
Volume is often much lower and bid–ask spreads can be wider, which means prices can move sharply on relatively small orders — especially in thinly traded small caps. ^[15]

That’s exactly what we’re seeing tonight: index-level calm but big percentage swings in a handful of smaller names reacting to fresh earnings and biotech headlines.

Biggest After-Hours Gainers and Losers

Micro-Caps Dominate the Extreme Moves

According to StockAnalysis’ live after-hours dashboard, the most dramatic moves as of this evening are concentrated in small, often thinly traded stocks: ^[16]

Top 10 After-Hours Gainers (selected highlights)

Horizon Space Acquisition I (HSPO): +140.6%
A SPAC III Acquisition (ASPC): +114.1%
iPower (IPW): +36.0%
Advanced Biomed (ADVB): +27.1%
Senti Biosciences (SNTI): +23.1%

Many of these are SPAC vehicles or micro-cap growth names with small floats, where a modest burst of buying can produce triple‑digit percentage moves after hours.

One of the more notable fundamental stories in this list is Senti Biosciences. The gene‑circuit therapy company released updated Phase 1 data for its SENTI‑202 program in acute myeloid leukemia, showing a 42% combined complete response/CRh rate and median remissions of about 7.6 months in heavily pretreated patients. ^[17]

Investors have cheered the data, sending SNTI more than 20% higher after hours, making it one of the evening’s standout biotech winners. ^[18]

Top 10 After-Hours Losers (selected highlights) ^[19]

Aimei Health Technology (AFJK): –42.4%
JX Luxventure (JXG): –32.0%
Lion Group Holding (LGHL): –25.5%
MIND Technology (MIND): –20.6%
Lakeland Industries (LAKE): –19.4%

Here too, thin liquidity magnifies reactions — but in Lakeland’s case, the drop is backed by significant news.

Earnings Movers Driving Tonight’s Tape

Casey’s General Stores: Strong Quarter, Soft Share Reaction

Casey’s General Stores (CASY), the Midwestern convenience-store and fuel chain, headlined tonight’s earnings slate.

Key numbers for its fiscal Q2 2026: ^[20]

EPS: $5.53 per share, beating the consensus estimate of about $4.92
Revenue: roughly $4.51 billion, in line with Wall Street forecasts and up mid‑teens year‑on‑year
Inside same-store sales: +3.3%, just under the 3.4% analysts were expecting
Fuel gross profit: up more than 20%, thanks to healthy margins
EBITDA: about $410 million, with management guiding FY 2026 EBITDA up 15–17%

Despite the beat-and-raise profile, shares slipped roughly 2–3% in after-hours trading as some investors took profits after a strong multi‑month run and digested slightly softer same‑store sales. ^[21]

Analysts at several firms have recently raised price targets into the $600+ range, highlighting Casey’s expansion pipeline (including hundreds of new store openings) and its growing prepared‑foods business. ^[22]

AeroVironment: Revenue Beat, EPS Miss and Guidance Cut

Defense and drone specialist AeroVironment (AVAV) delivered a mixed report: ^[23]

Revenue: about $472.5 million, beating estimates near $468–470 million and soaring 151% year‑on‑year
Adjusted EPS: $0.44, missing the Street’s $0.78 consensus
Backlog: remains robust, supporting a strong multi‑year order pipeline
Guidance:
- FY 2026 revenue guidance was nudged higher to $1.95–2.00 billion
- FY 2026 adjusted EPS guidance was cut to $3.40–3.55, below the roughly $3.64 analysts expected

The combination of an EPS miss and lower profit outlook overshadowed the revenue strength. AeroVironment stock fell about 6% in extended trading to around $281–282, according to Benzinga’s after-hours data. ^[24]

Braze: SaaS “Beat and Raise” Ignites Double-Digit Pop

Customer-engagement software provider Braze (BRZE) is one of tonight’s clear winners. For Q3 of its current fiscal year, the company posted: ^[25]

Revenue: $190.8 million, beating the Street’s $184.2 million (+25.5% YoY)
Adjusted EPS: $0.06, in line with expectations
Subscription revenue: $181.6 million vs. $146.3 million a year earlier
Key metrics:
- Remaining performance obligations $891.4 million, with $572.7 million current
- Trailing 12‑month dollar-based net retention at 108%, pointing to solid expansion from existing customers

Most importantly for investors, Braze raised its FY 2026 guidance, lifting: ^[26]

Adjusted EPS outlook to $0.42–0.43 (above prior guidance and above the ~$0.41 consensus)
Revenue outlook to $730.5–731.5 million, well ahead of Wall Street’s ~$717.7 million forecast

That classic “beat and raise” pattern sent BRZE shares up just over 8% in after-hours trading, to about $33.14. ^[27]

Dave & Buster’s and Lakeland: Tough Night for Some Mid-Caps

Dave & Buster’s (PLAY), the arcade-and-sports-bar chain, reported a difficult third quarter: ^[28]

EPS: a loss of about $1.14 per share
Revenue: roughly $448 million, below analyst expectations
Comparable-store sales: declined, reflecting softer traffic and consumer spending

Investing.com and other outlets report that PLAY shares dropped around 4–5% in after-hours trading, as investors focused on the wider‑than‑expected loss and weakening comps despite management’s efforts to drive promotions and new experiences. ^[29]

Protective-gear maker Lakeland Industries (LAKE) had an even rougher evening. The company’s Q3 2026 resultsshowed: ^[30]

Net sales: up 4% to $47.6 million, driven by a 31% jump in fire-services products
But EPS swung to a loss of –$1.64, compared with a modest profit a year ago
Management withdrew its fiscal 2026 guidance and suspended the quarterly $0.03 dividend, prioritising cost-cutting and debt reduction

The market reaction was brutal. Lakeland appears among the biggest after-hours losers, with the stock down about 19.4%, according to StockAnalysis’ live data. ^[31]

Big Tech and AI: Quiet Now, But Tomorrow Is Key

Although mega-cap tech is calm tonight, AI and semiconductor names remain central to the next leg of the market story: ^[32]

Nvidia closed the regular session down about 0.3% after news that the US will allow its H200 AI chips to be shipped to certain Chinese customers under a special export‑fee regime, even as both Washington and Beijing weigh additional restrictions.
Oracle and Broadcom — two bellwethers for AI infrastructure demand — report later this week, with options markets implying meaningful potential post‑earnings moves in both names.
Recent research cited by Investopedia suggests that while Wall Street remains optimistic on AI demand, stock performance is becoming more company-specific, rather than rising uniformly across the whole “AI trade”.

In after-hours trading tonight, liquid mega caps like Microsoft, Apple, Alphabet, Meta, Nvidia and Broadcom are all essentially flat, with moves generally within ±0.3% as traders wait for the Fed before making any big allocation changes. ^[33]

What Tonight’s Tape Signals About Tomorrow

Put together, tonight’s after-hours session sends three clear messages:

Macro trumps micro — for now.
Indexes and mega caps are barely moving despite a heavy corporate news flow. The market is essentially in “time-out mode” until it hears from the Fed. ^[34]
Earnings still matter — especially on the edges.
Companies like Braze and AeroVironment are seeing outsized moves as investors reward or punish guidance and profitability — a reminder that even in a macro‑driven market, stock‑specific execution counts. ^[35]
Speculation is alive in small caps.
Triple‑digit pops in SPACs like HSPO and ASPC, along with micro-cap biotech rallies such as SNTI, underline how thin liquidity plus news can generate enormous percentage swings after hours — along with commensurate risk. ^[36]

What to Watch in the Next 24 Hours

For traders and investors following the December 9 after-hours US stock session, the key catalysts ahead are:

Wednesday, 2:00 p.m. ET – FOMC decision.
Markets overwhelmingly expect a 25 bps cut. The focus will be on the statement language and the new rate projections for 2026, as well as any hints about how quickly the Fed might move toward a more neutral stance. ^[37]
2:30 p.m. ET – Powell press conference.
Traders will parse his comments for clues on:
- How the Fed interprets the still‑firm labour market
- Whether recent disinflation is “durable”
- How worried officials are about renewed asset‑price froth
Ongoing earnings fallout.
Conference calls and analyst notes over the next day or two will likely drive second‑wave moves in:
- Casey’s (CASY) — as investors weigh its strong fuel margins and store expansion against lofty expectations. ^[38]
- AeroVironment (AVAV) and other defense names tied to drone demand and geopolitical risk. ^[39]
- Braze (BRZE) and high‑growth SaaS peers, especially around AI‑driven marketing spend in 2026 budgets. ^[40]
- Dave & Buster’s (PLAY) and Lakeland (LAKE), where investors will look for turnaround details and cost‑cut plans after tonight’s steep drops. ^[41]

Final Note

After-hours action on Tuesday, December 9, 2025 is confirming what many traders already felt: the next big move for US stocks won’t be decided tonight, but tomorrow at the Federal Reserve. Until then, the extended session is mostly about fine‑tuning positions in earnings names and a bit of speculative fever in small caps, against a backdrop of remarkable calm in the broader market.

As always, this article is for informational purposes only and does not constitute investment advice. After-hours trading involves additional risks — including lower liquidity and wider spreads — and is generally best approached with caution and limit orders. ^[42]