Markets
600T
Rani Molla

President Trump’s on-again, off-again tariffs aren’t exactly making companies move manufacturing to America, but it is getting them to try some interesting hijinks.

Apple airlifted 600 tons of iPhones — as many as 1.5 million devices — from India to the US to get ahead of Trump’s tariffs there, Reuters reports. Stepping up production in India, where the tariffs have always been poised to be lower than China (where most iPhones are produced), and pivoting where those phones are ultimately shipped was another way for Apple to avoid tariffs.

Hopes that these kinds of operational rerouting tactics will be employed en masse are one reason why stocks with massive exposure to China managed to have their second-best session on record Wednesday, even amid the escalation in levies between the US and China.

Bank of America wrote yesterday that it wouldn’t really be possible for Apple to completely produce iPhones in the US. Rather, the company could do final assembly here, and that would still drive up costs by 90%.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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