markets

Luke Kawa5/30/25

Consumer stocks are worried about the return of a hot trade war with China

US equity futures slumped in premarket trading after President Donald Trump posted on Truth Social that China “HAS TOTALLY VIOLATED ITS AGREEMENT WITH US.”

Markets opened regular trading hours Friday on the back foot, with a basket of consumer stocks vulnerable to tariffs compiled by Goldman Sachs off about 2% and a separate collection of stocks with outsized China exposure (excluding semiconductors) down roughly 1% in early trading.

The tariff-exposed basket includes Gap, which is getting clobbered after warning that tariffs could raise expenses by up to $300 million this year. Apple is a member of the China-linked basket; Nike is in both.

In other words, corporate commentary coupled with missives from the executive branch have traders fretting about the damage already done and the potential for reversal in the thawing of trade tensions between the US and China.

(Apropos of nothing, anyone who mentions “TACO” to Trump does not own enough financial assets, in my humble opinion.)

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J. Edward Moreno7/7/26

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.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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