Luke Kawa6/5/24

Fresh records for US stocks and a $3T milestone for Nvidia

The S&P 500 rose 1.2%, its best day in over a month, to finish at a record intraday and closing high. The Nasdaq 100 fared even better, up 2% to also close at a record in its best day since the aftermath of Nvidia’s earnings release in February.

And speaking of the chipmaker…

Nvidia soared 5.2%, joining the $3 trillion market cap club in the process and edging out Apple for second place on the US equity market leaderboard. Other tech stalwarts booked big gains in concert, with Meta, Advanced Micro Devices, Amazon, Micron, Qualcomm, Super Micro Computer, Alphabet, and Microsoft up in excess of 1%.

Among US sectors, tech far and away led the way with a 2.2% advance. Communication services and industrials also managed to gain more than 1%. Utilities stocks lagged, with XLU booking its first three-session losing streak since mid-April.

Treasury bonds rallied along with US stocks, with the iShares 20+ Year Treasury Bond ETF up 0.7%. The 4.9% gain over the past week is its best five-session showing of 2024.

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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.

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

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