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Michael Jordan of the Chicago Bulls hangs on the rim (Jeff Haynes/Getty Images)

Stocks rise as risk-on traders are hopeful for a peace deal

This past weekend’s failed talks did little to dampen optimism.

Ben Walsh

Stocks surged as the market took a definitively risk-on stance, driving each of the S&P 500, Nasdaq 100, and Russell 2000 higher as Iran appeared not to escalate after President Trump’s blockade order and the US and Iran could reportedly resume peace talks as early as this week.

Traders piled into retail favorites and drove crypto higher as bitcoin surged. The S&P 500 closed roughly a percentage point higher than it did on February 27, the last trading day before the US-Israeli strikes on Iran began.

Stocks that moved higher:

Moving lower:

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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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