Markets
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Tech drags down stocks as semiconductors slip

Stocks fell as memory and semiconductor shares declined, along with five of the Magnificent 7 names.

Tasha Matsumoto

Stocks declined, with the S&P 500, Nasdaq 100, and Russell 2000 posting losses. Energy was the best-performing sector while information technology was today’s worst performer. Five of the Magnificent 7 names dropped.

In a Truth Social post, President Trump announced that “we will NOT be doing the scheduled attack of Iran tomorrow,” per the requests of three leaders in the Middle East. The statement gave stocks a bump, though they remained in the red.

Bitcoin dipped below $77,000 as ETFs saw $1 billion in weekly outflows.

Stocks that moved higher:

Stocks that moved 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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