J. Edward Moreno7/1/24

EV stocks shine while construction stocks slump

The S&P 500 nudged up 0.3% and the tech-heavy Nasdaq 100 is up 0.7% with both indices propped up by tech and electric vehicle stocks. Meanwhile, the Russell 2000, which measures small caps, is down 0.9%

It was a good day for electric vehicle stocks with KraneShares Electric Vehicles and Future Mobility Index ETF up 1.9%, and a bad one for the construction sector with the SPDR S&P Homebuilders ETF falling 2.5%.

Rivian rose 3.7% as investors appear to still be pricing in a $5 billion investment from Volkswagen announced last week. Shares of Nio Inc, a Chinese electric vehicle maker, also rose 6.7% after the company reported positive delivery data for its most recent quarter. Tesla, which will release its own delivery data later this week, was up 6%.

Meanwhile, Chewy stock sunk down 6.6%. The meme stock rose last week when Keith Gil, better known as Roaring Kitty, tweeted a picture of an animated dog. He later revealed that he took a huge stake in the company.

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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%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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