Yiwen Lu8/27/24

US stocks edge higher as Nvidia earnings await

The S&P 500 was up 0.2% on Tuesday. The Nasdaq 100 rose 0.3%, while the Russell 2000 dropped 0.7%. Investors were hesitant to move aggressively on Tuesday; the S&P 500’s daily range was less than 38 points, one of its narrowest trading bands of the month.

The sector performance was also mixed. Technology and financials were the leading S&P 500 sector ETFs, with a 0.6% and 0.5% gain, respectively. On the other hand, energy lagged the most and dropped 0.9%.

Wall Street is expected to be fully attentive to Nvidia’s earnings after the bell on Wednesday. Shares of the company closed up 1.5%, recouping some losses from Monday. Among other chip stocks, Super Micro Computer lost 2.6% after Hindenburg Research announced a bet against the stock. In early trading, the prices dropped as much as 8.7%.

Walgreens was the worst S&P 500 performer, down as much as 8.8% after Eli Lilly lowered prices for its weight loss drug Zepbound, which it sells direct-to-consumer. Shares of Paramount also fell 7.2%, after Edgar Bronfman Jr. dropped his bid to buy the company.

Oil prices were lower, as the benchmark West Texas Intermediate slid 2.2%, putting a pause on a three-day rally.

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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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