Luke Kawa7/8/24

Semis power US stocks to fresh records

The S&P 500 posted a small gain of 0.1% to reach another record high, as did the Nasdaq 100 with a 0.2% advance.

While technology was the best performing S&P 500 sector ETF, breadth was still marginally positive on the day. Semiconductors were the standout within tech, with Intel up 6.2%, Advanced Micro Devices rallying 4%, Broadcom advancing 2.5%, and Nvidia higher by 1.9%. Software stocks, on the other hand, were about 1% lower.

Corning was the top performing S&P 500 constituent, up 12% its best day in more than 4 years, after the company boosted its second quarter guidance on robust demand for its products that support generative AI.

Target also had a strong session, up 2.1% after revealing a string of deals for the back-to-school season that it hopes will improve its value perception among customers.

No major bloc secured a majority in the French election held this weekend. Investors seemed to see less tail risk in French bonds following the vote, as the spread versus German bund narrowed, but there was no relief rally in European stocks. The Euro Stoxx 50 fell 0.2% and France’s CAC 40 fared worse, off 0.6%.

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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%

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