Yiwen Lu8/26/24

US stocks slip as tech tumbles

A selloff in tech stocks sent the S&P 500 down 0.3% and Nasdaq 100 1% lower on Monday. Meanwhile, the small cap-focused Russell 2000 was virtually unchanged.

This soft start to the week comes after a long stretch of robust performance as major indexes recovered losses from the early August sell-off.

But really, the S&P 500 seemed to be mostly dragged down by the most influential stocks. The tech sector ETF lost the most among all sectors on Monday, down 1.3%. The Magnificent Seven all fell except for Google, and Tesla lost 3.3%. The S&P 500’s advance-decline line was actually positive on the day; 31 more stocks rose than fell.

Investors appeared jittery ahead of Nvidia’s earnings on Wednesday, as chip stocks struggled today. Nvidia’s shares dropped 2.4%. Super Micro Computer was the worst-performing S&P 500 stock, down a whopping 8.3%. Micron and Broadcomwere also among the bottom five S&P 500 stocks, losing 3.8% and 4.1%, respectively. The VanEck semiconductor ETF slid 2.3%.

Conversely, energy was the best-performing S&P sector ETF, with a 0.9% gain as political turmoil in Libya removes supply from the market. The materials sector, up 0.4%, hit an all-time high earlier on Monday.

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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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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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