Markets
Yiwen Lu

US stocks end streak of gains with small dip

Both the S&P 500 and the tech-focused Nasdaq 100 were down 0.2% on Tuesday, while the Russell 2000 dropped 1.2%, putting an end to the market’s longest winning streak of 2024. 

Still, stocks remain within range of all-time highs, with the S&P 500 up 17.3% so far this year. It only took 13 days for the market to move from overbought to an extreme oversold reading earlier this month, and 14 days to bounce back to be overbought, Bespoke Investment Group noted.

Some of the more defensively oriented S&P 500 sector ETFs — healthcare and consumer staples — performed relatively better on Tuesday, up 0.4% and 0.5%, respectively. But 8 out of the 11 sectors were in the negative territory, with the energy sector losing 2.4%. 

The 10-year Treasury yield fell towards 3.8% while the US Dollar tumbled. 

Palo Alto Networks, the cybersecurity company, was the best S&P 500 performer, gaining a whooping 7.2% on an earnings beat and boost to its buyback plan. Conversely, Nvidia, which had rallied 19.2% over the past five trading days, lost 2.1% on Tuesday. 

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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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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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