Yiwen Lu8/19/24

US stocks extend run, on longest winning streak of 2024

The S&P 500 was up 1%, extending the market's best week of the year with an eight-day winning streak. The Nasdaq 100 jumped 1.3%, while the Russell 2000 rose 1.2%.

All 11 S&P 500 sector ETFs gained. Tech took the lead in the last minutes of trading, up 1.7%, followed by consumer discretionary.

There is no major economic data that Wall Street is waiting on this week, but all eyes will be on Federal Reserve Chair Jerome Powell’s Jackson Hole address this Friday. Traders think it’s a lock that the Fed delivers an interest rate cut in September, with the only question being how large it will be.

AMD was the second best-performing S&P 500 stock with a 4.5% gain, after the company announced Monday morning that it had acquired server builder ZT system, a sign the company is stepping up its game in the AI arena. Nvidiawas also up 4.4%, close to reclaiming its peak levels reached in June and July.

HP was the worst-performer among all S&P 500 stocks, down 3.7% to $34.60. Morgan Stanley analyst Erik Woodring downgraded HP’s shares on Monday from overweight to equal weight, while price target remained unchanged at $37.

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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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