Yiwen Lu8/13/24

US stocks rip higher ahead of key inflation report

The S&P 500 gained 1.7% on Tuesday, while the tech-heavy Nasdaq 100 jumped 2.5%. The Russell 2000 gained 1.6%.

All sector ETFs gained except for energy, which had a 1% retreat. Tech was the best performing sector thanks to Nvidia, First Solar and Super Micro Computer. The VanEck Semiconductor ETF was up 4.1%.

The July producer price index, which measures wholesale prices, rose 0.1% while PPI excluding volatile food and energy components was flat. The lower-than-expected print also caused economists to revise their estimates downwards for tomorrow’s reading of CPI inflation, and contributed to a rally in the bond market.

The benchmark US 10-year treasury yield was down 6.1 basis points to 3.85%, and the 2-year treasury yield fell 7.7 basis points to 3.94%.

Encouragingly, the strong relationships between wildly different assets that were present during last week’s market turmoil appear to be subsiding, with the US stock market no longer trading in tandem with the Japanese yen.

Starbucks had its best day since the company went public, gaining 24.5% at Tuesday’s close and adding roughly $20 billion to its market cap in a single session. The soaring price came after news broke that Chipotle CEO Brian Niccol will become the beverage giant’s CEO in September, replacing Laxman Narasimhan.

Chipotle, on the other hand, was the worst-performing S&P 500 stock on Tuesday, losing 7.5% following the news of leadership change.

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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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