US stocks fall from records as semis stumble

The S&P 500 finished down 0.3% while the Nasdaq 100 slumped 0.8% in its worst day of the month.

Even though only three sectors registered declines, when the tech sector ETF is down more than 1%, it’s going to be hard for the benchmark US stock index to avoid a daily decline. Energy was the best performing US sector ETF by a significant margin, up 1.8%.

Semiconductors were the main source of weakness inside the tech cohort: Nvidia was off 3.5% while Broadcom slumped 3.8%. Advanced Micro Devices, a relative laggard in the semi space so far this year, spiked 4.6%. An unwind of long-short momentum trades Popular momentum positions came under pressure on Thursday outside of tech, too. Chipotle, for instance, had its worst day of the year, down more than 6%.

Elsewhere, Kroger slumped 3.3% on earnings, as food sellers across the spectrum grapple with increasingly price-conscious consumers.

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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.

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