Markets
Luke Kawa

Tech wreck: US stocks on three-day losing streak as Nvidia craters

The S&P 500 suffered its worst loss of the month — a relatively modest 0.3% decline — as tech stocks tumbled. It’s the first three-day losing streak for the benchmark US stock index in more than two months.

The Nasdaq 100 had its worst day in nearly two months. Semiconductors were once again the pain point for markets. Nvidia dropped 6.7%, bringing its three-day losing streak to -12.9% while Qualcomm was off 5.5% and Broadcom fell 3.7%. Also in the AI-linked space, Super Micro Computer plunged 8.7%.

Breadth was strong, with 8 of 11 US sectors advancing, though not enough to protect the indexes from the tech wreck. The Invesco S&P 500 Equal Weight ETF ended marginally higher. Energy was the best-performing US sector ETF, up 1.7%; the top 13 stocks on the S&P 500’s leaderboard were from that sector or materials.

International stocks had a strong session, with the Vanguard FTSE Developed Markets ETF (which excludes US stocks) up 0.9%, the third-best day for DM ex-US stocks relative to US stocks over the past year.

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J. Edward Moreno

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.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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