US stocks cruise their way to gains; Nvidia surges

US stocks snapped their three-day losing streak with the S&P 500 up 0.4% as tech stocks rebounded from their recent drubbing. That was enough to overcome dismal breadth, with about 3.5 stocks down for every one that was up.

Order has been restored to the universe: Nvidia was the second-best performing S&P 500 constituent, surging 6.8% to claw back a chunk of its recent losses. The VanEck Semiconductor ETF rose 2.3%.

Outside of chips, cruise companies were atop the S&P 500’s leaderboard thanks to Carnival Cruise’s record results, which boosted the stock by 8.7%. Norwegian Cruise Line Holdings and Royal Caribbean rose 5% and 4%, respectively.

Eight of 11 US S&P sector ETFs were negative; tech, communication services, and energy were the exceptions. Real estate and materials were the worst performers.

Pool stocks floundered after poor guidance from Pool Corp, which closed down 8%, cast a pall over the industry.

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

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