Markets
Luke Kawa

US stocks fall with semis slammed again


US stocks slipped on Friday, but still managed to post their third straight weekly gain.

The price action, which has seen stocks fall in back-to-back sessions, is not yet outright worrisome. But it’s semi-concerning.

The VanEck Semiconductor ETF has given back 4.3% since Juneteenth in its worst two-day strength since the calendar was turning from April to May. 

Broadcom was the worst-performing S&P 500 constituent, down 4.4%, with Nvidia not too far ahead of it on the leaderboard with a decline of 3.2%. The two-day decline of 6.6% for the GPU maker is its worst such stretch in about two months.

The Invesco S&P 500 Equal Weight ETF, meanwhile, posted a small gain to end the week. This year, it’s been out-of-touch with Nvidia’s moves to a record degree.

Consumer discretionary was the best-performing US sector ETF with a gain of 0.8%, with communication services not too far behind. Utilities and energy trailed, with each sector ETF down 0.6%.

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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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