Luke Kawa1/22/25

Megacap tech powers S&P 500 higher

The S&P 500 set a fresh intraday record but ended just shy of an all-time closing high. The Nasdaq 100 soared 1.3%, and the Russell 2000 dipped 0.6% on Wednesday.

It’s the first session since February 23, 2000, that the S&P 500 closed up at least 0.5%, with decliners outnumbering advancers by more than 150.

Gains were concentrated in just two S&P sectors: tech, which was up over 2%, and communication services, which advanced 1%. Utilities and energy stocks weighed on returns.

The Magnificent 7 matched the Nasdaq 100 on the day. Nvidia led the way higher, widening the gap between itself and Apple, while Tesla was the only member of the cohort that fell.

Like the S&P 500, Netflix hit a record high; unlike the benchmark index, it managed to close at one, too. The streaming giant reported stellar earnings and huge subscriber growth after the close on Tuesday, with Wall Street thinking the stock has more room to run even after Wednesday’s massive gain.

Moderna was also among the S&P 500 stocks that rallied the most on aspirational commentary from Oracle’s Larry Ellison that Project Stargate might result in a cure for cancer.

California utility Edison International and First Solar were at the bottom of the S&P 500’s leaderboard.

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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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