Luke Kawa1/3/25

Megacap tech roars back, sending US stocks higher

The S&P 500 ended its longest losing streak since April with a jump of 1.3%. The Nasdaq 100 and Russell 2000 fared even better, up 1.7%.

Nine of 11 S&P 500 sector ETFs advanced, with marginal losses from consumer staples and materials as the lone holdouts. Consumer discretionary, tech, real estate, and industrials all rose more than 1%.

The Magnificent 7 cohort advanced 2.4%, with Tesla leading the way after yesterday’s big losses. Nvidia also put in another big gain to open the year as the VanEck Semiconductor ETF booked its largest one-day rally since September. Super Micro Computer was the best-performing S&P 500 constituent, up double digits.

Many automakers also moved higher after reporting strong EV sales, including General Motors, Ford, and Rivian, which had its biggest one-day gain since its IPO.

The US dollar, whose strength was a pain point for stocks in the first session of the year, fell against every G10 currency except the Canadian dollar on the day.

US Steel tumbled after President Biden blocked Japan’s Nippon Steel from acquiring the company.

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J. Edward Moreno7/7/26

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%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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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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