Momentum unwind sinks US stocks

The S&P 500 fell 0.6%, the Nasdaq 100 gave back 0.8%, and the Russell 2000 retreated 0.7% to open the week.

China was a source of stock-market support, with the iShares MSCI China ETF up 7.8% after Beijing pledged more monetary and fiscal stimulus next year.

US stocks that have exhibited strong positive momentum did terribly on Monday, continuing a trend that sees the group behave opposite to Chinese stocks. The iShares MSCI USA Momentum Factor ETF fell 2.1%, lagging the S&P 500 by the most since July.

Nvidia dipped 2.6% after Chinese authorities opened a probe into the company.

Palantir had a topsy-turvy day, rallying more than 8% in the premarket before giving it all back and then some.

MicroStrategy slumped 7.5% after announcing that it had added an additional $2.1 billion in bitcoin to its digital hoard.

Communication services and utilities were the two worst-performing S&P 500 sector ETFs, while healthcare did the best.

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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.

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