Fresh on the heels of Tuesday’s record closing high, the Nasdaq 100 just hit an all-time high of 22,306.79, surpassing its previous intraday peak of 22,222.61 on February 19.
The tech-heavy gauge, which is tracked by the Invesco QQQ Trust ETF, is being led by the likes of Advanced Micro Devices, Alphabet, and Palantir in early trading.
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.
