markets

Luke Kawa6/24/25

Nasdaq 100 posts first record closing high since February

We’re so back.

The Nasdaq 100 ended Tuesday above its previous peak of 22,175.60 from February 19 to set a new closing record.

The tech-heavy gauge, which is tracked by the Invesco QQQ Trust ETF, entered a short-lived bear market amid the breakdown of AI-geared momentum trades and the announcement of onerous tariffs earlier this year. That ended on April 8, thanks to the more than 20% gain from that time through early June after levies on imports were watered down or put on ice.

The AI trade has recovered, in accordance with Wall Street’s expectations. The DeepSeek-induced shock faded with hyperscalers doubling and tripling down on their massive capex plans and tech companies booking multibillion-dollar deals with entities in the Middle East as sovereign AI spending stepped up to offer more support for the boom.

Palantir is the best-performing stock in the index this year, with other prominent names like Micron, Netflix, Constellation Energy, and DoorDash also in the top 10.

The Nasdaq 100 is a teensy bit more expensive than it was at the time of its prior record high, but 12-month forward earnings expectations for the index are nearly back at a high and have risen by more than profit estimates for the S&P 500 year to date.

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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

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markets

Paige Oamek6/30/26

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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