Luke Kawa5/28/24

Nvidia rescues the stock market (again)

The S&P 500 staged a last-hour rally to pull out of the red and finish the day marginally positive. The tech-heavy Nasdaq 100 gained 0.3% to close at a fresh record high.

Nvidia was a standout performer, gaining 7.1% on reports that Elon Musk’s AI startup, which recently raised $6 billion, will further drive demand for its chips. Shares of GameStop also soared 25% after the company completed its share offering and raised nearly $1 billion.

Treasury yields rose as the Conference Board’s gauge of consumer confidence unexpectedly rose in May, with the 10-year yield up to 4.54%. The rally in oil, with West Texas Intermediate prices up more than 3% to top $80 per barrel, also contributed to the selloff in US government bonds.

Energy, tech, and communication services were the lone sector ETFs to finish positive; the number of S&P 500 constituents that fell far outnumbered the amount that gained. Industrials, health care, and financials fared the worst, all down more than 1%.

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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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