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Luke Kawa

The stock market belongs to r/WallStreetBets again

Today’s best trading advice can be found in everyone’s favorite subreddit:

r/WallStreetBets favorites like RocketLab, MicroStrategy, Palantir Technologies, GameStop, and of course Tesla are surging today.

A Goldman Sachs basket that “consists of US-listed equities that are most popularly mentioned and discussed on r/WallStreetBets,” per Bloomberg, is besting the S&P 500 by about 3.9% as of 11:45 a.m. ET. 

That’s the best one-day outperformance for this group since early June — the session before Keith Gill’s livestream to discuss GameStop.

The stocks that change hands the most that are doing the best: trading activity is far and away the top factor in the US equity market to kick off the week. Between the price action in heavily traded retail favorites and everything crypto, it’s safe to say there’s more than a whiff of speculative frenzy in the air.

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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.

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