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S&P 500 and Nasdaq 100 end the week with fresh record closing highs

Another day, another record high for US stocks.

Nia Warfield, Luke Kawa

Another day, another record high for US stocks.

The S&P 500 and Nasdaq 100 rose 0.5% and 0.7%, respectively, on Friday.

There was no trifecta of records this time around, though, as the Russell 2000 gave back some of Thursday’s mammoth gains with a 0.8% decline.

Tech was the best-performing S&P 500 sector ETF, while energy was at the bottom of the leaderboard.

Gains on the day were led by Paramount Skydance, which popped 5.8% following reports that Warner Bros. Discoverys bid for the media giant will range between $22 and $24 per share. Declines were led by DexCom, which fell 11% after the medical device maker was the target of a short report by Hunterbrook Media. Elsewhere…

Rigetti Computing and D-Wave Quantum were up 15% and 11.9%, respectively, as speculative small-cap names beloved by retail traders basked in renewed Fed rate cut optimism.

FedEx rose 2.4% after the courier giant delivered better-than-expected fiscal Q1 results and got a price target boost from TD Cowen.

Micron fell 3.7%, snapping a record 12-session rally that had been fueled by a drumbeat of positive news around its AI data center expansion.

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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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