Luke Kawa2/18/25

S&P 500 closes at record high after late-day surge

The S&P 500 rose 0.2% to set fresh intraday and closing records, the Nasdaq 100 also advanced 0.2%, and the Russell 2000 outperformed with a 0.5% gain on Tuesday.

Commodity-linked S&P 500 sector ETFs (energy and materials) were the top-performing on the day, with tech, utilities, industrials, and financials also booking strong gains. Communication services were at the bottom of the leaderboard.

Chips performed well, buoyed by Micron and Intel, the latter of which boomed as acquisition rumors gained steam. Super Micro Computer’s ridiculously good month continued as investors keep buying into the story that its revenues will boom as Nvidia’s Blackwell sales ramp. The $3 trillion chip designer’s investment in WeRide also continues to fuel a massive surge in the Chinese self-driving car company’s shares.

Nike’s partnership with Kim Kardashian’s Skims produced the best day for the athletic giant since its former CEO abruptly announced his departure last September.

A filing released late Friday showed that Warren Buffett’s Berkshire Hathaway loaded up on Constellation Brands in the fourth quarter, sending shares higher.

Separately, BlackBerry got a big lift after a prominent hedge fund, Hood River, disclosed a significant stake in the cybersecurity company. Elsewhere in companies that have BB in their ticker and have seen better eras, Bath & Body Works soared on the heels of an upgrade from JPMorgan.

AMC gained as moviegoers the world over flocked to see the new “Captain America” movie despite poor reviews.

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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.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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