7/10/25

S&P 500 closes at record in widespread rally

The S&P 500 rose 0.3% on Thursday, setting new intraday and closing records in the process. The Nasdaq 100 dipped 0.2% while the Russell 2000 continued its strong start to the quarter with a 0.5% advance. Bitcoin rose above $113,000, another all-time high.

Tech and communications services were the lone two S&P 500 sector ETFs to end in the red, while consumer discretionary led the way higher.

Delta’s solid earnings and good-enough outlook were a major positive for not just the stock, but the entire industry.

AMD spiked after HSBC analysts doubled their price target on the chip company, saying they underestimated the performance and pricing power of its new line of processors.

Tesla jumped after CEO Elon Musk said its robotaxi operations in Austin would expand their coverage this weekend and the service would be available in the Bay Area in a month or two.

I’m from the government and I’m here to help: MP Materials went up 50% after the Pentagon announced it was taking a large stake in the rare earths company amid on-again, off-again access to these materials from China.

WK Kellogg soared 30% after announcing it’s being acquired by Ferrero.

Circle caught a bid after a report from Bloomberg that the Jack Ma-backed Ant Group would use its stablecoin on the platform.

Vertiv, an infrastructure provider for data centers, tumbled after Amazon launched its own cooling system for AI servers.

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markets

18h

Robinhood, AppLovin, and Emcor pop on announcement of addition to S&P 500

Shares of Robinhood Markets, AppLovin, and Emcor are all rallying in post-market trading on Friday upon news that they’re being added to the S&P 500.

Shares of the brokerage popped 7.2%, the adtech company rose 7.8%, and the construction company was up a more modest 2.7% in the minutes following the announcement.

(Robinhood Markets, Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Strategy, another stock rumored to be in the running for inclusion in the benchmark US stock index that has been passed over, sank 2.5% in postmarket trading.

Nia Warfield, Luke Kawa

S&P 500 falls as rate-cut optimism fizzles

The S&P 500 gave up early gains to close down 0.3%, while the Nasdaq 100 eked out a 0.1% advance and the Russell 2000 outperformed, rising 0.5%.

Brown bear on a rock

markets

20h

Kenvue plunges after reports suggest RFK Jr. may try to link prenatal Tylenol use to autism

Kenvue sank 15% Friday after a WSJ report said Health and Human Services Secretary Robert F. Kennedy Jr. may attempt to link prenatal Tylenol use to autism in an upcoming government report.

Kenvue, the maker of Tylenol and formerly a division of Johnson & Johnson prior to a 2023 spin-out, pushed back, saying the science shows “no causal link” between acetaminophen use during pregnancy and autism, and pointed to FDA and medical groups that agree on the drug’s safety.

The FDA itself has found no “clear evidence” of harm but advises pregnant women to consult providers before taking OTC meds.

The report is also expected to float a folate-derived therapy as a potential treatment.

Tylenol is just the latest well-established medication to face scrutiny under Kennedy, who has already stirred controversy by reshaping vaccine policy and amplifying doubts about mRNA shots.

Kenvue shares are now down over 18% year-to-date.

RFK Jr., HHS to Link Autism to Tylenol Use in Pregnancy and Folate Deficiencies

RFK Jr.

The FDA itself has found no “clear evidence” of harm but advises pregnant women to consult providers before taking OTC meds.

The report is also expected to float a folate-derived therapy as a potential treatment.

Tylenol is just the latest well-established medication to face scrutiny under Kennedy, who has already stirred controversy by reshaping vaccine policy and amplifying doubts about mRNA shots.

Kenvue shares are now down over 18% year-to-date.

markets

21h

Lucid surges following 6 days of losses after headlines misidentify Cantor Fitzgerald’s lower split-adjusted price target as a good thing

It’s been a shortened week, but still a rough one for Lucid. Investor blowback to the luxury EV maker’s 1-for-10 reverse stock split has sent shares to all time lows this week.

After six straight days of closing lower, Wall Street appears to have decided enough is enough and is loading up on Lucid shares on Friday, sending them up 13% in recent trading. As of 2:10pm eastern, Lucid trading volumes were at more than 240% of their 30 day average.

Some of the move could be attributed to traders reading headlines that don’t take into consideration Lucid’s reverse split. Cantor Fitzgerald on Friday slapped a new price target on Lucid of $20, compared to its previous target of $3. Some news outlets (not us!) presented that as an increase. The problem: With the 1-for-10 reverse split in effect, a comparable price target would have been $30. The new $20 target is actually... a cut.

Palantir slips under 50-day moving average, amid momo reversal

What goes up, doesn’t always keep going up.

Palantir CEO Alex Karp PLTR insane valuation

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