Nia Warfield, Luke Kawa6/25/25

S&P 500 gives up early gains to finish flat

The S&P 500 opened higher but couldn’t maintain its gains through the trading day, finishing flat. The Nasdaq 100 eked out another record close with a 0.2% gain and set a fresh all-time high early in the session. The Russell 2000 slid 1.2%.

Under the hood, the benchmark US stock index was soft, with decliners outnumbering stocks that gained by 229 on the day.

Only two S&P 500 sector ETFs finished in the green, tech and healthcare, with the former a large standout. Real estate, consumer staples, utilities, and consumer discretionary were all down more than 1%.

AI server company Super Micro Computer led gains among S&P 500 companies, up nearly 9%. Meanwhile, Nvidia jumped 4%, hitting a fresh all-time high after Loop Capital hiked its price target on the stock to $250 from $175. Elsewhere…

Paychex led declines, sinking 9% after the HR software provider missed Q2 sales forecasts and gave a lukewarm full-year outlook.

Top NYC office landlords SL Green and Vornado fell 5.7% and 6.7%, respectively, as investors reacted negatively to the recent surprise win of Zohran Mamdani in New York City’s mayoral primary.

BP shares shot up briefly after a Wall Street Journal report said the oil giant was in talks to be bought by rival Shell. Shell later denied the report, and BP finished roughly 1% down.

Bumble soared 25% after the women-focused dating app said it would lay off nearly a third of its staff, a cost-cutting measure that sparked some investor confidence.

BlackBerry shares jumped over 12% a day after the now software and security company topped Q2 estimates and surprised investors by swinging to a profit.

General Mills shares slipped 5% after the Cheerios and Pillsbury parent posted mixed Q4 earnings and slashed its full-year forecast as consumers pull back on name-brand groceries.

FedEx shares were down over 3% after the legacy courier company topped Q4 earnings estimates but gave less-than-optimistic guidance for the current quarter.

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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%

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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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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