Nia Warfield, Luke Kawa6/4/25

S&P 500 goes nowhere in listless trading day

A relatively calm day of trading saw the S&P 500 up no more than 0.3% and down not even as much as 0.1% over the course of the session, with the benchmark index giving up modest gains in the last couple hours of trading to finish flat. The 40-basis-point difference between the day’s high and low was its slimmest range since Valentine’s Day, and total volumes across US exchanges were the lowest in roughly a month.

The Nasdaq 100 managed a 0.3% gain while the Russell 2000 dipped 0.2%.

Most S&P 500 sector ETFs declined, with energy and utilities faring the worst. Communication services was the best-performing pocket of the market on the day.

Dollar Tree was at the bottom of the S&P 500 leaderboard after the discount retailer beat Q1 estimates but warned that tariffs could slash its profit in half this quarter. The day’s gains were led by On Semiconductor and NXP Semiconductors, up 6.1% and 5.6%, respectively, as the chip sector’s broader rally rolls on. Meanwhile…

CrowdStrike fell 5.8% after the cybersecurity company issued weaker-than-expected revenue guidance for the current quarter, as it continues to deal with fallout from its July IT outage.

Tesla shares dipped nearly 3.6% after its EV sales dipped in Europe, including in Italy, Germany, and the United Kingdom — Tesla’s biggest market on the continent.

Reddit shares popped 6.6% after the social media platform filed a lawsuit against AI startup Anthropic, alleging it stole personal user data to train its language learning models.

Meta shares jumped 3.2% amid reports that the company is in talks with Hollywood giants, including Disney and film studio A24, to make content for its newest VR headset.

Airbus ADRs climbed 2.1% on reports that China is narrowing in on a massive deal with the European plane maker that could result in 200 to 500 new aircraft orders.

Chinese firm Webus, which specializes in “customizable chauffeur services worldwide,” soared nearly 15% after a filing showed the company is planning to raise $300 million for its XRP treasury.

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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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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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