S&P 500 hits new all-time high

The S&P 500 hit 6,100 in trading shortly after noon, a fresh intraday record for the blue-chip index. On December 6, the index’s rally fizzled out less than a tick shy of that big number.

It’s a funny kind of a day, though. As we head toward the last hour of trading, just three of the 11 sectors of the S&P are in the red, with only technology, communications services, and, to a much lesser extent, industrials gaining on the day. Far more of the S&P 500’s constituents are falling than rising, at last glance.

But the big gainers, foremost among them Netflix — thanks to earnings — as well as AI infrastructure beneficiaries like Monolithic Power Systems and Oracle, have had the oomph to help the index over its previous high-water mark.

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

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