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Semiconductor surge sends US stocks higher

The S&P 500 gained 0.2%, the Nasdaq 100 rallied 1.1%, and the Russell 2000 eked out a 0.1% advance on Monday.

Only 180 S&P 500 constituents rose, and many sector ETFs like utilities, real estate, and energy fell more than 1% on the day.

Tech, consumer discretionary, and communication services were the big winners.

New US restrictions on China’s access to semiconductor and other AI-linked technology were not as draconian as the industry feared, sparking a rally across the chip space. The VanEck Semiconductor ETF rose 2.4% on the day, with the likes of Lam Research and Applied Materials having strong showings.

Super Micro Computer was far and away the best performer in the S&P 500, skyrocketing nearly 30% after an internal review cleared management of any misconduct related to alleged accounting concerns flagged by its former auditor and a short-selling research firm.

Intel initially got an extra boost after the CEO who presided over a $150 billion loss in market capitalization retired, but ended up finishing 0.5% lower.

Jeep maker Stellantis, on the other hand, slumped 6.4% after its CEO resigned this weekend.

Natural-gas stocks like Targa Resources also had down days, as prognostications for a warm winter weighed on the commodity’s price.

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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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