US stocks hit record high with tech leading the way

The S&P 500 topped 5,300 to set new intraday and closing records on Wednesday as slowing inflation and spending increased the likelihood of interest rate cuts from the Federal Reserve.

Federal funds futures priced in a full 50 basis points of rate cuts from the US central bank by year-end for the first time since April 9. 10-year US Treasury yields tumbled 10 basis points to 4.34%, their largest daily decline since January 31.

All 11 US sector exchange-traded funds finished higher. Technology was the best-performing sector ETF for the third consecutive session, the first time that’s happened since August 2020.

Meanwhile, the meme stocks took a turn for the worse. AMC sold more shares and fell 20%; traders closed up some bullish options bets on GameStop and the stock dropped 19%.

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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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