It’s the most hectic trading day of 2024

It’s not the worst day of the year for US stocks – at least not yet, though the S&P 500 is deeply in the red with a 1.9% loss as of 2:20pm ET.

But it is the most volatile day of 2024.

The benchmark US stock index was up about 0.8% in early trading before a particularly poor ISM Manufacturing report sent lines on charts lurching to the downside.

The gap between the intraday high and low prices accounts for about 2.6% of the S&P 500’s closing value from Wednesday, already outstripping the volatile sessions in April.

The VIX Index, which tracks the implied moves for the S&P 500 over the next month based on out-of-the-money options prices, has spiked to as high as 18.9.

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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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