US stock futures crater on open, setting new records as bear markets loom for S&P 500 and Nasdaq

A weekend without off-ramps means the hits keep coming for US stocks.

S&P 500 and Nasdaq 100 equity futures are down more than 4% early into the Sunday night session.

It’s the first time in history that S&P 500 futures have opened down at least 2% in two of three sessions, and also the first time ever that the Nasdaq 100 has opened down at least 2.5% in two of three sessions.

If these levels hold, both major indexes will be in bear markets as of the next close.

Reciprocal tariffs announced by President Donald Trump on Wednesday, which have fueled this free fall in global equities, are poised to go into effect on April 9.

“Our trading partners have taken advantage of us,” Treasury Secretary Scott Bessent said on “Meet the Press.” “After 20, 30, 40, 50 years of bad behavior, you can’t just wipe the slate clean.”

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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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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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

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