Yiwen Lu10/29/24

Big-tech earnings lift US stocks

The S&P 500 climbed 0.2% on Tuesday. The Nasdaq 100 jumped 1%, while the Russell 2000 dropped 0.3%.

Gains among megacaps pushed stocks up. All Magnificent 7 stocks advanced, except for Tesla, which fell 1.1%. Alphabet, which reported earnings after the bell, rose 1.8% to finish the day. Among chip stocks, Broadcom was up 4.2% after Reuters reported that the company was working with OpenAI to build its first chip. AMD, which also reported after close on Tuesday, rose 4%. The technology sector led all major S&P sectors, with the ETF up 1.4%.

Beyond tech, however, most S&P 500 sectors retreated. The utilities sector fell the most at 2.1%, followed by the energy sector, which lost 1.5%. A slew of oil and energy companies slumped, joining crude-oil futures, which edged down. Both the US and global crude benchmarks settled at their lowest point since September.

The market today saw the start of a busy earnings week. DR Horton was the biggest laggard of the day, down 7.2%, as homebuilders struggled with declining sales and started to offer new incentives for buyers. VF Corp., the parent company of Vans, surged 27% following an earnings beat. Glass company Corning rose 4.7% as enterprise customers demand more materials for data centers.

With the Federal Reserve’s next meeting just about a week away, the JOLTS report showed that US job openings kept falling in September, hitting their lowest level since early 2021. Treasury yields moved little. Gold climbed. Bitcoin briefly flirted with an all-time high.

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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.

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

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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