Luke Kawa11/19/24

Magnificent 7 power US stocks higher

The S&P 500 booked another 0.4% gain, the Nasdaq 100 popped 0.7%, and the Russell 2000 rose 0.8% on Tuesday.

Unlike the start of the week, however, gains were more narrow, with less than 200 S&P 500 constituents rising.

Tech, communication services, and utilities led the way while energy and financials were the biggest decliners.

As you might expect in a positive market with low breadth, the Magnificent 7 performed quite well, with all constituents rising. Nvidia led the way, rebounding from back-to-back losses with a tidy 4.9% advance ahead of its quarterly earnings report.

Super Micro Computer spiked a whopping 31% after hiring a new auditor, part of a plan to allow the company to remain listed on the Nasdaq.

Walmart rose 3% after reporting this morning, posting better-than-expected profits on higher average ticket sizes. Management credited the performance to increased sales from upper-income households.

Lowe’s gave back 4.6% after earnings, with margin pressures top of mind for investors.

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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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