US stocks bounce back after worst week in over a year

The S&P 500 was up 1.2% on Monday, recovering some of the losses from Friday’s sell-off. The Nasdaq 100 gained 1.3%, while the Russell 2000 rose 0.3%.

All of the major S&P sector ETFs advanced. Tech took the lead with a 1.6% gain.

The market’s focus will turn back to inflation this week, as the August consumer price index is due Wednesday and the producer price index is due Thursday. Treasuries changed little, with the yields on two-year Treasury yields rose a mild 3 basis points.

In megacap stock news, Nvidia led the Magnificent Seven with a 3.5% gain after losing as much as 14% last week. Apple was virtually flat, finishing with a tiny gain after some volatility during an event that introduced the iPhone 16.

US crude oil benchmark WTI futures jumped more than 1.4% following the worst week for oil since October. The US dollar gained against all G10 currencies besides the Canadian loonie, with the Dollar Spot Index up 0.4%.

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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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