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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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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