Yiwen Lu9/24/24

Stocks rise on China stimulus and renewed semi surge

The S&P 500 edged up 0.3%, hitting another record intraday and closing high. The tech-focused Nasdaq 100 outperformed, adding 0.5%. The Russell 2000 gained 0.2%.

Major indices initially slid after a reading of US consumer confidence, which dropped the most since August 2021. But the loss was soon recovered.

China-related materials, luxury goods, retail and casino stocks all jumped on news that the country’s central bank unveiled a series of monetary stimulus and support for the property sector to boost China’s sluggish economy.

Shares of mining company Freeport-McMoRan closed 7.9% higher, thanks to favorable copper prices, which rose in expectation of stronger demand from China. Estée Lauder, which previously declined more than 40% this year on slowing demand from China, rose 6.1% on Tuesday. Casino companies such as Las Vegas Sands and Wynn Resorts were also among the best S&P 500 performers today.

Among other individual stocks, Nvidia led Magnificent Seven stocks on Tuesday, up 4%, after CEO Jensen Huang completed the sale of six million shares. Visa stock tumbled 5.5% after the Justice Department sued the company for antitrust violations.

Sector performance was mixed. Materials was up 1.4%, the most among all 11 sectors. Financials was the weakest sector, falling 0.8%.

The greenback weakened, with the US Dollar Spot Index finishing with its lowest close since July 2023.

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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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