S&P 500 extends winning streak to five sessions

The S&P 500 rose every session this week with a 0.3% gain on Friday. The Nasdaq 100 closed up 0.2%, while the Russell 2000 soared 1.8% to end the week up 4.5%.

It was another day of broad-based gains with only two S&P 500 sector ETFs — utilities and communication services — finishing lower. Google continued to sink as selling pressure persisted following the DOJ’s antitrust push against the search giant.

Consumer discretionary, industrials, and financials led the way. The automakers had a big day, with General Motors, Tesla, and Ford posting strong gains.

Nvidia gave back 3.2% on Friday as traders closed up bets that its earnings report would be the fresh catalyst for another leg higher.

Super Micro Computer was the best performer in the S&P 500, up 11.6% as investors hope the accounting issues that threatened to see the stock delisted from the Nasdaq will have a benign resolution.

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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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