Yiwen Lu10/23/24

US stocks fall amid big tech selloff

The S&P 500 fell 0.9% on Wednesday. The tech-heavy Nasdaq 100 underperformed, slumping 1.6%. The Russell 2000 dropped 0.8%.

Most S&P sectors retreated, but the consumer discretionary and technology sectors lost the most at 1.6% and 1.4%, respectively. Both were dragged down by a sell-off in the world’s largest technology companies, as all Magnificent Seven stocks were down. Nvidia lost 2.8%, while Meta plunged 3.2%. Among consumer discretionary stocks, Amazon was down 2.6% and Tesla fell 2%.

Utilities and real estate were the only two sectors that advanced on the day.

Treasury yields rose again. 10-year Treasury yields climbed four basis points to 4.24%. Oil futures fell, and gold futures lost for the first time after six straight positive sessions.

In corporate news, Packaging Corp. of America was one of the top S&P 500 performers on Wednesday, up 5.5%, after delivering stellar earnings thanks in part to strong growth in e-commerce. AT&T added 4.6%, despite slow sales of the iPhone dragging down revenues slightly.

McDonald’s fell 5.1% after the Centers for Disease Control and Prevention said that its Quarter Pounder hamburgers were potentially linked to an E. coli outbreak. The stock saw one of the most active days by trading volume in the options pit. Enphase Energy sank 14.9% after an earnings miss, making it the biggest S&P laggard of the day.

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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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