Yiwen Lu11/7/24

S&P, Nasdaq set records as market shifts focus to Fed

The S&P 500 was up 0.7% to hit another record on Thursday as it nears a new round-number milestone of 6,000. The Nasdaq 100 climbed 1.5% and finished with an all-time high as well. The Russell 2000 slid 0.4%.

In a well-telegraphed move, the Federal Reserve cut its policy rate by 25 basis points to 4.5%. Treasury yields briefly moved above their lows in the afternoon before tumbling again. The policy-sensitive 2-year yields were down eight basis points to 4.2%, while the 10-year fell 11 basis points to 4.33%. The Dollar Spot Index dropped 0.7%.

Among major sectors, energy, financial, and industrials retreated — all three were atop Wednesday’s gainers list as the market digested the US election results.

The technology sector advanced 1.8%, mostly lifted by mega caps. Meta rose 3.4%; Google went up 2.4%. Tesla extended Wednesday’s gains and rose 2.9%.

In corporate news, Arm Holdings rose 4.1%, despite releasing a lackluster earnings report. Vistra, S&P 500’s best performer of the year, reported earnings and saw its stock surge 7.7%. Conversely, Match lost 17.9%, its biggest one-day drop on record.

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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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