US stocks score new records; Nvidia does, too

The S&P 500 finished Monday with a record high, its 46th time in 2024, climbing 0.8% to top 5,850.

The Nasdaq 100 jumped 0.8% as well, while the Russell 2000 added 0.6%.

Technology led all major S&P 500 sectors. The Magnificent Seven mostly gained, except for Amazon. Nvidia was up 2.4% and closed at $138.07, surpassing its June record of $135.6.Tesla added 0.6% after plunging 8.8% on Friday.

Elsewhere, shares of financial stocks including PNC Financialand Citi gained ahead of tomorrow’s earnings, while Goldman Sachs finished the day at an all-time high.

Energy was the only sector that retreated on Monday, down 0.2%. November WTI crude futures were down 2.3% and December Brent price off 2% at settlement. While the geopolitical tensions in the Middle East had driven oil prices higher for two consecutive weeks, the lack of details on stimulus from China prompted investors to worry about crude oil demand.

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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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