Yiwen Lu9/11/24

US stocks post huge comeback; tech fuels gains

The S&P 500 closed up 1.1% on Wednesday after falling more than 1.5% in the morning. It’s the first time the benchmark US stock gauge erased an intraday drop that large to finish up 1% or more since October 13, 2022 – the day the current bull market started.

The Nasdaq 100 was up 2.2% following a similar daily pattern, while the Russell 2000 ended the day with a 0.3% gain.

The stock rally was mostly attributable to the technology sector. The S&P sector ETF advanced 3.4%, and First Solarwas the top performer with a 15.2% gain. This came after Tuesday night’s presidential debate. Solar companies like First Solar are expected to benefit from a Democratic administration that prioritizes the development of renewable energy.

Semiconductor stocks were also up. Super Micro Computer added 7.9%, Nvidia increased 8.2% and Broadcom rose 6.8%. The VanEck Semiconductor ETF was up 5.2%.

Conversely, consumer stapes and energy lost the most.

The core consumer price index for August was above forecasts. The odds of a half-point interest rate by the Federal Reserve in September were lower after the reading.

Two-year Treasury yields rose 4 basis points, while 10-year yields had a more muted increase. Oil futures rebounded after Tuesday’s sell-off, as both WTI and Brent rose more than 2%.

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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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