Yiwen Lu11/5/24

US stocks rally as America votes

The S&P 500 climbed 1.2% on Tuesday. The Nasdaq 100 rose 1.3%, while the Russell 2000 was up 1.9%.

All S&P sectors rallied on Tuesday. The consumer-discretionary-sector ETF gained the most, led by Tesla, which was up 3.5%, and Amazon, which added 1.9%. Auto stocks, including GM and Ford, rose as well. According to LPL Financial Chief Technical Strategist Adam Turnquist, automobile and automobile-component stocks are correlated with Republican nominee Donald Trump’s electoral prospects.

Among megacaps, Big Tech stocks also fueled growth in the broader market. Nvidia surged 2.9% to once again become the most valuable US company. Meta jumped 2.1%.

Looking at single stocks, Palantir Technologies extended its gain from Monday, up a whopping 23.5%. Yum! Brands earnings missed estimates, but the success at Taco Bell pushed the stock up 1.5% on Tuesday. Trump Media & Technology Group finished the day down 1.2%; the stock halted for volatility three times in afternoon trading, after its 18% daily gain was wiped out and shares finished down 1.2%.

Treasury yields lost some gains from earlier in the day, when rates jumped on the release of better-than-expected October business-services PMI data. But the 10-year Treasury yields finished the day down two basis points to 4.29%, while the 2-year yields rose two basis points to 4.2%.

Gold and crude-oil futures both inched higher. The dollar weakened.

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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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