Luke Kawa11/26/24

US stocks notch record high despite Trump’s tariff threats

The S&P 500 rose 0.6% to finish at an all-time closing high. The Nasdaq 100 also gained 0.6%, while the Russell 2000 slumped 0.7%.

The strong performance for the benchmark US stock gauge came despite a warning from President-elect Trump after the close on Monday that Canada, Mexico, and China were at risk of across-the-board tariffs on day 1 of his upcoming term.

Utilities was the best-performing S&P sector ETF; all except energy and materials advanced.

Kohl’s was crushed after reporting lower-than-expected earnings and announcing the departure of its CEO, sending shares 17% lower on the day.

Automakers GM and Ford had down days on the risk that tariffs would boost car prices and hurt volumes sold.

In addition, stocks of companies that sell a lot of imported goods, like Best Buy, Lululemon, Stanley Black & Decker, and Target, also performed poorly.

Worries over trade disruptions led to a bid for the US dollar relative to the Canadian dollar and Mexican peso as a potential release valve to offset the impact of tariffs. USDCAD gained 0.5%, while USDMXN rose 1.7%.

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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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