Yiwen Lu9/19/24

Stocks close at fresh record highs for first time since July

The S&P 500 closed at a record high on Thursday, up 1.7% to 5713.6, the session following the Federal Reserve’s half-point rate cut. The Nasdaq 100 advanced 2.6%. The Russell 2000 Index of small cap stocks also added 2.1%.

Thursday’s jobless claims data showed fewer claims for unemployment benefits than expected, buoying bets on a soft landing for the US economy.

Technology stocks led the market rally. All Magnificent Seven stocks climbed more than 1%. Tesla gained 7.4%, among the top S&P 500 performers of the day. Meta’s stock was up 3.9% and closed at $559.1, the highest closing price on the record. The Technology Select Sector SPDR Fund gained 2.9%, while the VanEck Semiconductor ETF was up 4.3%.

Among other sectors, utilities, consumer staples, and real estate were the only ones that declined.

Gold reached another all-time high, as spot gold rose 1.2% to $2,588.6 per ounce. Oil futures also gained, as WTI crude futures for October settled up 1.5% at $72 per barrel, while Brent for November was up 1.7%.

The yields on 10-year Treasuries advanced 3 basis points, while the yields on two-year Treasuries fell by about 2 basis points.

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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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