Markets
Luke Kawa

US stocks start the week with broad gains

The S&P 500 rose 0.4% on broad-based gains, while the Nasdaq 100 advanced 0.7% and the Russell 2000 managed to eke out a close in positive territory.

Energy was the top S&P 500 sector ETF, gaining 1.3% as West Texas Intermediate futures prices rose more than 3% on growing geopolitical tensions in the Middle East and Ukraine. Communication services also booked a solid advance, with Netflix up more than 2% and Google gaining more than 1.5%. A 5.6% rise in shares of Tesla linked to reports that the incoming Trump administration would prioritize a federal framework for self-driving vehicles propelled consumer discretionary higher as well. Industrials was the lone sector ETF to fall on the day.

Super Micro Computer spiked on reports that it would take the necessary steps to avoid being delisted by the Nasdaq.

Nvidia slumped ahead of its earnings report on Wednesday as The Information said that the chip designer warned its suppliers of a need to alter server racks for its new GPU because of apparent overheating issues.

Shares of high-flying Palantir Technologies suffered a setback, swooning 6.9% in their worst day since July on no apparent negative news.

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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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