Yiwen Lu10/25/24

S&P 500 logs first weekly loss in six weeks; Big Tech gains

The S&P 500 finished Friday flat, giving back gains earlier in the session. The index had a 1% weekly loss, putting an end to its six-week winning streak. However, the Nasdaq 100 was up 0.6% Friday and 0.1% this week. The Russell 2000, which tracks small caps, was down 0.5% and had a 3% weekly loss.

Most sectors retreated, but the S&P technology sector ETF was up 0.6%. All Magnificent 7 stocks were up on Friday ahead of a slew of big tech earnings next week. Tesla added another 3.4%, after its third-best daily gain on Thursday.

Utilities and financials struggled the most on Friday, both down more than 1%.

Among single stocks, Mohawk was down 13.8%, which made it the biggest laggard on Friday after the flooring company gave weak guidance. Conversely, Deckers Outdoor, which owns UGGs and Teva, saw its shares jump 10.6% on the day after earnings revealed strong demand for its Hoka running sneakers.

Tapestry was the biggest S&P gainer, up 13.5%. A judge blocked the Coach owner’s acquisition of Capri, home to brands like Jimmy Choo and Michael Kors. Shares of Capri tumbled a whopping 48.9% following the news.

Bond yields finished the week higher. The 10-year Treasury yield climbed to 4.24%. Oil futures settled higher as well, after two sessions of declines.

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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.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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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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