Stocks climb in 2024’s most widely-shared rally

‘Twas the night before Christmas, and not a trader was stirring: total volumes across the US tape were the second-lowest of the year, trailing only July 3. Stocks rallied in light trading with the S&P 500 up 1.1%, the Nasdaq 100 gaining 1.4%, and the Russell 2000 advancing by 1% in the half-day of trading.

Every S&P 500 sector ETF rose, from healthcare on the low end to consumer discretionary at the top of the leaderboard as Tesla was the most heavily traded stock and the biggest gainer on the benchmark US stock index. Financials also put in a gain of more than 1%.

The advance-decline line for the S&P 500 was a whopping +415, its best reading of 2024.

Only two stocks in the entire index fell by 1% or more: Walgreens Boots Alliance and Celanese.

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

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

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