Luke Kawa2/24/25

Stocks drop again as tech tumbles

The S&P 500 fell 0.5%, closing below its 50-day moving average and near its lows of the day to mark the benchmark gauge’s first three-session losing streak of 2025. The Nasdaq 100 gave back 1.2% while the Russell 2000 declined 0.8%.

Despite the losses, 74 more S&P 500 constituents advanced than declined.

Tech was far and away the worst-performing S&P 500 sector ETF, off 1.4% on the day. Healthcare, a more defensively oriented part of the market, did the best.

Berkshire Hathaway was a particularly bright spot on the tape, up 4% after reporting robust quarterly results and a humongous cash pile.

Price action continues to be market by a momentum unwind: Palantir was down double digits, the worst performer in the S&P 500, while companies levered to AI data centers and power generation, like Arista Networks and Vistra, also got clobbered amid concern that Microsoft is oversupplied in this area. The Magnificent 7, as a basket, are down 3.3% on the year after falling 4.4% in the past three sessions, with Nvidia weighing the most on the cohort to open the week.

Alibaba’s mammoth run reversed hard, with shares off double digits as the company outlined plans to spend over $50 billion on the AI build-out over the next three years.

JPMorgan declined despite a positive day for financials as CEO Jamie Dimon said he is “reluctant” to buy back stock at these levels.

Super Micro Computer got dumped ahead of tomorrow’s deadline to submit filings or be delisted from the Nasdaq.

Rivian sank after Bank of America downgraded shares of the electric vehicle maker, citing a host of challenges ahead.

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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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