Stocks end terrific year on a down note

The S&P 500 fell 0.4% and the Nasdaq 100 lost 0.9% while the Russell 2000 inched 0.1% higher on Tuesday.

All in all, though, it was still a fabulous year for the stock market, with the S&P 500 up 23%, the Nasdaq 100 higher by nearly 25%, and the Russell 2000 gaining 10%.

Despite Tuesday’s losses, advancers outnumbered decliners in the S&P 500 by 103.

Most sectors rose, with energy, real estate, and materials pacing gains. Tech, consumer discretionary, and communication services posted the largest losses.

The Magnificent 7 continued limping toward the finish line with the group down 1.4% and all constituents declining, as Tesla once again lead the way lower. The electric-vehicle maker and Nvidia were the two worst-performing S&P 500 stocks on the day. The cohort has only posted three consecutive declines of 1% or more twice in 2024: the first three sessions of August, and the final three trading days of the year.

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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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