Stocks go nowhere as tech gains offset bank declines

The S&P 500 inched slightly higher to open the week as gains in technology stocks offset broad losses elsewhere.

Nvidia rose 2.5% ahead of its earnings report on Wednesday. Analysts are anticipating another quarter of humongous growth in revenues and profits.

JPMorgan, meanwhile, fell 4.5%, its worst session since reporting earnings on April 12. CEO Jamie Dimon said the bank is “well on the way” with succession planning, adding that they would not be buying back much stock at these prices. Shares had been up more than 20% year-to-date heading into the session.

Today marks the first time since February 2022 where technology stocks rose by more than 1% while financials declined by more than 1%.

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

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