Nia Warfield, Luke Kawa6/18/25

Stocks go nowhere

The S&P 500 and Nasdaq 100 were little changed in a listless session ahead of the Juneteenth holiday. The Russell 2000 rose 0.5%.

Markets gyrated following a Federal Reserve decision that left rates unchanged and a press conference that provided little illumination on the forward outlook.

S&P 500 sector ETFs were roughly split between small advances and declines; energy was the worst performer as oil prices slumped amid conflicting but positively received commentary from President Trump regarding the ongoing kinetic actions in the Middle East.

TKO shares were up nearly 5%, helping lead the the S&P 500, after the WWE and UFC parent got a bullish nod from Bernstein thanks to its popular live events. Mastercard and Visa led declines on the day, falling about 5% apiece after a new stablecoin bill passed in the Senate. Elsewhere…

Shares of major banks including JP Morgan and Wells Fargo leapt after Bloomberg reported that the US is planning to reduce capital requirements for the nation’s biggest financial institutions.

Google was flat after Waymo applied for permits to test its self-driving cars in New York City, while Uber and Lyft slumped on the news. On the other hand, Tesla shares were up.

Nintendo ADRs jumped 6% to an all-time high after Wall Street forecast the Switch 2, its fastest-selling console, would sell millions of handled units and games by the end of its fiscal year in March.

Roblox shares ticked up 1.6% after the platform got price target hikes from multiple analysts thanks to its wildly popular “Grow a Garden” game.

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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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