Stocks slip as semiconductors hit the skids

The S&P 500 dipped 0.3%, as did the Russell 2000, while the Nasdaq 100 gave back 0.6% on Friday.

For the week, however, all indexes managed a gain in excess of 1%.

Utilities and communications services were the best-performing S&P 500 sector ETFs on the session, while energy and tech fared the worst.

Mark Zuckerberg made waves when he said Meta’s capital spending could total $65 billion this year, sending shares solidly higher.

Despite this seemingly positive announcement, Nvidia slumped, unlike its peer Broadcom. Texas Instruments had a terrible day after its Q1 outlook disappointed, and was the S&P 500’s worst performer.

Verizon rose about 1% after reporting better-than-expected Q4 sales.

Promising trial results from one of Novo Nordisk’s weight-loss drugs drove a big gain for the stock.

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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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