Markets
Luke Kawa

Tech rally, meme-stock magic power US stocks to the verge of record highs

The SPDR S&P 500 ETF rose 0.5% on Tuesday, ending just shy of its March peak as investors await April’s reading of the consumer price index tomorrow morning.

Technology outperformed all other sectors for the second consecutive session; consumer staples and industrials were the only two exchange-traded sector funds to finish in the red. Small caps bounced back from Monday’s decline, with the iShares Russell 2000 exchange traded fund closing up 1%.

Trading volumes, which had been moribund lately, picked up meaningfully today. Across US exchanges, this was the third-busiest session of the year so far.

Heavily shorted and so-called “meme stocks” enjoyed another strong session, with GameStop, AMC Entertainment, Plug Power, SunPower, and FuelCell all closing at least 19% higher on the day.

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Meet the newly public, Bezos-backed company that’s recreating the sun and stars

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J. Edward Moreno

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.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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