Luke Kawa2/25/25

Tech rout continues, sending US stocks lower

The S&P 500 fell 0.5%, the Nasdaq 100 gave back 1.2%, and the Russell 2000 dipped 0.4% on Tuesday.

Communication services, energy, and tech were the worst-performing S&P 500 sector ETFs, all falling more than 1%. Consumer staples and real estate were at the top of the leaderboard, each gaining more than 1%.

With today’s retreat, the Magnificent 7 closed 10% below their December all-time high. Tesla was a major drag on the cohort’s performance after data showed a big slump in sales across Europe. Nvidia also continued to slump with earnings due after the close on Wednesday, the exact opposite of what was happening to the stock ahead of the release of its previous report.

Home Depot gained after finally returning to same-stores sales growth in the fourth quarter.

Despite reporting better-than-expected earnings and an outlook to match, Hims & Hers tanked as traders continue to wrestle with what the end of the semaglutide shortage means for its weight-loss drug business.

PayPal’s plan to turn Venmo into a $2 billion revenue driver was no panacea for the stock. Record earnings didn’t help Riot Platforms, which was dragged down by a fall in the price of bitcoin.

Warner Bros. Discovery sank after reports on the closure of three studios in its video games division.

Krispy Kreme collapsed after reporting that its net income is trending lower, toward a number shaped like a doughnut.

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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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