Luke Kawa5/30/24

Tech tumult sends US stocks lower

In a day that was more or less the opposite of what’s been happening for the past two weeks, most US stocks went up, but a massive selloff in technology names pulled the S&P 500 down 0.6%.

This was the best the S&P 500’s advance-decline line has been on a down day in more than a year. 9 of 11 sector ETFs gained, led by real estate and utilities; tech and communication services (which includes the likes of Alphabet and Meta) were the exceptions.

The 2.3% slump in the tech sector was its worst one-day performance since early March. While Nvidia fell 3.8%, most of the damage in tech was outside of hardware and semis.

Software stocks tumbled 4.6%, their worst day since September 2022, punctuated by a 20% decline in Salesforce — its worst one-day drop since 2004. The company reported weak quarterly results and an uninspiring outlook, and it seems all the Al hardware outlays are crowding out money that may have otherwise been spent on software.

Elsewhere in bad news, Kohl’s suffered a record loss, falling almost 23% on disappointing quarterly results.

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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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