Luke Kawa5/23/25

The return of tough tariff talk sinks stocks

US stocks fell again on Friday as President Trump threatened that high tariffs on shipments from Europe and imported smartphones were around the corner.

The S&P 500 ended down 0.7%, its first four-session losing streak since the reciprocal tariff announcement on April 2, and retreated 2.6% on the week. The Nasdaq 100 finished off 0.9% while the Russell 2000 fell 0.3% on Friday.

Utilities was the best-performing S&P 500 sector ETF, buoyed by an executive order signed by Trump to make it easier to build nuclear reactors in the US and Republican senators’ pushback against cuts to clean energy tax credits. Most sectors fell, with tech and consumer discretionary performing the worst.

One key industry group to the market’s hot run since the April lows and the past two years is coming under consistent pressure. The Philadelphia Semiconductor Index declined for its seventh straight session, its longest losing streak since September 2022.

Apple slid as a Trump Truth Social post regarding tariffs on smartphones singled out the company specifically, remarks that were later clarified to apply to other phone makers as well.

European automakers Stellantis, Volkswagen, and Mercedes-Benz were also dumped amid the president’s recommendation that tariffs on European imports should rise to 50% starting on June 1.

Deckers was the worst-performing S&P 500 constituent, down nearly 20% after issuing a disappointing forecast for the current quarter and failing to provide full-year guidance.

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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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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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