The S&P 500 has erased more market value than it did during the global financial crisis

Just how much market value has been lost during the momentum-driven downturn and tariff upheaval in US stocks?

Well, with the S&P 500 down 5.1% in early trading, that figure has swelled to a staggering $9 trillion for the benchmark US stock index — a drop in market cap that’s larger than what took place during the bear market that accompanied the global financial crisis of 2008.

The good news is that this isn’t quite an apples-to-apples comparison: Corporate America is much more profitable now than it was on the dawn of the global financial crisis, so the starting point of $54 trillion and change this year is much higher than the $14 trillion in mid-2007.

Nevertheless, that’s a mammoth loss that’s taken place in a very short time frame.

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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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