The S&P 500 is below its 200-day moving average after over half its members already broke down

Even as the S&P 500 managed to finish just above its 200-day moving average on Thursday, most of the members of that index had already breached this key technical level:

And with the S&P 500 trading to the downside once again on Friday to breach its own 200-day moving average, it’s a safe bet that share has gone up, too. Most of the Magnificent 7 — Microsoft, Nvidia, Amazon, Alphabet, and Tesla — are trading below this technical level today.

The iShares MSCI USA Momentum Factor ETF is also poised for its first close below its 200-day moving average since 2023, as formerly high-flying stocks struggle to find a floor.

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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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Meta surges on report it’s starting a cloud business to sell excess AI compute

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