Markets
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Luke Kawa

The S&P 500’s recovery off the lows is all about the return of the AI trade

The S&P 500 is about 1.4% off the lows as of 2:00 p.m. ET.

If the benchmark gauge is going to cleanly hold its 200-day moving average (which roughly marked the trough so far today), then today’s leaders off the lows may be poised to be the names that also drive any potential recovery in the days to come. If this isn’t the “true bottom,” then... well, you overprepared and know what to do next time the market falls out of bed and then attempts to get its act together.

To this end, we looked at the top 20 S&P 500 stocks since 11:29 a.m. ET, which is roughly the double bottom on an intraday basis.

One noteworthy trend is that half of these have been big beneficiaries of the AI boom:

The tenor of the tape since a little before midday looks a lot like a bounce in the beaten-up momentum names, as Tesla and Palantir Technologies are also among the leaders. In other words, the momentum names with ugly, broken charts are what’s keeping the S&P 500 from having an ugly, broken chart.

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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.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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

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Paige Oamek

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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