10-year Treasury yield < 4%

10-year Treasury yields breached the 4% threshold for the first time in about half a year on Thursday morning, as:

1. Initial jobless claims jumped, the latest in a series of data that show the labor market is softening.

2. Follow-through from yesterday’s Fed meeting, which fortified traders’ expectations that an easing cycle is imminent.

3. Geopolitical considerations that are pushing investors towards so-called safe haven assets like US government bonds. Hamas’ top political leader was killed in Tehran, increasing the risk of a regional war as Iran’s leader threatened revenge on Israel.

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

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