markets

Claire Yubin Oh4/24/26

TSMC surges as Taiwan eases single-stock investment limits for funds

TSMC’s ADRs jumped 3% in premarket trading on Friday after the island’s financial regulator announced plans to ease limits on funds’ allocations to single funds.

Previously, active fund managers were limited to allocating up to a maximum of 10% of their net assets into any one company. Under the revised framework, local equity funds and active exchange-traded funds that solely invest in Taiwanese stocks can allocate up to 25% of their assets in any listed company if it has a weighting above 10% in the Taiwan Stock Exchange.

The new rule, announced Thursday, will come into effect after the regulator issues an order on Friday. Relaxing the long-standing rule will mean fewer restrictions on local money managers taking full advantage of TSMC’s skyrocketing share price. TSMC, now Asia’s largest company by market cap, has seen its share price surge 150% in the past year — adding more to its gains in the last few days after crushing estimates in its first-quarter results.

TSMC is currently the only company that meets that 10% criterion, holding some 44% weight in Taiwan’s benchmark index, though the latest change also moved other large-cap Taiwanese stocks higher on Friday.

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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.

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 Oamek6/30/26

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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