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Two tech titans singlehandedly drag S&P 500 higher

Alphabet and Apple put the stock market on their broad, multitrillion-dollar shoulders.

9/3/25 4:58PM

The S&P 500 rose 0.5% and the Nasdaq 100 gained 0.8% while the Russell 2000 dipped 0.1% on Wednesday.

More than all of the daily returns in the SPDR S&P 500 ETF were attributable to just two companies: Alphabet and Apple.

Google was the day’s top performer, up 9.1% after the tech giant avoided some of the worst-case antitrust scenarios tied to its dominant position in search. The court decision helped Apple a ton, too: shares rose 3.8% after Bank of America boosted its price target, saying the company will keep pulling in about $20 billion a year from Google to preload its apps as the default setting on iPhones. Near the close, Bloomberg reported that Apple is developing an AI web search tool for the new Siri and reached an agreement with Google to test using its Gemini model to provide the underlying technology. Meanwhile, Dollar Tree led declines after the retailer handily beat Q2 expectations, but fresh sales guidance suggested weakening momentum in the second half of the year.

Macy’s shares soared 20.6% after the department store chain posted knockout Q2 results and raised its full-year guidance.

Hims & Hers spiked 7.2% after a judge dismissed a lawsuit from Eli Lilly against another rival telehealth firm selling knockoff versions of its GLP-1 drugs.

Campbell’s stock climbed 7.2% after the soup maker ladled out solid Q4 results as more cash-strapped consumers cooked at home, but warned that higher costs would weigh on margins.

Plug Power jumped in the premarket amid a surge of trading volume in the hydrogen fuel cell company before closing up 1.4%.

Oscar Health rose after it reiterated its annual guidance and offered positive commentary on cost trends at the Wells Fargo Healthcare Conference.

Oil names including ConocoPhillips, Phillips 66, APA Corporation, Diamondback Energy, Devon Energy, Halliburton, and EOG Resources all dipped after reports that OPEC+ is weighing another output hike of 1.65 million barrels per day.

Canopy Growth shares fell another 6.7%, extending Tuesday’s losses after the cannabis company filed for a $200 million equity raise 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.

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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.”

Two tech titans singlehandedly drag S&P 500 higher

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SpaceX gets a wave of bullish ratings from Wall Street analysts

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

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