US stock markets notch record-breaking big number week

US stocks inched higher on Friday, with the S&P 500 booking a 1.5% gain on the week to end above 5,300 but just shy of a record high.

The Dow Jones Industrial Average meanwhile did hit a record high and closed above 40,000.

Energy was the best-performing S&P 500 sector exchange-traded fund, buoyed by the 1% rise in the price of oil. Financials and materials, two other cyclical sectors, also finished with strong gains. Technology, utilities, and real estate declined on the day.

Nvidia fell 2% ahead of its much-anticipated earnings report next Wednesday.

Shares of GameStop came under pressure, ending 20% down on the day after the company pre-released quarterly results and announced plans to sell up to 45 million shares.

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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."

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