Markets
Luke Kawa

US stocks close out week at record high

The S&P 500 rose 0.2% and the Nasdaq 100 gained 0.9%, both ending the week at record highs, while the Russell 2000 was up 0.5%.

US stocks caught a bid after the release of a middling nonfarm payrolls report for November, which seemingly cemented hopes for a rate cut at the Federal Reserve’s December meeting. Two-year Treasury yields fell about 5 basis points on the day.

Nonetheless, more S&P 500 constituents fell than rose on Friday, as was the case for every session this week.

Consumer discretionary was far and away the top S&P 500 sector ETF, gaining more than 2% with Tesla’s advance continuing to boost Elon Musk’s fortune.

Lululemon was the best-performing S&P 500 constituent, rising 15.9% after reporting better-than-expected earnings and boosting its full-year guidance. It was a similar story for another consumer-facing firm, Ulta Beauty, where surprisingly strong sales and profit figures fueled a 9% rally.

Utilities and energy each fell by more than 1%.

UnitedHealth was the worst performer in the S&P 500, down 5.1% to end a tragic week for the company.

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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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