Luke Kawa4/4/25

US stocks crumble on Friday to end worst week since 2020

There was no reprieve from Thursday’s massive sell-off, as Friday saw even larger declines for the S&P 500. The benchmark US stock index fell 6%, the Nasdaq 100 dropped 6.1%, and the Russell 2000 slumped 4.4% on the day.

So ends the worst week for the S&P 500 since March 2020, near the bottom of the Covid-induced bear market.

Trading volumes across all US exchanges set a record on Friday, as did the number of put options that changed hands.

The number of stocks in the S&P 500 that fell outnumbered gainers by 475, the most since March 2023. Every S&P 500 sector ETF fell at least 4%, with energy leading the way down.

The US no longer has any $3 trillion companies, as Apple fell out of that cohort with today’s retreat.

China ratcheted up the trade war by unveiling retaliatory tariffs on US goods, weighing on US companies with big exposure to the world’s second-largest economy and serving as a drag on shares of Chinese companies listed in the US. Intel’s outperformance on Thursday gave way to a double-digit loss on Friday as its exposure to China becomes a sore spot for the company in light of those retaliatory tariffs.

OPEC+’s plans to return even more oil to global markets in May, coupled with the demand shock from tariffs, sent the likes of Exxon, Chevron, and ConocoPhillips reeling.

The dealmaking and IPO pipeline is running dry in light of market conditions, with Klarna pausing its plans to go public. Bank stocks like JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley were all throttled and underperformed the broad market.

Boeing stock fell to levels not seen since the doors of its 737 were consciously uncoupling from its body mid-flight.

However, there was a glimmer of light on the hopes for these trade barriers to be dialed back: Nike and Lululemon surged as President Trump touted progress on coming to a deal with Vietnam.

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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.”

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