Luke Kawa12/12/24

US stocks dip, small caps slide

The S&P 500 fell 0.5%, the Nasdaq 100 gave back 0.7%, and the Russell 2000 small-cap index slumped 1.4% on Thursday.

More members in the S&P 500 fell than rose for the ninth consecutive session, now the longest such streak since around the time of the 9/11 terrorist attacks in 2001.

Every S&P 500 sector ETF besides consumer staples and communication services was down on the day, with consumer discretionary, healthcare, and energy faring the worst. The tough sledding for homebuilders continues, with the iShares US Home Construction ETF off 1.3% on the day.

Price action in the Magnificent 7 cohort was mixed, with Microsoft and Apple gaining while all other constituents declined.

Adobe was the worst-performing member of the benchmark US stock index, falling 13.7% after posting underwhelming guidance for the current quarter. On the other end of the spectrum, Warner Bros. Discovery skyrocketed 15.4%, its best one-day gain on record, after restructuring its businesses in a move Wall Street analysts expect is in preparation for a spin-off of some of its assets.

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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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