US stocks edge lower as tech stocks sink, oil craters

The S&P 500 closed down 0.2% while the tech-heavy Nasdaq 100 slumped 0.4% ahead of earnings from Google and Tesla.

Energy was the worst performing S&P sector ETF, off 1.6% as West Texas Intermediate futures tumbled more than 3% as negative momentum in oil continues to build. Materials was the top sector performer, while Financials was the only other group to go positive on the day.

The Russell 2000 was immune from any selling pressure, closing up 1% as the SPDR S&P Regional Banking ETF gained 1.6%.

UPS had its worst day on record, off 12.1% after reporting lower than expected profits and cutting its full-year sales forecast. Meanwhile, shares of GM also sank 6.4% despite delivering a bottom-line beat and hiking its profit guidance as the company lost money in China.

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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."

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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