US stocks end worst week since April with another down day

The S&P 500 fell 0.7% as tech stocks were slammed yet again, ending the week off 2%. The Nasdaq 100’s 0.9% loss pushed its weekly decline to 4%.

The Russell 2000 also fell 0.6%, to finish the week up just 1.7% after having been up as much as 6% for the week on Wednesday.

Tech was the worst-performing S&P sector, down 1.6% on the day with big losses across the semiconductor space. Health care was the best performing sector, up 0.5% to claw back some of Thursday’s losses.

CrowdStrike fell more than any other S&P constituent, off double digits after a faulty update caused widespread IT issues with far-reaching impacts, including delays to air travel.

Starbucks was a standout performer, up 6.9% after reports that Elliott Investment Management has built a significant activist stake in the coffee maker.

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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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