Luke Kawa5/22/24

US stocks fall from records as cracks appear in consumer brands

The S&P 500 fell 0.3% amid a swath of bad news for consumer-oriented companies as well as big declines in utilities and energy stocks.

Target tumbled 8% after posting poor quarterly results, its worst session since November 2022. Shares of Lululemon fell more than 7% after the company announced its chief product officer was leaving. And Williams-Sonoma had a wild day, opening more than 10% higher on strong quarterly earnings before ending up down 11% by the end of the session after guiding that margins would be flat year-on-year for the rest of 2024.

Utilities, consumer discretionary, and energy sector ETFs all fell more than 1% on the day. Within the S&P 500, stocks that declined outnumbered stocks that rose by 141, the worst day for market breadth this month.

Meanwhile, shares of BuzzFeed got a big lift after Vivek Ramaswamy, former Republican presidential candidate and pharmaceuticals entrepreneur, took an activist stake in the troubled media company.

After the close, Nvidia posted (another) blowout quarterly earnings report, sending shares higher in the after-hours session.

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J. Edward Moreno7/7/26

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.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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