Luke Kawa4/11/25

US stocks fly into weekend on optimism for trade deals

US stocks soared on Friday to complete a huge bounce-back week for major indexes amid encouraging news on tariff talks.

The S&P 500 rose 1.8%, the Nasdaq 100 gained 1.9%, and the Russell 2000 booked a gain of 1.6%. So ends the best week for the benchmark US index since 2023, and tops for the tech-heavy gauge since 2022.

Stocks bumped up in the afternoon after White House Press Secretary Karoline Leavitt said that President Donald Trump was “optimistic” on reaching a trade deal with China.

Every S&P 500 sector ETF rose, with materials, energy, and tech leading the way up.

JPMorgan unofficially kicked off earnings season with a big earnings beat fueled by record equity trading revenues.

Apple was the top-performing member of the Magnificent 7, rising 4%. China’s tariffs caused substantial dispersion in the chips industry, where the likes of Nvidia and AMD rallied as they outsource production to Taiwan, while Intel and Texas Instruments sold off. TSMC was a big gainer after reporting that sales were up 42% year on year in the first quarter.

GameStop rose as retail traders were excited by some insider purchases.

Frontier Airlines, on the other had, ended down 6% after pulling its full-year guidance.

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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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