Luke Kawa12/3/24

US stocks notch another gain and new record on narrow rally

The S&P 500 eked out another closing record and the Nasdaq 100 rose 0.3%, while the Russell 2000 slumped 0.7% on Tuesday.

The benchmark US stock index rose for back-to-back sessions despite once again having more constituents that declined than advanced. The narrow, small rally saw technology and communication services as the only two S&P sectors to go positive on the day. Utilities and financials were the largest decliners.

Despite the strong showing from tech, two semiconductor companies were at the bottom of the S&P 500 leaderboard. Intel slumped 6.1% as markets continue to doubt the company’s turnaround prospects following the exit of its CEO. Microchip Technology tumbled 7% after announcing it was shuttering a factory in Arizona due to weak demand.

On the other side of the spectrum, Palantir was the best-performing S&P 500 stock, gaining 6.9% after enhancing its ability to sell cloud services to the US government.

AT&T rose 4.6% after authorizing a $20 billion share buyback plan.

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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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