Luke Kawa1/28/25

US stocks rebound from steep losses

The DeepSeek dip was resoundingly bought.

The S&P 500 rose 0.9%, the Nasdaq 100 ended up 1.6%, and the Russell 2000 gained 0.2% on Tuesday.

Despite the big gains for the benchmark index, the number of decliners outnumbered advancers by nearly 200.

Tech was far and away the best-performing S&P sector ETF, while defensive sectors like utilities, real estate, and consumer staples each lost more than 1%.

Nvidia did indeed bounce back from a big drop amid heavy inflows for the chip designer, including massive interest from retail traders.

While the data center trade continues to come under pressure, the likes of GE Vernova and Vistra posted significant gains after the former announced a deal with Chevron to form a company to supply power to data centers.

Royal Caribbean, the top gainer on the S&P 500, reported strong fourth-quarter profits and improved guidance for the year ahead.

Robust earnings from industrial and defense company RTX sent shares higher.

Moderna continued its aggressive rebound from multiyear lows.

General Motors was a lowlight on the tape, plunging after its 2025 outlook failed to impress analysts, in part because it does not assume any new disruptions from tariffs or changes to EV policies.

JetBlue crumbled, losing nearly a quarter of its value as the low-cost carrier isn’t showing enough progress in lowering costs.

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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.

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

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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