US stocks reverse big gains to end lower

US stocks were poised for a solid advance early in the morning, but the S&P 500 and Nasdaq 100 gave all that up and then some to finish 0.2% lower in the opening session of 2024. The Russell 2000 eked out a small gain.

The US dollar ripped higher and weighed on stocks, with the Dollar Spot Index popping 0.7%.

Energy was the best-performing S&P 500 sector ETF as crude oil bounded higher to start the year. Consumer discretionary, materials, and real estate posted the largest losses.

The Magnificent 7 was mixed, with Nvidia and Meta near the top of the S&P 500 leaderboard while Tesla was at the bottom after its Q4 sales figures missed expectations. The cohort, as a whole, hasn’t had a positive session since before Christmas, the longest such streak since April.

Pot stocks had a hot start to the year, headlined by Tilray.

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

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