Luke Kawa3/25/25

US stocks rise as investors ditch defensive parts of the market

The S&P 500 rose 0.2%, the Nasdaq 100 gained 0.5%, while the Russell 2000 gave back 0.7% on Tuesday.

Communications services was the best-performing S&P 500 sector ETF, while utilities, real estate, and healthcare — all traditionally defensive sectors — fell more than 1%.

Alibaba dipped after its chairman warned of an AI data center bubble brewing.

Trump Media & Technology Group soared after striking a deal with Crypto.com to launch exchange-traded products.

Cloudflare was the recipient of a double upgrade by Bank of America, all the way from “underperform” to “buy,” as analysts now think the cybersecurity firm will be “one of the true ‘AI winners’ in software.”

Carvana also popped on the heels of an upgrade from Morgan Stanley.

Mobileye jumped after the autonomous driving company partnered with Volkswagen to offer driver assistance systems. Elsewhere in the space, Alphabet caught a bid after announcing plans to bring its autonomous ride-hailing service to the nation’s capital.

KB Home slumped after whiffing on its Q1 earnings and lowering its full-year outlook.

US copper futures also hit a record high amid tariff worries and supply constraints.

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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%

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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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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