Luke Kawa1/6/25

US stocks rise on narrow, tech-centric rally

The S&P 500 rose 0.6% and the Nasdaq 100 gained 1.1% while the Russell 2000 was virtually flat on Monday.

New year, same megacap tech AI trade. Tech and communication services were far and away the best-performing S&P 500 sector ETFs; utilities and real estate each recorded losses in excess of 1%. The Magnificent 7 cohort booked back-to-back gains of at least 1.5% for the first time since the immediate aftermath of the US election.

Foxconn’s quarterly report sent shares of semiconductor companies soaring after the electronics-assembly firm credited its sales boost to higher demand for AI servers. Micron jumped double digits, while Super Micro Computer, TSMC, Nvidia (which closed at a record high!), and AMD all gained more than 3% on the day.

MicroStrategy rose as bitcoin reclaimed the $100,000 mark and the company announced plans to add to its crypto stockpile.

Plug Power recorded a huge gain amid positive reports around a tax incentive that could boost demand for one of its products.

FuboTV more than tripled after agreeing on a joint streaming venture with Disney and settling litigation with media giants that will see the company receive $220 million in cash.

Palantir tumbled as Morgan Stanley reaffirmed its bearish view on the stock, suggesting a drop of about 25% could be in the works.

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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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