Nia Warfield, Luke Kawa4/28/25

US stocks shake off early tech slump to finish flat

Monday was shaping up to be a reversal of last week’s price action, with markets trending deeply negative amid a retreat in the megacap tech names that had powered gains the prior week. But from 1:30 p.m. ET onward, a switch flipped and stocks ground higher, with the S&P 500 and Nasdaq 100 finishing virtually flat. The Russell 2000 outperformed with a 0.4% gain.

Consumer staples and tech were the lone S&P 500 sector ETFs to finish in the red; energy, real estate, and utilities were the top performers.

Pharma heavyweights AbbVie, Centene, and Gilead were among the S&P 500’s top movers, helping anchor the broader market. Nvidia shares, meanwhile, fell as much 4% after reports surfaced that Huawei is preparing an AI chip to challenge the tech giant’s blockbuster H100 GPU, but cut those losses in half by the close. Tesla did one better, fully erasing its losses of 4% to end positive.

Beaten-down hydrogen fuel cell company Plug Power spiked as much as 40% in Monday trading as investors cheered preliminary Q1 earnings results.

Domino’s shares slid in early trading after the pizza giant topped Q1 earnings but missed sales estimates — though the stock clawed back those losses by the close.

On Holding jumped higher after Citi said the trendy Swiss sneaker brand’s strong pricing power and loyal consumer base should help it outrun the threat of tariffs.

Bank of America slashed its price target on trucking firm Saia by nearly 50% after the company suffered its biggest stock drop on record on Friday, falling another 2% on Monday.

Elsewhere, Palantir has once again topped the S&P 500 leaderboard, with a nearly 30% surge this month pushing the defense and AI software giant back into contention for the index’s crown.

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

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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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