Nia Warfield, Luke Kawa5/5/25

US stocks slip on fresh tariff talk

US stocks opened well in the red amid fresh tariffs floated by President Donald Trump and a disorderly surge in Asian currencies, particularly Taiwan’s, but spent most of the day clawing back those losses before faltering into the close.

The S&P 500’s nine-session winning streak was snapped with a 0.6% decline. The Nasdaq 100 gave back 0.7% and the Russell 2000 brought up the rear with a 0.8% drop.

Every S&P 500 sector ETF outside of communication services and industrials closed in the red, punctuated by a big drop in energy stocks as OPEC+ agreed to boost production again next month.

Shares of Netflix, Paramount, and other media giants slid after Trump claimed he’d slap a 100% tariff on foreign-made films to try to reverse Hollywood’s slowdown.

Meanwhile, Berkshire Hathaway shares slipped 5% after longtime CEO Warren Buffett said he’d be turning the keys over to his successor, Greg Abel, at the start of 2026.

Skechers stock jumped as much as 25% after the ’90s sneaker icon announced a $9.4 billion go-private deal with private equity firm 3G Capital.

Hims & Hers popped after the company appointed Nader Kabbani, a longtime Amazon exec, as its next chief operating officer, a major leadership shift.

Tyson Foods shares slid nearly 8%, one of the worst performers in the S&P 500, after the company posted mixed Q2 results and beef sales fell for the sixth-straight quarter.

Marathon Digital shares fell after the company reported a dip in month-over-month bitcoin production, sending its stock down nearly 9% ahead of its upcoming earnings report.

Gains on the day were led in part by Delta Airlines, Charter Communications, and Newmont.

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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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