Nia Warfield, Luke Kawa6/17/25

US stocks slump as oil jumps on renewed Middle East tensions

There’s risk-on/risk-off trading, and then there’s war on/war off trading.

US stocks stumbled on Tuesday after Monday’s more constructive tone on the conflict in the Middle East evaporated by the night, with US President Donald Trump telling Americans to evacuate Tehran last night and calling for Iran’s “UNCONDITIONAL SURRENDER” today. Oil prices headed higher while the S&P 500 ended down 0.8% and the Nasdaq 100 and Russell 2000 gave back 1%. Consumer discretionary and healthcare stocks fared the worst, with the latter seeing weakness linked to reports the Trump administration is looking to curb pharma ads.

Every S&P 500 sector ETF finished in the red outside of energy, thanks to the aforementioned rally in crude prices.

Gains were led by Apple circuit board maker Jabil, whose stock jumped almost 9%, hitting a fresh all-time high after topping Q3 results. Declines were led by solar stocks Enphase Energy and First Solar, which both dropped about 24% and 18%, respectively, after the Senate proposed to end clean energy tax credits by 2028. Hydrogen fuel cell company Plug Power fell roughly 17% for similar reasons. Elsewhere…

Shares of JetBlue were trading down almost 8% after CEO Joanna Geraghty informed staff that the carrier would be implementing further cost cuts.

Reddit surged 6%. The company unveiled some new AI advertising tools yesterday, but the stock jumped on the opening of trading this morning amid a surge of options trading.

Verve Therapeutics rose more than 80% after pharma giant Eli Lilly announced that it would buy the gene-editing biotech company.

T-Mobile shares fell over 4% after SoftBank offloaded 21.5 million shares of the telecom company to help fund its growing wave of AI investments

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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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