US stocks slump in tech-centric sell-off

The S&P 500 fell 1.1% while the Nasdaq 100 gave back 1.4% and Russell 2000 was down 1.6% on Friday.

The S&P 500 sectors home to the Magnificent 7 — consumer discretionary, tech, and communication services — fared the worst. Every member of that group was down on the day. Meanwhile, Super Micro Computer, Tesla, Palantir Technologies, and Vistra were at the bottom of the S&P 500’s leaderboard.

Netflix fell (despite a riveting Beyoncé NFL halftime show on Christmas Day) amid less-than-stellar reviews of the second season of “Squid Game,” which was released on Thursday.

Quantum-computing upstart Rigetti Computing was one of the top 10 most heavily traded securities in the US, and the only one of that group that rose on Friday.

Quantum-Si — which, despite the name, is not a quantum-computing company — soared.

Ten-year Treasury yields ended the day at the highest closing level since early May.

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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.

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