Luke Kawa3/26/25

US stocks swoon as AI trade takes a beating

A double whammy of negative AI headlines and tougher tariff talk sank stocks on Wednesday.

The S&P 500 fell 1.1%, the Russell 2000 gave back 1%, and the tech-heavy Nasdaq 100 slumped 1.8%.

Tech was the worst S&P 500 sector ETF, down 2.2%, while consumer discretionary fell more than 1%. Staples was the biggest gainer.

TD Cowen analysts, whose report on Microsoft’s dimming demand for data center projects last month weighed on AI infrastructure and energy names, said that the company had walked away from 2 gigawatts’ worth of data centers. The bottom of the S&P 500 leaderboard was a who’s who of AI-adjacent names: Super Micro Computer, Arista Networks, Vistra, Nvidia, Quanta Services, GE Vernova, and Monolithic Power Systems were all among the 10 worst-performing constituents on the day.

Meanwhile, President Trump pledged that auto tariffs are coming. Ford was relatively unbothered, while General Motors tanked.

On the other hand, some all-around good news for gaming:

GameStop was up double digits after posting its largest operating profit since Q4 2017 and announcing a tweak to its investment policy to allow the purchase of bitcoin.

Nintendo also rallied as Goldman Sachs resumed coverage of the company with a “buy” rating, expecting strong sales from its Switch 2 console.

Dollar Tree’s commitment to low prices is admirable: the company announced that it’s selling Family Dollar (which it bought a decade ago for $9 billion) for $1 billion.

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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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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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