Markets
Luke Kawa

US stocks turn early gains into losses

Major US stock indexes started the session off well, but the wheels fell off the rally as the day progressed.

The S&P 500 ended virtually flat, while the Nasdaq 100 and Russell 2000 each gave back 0.5% on Thursday.

Bad breadth continues, with the S&P 500’s advance-decline line negative for the 14th consecutive session.

Utilities, financials, and tech were the S&P 500 sector ETFs that managed to gain; real estate and materials paced the losses.

Tech’s modest gain came despite a retreat in the VanEck Semiconductor ETF, due in large part to Micron’s post-earnings plunge.

High-flying quantum computing stocks like D-Wave Quantum, Rigetti Computing, and Quantum Computing saw a massive reversal of much of their recent gains.

Homebuilders slumped, with Lennar getting whacked on poor first-quarter guidance that points to continued margin pressure.

Darden Restaurants did great after reporting earnings and boosting its outlook; on the other side of the carb spectrum, Lamb Weston cratered in the wake of a poor one.

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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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