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Hey Snackers,
Though Denmark didn’t qualify for the World Cup, life’s not all bad for Danes. Copenhagen was named the world’s most livable city according to The Economist’s research and analysis division, which ranks cities based on health care, culture and environment, education, infrastructure, and stability. Australia had the most cities in the top 10 list, with Melbourne, Sydney, and Adelaide making the cut, followed by Japan and Switzerland, which each had two cities in the top 10.
The S&P 500, Nasdaq 100, and Russell 2000 all fell yesterday as chip stocks slid. Energy was the best-performing sector as oil prices rose on news that Iran attacked a Qatari oil tanker near the Strait of Hormuz.Â
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 initiated 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.
At least 17 analysts gave a rating on Tuesday, and all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."
That neutrality is the exception: Deutsche Bank, Citigroup, and Goldman all came in with “buy,” Mizuho and RBC Capital Markets with “outperform,” JPMorgan, Morgan Stanley, Wells Fargo, and Cantor Fitzgerald with “overweight.”
Still, SpaceX fell more than 6% on Tuesday and is currently effectively flat from its opening price of $150 a share.
The Takeaway
The ratings come as SpaceX joined the Nasdaq 100 index, a tech-heavy benchmark that underpins millions of portfolios. The inclusion adds built-in demand for the stock from the 200 investment products with $800 billion in assets that track the Nasdaq 100.Â
From Scoreboard, our sports newsletter:
American fans can often be accused of checking out of any international competition once Team USA gets shown the door — but they really ought to stick around for the end here, because this World Cup is hurtling toward a fantastic finish. If we look at the prediction market odds, France is in a clear tier of its own atop the ranking at 33%*, followed by a closely matched second tier of Argentina, Spain, and England between 15% and 20%. If one of those four did not win the title, it would be a shock — but Norway is a sneaky spoiler at 6% to win, while the rest (including USA nemesis Belgium) check in at 3% or lower.
Snacks Shots
No… World Cup games today? What on Earth are we going to watch? Let’s check in on what’s up in the other sports:
⚾️ MLB: The Dodgers are still the favorites to win the World Series at 31.8%, followed by the New York Yankees with 12.7%.
🎾 Wimbledon: Jannik Skinner is the big favorite to win the Men’s Wimbledon at 69%, while Karolina Muchova has a 36% chance of pulling off the win among the women. Â
🏎️ NASCAR: Denny Hamlin is the 31% favorite to be the NASCAR Cup Series Champion, followed by Tyler Reddick (19%) and a recently surging Christopher Bell (11%).
*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
What else we're Snackin'
According to President Trump, at his request, Walmart is rolling back prices on summer BBQ staples like ground beef, corn on the cob, chips, and more.
Amazon is reportedly looking to raise $25 billion from a US bond sale amid its massive AI investments.
China's DeepSeek is developing its own AI chip, according to reporting from Reuters.
Snack Fact of the Day
The US tourism industry lost out on as much as $16.6 billion last year.
Wednesday
AeroVironment holds its investor day
Minutes from the Federal Reserve’s June meeting scheduled for release at 2 p.m. ET
Postmarket earnings expected from Levi Strauss