Nia Warfield, Luke Kawa5/20/25

Broad-based declines end S&P 500’s winning streak

The S&P 500 and Nasdaq 100 spent the whole day in the red, each closing down 0.4%. So ends the more than weeklong winning streak for the benchmark US stock index. The Russell 2000 finished marginally higher.

It was a classic risk-off day — except bond yields rose. Every S&P 500 sector ETF declined outside of consumer staples, utilities, and healthcare, the defensive pockets of the market. Financials and consumer discretionary were the worst-performing sectors.

Every member of the Magnificent 7 declined besides Tesla, which benefited from a media spree from CEO Elon Musk where he said that sales have “already turned around.” Alphabet was the worst member of the cohort as it hosted a developers’ conference.

Moderna led the day’s S&P 500 gainers, popping 6% after the Food and Drug Administration approved its COVID-19 booster shot for people 65 and older or with high-risk conditions. UnitedHealth, a new hot stock among retail traders, continued its recent bounce-back.

Travel stocks were among the larger decliners, including Norwegian Cruise Line, United Airlines, and Airbnb.

Warby Parker shares surged nearly 16% after Google unveiled plans to launch a series of new smart glasses and committed up to $150 million as part of the deal.

Shares of D-Wave Quantum soared 26% after the company announced that its highly anticipated Advantage2 quantum computing system is now available for sale and as a service.

Victoria’s Secret jumped 3% after the lingerie giant adopted a poison pill to fend off activist investor and Australian billionaire Brett Blundy.

Home Depot ticked higher before closing lower after the retailer reported Q1 sales that fell slightly short of Wall Street expectations but reaffirmed its full-year guidance.

Lucid shares rose double digits Tuesday afternoon, marking further progress in the luxury EV maker’s recovery as it boosts delivery numbers and expands to more markets.

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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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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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