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China markets
In China, red indicates a stock is positive on the day. (CFOTO/Future Publishing via Getty Images)

Chinese stocks were dogs this year, now they’re in the hunt

Matt Phillips

What a difference a week makes. The Chinese government’s latest efforts to jolt the economy out of its doldrums with a big new round of stimulus programs has gotten through to the Chinese stock markets over the last few days as pretty much everything romped. Chinese markets were closed Tuesday and for the rest of the Golden Week holiday.

But mainland indexes like the CSI 300 are up roughly 25% over the last week. It’s a remarkable turnaround for Chinese stocks which were laggards of other major markets for most of the year, as investors looked at what seemed to be a downright unappetizing economic backdrop in the world’s second largest economy.

Now, year-to-date gains of roughly 18% — in dollar terms — put the CSI right behind the S&P 500 in terms of select big markets.

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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.

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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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