Markets
Nia Warfield, Luke Kawa

Chip stocks lead widespread rally

A big rally in chip stocks amid continued optimism on the AI boom coupled with smaller advances in most stocks made for another strong session on Wall Street.

The S&P 500 rose 0.6%, the Nasdaq 100 ended up 0.8%, and the Russell 2000 led the way with a 1.6% gain on Tuesday.

Tech was the best-performing S&P 500 sector ETF, but unlike Monday, gains were more widespread, with advancers in the S&P 500 outnumbering decliners by 218. Real estate, communication services, and consumer staples were the lone sectors to end negative.

The day’s gains were led by discount retailer Dollar General, which soared nearly 16% after crushing Q1 estimates and upping its forecast as more shoppers go bargain hunting. Rival Dollar Tree was also a standout performer, benefiting from its competitor’s solid showing and outlook. Declines were led by Neutrogena parent Kenvue, which sank 6% after the consumer health giant said seasonal demand is off to a slow start.

Elsewhere…

Broadcom set an intraday and closing record high after announcing that it’s started to ship some new AI hardware.

Shares of Nvidia-backed CoreWeave surged surged 25% in a strong follow-through to the already warm reception to its data center deal with Applied Digital on Monday.

Rocket Lab soared as much as 5% after the commercial space company (and retail favorite) received a pair of price target hikes: one from Deutsche Bank, to $27 from $24, and another from KeyBanc Capital Markets, which raised its target by a buck to $29. It then pared those gains to finish up just 0.5%

Similarly, Constellation Energy was up double digits in the premarket after striking a deal to sell power to Meta, but finished marginally in the red.

Bumble shares slid 6% after JPMorgan downgraded the women-first dating app to underweight (or a “sell” rating) as the platform faces slowing growth and hotter competition.

Pinterest shares climbed about 4% after JPMorgan upgraded the stock to “overweight” (buy) and lifted its price target to $40, citing deeper user engagement and momentum in its ad business.

Hims & Hers fell 3.5%, giving up all its gains after rising more than 17% in early trading following its announcement that it would acquire a European peer, Zava.

Nio finished modestly higher even as the Chinese luxury EV maker missed Wall Street’s Q1 revenue estimates and posted a much larger loss per share than analysts had forecast.

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Luke Kawa
7/13/26
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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.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

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Paige Oamek

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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