markets

Matt Phillips2/3/25

Crypto-adjacent stocks creamed by Trump tariffs

Beneficiaries of the crypto trade since the presidential election are getting a first hand reminder of the reality under a Trump administration: Trump giveth and Trump taketh away.

The worst-performing sector of the markets captured by Goldman Sachs’ thematically organized baskets of stocks on Monday are crypto-adjacent equities, as the uncertainty of newly launched tariff has crushed the frothiest parts of the market, of which crypto is arguably the frothiest.

The 10-stock package consists of shares that “are fundamentally related to Bitcoin across various segments (bitcoin mining, digital payment, crypto investment & block-chain tech).”

Perhaps the best-known of these is MicroStrategy, which has ridden its all-in strategy on bitcoin to an astounding market valuation of more than $84 billion. MARA Holdings, a favorite of risk-seeking online traders, is also in the basket.

Companies with ties to crypto trading are also getting smacked around pretty well on Tuesday. Shares of trading app Robinhood (Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company) were down as much as 7% in the premarket session, though it has cut those losses since the start of trading.

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markets

J. Edward Moreno7/7/26

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%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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