Markets
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Matt Phillips

DOGE cuts drive two of the day’s biggest decliners

The two biggest decliners on the day, consulting firms Accenture and Gartner, are both dropping as a result of the Trump administration’s aggressive push to cut federal spending, helmed by Elon Musk’s DOGE.

As Luke Kawa wrote earlier, the chief executive at Accenture called out the activities of DOGE in its earnings call as a potential growth headwind, pushing its stock price lower. At 1:25 p.m. ET, President Trump’s Defense Secretary Pete Hegseth took to X to announce plans to cut “wasteful spending,” which included contracts from IT consulting group Gartner, sending its shares spiraling. (The S&P 500 seemed to slip deeper into the red around the same time.)

The two decliners — both down more than 7% at last glance — are a reminder of the more complicated relationship the markets seem to have with the administration in Trump 2.0 compared to the first go-round, in which Trump seemed far more solicitous toward investor opinion.

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J. Edward Moreno

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.

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

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

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