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Market goes negative since presidential election

The S&P 500’s gain since the November 5, 2024, vote that returned President Trump to office completely disappeared shortly after the start of trading on Tuesday.

Matt Phillips

3/4/25 10:30AM

The S&P 500 dropped again in early trading Tuesday, wiping out the last gains the index clung to from what was once a robust postelection rally.

Tuesday’s tumble breaks the previous postelection low for the benchmark US stock index, when it had briefly erased its gains on January 13.

The S&P 500 is was up as much as 6.3% on February 19, when it hit a record high. The unraveling of bets on AI-linked companies, the imposition of tariffs and high policy uncertainty, and a softening of economic data are all contributing to the breakdown in the bourses.

Tech stocks put the biggest hurt on the market today, with giants like Amazon, Meta, and Tesla making up the largest contributors to losses.

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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.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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

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