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The small polar bear lady Antonia eats an ice cake with fruit and vegetable filling at the zoo in Gelsenkirchen, Germany, 20 December 2017.
(Antonia Hofmann/Getty Images)

Stocks waver ahead of tomorrow’s interest rate decision

The S&P 500 struggled for direction, but small-caps were trading near all-time highs.

Tasha Matsumoto

The S&P 500 ended Tuesday’s session slightly lower, while the Nasdaq 100 posted a modest gain. The Russell 2000 notched a new intraday all-time high, as small-caps are poised to benefit from tomorrow’s anticipated rate cut. Fed Chair Jerome Powell’s commentary will offer crucial insight into the central bank’s approach to easing in 2026.

Traders also digested delayed JOLTS data from September and October, which showed higher-than-expected job openings in October.

Stocks that moved higher:

Stocks that moved lower:

  • JPMorgan Chase fell as its retail banking head, Marianne Lake, remarked during the Goldman Sachs financial services conference that the consumer environment is a “bit more fragile.” Wells Fargo dipped as well.

  • Nvidia shed gains after the Financial Times reported that China may limit its access to H200 chips despite President Trump’s announcement yesterday.

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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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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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