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Market Wrap

Stocks cap off a fantastic year with a bad day

Every sector traded lower and all of the Magnificent 7 stocks fell.

Tasha Matsumoto

Stocks ended the year on a sour note, with the S&P 500, Nasdaq 100, and Russell 2000 all falling. All sectors traded lower. Tech was the hardest-hit sector ETF and every Magnificent 7 stock fell as well.

Despite falling for the past four sessions, the S&P 500 posted a 2.4% gain for the quarter, and was essentially flat for the month of December. With a 16% annual gain and 39 record closing highs, this is the third consecutive winning year for the benchmark index, though the Nasdaq 100 fared even better, with a 20% gain.

Notable movers:

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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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