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Stocks rebound as the price of oil retreats

Every sector traded higher, with tech leading gains on increased optimism that tankers will be able to pass through the Strait of Hormuz.

Tasha Matsumoto

The S&P 500, Nasdaq 100, and Russell 2000 all gained around 1% amid a retreat in the price of oil as traders glommed on to some optimistic signs that tankers will be able to pass through the Strait of Hormuz.

The rally was broad-based as all sectors ended the day in the green, with info tech performing the best as investors digested a rosy outlook for Nvidia from CEO Jensen Huang during his keynote GPU Technology Conference address. All Magnificent 7 stocks traded higher.

Bitcoin continued to show resilience, crossing above $74,000. Ethereum also extended its rally as BitMine Immersion Technologies continued its buying spree.

Stocks that moved higher:

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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."

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