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Stocks fall from record highs amid a software slump and rocky negotiations with Iran

Stocks fell as investors digested a report that Iranian Parliament Speaker Mohammad Bagher Ghalibaf has resigned from Iran’s peace talks team.

Tasha Matsumoto

Stocks began the day by trading sideways, but dropped after a report that Iranian Parliament Speaker Mohammad Bagher Ghalibaf has resigned from Iran’s peace talks team after intervention by the Islamic Revolutionary Guard Corps, a powerful wing of Iran’s military. The S&P 500, Nasdaq 100, and Russell 2000 all closed lower.

Utilities was the best-performing sector, while information technology was the worst as weak guidance from ServiceNow after the bell yesterday dragged the entire software sector down.

Bitcoin struggled to hold the $78,000 level amid geopolitical tensions putting pressure on risk assets.

Stocks that moved higher:

Stocks that moved lower:

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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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