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Stocks break winning streak as oil rises amid strikes in the Middle East

The S&P 500, Nasdaq 100, and Russell 2000 all dropped as traders assessed attacks in the Gulf.

Tasha Matsumoto

Stocks broke their nine-session winning streak while oil prices rose amid renewed tensions in the Middle East, with Iran launching missiles on Kuwait and ​Bahrain and the US striking Iran’s Qeshm Island.

Energy was the best-performing sector while information technology was the worst.

The ADP employment report showed that the private sector added more jobs than expected, though continued signs of economic resilience could turn the Fed more hawkish.

Bitcoin tumbled toward $65,000 as an analyst warned crypto may be “forced to go through a painful metamorphosis.”

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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