Markets
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Stocks climb higher as traders buy the dip in chip stocks

While market breadth was weak, gains in semiconductors helped propel the S&P 500 and Nasdaq 100 higher.

Tasha Matsumoto

The S&P 500, Nasdaq 100, and Russell 2000 all climbed higher. The iShares Semiconductor ETF surged to one of its best days of the year as chip stocks rebounded.

Information technology, energy, and consumer discretionary were the only sectors to outperform the S&P 500. Utilities was today’s worst performer.

Oil prices rose as Israel and Iran traded strikes on each other, but pared steeper gains on news that the countries have halted their attacks.

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.

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