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Stocks waver as all eyes are on Big Tech earnings

The S&P 500 finished flat as investors awaited tonight’s postmarket earnings from Meta, Microsoft, and Tesla.

Tasha Matsumoto, Luke Kawa

Stocks wavered as investors awaited tonight’s postmarket earnings from Meta, Microsoft, and Tesla. The S&P 500 finished flat after briefly crossing the 7,000 milestone for the first time ever. Tech helped power the Nasdaq 100 higher, while the Russell 2000 dropped.

The Federal Reserve held its policy rate at a range of 3.5% to 3.75% at its January meeting. The decision to stand pat was effectively universally expected by both prediction markets and economists, as monetary policymakers inserted language into their December statement implying that they would not be in a hurry to reduce rates again and the unemployment rate fell by more than anticipated in December, dipping to 4.4%.

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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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