No bueno (Charly Triballeau/Getty Images)

S&P 500 endures biggest drop of year

Shortly after midday, the more than 2% decline is the worst since mid-December.

3/10/25 1:15PM

It’s springtime for short sellers, as shortly after midday the S&P 500 was on pace for its worst day of 2025 so far.

While the broad health of the US economy seems to be an increasing concern for investors, on a granular level the tumble directly linked to the ongoing decline in large-cap technology stocks — Apple, Nvidia, and Tesla among them — whose enormous market values have given them tremendous sway in market-cap-weighted indexes for several years.

Apple’s appearance on the list of big decliners — tied to reports of a delay in its AI-enabled Siri upgrade — is adding pressure to the sell-off, as the iPhone maker had been a source of relative strength in Big Tech until recently.

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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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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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