Markets
Nia Warfield, Luke Kawa

S&P 500 matches longest winning streak since 2023 on strong megacap tech earnings

US stocks surged out of the gate thanks to stellar earnings reports from megacap giants after the close on Wednesday and were poised for another day of massive gains, but gave back about half their advance for seemingly no reason late in the session.

The S&P 500 and Russell 2000 gained 0.6%, while the the Nasdaq 100 outperformed with a rise of 1.1%.

That marks eight straight positive days for the benchmark US stock index, tying a streak last seen in November 2023.

Tech was the best-performing S&P 500 sector ETF by far, while investors exited defensive sectors like consumer staples and healthcare.

Microsoft shares were still flying high (helping prop up the S&P 500) after topping earnings expectations Wednesday. Now the tech giant is hiking the price of its Xbox Series X console by $100 in the US — blame “market conditions.”

Meta also beat expectations on the top and bottom lines, fueling a 4% rise.

These solid reports from two so-called AI hyperscalers rejuvenated the AI trade in a big way: Nvidia, notably, rose 2.5% on a wave of investor enthusiasm.

Some more bright spots:

Roblox gained 3% after the gaming giant topped Q1 estimates and said daily active users soared.

Kohl’s shares jumped nearly 8% after the retailer ousted its CEO, saying he made company vendor deals tied to personal connections.

CVS jumped after the pharmacy chain reported an earnings beat and raised its full-year guidance.

Meanwhile, Eli Lilly and Qualcomm were some of the worst performers on the day, despite both posting earnings beats. Speaking of…

Shares of pharma giant Moderna also slipped despite topping Wall Street estimates, as sales for its COVID-19 vaccine (its biggest revenue driver) have slowed.

GM shares shed all their premarket gains Thursday after the automaker issued full-year guidance that showed tariffs could cost it between $4 billion and $5 billion this year.

Robinhood Markets shares fell as analysts dug into its latest earnings results, which beat on the top and bottom lines, but investors weren’t thrilled with its EBITDA guidance. (Full disclosure: Sherwood Media is an editorially independent subsidiary of Robinhood Markets Inc.)

McDonald’s slipped nearly 2% after the Big Mac maker beat profit estimates, but missed on revenue and posted its worst same-store sales decline since 2020.

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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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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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