Yiwen Lu10/28/24

Stocks gain ahead of Big Tech earnings; oil slumps

The S&P 500 climbed 0.3% on Monday. The Russell 2000, which tracks small caps, kicked off the week up 1.6%. The Nasdaq 100 finished the day flat.

Most major S&P 500 groups advanced, except for the technology and energy sectors. The energy sector ETF fell 0.6%. The likes of APA Corporation and Diamondback Energy lost more than 3%, as they joined the biggest daily drop of crude oil this year. Both the US and global crude benchmarks plunged more than 6% at settlement on Monday, after a widely anticipated Israeli strike on Iran did not hit major oil facilities.

Conversely, financials and materials led major S&P 500 sectors.

Shares of mega caps were mixed today. Google, Meta, Amazon, and Apple — which all report earnings this week — gained on the day. Microsoft, which reports on Wednesday, slid 0.4%. Last quarter, big tech companies saw a significant rise in AI expenditures and expected to spend more, while investors questioned whether this spending generated actual returns.

Longer-term Treasury yields rose, hitting their highest levels since early July on an intraday basis. The Japanese yen weakened against the dollar following this weekend’s election.

And, one week ahead of the US vote, Trump Media & Technology Group spiked more than 20% on Monday, recouping losses from the sell-off in August and September.

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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.

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

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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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