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US stocks take a hit on escalating Middle East combat

The S&P 500 closed Tuesday down 0.9%, falling from its record close on Monday.

Escalating conflict in the Middle East sent traders to the sidelines. The tech-heavy Nasdaq 100 was down 1.4%, while Russell 2000, which tracks small caps, retreated 1.5%.

Prices of oil jumped more than 5% on Tuesday early afternoon on the news that Iran launched a barrage of ballistic missiles at Israel, briefly topping $71 per barrel. The West Texas Intermediate crude for November delivery settled up 2.4%, while the global benchmark, December Brent crude, jumped 2.6%. However, crude oil futures were still nearly 20% below their 2024 peaks.

Among other commodities, gold and gas prices also rose.

The energy sector ETF gained 2.3%, the most among all 11 major sectors. Oil and gas company APA Corporation was the second-best S&P 500 performer on Tuesday, up 4.9%. Defense stocks advanced, as the iShares US Aerospace & Defense ETF climbed to a record high. Utilities also rose.

The tech sector was Tuesday’s biggest laggard, as the sector ETF suffered a 2.4% loss. It was dragged down by Apple, which fell 2.9%, and Nvidia, which lost 3.7%.

The dollar gained, while Treasury yields retreated.

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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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