Yiwen Lu11/8/24

US stocks had their best week of 2024

The S&P 500 was up 0.4% on Friday and 4.7% this week, its biggest weekly advance so far this year, as the postelection rally continues. The index crossed 6,000 briefly earlier today. Similarly, the Nasdaq 100 climbed 5.4% this week, while the Russell 2000 jumped 8.6%.

All 11 S&P 500 sectors were up this week, the first time since August. The consumer-discretionary sector added 7.5% this week, leading all sectors. It was primarily driven by Tesla, which rose 29.3% over the past five sessions.

On the day, communication services, technology, and materials declined.

Tesla was also the only Magnificent 7 stock that moved upward today. Other Big Tech companies were not enjoying the market rally as much as stocks that have a more obvious linkage to the president-elect, as the likes of Alphabet and Amazon declined modestly on Friday. Among other index movers, taser-maker Axon rose a whopping 28.7% after posting upbeat earnings; Airbnb fell 8.7% after a slight bump on Thursday.

Bonds had their biggest weekly gains since early September. Crude-oil futures fell on Friday, though the commodity still made gains this week. The US dollar advanced for the sixth consecutive week. Bitcoin neared the $77,000 benchmark.

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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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