Yiwen Lu9/25/24

US stocks pull back from highs

The S&P 500 closed Wednesday down 0.2%, retreating from record highs. The Russell 2000 fell 1.2%. The Nasdaq 100, however, gained a modest 0.1% after wobbling between the positive and negative territory.

On the economic front, new home sales declined in August. Mortgage rates continued to drop, triggering a rise in refinancing activities to its highest level since April 2022.

Utilities and technology were the only two S&P sector ETFs that advanced. Utilities was up 0.5%, thanks to Vistra and Constellation Energy, both among the best individual performers of the day. Technology added 0.3% as hardware and semiconductor stocks, including Intel and AMD, rose. HP Enterprise also jumped 5.1% after Barclays upgraded their rating for the stock, citing demand from artificial intelligence data centers.

Among the S&P 500’s losers for Wednesday were GM and Ford, down 4.9% and 4.1% each. Morgan Stanley downgraded both stocks and lowered their price targets, citing competition from China.

Declines were widespread, as only 132 S&P 500 stocks gained.

Treasury yields edged higher. Gold hit another record high. Oil prices pulled back from yesterday’s gain, as WTI crude for November delivery settled 2.6% down at $69.7 per barrel, while November Brent crude lost 2.3% to settle at $73.5 per barrel.

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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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