Yiwen Lu11/5/24

US stocks rally as America votes

The S&P 500 climbed 1.2% on Tuesday. The Nasdaq 100 rose 1.3%, while the Russell 2000 was up 1.9%.

All S&P sectors rallied on Tuesday. The consumer-discretionary-sector ETF gained the most, led by Tesla, which was up 3.5%, and Amazon, which added 1.9%. Auto stocks, including GM and Ford, rose as well. According to LPL Financial Chief Technical Strategist Adam Turnquist, automobile and automobile-component stocks are correlated with Republican nominee Donald Trump’s electoral prospects.

Among megacaps, Big Tech stocks also fueled growth in the broader market. Nvidia surged 2.9% to once again become the most valuable US company. Meta jumped 2.1%.

Looking at single stocks, Palantir Technologies extended its gain from Monday, up a whopping 23.5%. Yum! Brands earnings missed estimates, but the success at Taco Bell pushed the stock up 1.5% on Tuesday. Trump Media & Technology Group finished the day down 1.2%; the stock halted for volatility three times in afternoon trading, after its 18% daily gain was wiped out and shares finished down 1.2%.

Treasury yields lost some gains from earlier in the day, when rates jumped on the release of better-than-expected October business-services PMI data. But the 10-year Treasury yields finished the day down two basis points to 4.29%, while the 2-year yields rose two basis points to 4.2%.

Gold and crude-oil futures both inched higher. The dollar weakened.

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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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