Markets
Yiwen Lu

US stocks slip from record highs

The S&P 500 dipped slightly from Thursday’s all-time high to finish down 0.2% on Friday, while still closing the week up 1.4%. The tech-heavy Nasdaq 100 also lost 0.2%. The Russell 2000, which had been on a growing streak since September 10, was down 1.1%, but it had a weekly gain of 2.1%. 

Most S&P sectors ETFs retreated. Utilities, however, gained 2.7%, with the entire space as well as uranium miners buoyed by Constellation Energy’s plan to restart its Three Mile Island nuclear plant in Pennsylvania. Constellation Energy's shares added 22.3%, a record-setting gain for the company that pushed the stock to all-time highs.

Intel stocks were up 3.4% after The Wall Street Journal reported that Qualcomm was in talks with Intel about a takeover. 

On the other hand, FedEx plunged 15.2% after missing estimates. During the earnings call, FedEx’s CEO Rajesh Subramaniam said “the magnitude of the Fed rate cuts yesterday signal the weakness of the current environment.”

Oil prices were lower. WTI futures settled down 0.4% to $71.9, while Brent futures settled down 0.5% at 74.5. However, it was the second straight week of gains for both benchmarks, as they recover from their Sept. 10 low.

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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.

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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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