Yiwen Lu10/7/24

US stocks sink in selloff of almost everything, oil rises

In a broad stock market selloff, the S&P 500 finished Monday down 1%. The Nasdaq 100 fell 1.2%, while the Russell 2000 dropped 0.9%.

Last Friday’s strong job report eased worries about a weakening labor market and reduced expectations for a 50-basis point rate cut in November. Traders are now pricing in a 15.5% chance of no rate cuts in the next Federal Reserve meeting, up from 2.6% on October 4. As a result, bond yields continued to climb, with the benchmark 10-year Treasury yields exceeding 4%.

Oil futures surged on intensified tensions in the Middle East. The November WTI crude rose 3.7% at settlement, while the global benchmark, Brent crude for December delivery, also climbed to settle above $80 per barrel. Both benchmarks hit their highest finish since late August.

Energy was the only S&P 500 sector that rose on Monday, up 0.4%. Utilities had the biggest retreat as the sector ETF plunged 2.3%. Vistra, the best-performing S&P stock so far this year, dropped 5.2% and was among the biggest laggards of the day.

Overall, 393 of the stocks in the S&P 500 sunk.

All Magnificent Seven stocks declined except for Nvidia. Tesla slid 3.7% ahead of its long-awaited robotaxi event on Thursday. Amazon sank 3%, one day before its Prime Day sale, after an analyst at Wells Fargo downgraded their rating for the e-commerce giant. Google fell 2.4%, following a judge’s ruling that the company must open up its Google Play store to third-party rivals.

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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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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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