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21 December 2020, Lower Saxony, Hanover: Nana the polar bear eats slices of peppers hanging from a Christmas tree at Hannover Adventure Zoo.
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Market Wrap

Stocks slump ahead of Fed meeting

Tech was the only sector to post gains today.

Tasha Matsumoto

Stocks skidded on Monday, with the S&P 500 and Nasdaq 100 trading lower, while the Russell 2000 was essentially flat. Tech was the only sector to end the day in the green.

While traders are confidently pricing in a quarter-point rate cut during the Fed’s meeting this week, uncertainty over how the central bank will handle easing in 2026 looms. Despite a rebound over the weekend, Bitcoin dropped ahead of the Fed decision. According to Timothy Misir, head of research at Blockhead Research Network, bitcoin is “politically and macro-sensitive this week,” and the Fed’s decision and Chair Jerome Powell’s subsequent speech are the “obvious market pivots.”

Stocks that moved higher:

Stocks that moved lower:

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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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