Nia Warfield, Luke Kawa6/2/25

Tech and energy fuel positive start to the week for US stocks

US stocks enjoyed a positive start to the week, shaking off early losses to finish near their highs of the day. The S&P 500 rose 0.4%, the Nasdaq 100 gained 0.7%, and the Russell 2000 went up 0.2%.

The S&P 500’s rally came despite decliners outnumbering advancers by 22.

Energy was the best-performing S&P 500 sector ETF despite another production increase from OPEC+, while tech also put in a solid gain. Industrials was the lone sector to finish in the red.

Meta surged, while ad agencies fell, on the social media giant’s plan to launch an AI ad-creation tool.

US steel giants Nucor and Steel Dynamics surged double digits, leading S&P 500 gainers after President Trump said he would double tariffs on steel and aluminum imports beginning this Wednesday. On the flip side…

Detroit automakers Ford and GM both fell about 4% on the news and additional comments from the president that he wanted automakers to move full production to the US.

Advertising firms Omnicom, Interpublic, and WPP dipped over 2% on reports that Meta hopes to launch a tool that will use AI to create ad campaigns by the end of next year.

DraftKings shares dropped 6% and FanDuel parent Flutter Entertainment slipped nearly 3% after Illinois quietly passed a new budget over the weekend that tacks on steep new fees for high-volume sportsbook operators.

Shares of Tempus AI, an unprofitable vendor of cancer screening tests that also licenses data for use in drug discovery, soared 15%, erasing much of the loss it suffered after a short seller released a searing analysis of the stock last week.

Applied Digital soared 48% while CoreWeave jumped 8% after the former announced a pair of 15-year deals between the two tech companies to support the latter’s AI capabilities.

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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%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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Paige Oamek6/30/26

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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