Nia Warfield, Luke Kawa5/6/25

US stocks sink as markets consolidate after robust rebound

US stocks slumped for a second straight day as the momentum trade that has powered the market’s comeback sprung a leak. The S&P 500 fell 0.8%, the Nasdaq 100 gave back 0.9%, and the Russell 2000 declined 1.1%.

It’s some consolidation for the stock market after a nine-day streak of gains that erased all the losses since the Rose Garden tariff announcements. While the outlook for cross-border commerce is still shaping up to be much worse than feared, there’s still significant uncertainty and volatility surrounding levies on US imports going forward.

Healthcare was the worst-performing S&P 500 sector ETF on the day, with biotech giants like Moderna, Eli Lilly, Merck, and AbbVie dragging the group lower. On the flip side: utilities was the best-performing sector as Constellation Energy pulled a major reversal, closing up nearly 12% (and leading S&P 500 gains) after execs highlighted strong AI data center demand.

Sticking with earnings…

Palantir shares sank 12% after the software analytics company’s solid Q1 results failed to wow investors. Despite the sell-off, the stock is still up nearly 40% this month.

Hims & Hers stock soared almost 19% as investors continued to digest its Q1 earnings results, which topped estimates but pointed to a slowdown in the company’s core business.

Elsewhere… Sweetgreen shares fell 7% after JPMorgan downgraded the stock and slashed its price target as higher-income customers cut back on pricey salads.

DoorDash also sank nearly 8% after the food delivery giant said it had struck a deal to buy hospitality tech company SevenRooms for $1.2 billion in cash.

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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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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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