Nia Warfield, Luke Kawa5/28/25

US stocks slump to lows late in session after reports of fresh semiconductor curbs on China

A listless day for US stocks turned into a bit of a sell-off late in the session after a report that the White House told chip software companies to halt sales to clients in China.

The S&P 500 closed down 0.6%, the Nasdaq 100 gave back 0.5%, and the Russell 2000 fell 1.1%.

Every S&P 500 sector fell outside of real estate, which was flat. Materials and energy were the worst performers.

Cadence and Synopsys slid about 11% on the report regarding chip software design sales to China, while Nvidia erased its pre-earnings gains. On the flip side, Fair Isaac and Warner Bros. Discovery were among the day’s top S&P 500 gainers. Elsewhere…

Abercrombie & Fitch soared as much as 30% after posting strong Q1 results, but the Zillennial-favorite retailer cut its full-year outlook and flagged $50 million in tariff-related costs.

Air taxi maker Joby Aviation also saw its stock surge 28% after announcing a $250 million investment from the world’s largest automaker, Toyota.

Shares of Dick’s Sporting Goods ticked up nearly 2% after the sportswear retailer topped Q1 estimates and reaffirmed its full-year outlook.

Stellantis shares fell 3% after the world’s No. 4 biggest automaker named ex-Jeep boss Antonio Filosa as its new CEO, as sales continue to slow in the US.

Shares of Rocket Lab jumped as much as 5%, before closing largely flat, after Stifel analysts upped their price targets on the stock and competitor SpaceX suffered its latest failure.

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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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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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