Markets
Nia Warfield, Luke Kawa

US stocks surge on trade truce with China

The US and China agreed to substantially dial down tariffs levied on one another for 90 days, a major de-escalation in the most important front of the trade war that’s whipsawed global markets.

The S&P 500 gained 3.3%, the Nasdaq 100 surged 4%, and the Russell 2000 rose 3.5% on the day, with traders bidding up shares of companies that had seen profit estimates slashed since the end of March in expectation of a recovery.

Monday’s rally sparked a wave of big movers, with NRG Energy, Stanley Black & Decker, and manufacturing giant Zebra Technologies leading S&P 500 gains. On the flip side, Cigna, Newmont Mining, and CVS landed among the day’s top decliners. Also of note:

Amazon and Apple, the megacap tech names with the most skin in the game regarding China, also jumped on the truce announcement, with the stocks up 8% and 6%, respectively.

Shopify soared nearly 14%, helping lead the day’s broader rally as the e-commerce giant gears up to join the Nasdaq 100 next Monday.

Cruise stocks Carnival, Norwegian Cruise Line, and Royal Caribbean climbed alongside the broader travel sector on hopes that a US-China tariff truce could boost consumer sentiment. Airlines gained altitude too, with American Airlines, Delta, and United Airlines all up more than 5% on the day

Pharma stocks including Pfizer, AbbVie, and Eli Lilly dipped in early trading after President Trump floated an executive order to curb drug pricing — but were all positive at the close.

Retailers like Sally Beauty, Five Below, Warby Parker, and Victoria’s Secret rallied on trade relief hopes. The sector has been one of the hardest hit by tariff tensions since China is a key manufacturing hub.

CoreWeave jumped 13% ahead of its first earnings report since going public. The newly IPO’d cloud computing player has seen a strong appetite for upside in the options market.

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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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