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DATA DROP

Visualizing every day of the US stock market for the last 10 years

Just how common is a 2.7% drop like yesterday?

David Crowther

Your eyes probably saw a lot of red yesterday.

As recession fears mounted, momentum stocks skidded to a halt, slipped into reverse, and hit the gas full turbo, sending the SPDR S&P 500 Trust down 2.7% yesterday — the market’s worst day of the year. Tech names were core to the carnage: Tesla dropped 15%, Reddit lost 20%, Palantir sank 10%, and Apple and Nvidia both dropped 5%.

So, for the overall market, just how bad was yesterday?

Here’s every day of the S&P 500 since 2015:

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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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