Wall Street focus shifts to SpaceX, CVS and June sentiment data

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Wall Street focus on SpaceX, CVS, sentiment

Highlights

SpaceX stock closes at $153, up from its $135 debut two weeks ago, with a consensus analyst target of $242.57 despite a $62 Morningstar price target.
CVS shares surge 45% in three months to a new high of $104.66, with 25 analysts rating it overweight or buy, and an average price target of $104.25.
All Magnificent Seven stocks show double-digit declines from highs, while healthcare, utilities, and real estate outperform tech with respective weekly gains of 4.6%, 3%, and 2.5%.

Stocks and sectors in focus

As reported by CNBC, market attention for Friday centers on newly listed SpaceX, defensive strength in CVS and continued pressure on the Magnificent Seven stocks.

Friday marks two weeks since SpaceX debuted at $135 a share. The stock closes Thursday at $153 after reaching as high as $225.64 on June 16. FactSet data show nine analysts cover the company, with five buy ratings, two hold ratings and two underweight or sell ratings. Morningstar assigns a $62 price target, while the consensus target among analysts stands at $242.57.

CVS is also drawing attention after CNBC contributor and Halftime Report trader Josh Brown calls it the best stock in the market. The shares are up 45% over three months and hit a fresh high on Thursday. According to FactSet, 25 analysts rate the stock overweight or buy, while five rate it hold. The average price target is $104.25, compared with a Thursday close of $104.66.

Big Tech weakness and Friday data outlook

Large-cap technology remains under pressure, with all Magnificent Seven stocks trading in double-digit declines from their highs. Tesla is down 25% from its December high, Nvidia is off 17% from its May high, Microsoft is 36% below its July high, Meta Platforms is down 32% from its August high, Alphabet is off 18% from its May high, and Apple is 13% below the high reached earlier this month.

Apple shares fall 6% on Thursday after the company announces price increases for iPads and MacBooks. Over the past month, all of the Magnificent Seven names are down by double digits except Nvidia, which is down 9% in that period.

At the sector level, technology and communication services sit at the bottom of the weekly performance table. Healthcare is up 4.6% week to date, utilities gain 3%, and real estate rises 2.5%.

Investors are also watching the University of Michigan's June consumer sentiment reading due at 10 a.m. ET on Friday. Economists polled by Dow Jones expect a largely steady figure of 49.0, compared with 48.9 in the prior month. The State Street SPDR S&P Retail ETF, XRT, is up 4.3% in June and 9.4% over three months, indicating resilience in retail-related shares ahead of the data.

In our earlier analysis of CVS Health (CVS), we highlighted the stock’s bullish momentum near recent highs, supported by strong technical signals and a projected near-term trading range around the low-to-mid $100s. We also noted key drivers behind the move, including an earnings beat and the launch of an AI-driven health app, while flagging a Florida antitrust investigation as a regulatory risk that could temper further upside.

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