SpaceX Up 23%, Honeywell Down 18%: This Week's Biggest Movers

Let's set the scene: the US economy shed 23,000 jobs in July, revised prior months down another 103,000 combined, and the market's response was to throw a party. The Dow gained 152 points, the Nasdaq added 342, and the S&P 500 climbed 48. Why? Bad news is good news again, baby. Weak labor data kills the case for a September Fed rate hike, and traders treated it like a Beyonce surprise drop.

The week's undisputed winner was $SPCX. SpaceX surged nearly 23% and is now approaching its $135 IPO price after recovering from a 14% single-day crater earlier in the week. The selloff was triggered by its debut earnings report, which revealed AI capital expenditure of $25.8 billion, four times higher than the prior year. Spooky number, sure. But then Nvidia got an exclusive chip deal out of it and SpaceX announced a 10-gigawatt compute capacity target, and suddenly the market remembered this is a Musk company and vibes matter. Cramer called it a generational hold. Bloomberg analysts think 6 gigawatts is more realistic than 10, but even that would make SpaceX the third-largest cloud provider on earth.

On the other end of the leaderboard: $HON. Honeywell Aerospace was among the worst S&P 500 performers this week, dropping 18.5% after an unexpected outlook cut. Organic sales growth came in at 4-5%, roughly half of what analysts expected, with supply chain issues getting the blame. That's a brutal miss in a week where the rest of industrials were holding up fine.

Other names worth watching from this week's earnings parade: $MELI (MercadoLibre) printed $10.2 billion in revenue with 50% year-over-year growth, sustaining over 30% growth for more than 30 consecutive quarters. EPS contracted for a third straight quarter, but the top-line story is genuinely hard to argue with. $LYFT beat expectations with 22% gross bookings growth and reported San Francisco grew 20% year-over-year despite Waymo competing in the same market. $SG (Sweetgreen) slid around 15% after slashing annual guidance, citing a cyclospora parasite outbreak affecting fresh prepared foods nationally, which is exactly the kind of headline nobody puts in their bull thesis. And $FSLY (Fastly) quietly had a monster quarter with record revenue of $183 million, record gross margins of 65.8%, and raised full-year guidance to $732-$746 million, despite barely generating a blip in the financial media conversation.

The macro backdrop for all of this remains the Iran war, now in its fifth month. European gas prices surged up to 10% across two sessions and now sit roughly double January levels. Brent crude crossed $83 a barrel. A potential Strait of Hormuz deal between Iran and Oman kept getting teased by US officials without actually materializing, which is the geopolitical equivalent of vaporware. Until there's an actual signed piece of paper, energy volatility isn't going anywhere.

The week in one sentence: jobs broke, energy wobbled, SpaceX redeemed itself, and Sweetgreen got absolutely cooked by a parasite.