SpaceX shares dropped 18% from their IPO peak, leaving average retail buyers near breakeven, raising questions about the rally's durability.
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Investing.com -- SpaceX (NASDAQ:SPCX) shares extended gains in premarket trading Monday after surging 19% on their Nasdaq debut Friday, when the rocket and satellite company completed the biggest initial public offering (IPO) in history and closed with a market capitalisation of roughly $2.1 trillion.
It’s fitting that the largest IPO ever debuted on a day that Wall Street was back chasing momentum stocks. The S&P 500 was up 0.5%. The Nasdaq was up 0.4%. The Dow was up 384 points, or 0.8%. SpaceX stock was up 27% to $170.
Nvidia stock fell late despite strong earnings. Elon Musk's SpaceX released its filing for a mammoth IP. Stocks rallied Wednesday as oil prices dived on Iran hopes.
The stock market hit highs as Nvidia led and AI chip IPO Cerebras soared in its debut, while Broadcom and Taiwan Semiconductor flashed buy signals. The Trump-Xi summit continues.
The Cerebras IPO is the most significant debut in the semiconductor industry since Arm.