SpaceX shares slipped despite Nasdaq-100 inclusion
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- SpaceX shares dropped 6.8% to US$149.47 on Tuesday — a record-low close — the day after the company officially joined the Nasdaq-100 at market close; the stock is now more than 25% below its June 16 high of US$201.80, having first traded publicly June 12 at US$135 in a 4%-of-shares IPO the article calls record-breaking.
- More than 75 million SpaceX shares changed hands in Monday's closing auction at US$160.42 as index-tracking funds bought in to match the Nasdaq-100's new weight, yet the stock opened Tuesday at US$158.92 and the Nasdaq-100 finished the day down more than 1.75%.
- TD Securities' Peter Haynes said SpaceX now represents just over 1% of the Nasdaq-100 and that all major index inclusions are complete, leaving no further passive demand; Scotiabank's Alex Perel noted forced buying is widely anticipated and often attracts short sellers.
- Samsung shares fell nearly 7% in South Korea on AI-spending concerns after record second-quarter earnings, triggering a global semiconductor selloff that spilled into other memory and AI names, per Dehal Investment Partners.
- Crude benchmarks surged more than 2% Tuesday after Iranian attacks on ships in the Strait of Hormuz and the U.S. revoking Iran's oil license, driving bond yields higher and pulling tech stocks lower.
Why it matters: SpaceX's slide to a record-low $149.47 close — 6.8% in a day, 25% below its June 16 peak — came despite 75M+ shares of forced Nasdaq-100 buying and buy-equivalent ratings from major banks. With all major index inclusions now complete, TD Securities says the stock can now 'trade normally,' exposed to fundamentals and macro swings rather than forced demand.
