Today's biggest winners and losers in the stock market.
On this episode of Stock Movers, we look at some of the week's biggest gainers and decliners:
Shares of SpaceX (SPCX) climbed in their first day of trading on Friday following a $75 billion IPO that smashed records and instantly turned the crown jewel of Elon Musk’s business empire into one of the most-valuable public companies in the world. Space Exploration Technologies Corp., as it is officially known, bundles a rocket launching business, the Starlink broadband service and xAI, the AI segment. But much of the excitement about SpaceX — and its lofty valuation — stems from investors’ faith in Musk’s ability to pull off highly speculative ventures like placing data centers in orbit or colonizing space.
EchoStar (SATS) and AST SpaceMobile (ASTS) as well as shares of other rocket, satellite and space-related companies declined as investors raced to invest in SpaceX. Procure Space ETF, a fund with a market value of about $1 billion that had gained about 38% so far this year, slid as much as 7.9%.
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