SpaceX and AST SpaceMobile Fall 5%, Rocket Lab Sheds 4% as China Rocket Milestone and Oil Spike Hit Space Stocks Quick Read – China’s Long March booster recovery led Bernstein to name China SpaceX’s top rival, sending SPCX down and likely weighing on RKLB and ASTS. – The UFO ETF…
id 2% as crude spiked on Hormuz tensions, while Bank of America maintained a Buy rating on RKLB with a $115 target. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Rocket Lab didn’t make the cut. Grab the names FREE today
Shares of SpaceX (NASDAQ:SPCX) are down 5% to $138.58 in early Monday trading, a fresh record low that sits below the $150 debut price and well off the $225 peak on June 16. The slide extends a bruising stretch for the stock, which had already dropped 10% over the prior week. Rocket Lab (NASDAQ:RKLB) is off 4% to $78.10, and AST SpaceMobile (NASDAQ:ASTS) is down 5% to $69.82.
The Procure Space ETF (NYSEARCA:UFO), the sector’s cleanest proxy, is down 2% to $46. The backdrop is risk-off market sentiment. The Strait of Hormuz conflict has lifted the WTI crude oil price and pushed the NASDAQ 100 down 1.09%, pressuring high-beta, pre-profit names first.