What happened: SpaceX (SPCX) stock tumbled more than 6% on Thursday after breaking a three-day winning streak for the first time since the company’s public debut.
What’s behind the move: The stock extended losses of nearly 5% in the previous session after Fed Chairman Kevin Warsh’s press conference weighed on markets following the central bank’s decision to leave interest rates unchanged.
The slide comes after SpaceX edged past Amazon (AMZN) earlier this week to become the fifth-most-valuable stock, having briefly also climbed above Microsoft (MSFT) during Tuesday’s trading.
What else you need to know: The decline may serve as an indicator of whether the retail frenzy surrounding the launch is enough to justify a valuation that climbed three days in a row.
Vanda Research recently noted that SpaceX has topped the leaderboard as the most-bought stock by retail investors for three consecutive sessions since its public debut last Friday.
The firm noted SpaceX is starting to trade like a “Magnificent Seven” stock.
“Retail investors have bought roughly the same amount of SPCX over the last 3 sessions as they have bought NVDA, GOOGL, AMZN, MSFT, META, QQQ and SPY combined,” said the note.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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