Stock Market Today, Aug. 6: Space Exploration Technologies Rises Despite First Lockup Expiration

Space Exploration Technologies (NASDAQ:SPCX), a rocket launch, spacecraft manufacturing, and satellite broadband services provider, closed at $114.92, up 6.14%. The stock surged after its first major lockup expiration made about 911.5 million insider shares eligible for sale. Investors are watching potential selling pressure and added float. Trading volume reached 252.4M shares, coming in about 109% above its three-month average of 121.0M shares. Space Exploration Technologies IPO'd in 2026 and has fallen 29% since going public.The S&P 500 (SNPINDEX:^GSPC) fell 0.16% to 7,711, and the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.06% to 26,348. Among aerospace and defense and launch-services peers, Rocket Lab (NASDAQ:RKLB) closed at $75.67, up 1.14%, while AST SpaceMobile (NASDAQ:ASTS) finished at $67.36, down 1.49%, reflecting mixed trading across space-linked names after the float unlock in Space Exploration Technologies.It was supposed to be a high-risk day for SpaceX investors as the number of tradable SPCX shares more than doubled due to the company’s first major lockup expiration, but the stock rose 6%. It is virtually impossible to pinpoint the exact reason why this was the case, but it somewhat quells a significant fear that faced the stock previously.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool