Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%) and DJIA (+0.9%) continue to improve this afternoon, while the Nasdaq Composite (-0.2%) inches closer to its flatline as selling pressure across technology stocks eases.

Despite the improving backdrop, SpaceX (SPCX 146.47, -5.69, -3.74%) remains under pressure, leaving shares down approximately 10% for the week. The stock has found some stability near $145 after briefly approaching $141 earlier today. Concerns about debt-funded expansion across the AI industry, heightened by recent credit-market scrutiny of CoreWeave (CRWV 66.25, +0.47, +0.71%), have drawn attention to SpaceX's roughly $37 billion debt burden and substantial financing requirements. Potential selling pressure following October's lockup expirations is another headwind.

Meanwhile, a sharp decline in Treasury yields continues to benefit rate-sensitive groups, particularly mortgage-related stocks. Rocket Companies (RKT 10.98, +0.45, +4.27%) is up 4.4%, while PennyMac (PFSI 61.42, +3.68, +6.36%), Rithm Capital (RITM 8.72, +0.36, +4.37%), and PennyMac Mortgage (PMT 7.22, +0.36, +5.17%) are also posting sizable gains. Lower yields could provide some relief to mortgage origination and refinancing activity following the recent increase in borrowing costs.