Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.5%), and DJIA (+0.2%) remain on track for a higher finish to the week with just half an hour left in the session.

Meanwhile, SpaceX (SPCX 179.65, -12.17, -6.34%) is selling off for the second straight session as investors lock in profits following last Friday's blockbuster IPO, which priced at $135, opened at $150, and quickly turned into one of the most closely watched debuts in market history.

The initial exuberance was fueled by SpaceX's dominant launch position, Starlink's scale, government and defense relationships, Starship optionality, and the scarcity value of a newly public pure-play on space, satellite broadband, AI infrastructure, and national-security technology.

However, the same enthusiasm also pushed valuation to a meteoric level, with the P/S currently sitting at 130x, and that risk is now rearing its head as investors question how much future growth is already priced in after the post-IPO surge.