Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%) and DJIA (+1.0%) remain higher while the Nasdaq composite (+0.1%) now oscillates around its flatline as select mega-cap tech names face pressure.

SpaceX (SPCX 115.44, -9.88, -7.89%) is sharply lower today after making a strong move into its first public quarterly report last night. Q2 was operationally strong, with revenue surging 92% year-over-year to $7.81 billion, nicely above expectations, while net loss narrowed to $541 million and adjusted EBITDA nearly tripled to $3.54 billion. Revenue growth also accelerated across all three segments. However, investors appear focused on the significant capital spending required as SpaceX scales its AI, Starlink, and Starship ambitions. With SpaceX's lofty valuation still reflecting its longer-term ambitions more than its current earnings and cash-flow profile, investors appear unwilling to look past the capital intensity despite the Q2 beat. For now, the report reinforces the potential of SpaceX's integrated launch, connectivity, and AI model, but also the substantial spending and execution it requires.

Meanwhile, Advanced Micro Devices (AMD 480.01, -38.57, -7.44%) continues to move lower after its own earnings release, pressuring the PHLX Semiconductor Index (-1.1%).