Stock Market Today, Oct. 22: SpaceX Earnings Beat Sparks Profit-Taking
Space Exploration Technologies (NASDAQ:SPCX), better known as SpaceX, a launch vehicles, spacecraft, and satellite broadband services provider, closed at $144.75, down 9.14%. Shares jumped 10% the previous day due to the company’s third-quarter earnings strength, but gave way to profit-taking and a share unlock. Investors are watching Starship test progress and spectrum regulation for wireless networks next.
Trading volume reached 193.8 million shares, coming in about 96% above its three-month average of 99.1 million shares. SpaceX IPO’d in 2026 and has fallen 10% since going public.
The S&P 500 (SNPINDEX:^GSPC) fell 1.22% to 7,663, while the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped 2.60% to 26,009. Among aerospace and defense launch services, spacecraft manufacturing, and satellite broadband/connectivity peers, Rocket Lab (NASDAQ:RKLB) closed at $51.22, down 4.56%, and Planet Labs PBC (NYSE:PL) closed at $13.08, down 4.60%.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.