SpaceX Valuation Tops Microsoft After 10% Stock Surge, Tech Stocks Slide
MSFT•Shares of SpaceX climbed more than 10%, lifting its valuation above Amazon and briefly surpassing Microsoft’s to become the fifth-most valuable U.S. company. Technology stocks fell, dragging the Nasdaq Composite down 0.58% while financials rose 1.4% on sector rotation ahead of the Federal Reserve policy update.
1. SpaceX’s Valuation Milestone
SpaceX’s shares jumped over 10% following its initial public offering, elevating its market capitalization above Amazon’s and briefly surpassing Microsoft’s to rank as the fifth-most valuable U.S. company.
2. Technology Sector Underperformance
The S&P 500 technology index fell 1.7% and the Nasdaq Composite dropped 155.22 points (0.58%), with Microsoft and other heavyweight tech names leading the declines as investors shifted into financials and industrials.
3. Fed Policy Outlook and Tech Sentiment
Investors are awaiting the Federal Reserve’s policy announcement, expected to hold rates at 3.50%–3.75%, a cautious stance that prompted profit-taking in major technology stocks, including Microsoft.
