By Al Root
SpaceX stock fell for the first time on Wednesday. Shares were rising again in early trading on Thursday.
Shares of the AI, communications, and rocket company were up 1% at $193.75 in premarket trading, while S&P 500 and Dow Jones Industrial Average futures were rising 0.8% and 0.5%, respectively,
The move comes after the stock's first down day ever. Shares dropped 5% on Thursday, closing at $191.82. Before that, they rose for three consecutive days, trading as high as $225.64, up 67% from the $135 IPO price.
The market didn't help on Wednesday. The Nasdaq Composite fell 1.3% after the Federal Reserve held interest rates steady and retail sales numbers showed some discretionary spending weakness.
The overall market is probably a secondary factor in SpaceX trading. The stock is still very new and things like the introduction of options trading and buying by passive exchange-traded funds are affecting stock prices.
The Zephirin Group made a positive trading call on shares Tuesday evening, pointing out that only there is an "underappreciated supply-demand imbalance." Only about 640 million shares are available to trade right now, which isn't enough for the 300-plus index-tracking funds looking for SpaceX exposure.
Zephirin believes shares can hit $310 while the imbalance persists.
Write to Al Root at allen.root@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
June 18, 2026 05:37 ET (09:37 GMT)
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