Why Rocket Lab Stock Plummeted This Week
Yahoo Finance ·
Rocket Lab ( RKLB +4.67% ) stock got hit with another round of big sell-offs this week, falling 25.3% across the stretch. Over the same period, the S&P 500 and the Nasdaq Composite fell 2% and 4.6%, respectively. While there wasn't any negative, business-specific news for Rocket Lab this week, its share price plummeted as investors moved out of space stocks and reacted to trends in the broader market. With this week's pullback, the stock is now down 44% from the lifetime high it hit earlier this year. The broader stock market saw pronounced bearish momentum this week, and space stocks suffered particularly large pullbacks. Excitement surrounding the initial public offering of Space Exploration Technologies has dissipated, and investors made downward reassessments for valuations across the space industry. Along with the bearish space stock trend, investors also sold out of many growth stocks in response to concerns that the Federal Reserve could be on track to raise interest rates. Despite the huge sell-off for Rocket Lab, there was actually some good news for the company this week.
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