Finance

The tech-heavy Nasdaq Composite dropped 0.8% today, closing at 26,363.44 and snapping its four-day winning streak. Heavy losses from newly public SpaceX and chipmaker Advanced Micro Devices weighted heavily on the technology sector, dragging down the index despite earlier intraday optimism.

Shares of SpaceX plummeted roughly 14% after the reusable rocket manufacturer issued its first public earnings report. Although top-line revenues managed to outpace Wall Street expectations, the disclosure of aggressive capital expenditure plans dedicated to building artificial intelligence infrastructure spooked investors.

Advanced Micro Devices experienced a share decline of up to 7% even though the company delivered record sales that technically surpassed consensus estimates. Financial analysts noted that investors had anticipated flawless guidance, a narrative complicated by comments that SpaceX intends to buy chips exclusively from rival Nvidia.