Tech rout, Bitcoin slide test demand ahead of SpaceX IPO
Why it matters: A 5% Nasdaq 100 drop and Bitcoin falling below $60,000 could drain retail cash from what may be a record IPO.
A sharp sell-off in AI-linked stocks, a drop in Bitcoin below $60,000 and rising Treasury yields are testing whether retail investors still have the appetite to absorb SpaceX’s planned market debut. The Nasdaq 100 fell 5% on Friday, its worst one-day drop in more than a year, after a stronger-than-expected US labor report fueled bets that the Federal Reserve could raise rates. The pullback hit some of the market’s favorite speculative trades just as demand builds for SpaceX, which could stage the largest IPO in history. The setup leaves investors weighing whether fresh money flows into Elon Musk’s rocket and satellite company or retreats from riskier assets more broadly.