The stock, trading under the ticker SPCX, climbed to $162 on July 3 after rebounding from an intraday low of $155. Market participants pushed the price past the $160 psychological threshold as buying volume increased toward the closing bell. Trump noted during a CNBC interview that he views his relationship with Musk positively, comparing the potential donation to contributions already made by other business leaders like Michael Dell. Despite the political buzz, legal requirements for the Trump Accounts initiative allow for publicly traded share contributions, though no official plans have been verified by SpaceX.
Institutional demand remains the primary engine behind the stock's recent performance. Analysts at JPMorgan project that the July 7 entry into the Nasdaq-100 could trigger approximately $4.3 billion in passive buying from index-tracking funds. Cathie Wood’s ARK Invest has already bolstered this momentum, accumulating over 250,000 shares across its funds throughout late June. However, headwinds persist; Citadel Securities cautioned that sustained high interest rates may dampen growth stocks, potentially creating friction for the current rally as investors weigh regulatory and macroeconomic uncertainties.
Comments (0)
No comments yet. Be the first!