Good morning. Stocks were little changed on Monday morning as investors looked ahead to key inflation data and earnings later on in the week. Oil prices rose, with the US benchmark WTI crude oil futures (CL=F) trading above $80 per barrel.
Here’s a check of the markets in early trading, as of 10:30 a.m. ET, based on a heat map powered by Yahoo Finance AlphaSpace data.
Energy (XLE) led sector gains, while Technology (XLK) traded roughly flat on balance. Within tech, hardware stocks gained, while shares of semiconductor makers and consumer electronics providers were under pressure.
Here are the top stocks Yahoo Finance readers viewed this morning: SpaceX (SPCX), Intel (INTC), Supermicro (SMCI), Arm (ARM), and CrowdStrike (CRWD).
1 trend we’re watching: Retail traders sell SpaceX stock for first time
The retail investor tide may be turning on SpaceX (SPCX) after 59 days in the public markets.
According to a Reuters story citing Vanda Research, individual investors became net sellers of Elon Musk’s rocket and satellite company for the first time on Friday, dumping a net $4.5 million in SpaceX shares.
The negative reading marks a turning point for SpaceX, breaking a streak of positive retail investor interest since its June 12 public listing.
(SPCX)
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132.89-0.22(-0.17%)
As of 12:56:39 PM EDT. Market Open.
Retail investors had stuck by SpaceX’s side even as the stock was cut in half from its peak price of $225.64 on June 16. But as my colleague Jared Blikre pointed out, enthusiasm began to cool in August even as mom-and-pop traders continued to buy the dip.
SpaceX stock withstood a turbulent week last week, posting weekly gains after a rocky earnings reception and the expiration of a lockup period had the bears circling.
Retail investors have been a key part of the SpaceX story. As part of the company’s go-public push, it allocated 20% of shares to retail investors, well above the typical amount 5% to 10%. The IPO reportedly drew over $70 billion in SpaceX orders from the retail crowd.
But the promise of future growth and Musk’s ambitions haven’t translated into gains over the past month. Though that could be changing as well.
On Monday, SpaceX stock turned higher, reclaiming its IPO price of $135 for the first time since July 15.
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