Communications Services Fall Sharply as SpaceX IPO Fades -- Communications Services Roundup

Dow Jones04:48

The Communications Services sector was the worst performing in a broad stocks selloff fueled by the prospect of steep borrowing costs in the U.S.

The stunning rally in SpaceX lost some steam. The stock fell 4.9%, after a staggering rally that propelled shares nearly 50% above its IPO price in its first three days of trading. Individual investors bought roughly the same amount of SpaceX stock over its first three sessions as they have shares of Nvidia, Alphabet, Amazon, Microsoft, Meta, the Invesco QQQ Trust exchanged-traded fund and the State Street SPDR S&P 500 ETF, combined.

U.K. antitrust officials said Alphabet's Google should make its search rankings fairer and provide advance notice of any significant changes to its search services, giving the U.S. tech giant six months to act under the country's digital markets competition rules.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

June 17, 2026 16:48 ET (20:48 GMT)

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Comments

  • InvestToRetire
    04:57
    InvestToRetire
    It was over priced to start with. Then it went up as expected so now people who made money are cashing at least profits that they made. At least I think it could fall a bit more. It will surely drop when the next financial reports come out because they are a loss making company at least for now.
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