SpaceX shares slide as it joins the tech-heavy Nasdaq-100

SpaceX's swift addition to the Nasdaq-100 index is expected to unleash billions in passive buying, as brokerages kicked off coverage of the $2 trillion rocket and satellite company with largely bullish views. The Elon Musk-led company joined the index on Tuesday, less than a month after its stock market debut on June 12 - among the fastest inclusions ever - thanks to the Nasdaq's revised rules for newly listed companies looking to enter widely tracked benchmarks. However, shares of SpaceX fell 5.4 percent, reflecting a slide in high-momentum tech stocks, including Micron Technology, on concerns about the longevity of the AI boom. "There's nervousness about expectations being too high," said Mark Hackett, chief market strategist for Nationwide. "I expect that to continue until we get some earnings out."