Why SpaceX Stock Is Down Today

Space Exploration Technologies Corp. (NASDAQ:SPCX) stock is down 5.3% as of 2:53 p.m. ET on Wednesday, Nov. 4, after Democrats swept the midterm elections that Elon Musk spent heavily trying to swing the other way.

The S&P 500 and the Nasdaq Composite are both up 1.7%.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a “Double Down” signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same “Total Conviction” signal is flashing for a company 1/100th the size of Nvidia. Continue »

Elon Musk’s midterm spending falls short in Texas

Musk spent at leasillion backing Republican candidates this cycle. $224 million of that went to Texas — home of SpaceX and Tesla (NASDAQ:TSLA) — alone. The state featured a high-profile Senate race that will now count as one of the most expensive in U.S. history.

Despite his efforts, the Republican candidates for Senate, Governor, Lt. Governor, and several House races lost to their Democratic challengers.

What a Democratic Congress could mean for SpaceX stock

Musk has been eyeing a merger between Tesla and SpaceX that could leave him controlling most of the votes in the combined company. That was always going to draw scrutiny, but a Democratic Congress could make that harder still.

Blue-lit server racks behind glass line a modern data center corridor.

Image source: Getty Images.

The company’s AI efforts, which have been essential to the company’s recent growth, could face additional hurdles with potential moratoriums on data center building and tougher regulatory oversight of frontier AI labs.

That said, the stock’s fall was buffered by the announcement of a multiyear deal with Qualcomm (NASDAQ:QCOM) to build the ground network for Starlink Mobile, the company’s planned wireless carrier.

Should you buy stock in Space Exploration Technologies right now?

Before you buy stock in Space Exploration Technologies, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Space Exploration Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004… if you invested $1,000 at the time of our recommendation, you’d have $342,020!* Or when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $1,270,017!*

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