US Stock Market Move | The valuation frenzy is cooling down, SpaceX (SPCX.US) drops more than 7%.

On Wednesday, SpaceX (SPCX.US) opened lower, with intra-day losses widening to 7%, following a 12% cumulative gain over the previous two trading days. On the news front, the Federal Aviation Administration (FAA) updated its list of prohibited investments, adding SpaceX to the list and prohibiting its employees, spouses, and minor children from buying or holding the company's stock. This ban stems from the FAA's role in approving rocket launch permits and regulating the commercial space industry. Market analysis indicates that the previous feverish valuation surrounding SpaceX is cooling down, with investors becoming more cautious about the risks of overvaluing in the short term. Furthermore, today's tech stock market, with AI as the main theme, is trading cold, which is also dragging down SpaceX to a certain extent.