US tech stocks dropped sharply on Wednesday as Wall Street was hit with a fresh jolt of volatility ahead of SpaceX’s historic market debut.
The Nasdaq Composite dropped 2 per cent in a sell-off that accelerated late in Wednesday’s trading session. The blue-chip S&P 500 fell 1.6 per cent.
Wednesday’s drop is the latest sign of how investors are growing increasingly nervous about the scale of the rally in shares of companies linked to the AI boom over the past year. It also comes as Wall Street is preparing for a historic deluge of stock, with SpaceX set to raise as much as $86bn in its initial public offering on Thursday evening. SpaceX shares will open for trading on the Nasdaq on Friday.
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