Why Rocket Lab Stock Plummeted This Week
Rocket Lab (NASDAQ: RKLB) stock suffered a substantial pullback over the last week of trading. The company's share price sank 25.1% across a stretch that saw the S 500 decline 2.6% and the Nasdaq Composite fall 4.7%.
Rocket Lab's valuation was under pressure this week as investors reacted to Blue Origin's rocket explosion the previous Friday and repositioned ahead of SpaceX's upcoming IPO. The company's stock also saw a substantial pullback in response to the Bureau of Labor Statistics' May jobs report. Despite this week's big sell-off, Rocket Lab's share price is still up roughly 58% year to date.
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Source Fool.com
