Why is Space Exploration Technologies stock sliding today?

Space Exploration Technologies Corp (SPCX.OQ) fell 3.6% after an early spike as traders locked in profits ahead of two near-term catalysts: its formal addition to the Nasdaq-100 and the expiration of the 25-day IPO underwriter quiet period on July 7. The quiet-period end is especially important because it should trigger fresh analyst coverage, with early price targets already spanning a wide range, highlighting valuation uncertainty. The stock has been highly volatile since its June 12 IPO, rising from a $135 offering price to as high as $225.64 before pulling back. The article also notes that broader markets were higher, so the decline reflects stock-specific event risk rather than sector weakness. Investors are also watching the August 6 earnings report and the initial insider lockup expiration, both of which could further affect supply, demand, and sentiment.