The stock of SpaceX continues its consolidation phase on the New York Stock Exchange one week after its Nasdaq listing. <\/p>\n
Samuel Boivin | Nurphoto | Getty Images<\/p>\n
Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.<\/p>\n
Each time the tech sector takes another leg down, the same question is raised: Is this the start of a more serious correction, or is it a buying opportunity? <\/p>\n
What you need to know today<\/p>\n Wall Street returned from a long weekend with a negative view on tech stocks<\/a>. <\/p>\n The Nasdaq Composite<\/a>\u00a0led declines on Monday with a drop of 1.32% to end at 26,166.60.<\/p>\n Investors rotated out of the “Magnificent Seven” names, with\u00a0Amazon<\/a>\u00a0dropping nearly 5% and\u00a0Meta Platforms<\/a>\u00a0falling 2%.\u00a0Alphabet<\/a>\u00a0shares slipped 5%, notching their worst daily performance in over a year, as brain drain concerns mounted following the\u00a0departure of two high-profile AI researchers<\/a>\u00a0for rivals.<\/p>\n But the big loser of the day was SpaceX<\/a>. The stock slumped 16% on Monday, marking three-straight days of losses<\/a>. The average investor who bought SpaceX shares in the open market after its debut has seen\u00a0nearly all of their gains disappear<\/a>\u00a0by the end of last week, thanks to the pullback.<\/p>\n Asia-Pacific markets are taking their cue from trading stateside<\/a>, sending South Korea’s Kospi<\/a> down over 8%, triggering circuit breakers, while Japan’s Nikkei<\/a> is also lower. <\/p>\n For more on whether the tech sell-off marks the start of a longer pullback or a buying opportunity, check out CNBC Pro<\/a>. <\/p>\n In geopolitical news, the U.S. Treasury has issued a\u00a060-day license<\/a>\u00a0authorizing the production, delivery, and sale of oil from Iran. <\/p>\n When asked if he could guarantee that Iran would not use these profits to rebuild its military, President Donald Trump said, “we’ll see.”<\/a><\/p>\n “Well, they’re not supposed to be doing that, so we’ll see,” Trump told CNBC’s\u00a0Eamon Javers<\/a>\u00a0at the White House during an executive order signing event when asked if he could ensure Iran would not use oil money for that purpose.<\/p>\n In the U.K., today marks the 10-year anniversary of the Brexit<\/a> vote to leave the EU, held on June 23, 2016. It comes amid fresh political upheaval for Britain, after Prime Minister Keir Starmer’s resignation<\/a> paved the way for rival frontrunner Andy Burnham to solidify his leadership bid. <\/p>\n For the four things investors should know about Andy Burnham, you can check out CNBC’s analysis here<\/a>. <\/p>\n \u2014 Leonie Kidd<\/p>\n And finally…<\/p>\n