{"id":63612,"date":"2026-06-23T10:08:15","date_gmt":"2026-06-23T14:08:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-markets-slump-despite-robust-pmi-data-spacex-falls-below-debut-price\/63612\/"},"modified":"2026-06-23T10:08:15","modified_gmt":"2026-06-23T14:08:15","slug":"us-markets-slump-despite-robust-pmi-data-spacex-falls-below-debut-price","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-markets-slump-despite-robust-pmi-data-spacex-falls-below-debut-price\/63612\/","title":{"rendered":"US Markets Slump Despite Robust PMI Data; SpaceX Falls Below Debut Price"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US S&amp;P Global PMIs beat expectations across the board<\/strong>, with Manufacturing hitting <strong>55.7<\/strong> and the Composite index rising to <strong>52.2<\/strong> in June.<\/li>\n<li><strong>Major US indices opened sharply lower<\/strong>, led by a <strong>2.38% drop in the Nasdaq<\/strong>, as investors weighed strong economic activity against potential interest rate implications.<\/li>\n<li><strong>SpaceX (<a href=\"\/stock\/SPACE\">SPACE<\/a>) shares tumbled 3.9%<\/strong>, officially falling below the opening price of the company&#39;s highly anticipated trading debut.<\/li>\n<li><strong>Geopolitical tensions surfaced in Eastern Europe<\/strong> as Ukrainian President Volodymyr Zelenskyy opted to skip the Ukraine Recovery Conference in Gda\u0144sk amid a dispute with Poland.<\/li>\n<li><strong>The UK government has entered a policy standstill<\/strong>, confirming no new major spending commitments will be made until Keir Starmer departs 10 Downing Street.<\/li>\n<\/ul>\n<h2>US Economic Activity Accelerates in June<\/h2>\n<p>The US economy showed unexpected resilience in June, according to the latest <strong>S&amp;P Global PMI<\/strong> data. The <strong>Manufacturing PMI<\/strong> surged to <strong>55.7<\/strong>, significantly outperforming the estimate of <strong>54.6<\/strong> and the previous reading of <strong>55.1<\/strong>. This indicates a robust expansion in the factory sector despite broader market volatility.<\/p>\n<p>The <strong>Services PMI<\/strong> also saw a healthy uptick to <strong>51.3<\/strong>, beating the <strong>51.1<\/strong> consensus. These combined figures pushed the <strong>Composite PMI to 52.2<\/strong>, suggesting that the private sector is growing at a faster clip than anticipated. <em>Market analysts suggest that while the data is positive for growth, it may complicate the path for future interest rate cuts.<\/em><\/p>\n<h2>Markets Open in the Red; SpaceX Hits New Lows<\/h2>\n<p>Despite the strong economic signals, Wall Street faced a wave of selling at the opening bell. The <strong>Nasdaq (<a href=\"\/stock\/QQQ\">QQQ<\/a>)<\/strong> plummeted <strong>623.90 points, or 2.38%<\/strong>, to trade at <strong>25,542.70<\/strong>. The <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> (<a href=\"\/stock\/SPY\">SPY<\/a>)<\/strong> followed suit, dropping <strong>1.61%<\/strong> to <strong>7,352.61<\/strong>, while the <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (<a href=\"\/stock\/DIA\">DIA<\/a>)<\/strong> saw a more moderate decline of <strong>0.69%<\/strong>.<\/p>\n<p>Adding to the bearish sentiment, <strong>SpaceX (<a href=\"\/stock\/SPACE\">SPACE<\/a>)<\/strong> shares fell <strong>3.9%<\/strong>, marking a significant technical breakdown. The stock is now trading <strong>below its initial debut opening price<\/strong>, a move that may trigger concern among retail and institutional investors who participated in the recent public offering.<\/p>\n<h2>International Diplomatic and Economic Shifts<\/h2>\n<p>In Europe, diplomatic friction is impacting recovery efforts. Ukrainian First Deputy Prime Minister <strong>Yulia Svyrydenko<\/strong> will lead Kyiv\u2019s delegation to the <strong>Ukraine Recovery Conference<\/strong> in Poland, as <strong>President Volodymyr Zelenskyy<\/strong> skips the event. <em>The absence highlights a growing diplomatic rift between Kyiv and Warsaw at a critical juncture for regional reconstruction.<\/em><\/p>\n<p>Meanwhile, the <strong>United Kingdom<\/strong> is entering a period of political transition. A government spokesperson confirmed that no &quot;new major policy or spending commitments&quot; will be announced until <strong>Keir Starmer<\/strong> officially vacates his role as Prime Minister. This pause in governance comes as <strong>Bank of Canada<\/strong> Governor Tiff Macklem issued a warning in Paris regarding <strong>global imbalances<\/strong>, urging international leaders to address systemic risks to the financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US S&amp;P Global PMIs beat expectations across the board, with Manufacturing hitting 55.7 and the Composite index rising 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