US stocks drop amid speculation of profit-taking for SpaceX IPO

The U.S. stock market experienced sharp fluctuations on June 9, the Wall Street Journal reported. Major indices opened higher but turned negative in the afternoon amid a sell-off. While they recovered some losses before the close, most finished lower. The Nasdaq fell by about 1%, and the S&P 500 edged down 0.26%. Semiconductor stocks were particularly weak, with the Philadelphia Semiconductor Index dropping 1.9%. The report noted that many investors are believed to be taking profits from this year's top-performing stocks to secure cash for the upcoming SpaceX initial public offering (IPO) scheduled for this week.