SpaceX (SPCX) shares have fallen as much as 35% from their post-IPO peak of $225.64. The drop came just days after the company joined the Nasdaq-100, as heavy selling offset forced index buying.

The stock closed at $148 on July 8, below its $150 debut price for a second straight session. That erased nearly all the gains SpaceX made since its record June 12 listing.

A Sell-The-News Pattern for SPCX

SpaceX’s Nasdaq-100 inclusion required index-tracking funds to buy shares, even though the company keeps a small public float. That mechanical demand did not stop investors from selling into the news.

For a second day running, SPCX has traded under its opening IPO price. Image Source: Trading View

This is a familiar pattern, as Palantir saw the…