Historically, September has been one of the toughest months for the S&P 500 (^GSPC -0.72%). This year, September could be a particularly volatile month for Space Exploration Technology (SPCX -1.02%), as the stock price fights to stay above its $135 initial public offering pricing.

This month, there are three challenges SpaceX stock will face. If it can get through it, the stock’s longer-term outlook looks brighter. Here are the three challenges and the potential.

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1. Negative returns in September

The first challenge for the SpaceX stock price is that September is just a historically tough time for the broader markets. From 1928 through 2023, the S&P 500 has averaged a negative return during September (down…