SpaceX and Tesla stocks extend their slide as chip stocks drop: AlphaCheck

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Good morning. The major averages were mixed on Thursday as shares of SpaceX (SPCX) and Tesla (TSLA) also extended declines, dropping 6% and 9%, respectively. Shares of the Elon Musk-led companies were hit on Wednesday after Democrats took control of the House and Senate, raising concerns over regulatory hurdles for data center buildouts in the US. The Tech (XLK) sector declined on Thursday, as semiconductor stocks also extended declines following results from Qualcomm (QCOM) and Arm Holdings (ARM). Oil prices rebounded with Brent crude oil futures (BZ=F) jumping 3% to around $97 per barrel, while WTI (CL=F) also rose to $89 per barrel.