Peter Schiff says SpaceX is a warning for hyped stocks

Peter Schiff says SpaceX is a warning for hyped stocks, using the post-debut slide as evidence that market narratives can detach from fundamentals. SpaceX closed at $115.26 on July 22, down 6.7% on the day and about 49% below its record high, according to Seeking Alpha. Schiff, chief economist and global strategist at Euro Pacific Asset Management, said the move could be “a harbinger of things to come,” comparing it to other overhyped stocks and cryptocurrencies. He noted the stock is nearly 20% below the $135 level paid by institutions in June, though the article argues that the gap is closer to 14.6%. Beyond equities, the piece highlights SpaceX debt: 2056-note yields reportedly hit a record 7.6% this week, and average spreads widened versus Treasuries.