U.S. stocks fluctuate significantly as investors adjust their portfolios for SpaceX's IPO

According to Gate market data, US stocks experienced significant volatility today. The index opened higher, then faced selling during the midday session, and recovered some losses near the close. Most major indices closed lower, with the Nasdaq index down about 1% and the S&P 500 index slightly down 0.26%. Chip stocks were hit hard, with the Philadelphia Semiconductor Index closing down 1.9%. Many investors may be moving funds out of stocks that have risen significantly this year to free up cash for the highly anticipated SpaceX IPO this week.