FTSE 350 round-up: SpaceX selling and tech jitters dampen mood

Mining giants and tech-focused names are among the casualties in the FTSE 350 as fears over higher US rates feed into weaker trading on both sides of the Atlantic.

23rd June 2026 13:24

by Graeme Evans from interactive investor

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Crew Dragon, a spacecraft designed to carry astronauts to Earth orbit and beyond. Credit: Flickr via SpaceX.

The cooling of Space Exploration Technologies Corp Class A (NASDAQ:SPCX) shares as US tech valuations come under pressure today combined with weaker commodity prices to leave several high-profile FTSE 350 names deep in the red.

Big fallers in the FTSE 100 included Scottish Mortgage Ord (LSE:SMT) as SpaceX, which accounts for about a fifth of its portfolio, last night slumped by 16% to close just above the $150 price at which Wall Street dealings commenced on 5 June.

Elon Musk’s Starlink and rocket launch services business last week overtook Amazon.com Inc (NASDAQ:AMZN) as the world’s fourth-largest company after its newly listed shares briefly topped the $200 threshold.

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The valuation is now back near to $2 trillion (£1.5 trillion) after a $600 billion reverse over the past three sessions that has reflected post-IPO profit taking as well as the weaker market sentiment.

SpaceX shares were seen losing further ground at today’s US opening bell as Wall Street futures are pricing another big reverse for heavyweight technology and AI-led names.

The Nasdaq Composite yesterday fell 1.3% and the Magnificent Seven collection of mega-cap stocks slumped by 2%, which included declines of 5% for Alphabet Inc Class A (NASDAQ:GOOGL) and Amazon.

The weakening of the AI-led trade hasn’t been helped by the repricing of US Federal Reserve interest rate expectations, with traders now agreed that there will be an increase in September.

With positioning heavily skewed to AI, UBS has noted the start of a rotation where risk is recycled into new areas such as US cyclicals - especially industrials and financials.

It said today: “Investors increasingly recognise the crowding and ‘same bus’ dynamic, and many are beginning to question how much upside remains versus risk.

“In effect, we think the market still believes in the AI story structurally; but tactically, conviction is eroding at the margin, and some hedge fund investors have begun trimming exposure.”

The US tech jitters fed into today’s FTSE 100 session as Polar Capital Technology Ord (LSE:PCT), Pershing Square Holdings Ord (LSE:PSH) and blue-chip debutant Computacenter (LSE:CCC) all featured on the fallers board.

In the FTSE 250, Raspberry Pi Holdings (LSE:RPI), Seraphim Space Investment Trust Ord (LSE:SSIT) and Baillie Gifford US Growth Ord (LSE:USA) sustained hefty losses.

The elevated US rates outlook also had a negative impact on London-listed commodities stocks including Antofagasta (LSE:ANTO) and Fresnillo (LSE:FRES) in the FTSE 100 and the mid-cap pair of Hochschild Mining (LSE:HOC) and Atalaya Mining Copper SA (LSE:ATYM).

Their falls came as the price of gold fell towards $4,100 an ounce, a move that reflected the diminished appeal of holding the non-yielding asset at a time of rising US rates.

A stronger dollar, which makes commodities more expensive for international buyers, as well as signs of an easing of supply constraints also weighed on the copper price. Today’s falls mean the shares of Anglo American (LSE:AAL) and Glencore (LSE:GLEN) have lost 12% since early June.

The support of heavyweight stocks including AstraZeneca (LSE:AZN), British American Tobacco (LSE:BATS) and Diageo (LSE:DGE) limited the mid-morning downside for the FTSE 100 to 31.44 points at 10,406.41.

Marks & Spencer Group (LSE:MKS) also fared well after Worldpanel by Numerator data showed more strong trading in its food aisles as well as market-leading growth by its Ocado joint venture.

The FTSE 250 index fell by a much larger 341.74 points to 22,855.27, with Telecom Plus (LSE:TEP) shares down by 253p to 703p after the Utility Warehouse owner unveiled a new five-year plan alongside annual results.

The UK’s only platform for subscription-style essential household services said it aimed to double its number of multiservice customers from 500,000 to more than one million by 2031.

Adjusted profit for the current year is expected to be in the range of £80 million and £90 million, which is 39% below broker Peel Hunt’s mid-point estimate, as the company invests £55 million a year in support of its new strategy.

The company is targeting an annual profit of £175 million by the end of the five years, with earnings per share growing faster than total customer growth.

It also envisages shareholder distributions of about £100 million, representing around 80% of adjusted profit after tax, with at least 50% of this by way of dividends.

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