Rocket Lab shares fall amid broader market selloff

Rocket Lab USA Inc. shares dropped 4.3% in morning trading on Wednesday.

The decline came as Treasury yields and oil prices rose, pressuring growth stocks and companies with high valuations. Space sector stocks faced broad selling pressure not linked to any specific company news.

The drop follows a strong performance over the past month, during which Rocket Lab shares climbed approximately 17%. The gains were fueled by the announcement of a 20-launch Electron contract with Japan's Synspective, marking the largest commercial Electron deal in the company's history.

Citi recently initiated coverage of Rocket Lab with a Buy rating and set a price target of $105.

The company is currently managing multiple projects, including the acquisition of Iridium, development of its Neutron rocket, and integration of recent acquisitions.

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