Big tech stocks saw significant selling by hedge funds. Some investors bought dips in these companies. Financial sector exchange-traded funds experienced strong buying interest. This activity occurred just before the highly anticipated initial public offering of Elon Musk's SpaceX. SpaceX's listing aimed for a massive valuation, potentially becoming a top U.S. company by market value.

SpaceX long-anticipated initial public offering, which could value the company at about $1.75 trillion, has triggered intense demand from retail investors eager to gain exposure…

"Some have bid for $10 billion or more of stock..."