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Report
SpaceX loses communication with 7th Starship rocket
The Street
Follow
1/17/2025
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Nintendo’s newest release.
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Sports
Transcript
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:03
Here's what we're watching on the street today.
00:05
Wall Street is trading higher on Friday,
00:07
putting stocks on track for their best week
00:09
since the November elections.
00:11
Economic data is doing little to temper the enthusiasm.
00:14
Housing construction ended 2024 at its fastest pace
00:17
since the early part of the year.
00:20
Homebuilders, however, are keeping their eyes
00:22
on mortgage rates, which recently topped 7%
00:25
for the first time since May.
00:28
Shifting now to other top business news,
00:31
the number seven isn't so lucky for Elon Musk's SpaceX.
00:35
A seventh test flight for its Starship rocket
00:38
ended with an explosion on the way into orbit.
00:41
The company confirmed on X that pieces of Starship
00:44
fell back to Earth and, quote, into the Atlantic Ocean
00:47
within the predefined hazard areas.
00:50
The falling debris prompted the FAA
00:52
to issue an aircraft warning over the Caribbean,
00:55
causing several airlines to divert flights.
00:59
SpaceX did manage to retain the rocket's booster,
01:02
which landed safely back to Earth.
01:04
This reusable so-called super-heavy booster
01:07
is key to keeping costs down
01:10
as Musk builds out his space business.
01:12
SpaceX already has a lucrative partnership with NASA
01:15
and is looking to maintain its dominance
01:17
in the space industry.
01:18
Musk, however, is not the only billionaire
01:20
with space ambitions.
01:22
Jeff Bezos' Blue Origin had a successful test flight
01:25
about 24 hours before the SpaceX explosion.
01:28
Blue Origin's New Glenn rocket
01:30
made its debut voyage into space
01:32
after previous attempts had to be scratched.
01:35
Bezos is also testing the viability of reusable rockets
01:40
as he looks to build a broadband satellite network in space
01:43
for his other company, Amazon.
01:46
That'll do it for your daily briefing
01:48
from the New York Stock Exchange.
01:50
I'm Conway Gittens with The Street.
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