Blue Origin's New Glenn rocket explosion

What happened: On Thursday, a Blue Origin New Glenn rocket exploded during a static-fire test on a Florida launchpad, engulfing the area in a massive fireball. This is the latest setback for Jeff Bezos' Blue Origin, which is aiming to challenge SpaceX's dominance in space launches. The explosion occurred while the rocket was being prepared for its fourth launch.

Market impact: The incident sent shares of AST SpaceMobile (ASTS) and Planet Labs (PL) down 17% and 8% respectively, as investors reacted to the potential impact on the broader space industry. ASTS uses SpaceX as its primary launch provider, while PL operates a fleet of small satellites. Meanwhile, Virgin Galactic (SPCE) surged 11% on renewed interest in space tourism and satellite launches.

What to watch next: Blue Origin's investigation into the cause of the explosion will be crucial, with findings expected to be released in the coming days. Additionally, upcoming earnings reports from AST SpaceMobile (June 15) and Planet Labs (August 4) will provide insights into how these companies are navigating the current market conditions. Lastly, SpaceX's next launch, currently scheduled for June 16, will be closely watched as a potential indicator of investor sentiment towards the space industry.