Why BlackSky Technology Stock Plummeted This Week
Key Points
BlackSky stock fell this week as tensions between the U.S. and China seemingly entered a cool-down period.
The stock posted rebound momentum Friday amid new developments in the Russia-Ukraine war and nuclear negotiations between the U.S. and Russia.
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BlackSky (NYSE: BKSY) stock suffered a double-digit pullback over the last week of trading. The satellite tech company's share price declined 10.7% across the stretch.
BlackSky saw a valuation contraction this week in response to U.S.-China trade news. On the other hand, the stock did see some recovery momentum in Friday's session following indications that the war between Russia and Ukraine doesn't have an easy end in sight. Even with the pullback, BlackSky stock is up roughly 96% year to date.
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BlackSky stock sinks amid easing of U.S.-China tensions
President Donald Trump met with Chinese President Xi Jinping in South Korea this week, and the two leaders were able to get a trade deal done at their meeting. While the trade agreement between the two countries was less comprehensive than some investors were hoping for, it does signal a near-term de-escalation in the trade war and other sources of geopolitical tensions. BlackSky provides satellite-based intelligence for military operations, and its stock has seen gains in conjunction with tense dynamics between the U.S. and China.
Russia-Ukraine news prompted some recovery for BlackSky stock
Despite sell-offs for most of the week, BlackSky stock saw rebound momentum in Friday's trading as new developments in the war between Russia and Ukraine hit the wire. Ukraine carried out strikes on Russian oil pipelines on Friday, and news emerged that Russia would be ramping up its bombing campaigns. Talks between the U.S. and Russia regarding nuclear arms also deteriorated. BlackSky has been providing satellite intel services to aid Ukraine's war effort, and it could continue to win contracts related to the conflict.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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