It’s been a bumpy month for stock markets, but nobody told the Lloyds (LSE: LLOY) share price, which continues to impress.
Investors have been spooked by fresh worries about the Iran war and AI bubble. The initial excitement over the record-breaking Space Exploration Technologies Corporation (NASDAQ: SPCX) IPO has also subsided, and US tech is on the rack generally.
At $124, SpaceX shares now (18 July) trade below their debut price of $135, and far below their short-lived peak of more than $200. As well as wider AI concerns, Elon Musk’s intra-planetary vehicle has been hit by the scrapped launch of the Starship V3 rocket, concerns over lack of profitability, and potential selling as investor lock-ups expire.
Why are US tech stocks bumpy?
SpaceX only floated a tiny fraction of its shares (less than 5%) and this creates price volatility. It’s also attracted aggressive short sellers. Even a wave of money from index-tracking exchange-traded funds hasn’t spared investors the agony.
SpaceX was always going to take time to find its market price. Investors shouldn’t be too downhearted by the latest US tech sell-off. Investors have periodically rotated into more defensive sectors, but they’ve always come back. That said, I believe it’s wise to think carefully before considering SpaceX. I simply have no idea how to value this stock today.
Yet while the headlines focus on big tech, it would be wrong to think that markets are suffering across the board. Lloyds shares have continued their strong run to rise another 6% in the last month. They’re now up more than 40% over 12 months and almost 145% over five years, with generous dividends on top.
All the big FTSE 100 banks have benefited from recent higher interest rates, which have helped them widen the margins between what they pay savers and charge borrowers. In contrast to SpaceX, which lost $4.94bn in 2025, Lloyds has been posting handsome pre-tax profits as this list shows.
-
2025 – £6.66bn
-
2024 – £5.97bn
-
2023 – £7.50bn
-
2022 – £6.93bn
-
2021 – £6.93bn
The retreat in 2024 and 2025 was largely down to provisions for the UK motor finance mis-selling scandal, rising operating costs, and a squeeze on lending margins due to mortgage market competition. Lloyds shares still powered on boosted by the £1.75bn share buyback programme that began in January.
Sentiment remains upbeat. The 19 analysts offering one-year share price forecasts produce a consensus price target of 123p. If correct, that would mark a 10.3% increase from today’s 111.5p.
Of the 21 analysts giving stock ratings in the past three months, most are positive:
