Wall Street Futures Rise Friday as SpaceX Spectrum Deal Sinks Telecom Stocks
U.S. stock futures pointed higher Friday morning as oil eased, but shares of T-Mobile, AT&T and Verizon fell sharply after SpaceX bought a nationwide low-band spectrum portfolio that could put the satellite company in direct competition with traditional wireless carriers.
U.S. stock index futures moved higher early Friday as crude oil pulled back, while shares of the major wireless carriers dropped after SpaceX agreed to buy a nationwide low-band spectrum portfolio, according to Reuters.
By 5:54 a.m. ET, Dow futures were up 86 points, or 0.17%, S&P 500 futures were up 31.5 points, or 0.4%, and Nasdaq 100 futures were up 251 points, or 0.81%, Reuters reported. The gains put the S&P 500 and the Nasdaq on course for weekly advances after both indexes set record highs earlier in the week on optimism about artificial-intelligence-driven third-quarter earnings, even though stocks had retreated during the previous two sessions. The Dow was tracking a smaller weekly gain.
Telecom stocks fall as SpaceX moves into spectrum
SpaceX rose 3.7% in premarket trading after striking the spectrum deal, which Reuters described as a direct, space-based challenge to established U.S. wireless companies. Investors sold the incumbents: T-Mobile and AT&T each fell more than 6%, while Verizon fell 5.3%.
Big technology stocks were mostly higher, with Nvidia up 1.6% before the open and Tesla and Amazon each up around 1%, according to Reuters. Among individual movers, Humana climbed 14.5% after federal data showed that 95% of its members were in Medicare Advantage plans rated four stars or higher for 2027. Apple fell 1.8% following media reports that it had asked some suppliers to cut production of components for the newly launched iPhone 18 Pro and iPhone 18 Pro Max, as higher memory-chip costs and price increases weigh on demand.
Oil and yields cool, but bank earnings loom
Brent crude fell 1.2% but remained above $100 a barrel, while the benchmark 10-year Treasury yield held steady at 5.25%, still near the 24-year high of 5.364% reached on Wednesday, Reuters reported. Attention now turns to next week, when the big banks begin reporting quarterly results and investors will test whether strong earnings can offset geopolitical risks and still-high borrowing costs.
Reporting based on coverage by Reuters.
