US stocks ended Friday, October 9, higher as investors looked ahead to earnings season, while SpaceX’s wireless ambitions sent telecom carriers tumbling and tower owners soaring.
The S&P 500 and Nasdaq gained 0.6%, while the Dow rose 0.8%. Buyers held firm despite rising borrowing costs and another weak consumer survey. The University of Michigan’s preliminary October sentiment index fell to 46.3, its second-lowest reading on record, while the 10-year Treasury yield reached about 5.24%.
SpaceX’s acquisition of nationwide low-band wireless spectrum raised concerns that Starlink Mobile could become a stronger competitor to established carriers. T-Mobile fell 13.3%, AT&T dropped 9.8%, and Verizon lost 8.8%. Meanwhile, Crown Castle jumped 15.6% and American Tower gained 9.3%.
The opposite reactions reflected different business prospects. Carriers face a potential new rival for subscribers, while tower owners could gain a customer. Analysts cited by Reuters said even a satellite-focused network could need towers, rooftops and other ground infrastructure. That remains a potential opportunity, rather than guaranteed rental income. regarding reuters.
Vaccine stocks also rallied. Moderna climbed about 14% to $225, while Novavax gained roughly 16%, following reports of a planned federal effort to accelerate cancer-vaccine development. The sector’s rally reflected optimism about future opportunities; it did not establish an equivalent commercial benefit for every company whose shares rose.
Friday’s gains continued the pattern explored in Big Tech Keeps Stocks Afloat as Rising Rates Test the Rally: investors remain willing to buy despite pressure from higher yields.
The market finished stronger, but the sharp divide between wireless carriers and tower owners showed how quickly a single deal can change expectations for an entire industry.
Disclosure: This article does not represent investment advice. The content is for informational and educational purposes only.
