Nasdaq futures indicated an upward trajectory on Friday, with major indexes set to record weekly gains. However, significant telecom stocks experienced a decline following SpaceX’s acquisition of spectrum aimed at enhancing its Starlink Mobile service’s position as a prominent mobile carrier. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average experienced increases of 0.9%, 0.4%, and 0.2%, respectively, in the latest trading session. As Friday approached, the benchmark S&P 500, the blue-chip Dow, and the tech-focused Nasdaq Composite exhibited increases of 0.6%, 0.1%, and a fractional rise for the week, respectively, with the Nasdaq on track to achieve its fourth consecutive weekly gain. Yesterday, stocks associated with AI experienced a decline after a report indicated that OpenAI’s annualised revenue was $20 billion lower than earlier projections, leading to a significant drop in both the Nasdaq and S&P 500 indices.
Tech stocks surged ahead of Friday’s opening, with Roundhill’s Memory ETF rising about 2% and the iShares Semiconductor ETF up around 1.5%. Meanwhile, the Roundhill Magnificent Seven ETF, tracking the top mega-cap tech firms, saw a slight increase of less than 1%. Elon Musk-led SpaceX announced late yesterday that it had agreed to acquire a nationwide low-band spectrum licence portfolio, which ‘addresses one of the key remaining technical gaps that will pave the way for Starlink Mobile to become a major mobile carrier in the US’. Shares of T-Mobile US, AT&T, and Verizon Communications all declined by at least 6% in response, while SpaceX stock increased by more than 4%. In contrast, tower operators Crown Castle and American Tower experienced gains of 8% and 7%, respectively.
In other notable stock moves, shares of Humana soared 14% following the health insurer’s announcement of improved Medicare Advantage plan star ratings for 2027. Conversely, Delta Air Lines experienced a decline of approximately 3% after the carrier reported earnings that fell short of expectations and revised its full-year profit outlook downward in light of elevated fuel prices. Oil prices experienced a decline following President Donald Trump’s statement that the U.S. would refrain from attacking Iran until after the midterm elections on November 3. U.S. benchmark West Texas Intermediate crude futures declined by 1.1%, settling at approximately $90.50 per barrel, whereas front-month Brent crude futures, serving as the international benchmark, retreated by 1.5% to $102.70.
The 10-year Treasury yield, a critical benchmark for various interest rates, stood at approximately 5.25%, reflecting an increase of nearly two basis points from Thursday’s closing value. The yield reached its peak in 24 years at nearly 5.37% on Wednesday. The University of Michigan Survey of Consumers reading for October is scheduled for release at 10 a.m. ET. A different consumer confidence index indicated that sentiment experienced a significant decline in September, reaching levels not observed since 2014. Bitcoin was trading around 83,000, up from overnight lows near 81,600. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, remained unchanged at 102.13. Gold futures increased by 1.3%, reaching $4,210 per ounce.
