US Equities Rise as SpaceX Spectrum Deal Hits Rival Carriers
US equity indexes advanced in midday Friday trading, with the Nasdaq Composite up 0.5% to 27,320.1, the S&P 500 gaining 0.5% to 7,801.2, and the Dow Jones Industrial Average rising 0.5% to 51,501.7. The consumer discretionary…
US equity indexes advanced in midday Friday trading, with the Nasdaq Composite up 0.5% to 27,320.1, the S&P 500 gaining 0.5% to 7,801.2, and the Dow Jones Industrial Average rising 0.5% to 51,501.7. The consumer discretionary sector led the gains, while real estate was among the top performers. All sectors rose except for communication services and consumer staples.
The market move coincided with a release of preliminary economic data from the University of Michigan. The consumer sentiment index fell to 46.3 in October, down from 48.1 in September and below the 47.6 expected in a Bloomberg-compiled survey. Inflation expectations also ticked higher; respondents pegged one-year inflation expectations at 4.7%, up from 4.6%, and five-year expectations increased to 3.5% from 3.4%.
Treasury yields followed suit, with most rates climbing around midday. The two-year yield jumped six basis points to 4.82%, marking its strongest level since about mid-2024. The 10-year rate climbed 4.3 basis points to 5.27%. In energy markets, the front-month US West Texas Intermediate crude oil contract edged up 0.2% to $91.70 per barrel, while the global benchmark Brent crude climbed 0.2% to $104.45 per barrel.
Corporate news dominated the individual stock action, particularly in the telecommunications and health insurance sectors. SpaceX (SPCX) shares rose 1.6% after the company agreed to acquire a nationwide low-band spectrum portfolio from investment firm Grain Management. The acquisition is part of SpaceX's effort to establish Starlink Mobile as a major US mobile carrier.
The announcement weighed heavily on established US carriers, with T-Mobile US (TMUS) shares falling 9%, AT&T (T) dropping 6.8%, and Verizon (VZ) declining 5.2%. These three stocks ranked among the worst performers in the S&P 500.
In contrast, Humana (HUM) shares surged 12%, placing them among the S&P 500's top gainers. The healthcare company affirmed its full-year 2026 guidance of at least $9 in adjusted earnings per common share.
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