Stock Market Today, Oct. 9: AT&T Slides on SpaceX Spectrum Deal Threat

AT&T's stock closed at $22.17, down 9.81%. The decline was triggered by a spectrum deal between SpaceX and the Federal Communications Commission, which raised competitive concerns for legacy wireless providers.

The deal could allow SpaceX to combine its satellite-to-cell services with a terrestrial network, potentially turning the company into a "major mobile carrier" and setting the stage for a clash with established players like AT&T, T-Mobile US, and Verizon Communications.

Other communication stocks were also affected, with Verizon Communications closing at $41.65, down 8.75%, and T-Mobile US closing at $148.58, down 13.27%. The news hit these stocks hard, undermining a key part of their investment cases - the competitive landscape. According to Nasdaq Markets and Motley Fool, trading volume for AT&T reached 140.3M shares, about 182% above its three-month average.

Brief written by urgent.news from Nasdaq Markets, Bloomberg, Motley Fool — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.