Stock Market Today, Oct. 9: Verizon Slides on SpaceX Spectrum Deal and Scotiabank Target Cut
Today, Oct. 9, 2026, SpaceX's low-band spectrum acquisition sparked a wireless sector rout, with Verizon down 10% and peers tumbling even steeper.
On October 9, Verizon Communications (VZ) experienced a significant drop in stock price, closing at $41.65, down 10.14%. This decline was primarily driven by the announcement of a spectrum deal by SpaceX, a subsidiary of Tesla, and a subsequent target cut by Scotiabank. Investors are closely monitoring the company's upcoming earnings call on October 26, hoping for insights into subscriber trends.
Trading volume for Verizon reached an unusually high 88.6 million shares, marking a 286% increase above its three-month average of 22.9 million shares. Meanwhile, the broader market also saw fluctuations, with the S&P 500 closing at 7,811, up 0.59%, and the Nasdaq Composite at 27,366, up 0.64%. Other peers in the integrated telecommunications services sector, such as AT&T (T) and T-Mobile US (TMUS), also experienced declines, with AT&T closing at $22.17, down 10.86%, and T-Mobile US closing at $148.58, down 13.27%.
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