Wall St climbs as oil slips; SpaceX spectrum deal weighs on telecoms
This comes after Trump said US will not attack Iran before midterm elections in November
US stock indices rose on Friday (Oct 9), with oil prices falling due to eased Middle East supply concerns. However, telecom shares faced pressure after SpaceX acquired a nationwide low-band spectrum portfolio, raising competitive concerns. Oil prices dropped around 1%, still trading above $100 per barrel. The S&P 500 and Nasdaq Composite indices were set for weekly gains, surpassing previous two-day declines.
Major stocks like Tesla, Nvidia, and Microsoft saw positive movements. Ten of the eleven sectors advanced, with real estate and consumer discretionary leading the gains. The S&P 500's communication services sector saw a slight decline following SpaceX's acquisition. Telecommunication firms, including T-Mobile US, AT&T, and Verizon, traded lower.
The Dow Jones, S&P 500, and Nasdaq Composite indices saw gains of 0.27%, 0.32%, and 0.48% respectively. Next week's focus will be on quarterly earnings, especially from big banks, as optimism around strong earnings continues to support US stocks despite geopolitical concerns and rate hikes.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
