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US Stocks: US Market Rises as Oil Retreats; SpaceX Spectrum Deal Hammers Telecoms
Oil prices eased as SpaceX’s spectrum purchase sent T-Mobile, AT&T and Verizon shares lower, with analysts warning of tougher competition for carriers.
- Wall Street's main indexes opened higher on Fri, Oct 9, as oil prices retreated on easing Middle East supply concerns, though telecom shares remained under pressure following SpaceX's spectrum acquisition.
- Musk described the Oct 8 deal to acquire 800 MHz of low-band spectrum as a "very big deal," addressing technical gaps for Starlink Mobile to become a major U.S. carrier.
- T-Mobile and Verizon shares fell 10% and 7% respectively, while European firms Deutsche Telekom and Telef declined 8% and 4% on the news of SpaceX's market entry plans.
- Morgan Stanley analyst Sean Diffley wrote that the transaction demonstrates SpaceX is "serious about entering the Mobile market," with low-band spectrum helping fill network dead zones.
- Gene Munster of Deepwater Asset Management expects SpaceX's telecom aspirations to eventually compete with Apple and Samsung, as the company builds "the world's most advanced mobile network.
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US stocks open higher as oil slips; telecoms hit by SpaceX spectrum deal
Oct 9 (Reuters) - Wall Street's main indexes opened higher on Friday as oil prices retreated on easing Middle East supply concerns, though telecom shares remained under pressure after SpaceX's spectrum acquisition raised competitive concerns acr...
(Seoul = Yonhap News) Reporter Yoon Jung-won of Yonhap Infomax = The three major stock indices of the New York stock market started higher, boosted by falling oil prices.
·Seoul, Korea (the Republic of)
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Coverage Details
Total News Sources16
Leaning Left2Leaning Right5Center3Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 20%
C 30%
R 50%
Factuality
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