Nasdaq ticks up as tech stocks steady; SpaceX worries hit telecoms
SPY•The Nasdaq rose 0.32% as the Dow fell 0.95% and the S&P 500 slipped 0.11%. Telecom shares declined after a report said SpaceX was in talks about launching a nationwide wireless carrier program.
1. Mixed market trading
The Nasdaq edged higher on Friday as some technology stocks stabilized, while the Dow fell 0.95% and the S&P 500 lost 0.11%. The Philadelphia Semiconductor index rose 1.4%, and the S&P 500 energy sector reached a record high as oil prices climbed.
2. Telecom shares fall
AT&T, Verizon and T-Mobile fell between 1.3% and 5.6% after a report said SpaceX was in talks with cellular infrastructure companies about launching a nationwide wireless carrier program. Crown Castle rose 11.11% and American Tower gained 4.8%; SpaceX shares rose 2.2%.
3. Earnings and economic data
Investors were focused on the earnings season, with Microsoft, Alphabet and Amazon scheduled to report the following week. S&P 500 third-quarter profit growth was forecast at 32.3%, up from 30.7% previously, while University of Michigan data showed consumer sentiment edged down near a record low in October.
