US stocks dip after AI-led selloff; SpaceX worries hit telecoms
SPY•The Dow fell 1.01%, the S&P 500 lost 0.38% and the Nasdaq slipped 0.08% as investors reacted to an AI-linked selloff and fears of greater competition from SpaceX. AT&T, Verizon and T-Mobile fell 3% to 4.7%, while Crown Castle rose 12.6%.
1. Stocks retreat
The S&P 500 and Nasdaq touched five-week lows on Friday after a sharp selloff in AI-linked stocks. The Dow fell 535.54 points to 52,332.44, the S&P 500 lost 29.14 points to 7,634.09 and the Nasdaq declined 23.61 points to 25,986.76.
2. Telecom shares slide
AT&T, Verizon and T-Mobile fell between 3% and 4.7% after a report said SpaceX was in talks with cellular infrastructure companies about launching a nationwide wireless carrier program. Tower operators moved higher, with Crown Castle up 12.6% and American Tower up 6.9%.
3. Energy and earnings
The S&P 500 energy sector reached a record high as oil prices rose, while nine of the index’s 11 sectors declined. SLB gained 2.4% after beating third-quarter profit estimates. Markets were also focused on earnings due next week from Microsoft, Alphabet and Amazon.
