Wall St futures gain as oil slips; telecoms pressured by SpaceX spectrum deal
SPY•U.S. stock futures rose, with Dow futures up 0.17%, S&P 500 futures up 0.4% and Nasdaq 100 futures up 0.81%, as oil prices fell 1.2%. T-Mobile and AT&T shares fell more than 6%, while Verizon dropped 5.3% after SpaceX’s spectrum deal.
1. Futures rise as oil falls
U.S. stock index futures edged higher as oil prices retreated after President Donald Trump said the United States would not attack Iran before next month’s midterm elections. Brent crude fell 1.2% but remained above $100 a barrel. The 10-year Treasury yield was steady at 5.25%, near Wednesday’s 24-year high of 5.364%.
2. Telecom shares under pressure
SpaceX gained 3.7% after striking a deal to acquire a nationwide low-band spectrum portfolio. T-Mobile US and AT&T fell more than 6%, while Verizon dropped 5.3%, as the deal raised competitive concerns across the telecom sector.
3. Stocks and earnings
The S&P 500 and Nasdaq were on track for weekly gains despite pulling back over the prior two sessions; the Dow was headed for a small weekly gain. Nvidia rose 1.6% premarket, while Tesla and Amazon each gained around 1%. Big banks were set to report results the following week as quarterly earnings season picked up pace.
