Wall St set to open lower after AI-led selloff; SpaceX worries hit telecoms
SPY•U.S. stock futures fell, with the Dow down 0.84%, the S&P 500 down 0.45% and the Nasdaq 100 down 0.28%, after an AI-led selloff. AT&T, Verizon and T-Mobile fell about 5% in premarket trading as SpaceX reportedly discussed launching a nationwide wireless carrier program.
1. Stocks set to fall
Wall Street’s main indexes were set to open lower Friday after a sharp selloff in AI-linked stocks. The Nasdaq fell nearly 3% on Thursday, while Friday’s futures showed declines of 0.84% for the Dow, 0.45% for the S&P 500 and 0.28% for the Nasdaq 100.
2. Telecom shares slide
AT&T, Verizon and T-Mobile each fell about 5% in premarket trading after a report said SpaceX was in talks with cellular infrastructure companies about launching a nationwide wireless carrier program. Crown Castle gained 10.5% and American Tower rose 7.3%.
3. Earnings and rates in focus
Investors were focused on earnings, with Microsoft, Alphabet and Amazon due to report next week. Brent crude held near a more than five-month high amid Middle East supply concerns, while markets expected the Federal Reserve to keep interest rates unchanged at its meeting next week. S&P 500 third-quarter profit growth was forecast at 32.3%, up from 30.7% previously.
