Wall Street futures edge lower after AI selloff, telecom slide
SPY•US stock futures edged lower as investors reassessed AI funding costs and telecom shares fell on a report that SpaceX was in talks about launching a nationwide wireless carrier. Dow futures fell 0.59%, S&P 500 futures 0.25% and Nasdaq 100 futures 0.12%.
1. Futures edge lower
At 7:19 a.m. ET, Dow futures were down 0.59%, S&P 500 futures 0.25% and Nasdaq 100 futures 0.12%. The declines followed a sharp reversal in AI-linked stocks on Thursday, when the Nasdaq fell nearly 3%.
2. Telecom shares slide
AT&T, Verizon and T-Mobile fell more than 4% in premarket trading after a report said SpaceX was in talks with cellular infrastructure companies about launching a nationwide wireless carrier program. Crown Castle rose 8.6% and American Tower gained 6.1%; SpaceX shares rose 1.5%.
3. Investors weigh AI costs
Meta fell 0.6% after dropping nearly 8% on Thursday amid concerns about AI spending. Investors are focused on upcoming results from Microsoft, Alphabet and Amazon, while S&P 500 third-quarter profit growth is forecast at 32.3%, up from 30.7% previously. Newmont fell 1.3% after warning that unit costs are expected to trend higher in 2027.
