U.S. stocks rebounded Friday as falling oil prices helped Wall Street recover from a technology-led selloff, although telecom shares plunged on fears of new competition from Elon Musk's Space
U.S. stocks rebounded Friday as falling oil prices helped Wall Street recover from a technology-led selloff, although telecom shares plunged on fears of new competition from Elon Musk's SpaceX.
The S&P 500 opened 0.29% higher at 7,787.71, while the Nasdaq Composite gained 0.55% to 27,342.93. The Dow Jones Industrial Average advanced 0.13% to 51,298.96, according to Reuters.
Investors welcomed easing energy costs, but fresh consumer sentiment data revealed persistent concerns about inflation and the American economy.
S&P 500 and Nasdaq Recover as Oil Prices RetreatTechnology stocks recovered after Thursday's declines, when concerns about AI spending and OpenAI's revenue outlook weighed on major indexes.
Oil prices eased after President Donald Trump indicated the United States would not attack Iran before the November midterm elections, reducing immediate fears of further supply disruptions.
Brent crude declined more than 1% but remained above $100 per barrel.
Treasury yields also stabilized, with the benchmark 10-year yield near 5.24%, below Wednesday's 24-year high of approximately 5.36%.
The combination provided some relief for growth stocks, which are particularly sensitive to borrowing costs.
However, the broader S&P 500 rally remains vulnerable to concentrated technology exposure and shifting interest-rate expectations.
SpaceX Sends Telecom Stocks Lower as Humana SurgesTelecommunications stocks faced heavy selling after SpaceX announced an approximately $8 billion agreement to acquire nationwide wireless spectrum.
Investors fear its Starlink Mobile business could eventually challenge established cellular operators.
T-Mobile, Verizon and AT&T fell sharply, extending losses from Thursday's announcement.
The SpaceX spectrum deal also pressured European telecom companies, including Deutsche Telekom.
Meanwhile, cell tower operators rallied as investors anticipated potential infrastructure demand from SpaceX.
Elsewhere, Humana surged following improved Medicare Advantage ratings, while Apple declined after reports of weaker iPhone 18 Pro component orders.
Delta Air Lines also slipped after lowering its annual earnings outlook amid rising fuel expenses.
Consumer Sentiment Falls to 46.3 as Inflation Fears RiseA new University of Michigan survey showed U.S. consumer sentiment declining to 46.3 in October from 48.1 in September, below economists' expectations.
Americans' assessment of current economic conditions dropped to a record-low 44.7.
Meanwhile, year-ahead inflation expectations increased to 4.7%, compared with 4.6% in September.
Longer-term inflation expectations also edged higher to 3.5%.
