US stocks: US market rises as oil retreats; SpaceX spectrum deal hammers telecoms

US stocks gained on Friday as easing concerns about Middle East supply disruptions pulled oil prices lower. However, telecom companies fell sharply after SpaceX’s spectrum acquisition heightened competition across the wireless industry, Reuters reported.

Meanwhile, the Dow Jones Industrial Average rose 136.24 points, or 0.27%, to 51,367.88. The S&P 500 gained 25.23 points, or 0.32%, to 7,790.59, while the Nasdaq Composite added 130.99 points, or 0.48%, to 27,324.33.

Crude prices declined after President Donald Trump said on Thursday that the United States would not attack Iran before next month’s midterm elections, easing fears of further disruptions to global energy supplies.


Brent crude fell about 1% but remained above $100 a barrel.

Treasury markets were comparatively calm. The benchmark 10-year US yield held at 5.25%, close to the 24-year high of 5.364% reached on Wednesday.

The S&P 500 and Nasdaq remained on course for weekly gains despite retreating during the previous two sessions. Expectations of strong third-quarter earnings, supported by AI-related demand, had lifted both indexes to record highs earlier in the week.

The Dow was also poised for a modest weekly advance, while the equal-weighted S&P 500 was set to break a seven-week losing streak.

Megacap growth stocks mostly advanced, with Tesla rising 1.8%, Nvidia gaining 1.5% and Microsoft adding 1.2%.

Semiconductor stocks rebounded after a sharp decline in the previous session, when reports that OpenAI’s annualised revenue was $20 billion below earlier expectations weighed on the sector, according to Reuters report.

Ten of the S&P 500’s 11 sectors traded higher. Real estate and consumer discretionary led the gains, rising about 1% each.

Communication services edged lower as investors assessed SpaceX’s agreement to acquire a nationwide portfolio of low-band spectrum. The transaction could allow the rocket and satellite company to mount a direct challenge to established US wireless operators.

SpaceX shares gained 3.2%, while T-Mobile US plunged 9.1%, AT&T dropped 7.4% and Verizon declined 6.3%.

Investor attention is turning to the quarterly earnings season, which gathers pace next week when major US banks begin reporting. Expectations of robust profits have continued to support equities despite geopolitical uncertainty and concerns about elevated interest rates.

“The banks are great to figure out: are people borrowing, and what the situation looks like right now ... that is also going to give us data as to what the Fed may or may not do,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.

Among individual stocks, Humana surged 16.6% after US government data showed that 95% of the health insurer’s members were enrolled in Medicare Advantage plans rated four stars or higher for 2027.

Apple fell 2.2% after a media report said the company had asked some suppliers to reduce production of components for its newly launched iPhone 18 Pro and iPhone 18 Pro Max. Higher memory-chip costs and product price increases were reportedly weighing on consumer demand.

Delta Air Lines dropped 3% after lowering the midpoint of its annual profit forecast by nearly 25%. Advancing stocks outnumbered decliners by 1.65 to 1 on the NYSE and 1.53 to 1 on the Nasdaq.

The S&P 500 registered four new 52-week highs and three new lows, while the Nasdaq Composite recorded 17 new highs and 75 new lows.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)