Wall St climbs as oil slips; SpaceX spectrum deal weighs on telecoms 

[BENGALURU] US stock indices edged higher on Friday (Oct 9) as oil prices retreated on easing Middle East supply concerns, though telecom shares remained under pressure after SpaceX’s spectrum acquisition raised competitive concerns across the sector.

Oil prices fell after US President Donald Trump said on Thursday the country will not attack Iran before US midterm elections in November, easing supply concerns.

Brent crude prices were down around 1 per cent, but were still trading over the US$100-a-barrel mark.

US Treasury yields were also calmer, with the benchmark 10-year yield steady at 5.25 per cent but holding close to the 24-year high of 5.364 per cent hit on Wednesday.

The benchmark S&P 500 Index and the tech-heavy Nasdaq Composite were headed for weekly gains despite pulling back over the previous two sessions, as optimism around an AI-driven third-quarter earnings season pushed both indices to record highs earlier this week.

The blue-chip Dow Jones Industrial Average was also on track for slim weekly gains, and the equal-weighted S&P 500 index was on track to snap a seven-week losing streak.

Megacap growth stocks were broadly higher, with Tesla rising 1.8 per cent, Nvidia up 1.5 per cent and Microsoft up 1.2 per cent.

Chip stocks were broadly higher a day after dropping sharply following reports that OpenAI’s annualised revenue was US$20 billion below prior expectations.

Ten out of 11 sectors advanced, with real estate and consumer discretionary leading the gains, each rising by about 1 per cent.

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The S&P 500 communication services sector was marginally lower after SpaceX gained 3.2 per cent after the rocket and satellite maker struck a deal to acquire a nationwide low-band spectrum portfolio, posing a direct challenge to US wireless giants.

Telecom firms traded lower, with T-Mobile US down 9.1 per cent, AT&T falling 7.4 per cent and Verizon easing 6.3 per cent.

At 9.42 am ET, the Dow rose 136.24 points, or 0.27 per cent, to 51,367.88, the S&P 500 gained 25.23 points, or 0.32 per cent, to 7,790.59 and the Nasdaq gained 130.99 points, or 0.48 per cent, to 27,324.33.

The quarterly earnings season gathers pace next week with big banks on deck.

Optimism around strong earnings continues to support US stocks despite geopolitical and rate concerns.

“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 movers, Humana jumped 16.6 per cent after US government data showed 95 per cent of the health insurer’s members were in Medicare Advantage plans rated four stars or higher for 2027.

Apple fell 2.2 per cent after a media report that the iPhone maker has told some suppliers to cut production of components for its newly-launched iPhone 18 Pro and iPhone 18 Pro Max, as soaring memory chip costs and price increases dampen consumer demand.

Delta Air Lines dropped 3 per cent, as the company cut its annual profit forecast by nearly a quarter at the midpoint of the range.

Advancing issues outnumbered decliners by a 1.65-to-1 ratio on the NYSE and by a 1.53-to-1 ratio on the Nasdaq.

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