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FollowingU.S. stocks rebound: Falling oil prices help technology stocks recover, putting pressure on telecommunications sector
On Friday, the U.S. stock market rebounded as falling oil prices helped Wall Street recover from a technology-led sell-off. However, telecom stocks fell sharply on concerns that Elon Musk's SpaceX would bring new competition.
According to Reuters, the S & P 500 index opened up 0.29% at 7,787.71 points; the Nasdaq Composite Index rose 0.55% at 27,342.93 points; and the Dow Jones Industrial Average rose 0.13% at 51,298.96 points.
Investors welcomed the easing in energy costs, but the latest released consumer confidence data shows that concerns about inflation and the U.S. economy remain ongoing.
Technology stocks recovered with the S & P 500 and Nasdaq index as oil prices fell.
Technology stocks rebounded after falling on Thursday. Previously, market concerns about artificial intelligence spending and OpenAI revenue prospects had dragged down major stock indexes.
President Donald Trump said the United States would not launch an attack on Iran before the November midterm elections, easing immediate concerns about further supply disruptions and prompting oil prices to fall back. Brent crude fell more than 1%, but remained above $100 a barrel.
Treasury yields also stabilized, with benchmark 10-year U.S. Treasury yields hovering around 5.24%, below a 24-year high of about 5.36% set on Wednesday.
This combination provides a degree of breathing room for growth stocks, which are particularly sensitive to borrowing costs. However, the broader S & P 500 rally remains fragile due to the high concentration of positions in the technology sector and variable interest rate expectations.
SpaceX triggered a sell-off in telecom stocks, and Humana's share price soared.
SpaceX announced that it would acquire national wireless spectrum resources for approximately US$8 billion, which led to a large sell-off in telecom stocks. Investors worry that its Starlink Mobile business could eventually challenge traditional cellular network operators. Shares of T-Mobile, Verizon and AT&T fell sharply, extending declines since Thursday's announcement.
In addition, SpaceX's spectrum transactions have also affected European telecommunications companies, including Deutsche Telekom. At the same time, tower operator shares bucked the trend and rose as investors expected SpaceX to bring potential infrastructure needs.
Among other individual stocks, Humana's share price soared on improved medical insurance advantages ratings; Apple fell on reports of weak orders for iPhone 18 Pro components. Delta Air Lines lowered its annual earnings outlook due to higher fuel costs, and its share price also slipped.
Consumer confidence drops to 46.3, inflation concerns rise
A new survey released by the University of Michigan showed that due to inflation concerns, the U.S. consumer confidence index fell to 46.3 in October from 48.1 in September, lower than economists 'expectations.
Americans 'assessment of the current economic situation fell to a record low of 44.7. Meanwhile, one-year inflation expectations rose to 4.7% from 4.6% in September. Long-term inflation expectations also rose slightly to 3.5%.
