Treasury Yields Reach 24-Year Highs, Telecom Stocks Sell Off: This Week On Wall Street
S&P 500 tops 7,800 as Treasury yields hit 24-year highs. AT&T, Verizon and T-Mobile sank thanks to SpaceX. Bank earnings and CPI are next.
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Crown Castle shares pop with wireless tower and infrastructure stocks after SpaceX agreed to buy a nationwide block of wireless spectrum.
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S&P 500 tops 7,800 as Treasury yields hit 24-year highs. AT&T, Verizon and T-Mobile sank thanks to SpaceX. Bank earnings and CPI are next.
The Nasdaq 100 recovers from Thursday's OpenAI-driven selloff while T-Mobile sinks 12% on SpaceX's spectrum deal and the 10-year yield holds near 5.26%.
SpaceX's wireless expansion pressures Verizon but could benefit American Tower, Crown Castle and SBA Communications.
ASTS stock plunges 15% as SpaceX expands Starlink. Could gains in SpaceX shares offset ASTS-driven losses in the Procure Space ETF?
AT&T stock falls 11%, on track for its largest one-day loss since December 2000, after SpaceX agrees to buy nationwide low-band spectrum.
SpaceX announced plans to acquire a low-band spectrum portfolio from Grain Management for $8 billion, completing its spectrum needs for mobile service. The low-band spectrum enables signals to travel through walls and solid structures, allowing Starlink to enhance its mobile service capabilities. While this threatens traditional telecom carriers, analysts expect SpaceX won't materially impact their operations until at least 2029.