Stock Market Today: Nasdaq 100 Rebounds From OpenAI Scare, T-Mobile Tumbles 12%
Key takeaways
- SpaceX’s spectrum bid rattles U.S. wireless carriers, but the Nasdaq’s rebound keeps the tech‑heavy index on a modest upside.
- Nasdaq 100 up 0.4% to 30,844
- S&P 500 up 0.5% to 7,801
- Dow Jones up 0.6% to 51,550
What happened
U.S. stocks edged higher on Friday as the Nasdaq 100 rebounded from Thursday’s dip, while the wireless carriers plunged after SpaceX announced a $8 billion acquisition of an 800 MHz spectrum portfolio that still needs FCC approval. The deal also included plans for 15,000 Starlink Mobile Gen2 satellites and a target to serve existing wireless customers.
Why it matters
The spectrum deal signals SpaceX’s aggressive push into the wireless market, threatening incumbents like T‑Mobile, AT&T and Verizon. The Nasdaq’s rebound reflects investors’ relief that OpenAI’s weaker‑than‑expected revenue did not derail the tech index, while the carrier rout underscores the competitive threat from…
Short-term and longer-term
Short-term. In the next 24–48 hours, watch the carriers’ stock prices for further declines as investors digest the full implications of SpaceX’s bid.
Longer-term. Over the coming months, the carriers’ exposure to SpaceX’s potential entry could reshape the wireless landscape, impacting long‑term growth prospects for incumbents.