SpaceX Spectrum Deal Shakes Up Telecom Stocks

US stock futures signaled a positive opening for October 9, 2026, bolstered by slipping oil prices and a rebound in chip stocks. Pre-market trading saw significant activity, with Humana shares advancing 14.4% to $443.23 after receiving a highly favorable assessment from Medicare Star Ratings. The insurer's primary plan achieved a 4-star rating, boosting its total membership in higher-rated plans to 93%.

SpaceX also experienced a notable gain of 3.9% in pre-market trading. This surge followed the announcement of a Thursday deal where the company agreed to purchase a nationwide low-band spectrum portfolio for approximately $8 billion in cash from private-equity firm Grain Management. This strategic acquisition is expected to significantly impact the wireless market.

Conversely, US telecom stocks faced sharp declines in pre-market trade. T-Mobile shares fell 6.5%, Verizon dropped 5.9%, and AT&T was down 5.6%. These movements reflect investor concerns over intensified competition resulting from SpaceX's entry into the wireless market.

Wall Street's positive outlook was further supported by Nasdaq futures rising 0.85% and S&P 500 futures up 0.43%. The gains coincided with a dip in Brent crude prices below $103 a barrel, influenced by President Trump's statements indicating no immediate attack on Iran before midterm elections and hinting at "productive discussions." This eased tensions that had previously driven crude prices higher following concerns about the Middle East.

Treasury yields remained stable on Friday after reaching multi-year highs. The 10-year US Treasury yield stood at 5.23%, and the 30-year note yield was unchanged at 5.61%. The two-year Treasury yield saw a slight increase of over 2 basis points, settling at 4.78%, as traders assessed the geopolitical developments and their potential economic implications.