SpaceX, AT&T, Crown Castle, Delta, Humana, and More Stocks That Explain Today’s Market

The stock market will be turning its focus back to earnings over the next few weeks. (TIMOTHY A. CLARY/AFP via Getty Images)

Key Points

• SpaceX rises after the company buys spectrum from Grain Management to support Starlink Mobile.
• AT&T, Verizon and other telecommunications stocks fall on investor concerns that SpaceX will enter the telecom market.
• Humana jumps after federal government data show the company achieved a four-star rating on a key Medicare Advantage contract.

Stock futures rose Friday as oil prices eased and investors moved past concerns over OpenAI’s sluggish revenue and looked ahead to next week’s earnings slate.

SpaceX rose 2.9% in premarket trading after the rocket and artificial-intelligence company bought spectrum from Grain Management, which it said would “pave the way for Starlink Mobile to become a major mobile carrier in the U.S.”

The news triggered a selloff across telecommunication stocks. AT&T fell 6.7%, Verizon dropped 5.4%, and T-Mobile slumped 7.5%, making the wireless carriers the S&P 500’s three worst performers ahead of the opening bell as investors fretted SpaceX will muscle into telecom.

Cell tower stocks, however, got a boost. American Tower gained 6.6%, Crown Castle climbed 7.5%, and SBA Communications advanced 8.2%.

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Apple dropped 2.5%. Nikkei Asia reported Friday that Apple told suppliers to cut production of iPhone 18 Pro and Pro Max components due to soft consumer demand.

Delta Air Lines slid 2.4% after the airline missed analysts’ fiscal third-quarter earnings targets as the Iran war sparked a surge in jet fuel prices that drove up costs.

Humana jumped 16% after the federal government released new ratings data on Medicare Advantage plans, showing Humana achieved a four-star rating on a key contract closely watched by Wall Street.

Cryptocurrency stocks rose as Bitcoin reached nearly $83,000, marking a sharp rebound from earlier this week, as global tensions intensified and energy costs rose. Strategy gained 2.3%, Robinhood Markets advanced 1.9%, and Coinbase added 1.8%.

AI stocks rebounded a day after a report about ChatGPT developer OpenAI’s weaker-than-expected revenue sparked a selloff. Advanced Micro Devices, Intel, Marvell, and Sandisk all traded higher.

Lumentum Holdings rose 6.1%. CEO Michael Hurlston said the company’s optical components have sold out through 2029. He added that Lumentum will struggle to meet as much as 70% of demand for certain products through next year.

Write to George Glover at george.glover@dowjones.com and Mariapaula Gonzalez at mariapaula.gonzalez@barrons.com

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