[Pre-Market US Stocks] SpaceX Enters Mobile Communications, Telecom Stocks Plunge; TMUS Down Over 7%, T Down Over 6%; AI Chip Stocks Rally Together

TradingKey - On Friday (October 9) Eastern Time, falling oil prices and a rebound in AI chip stocks improved market sentiment, with U.S. stock futures rising collectively; however, high U.S. Treasury yields kept the market cautious, and Delta Air Lines' downward revision of its full-year profit guidance also weighed on sentiment.

As of press time, Dow futures were up about 0.14%, S&P 500 futures were up about 0.41%, and Nasdaq 100 futures were up about 0.86%.

Source: Investing

In commodities, international oil prices retreated from the previous session's highs. WTI (USOIL) crude oil fell about 0.6%, trading around $90.6; Brent crude (UKOIL) fell about 1.3%, dropping to around $102.8. Trump's statement that the U.S. and Iran are conducting "productive discussions" and that the U.S. will not attack Iran before the November midterm elections eased market concerns about supply disruptions. Gold (XAUUSD) rose about 1.3%, climbing to around $4,190.

In cryptocurrencies, Bitcoin (BTC) rebounded to around $82,500. Falling oil prices and a recovery in the U.S. stock technology sector improved short-term risk appetite, but the high-interest-rate environment still limits upside potential for crypto assets.

Market Movers

U.S. telecom operators fell sharply in pre-market trading. T-Mobile US (TMUS) fell more than 7%, AT&T (T) fell more than 6%, and Verizon (VZ) fell more than 6%. SpaceX (SPCX) announced the acquisition of nationwide low-band wireless spectrum, raising market concerns about Starlink Mobile entering the traditional mobile communications market. Meanwhile, Crown Castle (CCI) rose about 8.4%, American Tower (AMT) rose about 6.2%, and SBA Communications (SBAC) rose about 5.3%.

Delta Air Lines (DAL) fell more than 4% in pre-market trading. The company's adjusted earnings per share in the third quarter were $1.72, below market expectations; fuel expenditures increased 62% year-over-year to $4.1 billion. Delta lowered its 2026 adjusted earnings per share guidance from $6.50-$7.50 to $5.10-$5.60, citing rising oil and jet fuel costs.

Apple (AAPL) fell nearly 2% in pre-market trading. According to Nikkei Asia, Apple asked suppliers to cut October iPhone 18 Pro and iPhone 18 Pro Max production orders by at least 15%, with some estimates suggesting a decline of up to 20%. The report said that after rising DRAM and NAND costs drove up product prices, the company has become more cautious about demand expectations.

AI chip stocks rebounded in pre-market trading. Nvidia (NVDA) rose about 1.6%, AMD rose about 1.6%, Broadcom (AVGO) rose about 1.5%, and Intel (INTC) rose about 1.2%. According to Bloomberg, OpenAI is expected to reach an annualized revenue of $70 billion or more by year-end, easing concerns about its revenue scale from the previous trading day.

Market News

New signals emerge from U.S.-Iran negotiations. Trump stated that the U.S. and Iran are conducting productive discussions and that the U.S. will not attack Iran before the November midterm elections; Iran said it is evaluating the U.S. response to its proposal, which involves reopening the Strait of Hormuz within seven days.

OpenAI annualized revenue metric draws attention. According to the Financial Times and Axios, OpenAI's direct annualized revenue as of the end of September was close to $50 billion, lower than the previously reported $70 billion; the difference mainly comes from whether cloud computing partner sales revenue is included.

SpaceX acquires nationwide low-band spectrum. SpaceX agreed to acquire from Grain Management a nationwide 800MHz low-band spectrum portfolio covering up to 14MHz to advance its Starlink Mobile service. The transaction still requires approval from the U.S. Federal Communications Commission.

U.S. government suspends Microsoft from tech worker green card application program. U.S. Vice President Vance said Microsoft (MSFT) allegedly abused the relevant visa mechanism; Microsoft responded that most of its H-1B applications in the last fiscal year were for extending or changing existing employee status.

Key Data/Events Ahead

October 9, 10:00 AM ET: U.S. releases preliminary October University of Michigan Consumer Confidence Index, with market expectations at 47.6, previous reading at 48.1.

October 9, 10:00 AM ET: Delta Air Lines holds Q3 earnings conference call.

October 9, 12:00 PM ET: U.S. Department of Agriculture releases October WASDE Global Agricultural Supply and Demand report.

October 9, 1:00 PM ET: U.S. releases Baker Hughes oil rig count.

Original article (Source: tradingkey.com)