SpaceX spectrum deal hits wireless shares after hours

By Ed Carson Dow Jones futures rose slightly after hours, while S&P 500 futures and Nasdaq futures rose slightly. Delta Air Lines reports earnings before the open, kicking off results for airlines and travel plays. Space Exploration Technologies, or SpaceX, plans to buy significant wireless spectrum, bolstering its Starlink service. The news slammed shares of wireless giants Verizon Communications, AT&T and T-Mobile US in after-hours action, while also hitting AST SpaceMobile.

The stock market retreated Thursday, with the Nasdaq skidding as OpenAI news raised AI concerns. But much of the market held its ground as Treasury yields reversed lower and oil prices came off intraday highs. Apple and GigaCloud Technology are in buy areas while Snowflake, GE Vernova and Dell Technologies are pausing bullishly. Quanta Services, Comfort Systems and Credo Technology are pausing bullishly.

GigaCloud and Snowflake stock are on the IBD 50. GigaCloud was Thursday's IBD Stock Of The Day. The video embedded in the article reviews Thursday's market action and analyzes GigaCloud Technology, Snowflake and GE Vernova stock. 1%.

1%. Crude oil prices edged lower. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session. Join IBD experts as they analyze leading stocks and the market on IBD Live SPACEX BUYS WIRELESS SPECTRUM SpaceX will buy wireless spectrum from Grain Management, subject to regulatory approval.

That will help SpaceX's Starlink into greater competition vs. Verizon Communications, AT&T and T-Mobile US. SpaceX stock rose over 2% late. 2% in Thursday's session, but still above an aggressive entry.

Verizon stock fell more than 6% in overnight action. So did AT&T stock and T-Mobile. AST SpaceMobile fell more than 3%. STOCK MARKET RALLY The stock market rally saw a reversal of recent trends.

The Nasdaq suffered sharp afternoon losses after the Financial Times reported that OpenAI recently told investors it sees annualized revenue at $50 billion ---- far less than prior reports of $70 billion. That higher figure apparently reflected inaccurate investor assumptions. Still, the lower $50 billion figure raised concerns about the strength of AI demand and thus the sustainability of massive AI spending. Separately, Nvidia-backed Firmus reportedly suspended its IPO after the Australian data center play saw weak demand.

Meanwhile, much of the rest of the market rose or at least held its ground as oil prices pared big gains and Treasury yields reversed lower. 1% in Thursday's stock market trading. 5%. 25%, though it came off session lows.

The small-cap Russell 2000 edged higher, holding its 200-day line after skidding in morning trade. 6%, still below its 21-day line. 7%, just above its 50-day line and below recent short-term levels. Still, QQQE isn't far from record highs.

Energy was a big winner, with producers, shippers and refiners all doing well. Software held up reasonably well. Chip and AI infrastructure plays were the big losers, with Nebius, Bloom Energy and Astera Labs among those hard hit. S.

49 a barrel. 20 after President Donald Trump said he will not attack Iran before the Nov. 3 midterm elections, reflecting a report in The Atlantic. Late Wednesday, Trump said he's not interested in an Iran deal.

35% before the open. Early Thursday, Fed Gov. Christopher Waller said more rate hikes are likely necessary. But yields fell as oil prices cooled and a 30-year auction went well.

25%. 8%. 7%. 2%.

4%. 3%, with GE Vernova stock a big position. 9%. 34 buy point.

60 cup-with-handle buy point. 30, continuing to trade tightly, finding support above the 21-day and 10-week lines. Investors could use Tuesday's high of 349 as a draw-the-line entry. 35.

Shares are pausing above their 50-day line and a trendline entry. 78 as an aggressive entry. 94. 31, according to MarketSurge.

19 as an early entry. WHAT TO DO NOW Just as the market rally appeared to be reaching escape velocity, AI and growth stocks have pulled back, especially Thursday. Perhaps this will end up being a constructive pullback, but it depends on what happens next. QQQE, which looks a lot like many growth stocks, reflects this.

Meanwhile, breadth remains an issue, despite some gains Thursday. A return to choppy market action and perhaps sector rotation would suggest a more conservative approach. Investors may need to cut and trim back recent buys that are underwater. Work on watchlists and follow your sell rules.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors. Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more. com Investor's Business Daily - Your edge in the stock market This content was created by Investor's Business Daily, which is operated by Dow Jones & Co. IBD is run independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires October 08, 2026 19:26 ET (23:26 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.