Dow futures rise as SpaceX spectrum deal hits telecoms

2% overnight, while S&P 500 futures and Nasdaq futures also posted slight gains. Delta Air Lines is due to report earnings before the open, starting a round of results for airlines and travel names. SpaceX plans to buy significant wireless spectrum, a move that could bolster its Starlink service. The news sent after-hours shares lower for Verizon Communications, AT&T and T-Mobile US, and also hit AST SpaceMobile.

The stock market eased Thursday, with the Nasdaq falling as OpenAI-related news revived concerns about artificial intelligence. Even so, much of the market held up as Treasury yields moved lower and oil prices backed off intraday highs. Apple and GigaCloud Technology remain in buy areas, while Snowflake, GE Vernova and Dell Technologies are pausing bullishly. Quanta Services, Comfort Systems and Credo Technology are also pausing bullishly.

GigaCloud and Snowflake are among the IBD 50. GigaCloud was Thursday's IBD Stock Of The Day. SpaceX will buy wireless spectrum from Grain Management, subject to regulatory approval. The deal would help SpaceX’s Starlink compete more directly with Verizon Communications, AT&T and T-Mobile US.

SpaceX stock rose over 2% late. 2% in Thursday’s session, but remained above an aggressive entry. Verizon stock fell 6% in overnight action. AT&T stock and T-Mobile also declined.

AST SpaceMobile fell more than 3%. 3%. Crude oil futures edged lower. The stock market rally saw a reversal of recent trends.

The Nasdaq suffered sharp afternoon losses, though it came off session lows, while much of the rest of the market rose or held its ground as oil prices pared big gains and Treasury yields reversed lower. The Nasdaq slumped after the Financial Times reported that OpenAI recently told investors it sees annualized revenue at $50 billion. OpenAI expects annualized revenue to reach or top $70 billion by year-end, The higher figure was said to reflect inaccurate investor assumptions. The lower $50 billion figure raised concerns about the strength of AI demand and the sustainability of massive AI spending.

Separately, Nvidia-backed Firmus suspended its Australian IPO after the Aussie data center play saw weak demand. 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 was among the names hit hard. S.

20 after President Donald Trump said he will not attack Iran before the Nov. 3 midterm elections, in line with a report in The Atlantic. Late Wednesday, Trump said he is not interested in an Iran deal. 35% before the open.

Early Thursday, Fed Gov. Christopher Waller said more rate increases are likely needed. Yields later eased as oil prices cooled and a 30-year auction went well. 25%.

8%. 7%. 2%. 4%.

3%, with GE Vernova stock a large holding. 9%. 43, breaking. 34 buy point.

60 cup-with-handle buy point. 30 and continued 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. 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. This may yet prove to be a constructive pullback, but that will depend on what happens next. QQQE, which closely resembles many growth stocks, reflects that weakness. Meanwhile, breadth remains an issue, despite some gains.

Thursday. A choppy market and possible sector rotation would argue for a more conservative approach, with investors potentially needing to trim recent buys that are underwater. Investors are told to work on watchlists and follow sell rules. Readers are also directed to The Big Picture for daily market direction and leading stocks and sectors.

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