Goldman flags SpaceX spectrum deal as positive for American Tower, Crown Castle and SBA Communications

By Ed Carson Dow Jones futures rose early Friday, along with S&P 500 futures and especially Nasdaq futures, as AI stocks rebound. Delta Air Lines missed views and guided low, 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 lifted SPCX before the open while slamming wireless giants Verizon Communications, AT&T and T-Mobile US, while also hitting AST SpaceMobile. The stock market retreated Thursday, with the Nasdaq skidding as an OpenAI revenue report 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. DOW JONES FUTURES TODAY Dow Jones futures climbed 0.1%. S&P 500 futures rose 0.4% and Nasdaq-100 futures advanced 0.8%, partly on a new year-end OpenAI revenue target. Crude oil futures fell 1%. The 10-year Treasury yield edged up to 5.225%. 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 4% before the open. Shares fell 4.2% on Thursday, but still above an aggressive entry. Verizon stock declined 5% in overnight action. AT&T stock and T-Mobile lost over 6%. AST SpaceMobile fell 3%. STOCK MARKET RALLY The stock market rally saw a reversal of recent trends. The The Nasdaq suffered sharp afternoon losses, though it came off session lows. 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. The Nasdaq slumped 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. However, OpenAI expects annualized revenue to reach or top $70 billion by year-end, Bloomberg reported Thursday night. Separately, Nvidia-backed Firmus suspended its Australian IPO after the Aussie data center play saw weak demand.