Closing Bell: Stocks Rebound as Tech Stabilizes, Telecom Tumbles

U.S. stocks moved higher Friday as technology shares rebounded from Thursday’s AI-driven selloff. 

The S&P 500 (SPX) gained 0.59%, while the tech-heavy Nasdaq-100 (/NDX) rose 0.51%. The Dow Jones Industrial Average ($DJI) advanced 0.83%, while the Russell 2000 (RUT) was up 0.46%. The CBOE Volatility Index (VIX) remained subdued under 15, signaling relatively calm equity-market conditions despite this week’s swings. Technology and chip shares attempted to recover after Thursday’s sharp losses, though the Philadelphia Semiconductor Index (SOX) closed 0.41% lower. 

Oil prices ended Friday roughly flat near $91.40. Treasury yields remained elevated and fresh consumer-sentiment data showed households increasingly worried about prices. The 10-year Treasury yield held near 5.244%, not far from its highest level in roughly 24 years. Consumer sentiment provided a less encouraging economic signal. The University of Michigan’s preliminary October sentiment index dropped to 46.3 from 48.1 in September, below expectations, while one-year inflation expectations climbed to 4.7% and five-year expectations rose to 3.5%. See Oil, Bond Yields, OpenAI Revenue Questions Hit Tech Trade 

Three things to watch from Friday’s market action: 

Telecoms Tumble, Cell Tower Stocks Climb on SpaceX Deal 

Shares of T-Mobile (TMUS), AT&T (T) and Verizon (VZ) sank 13.3%, 9.8%, and 8.8% respectively after Space Exploration Technologies (SPCX) agreed to pay roughly $8 billion to acquire nationwide low-band spectrum for Starlink Mobile, according to reports. The 800 MHz spectrum could eventually allow SpaceX to combine satellite and terrestrial networks, potentially making it a more direct competitor to traditional wireless carriers. Shares of three of the largest U.S. phone tower operators moved higher Friday, including American Tower Corp. (AMT), up 9.3%, Crown Castle International Corp (CCI), up 15.6% and SBA Communications Corp (SBAC), up 7.3%. SpaceX shares were 1.3% Friday. See SPCX Low-Band Spectrum License Expands Mobile Opportunities; VZ, T & TMUS Plunge 

Humana Surges on Medicare Ratings 

Humana (HUM) jumped 10.6% after reporting that 95% of its Medicare Advantage members will be enrolled in plans rated four stars or higher in 2027, up sharply from 20% in 2026. Higher star ratings can translate into increased government bonus payments and improved enrollment economics. See Friday's First Moves: CRWD & ZS Price Target Hikes, HUM Upgrade 

Delta Cites Fuel Costs in Earnings Miss 

Shares of Delta Air Lines (DAL) closed flat after the carrier posted EPS of $1.72, missing expectations of $1.81. Delta reported GAAP revenue of $20.19 billion and adjusted revenue of $17.59 billion, against estimates of $17.65 billion, according to reports. The company also lowered its full-year adjusted EPS guidance between $5.10 to $5.60 from $6.50 to $7.50. It cited the impact of surging jet fuel costs on profitability. See DAL’s Earnings Miss Masks a Bigger Shift in the Airline Industry  

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