Wall St climbs as oil slips; SpaceX spectrum deal weighs on telecoms

Business Recorder reported that Wall Street benchmarks inched up on Friday, helped by cheaper oil after President Donald Trump said the country would not strike Iran before the midterm elections next month. Brent crude slipped around 1% but still traded above $100 a barrel. US Treasury yields eased slightly, with the 10-year rate holding at 5.25%, not far from the 24-year peak of 5.364% recorded on Wednesday.

The S&P 500 and Nasdaq were set for weekly gains after two sessions of declines, having reached record highs earlier in the week on hopes for strong AI-driven third-quarter earnings. The Dow was also heading for a modest weekly advance. Telecom stocks came under pressure as SpaceX agreed to buy a nationwide low-band spectrum portfolio, a move the report said poses a direct challenge to major American wireless companies. SpaceX rose 3.2%, while T-Mobile US fell 9.1%, AT&T lost 7.4% and Verizon dropped 6.3%.

At 9:42 a.m. ET, the Dow edged up 0.27%, or 136.24 points, to 51,367.88, the S&P 500 added 0.32% to 7,790.59, and the Nasdaq Composite gained 0.48% to 27,324.33. Humana jumped 16.6% after government figures showed 95% of its members were in Medicare Advantage plans scored at four stars or better for 2027. Delta Air Lines fell 3% after reducing its yearly profit outlook by close to a quarter at the midpoint, while Apple slipped 2.2%.