Stock Market Today: Telecom Shares Slide As SpaceX Eyes Mobile Network Entry

Published by

Anjali Belgaumkar

October 23, 2026

Elon Musk with SpaceX rocket and flying dollar bills against rising chart.

Shares of AT&T, Verizon and T-Mobile each fell about 5% before Friday’s open after a report said SpaceX is talking to cellular infrastructure firms about starting a nationwide mobile carrier. Tower owners moved the other way, with Crown Castle up 10.5% and American Tower up 7.3%, while SpaceX gained 2%. Broader futures pointed lower after Thursday’s near 3% drop in the Nasdaq, driven by Meta’s 8% slide after it reported its first cash outflow in over a decade. Dow futures fell 0.84% and S&P 500 futures lost 0.45%. Traders now expect the Federal Reserve to hold rates steady next week, after some officials played down the need for a hike. Microsoft, Alphabet and Amazon report earnings next week.

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