【US Pre-Market】SpaceX Enters Mobile Telecom, Telecom Stocks Plunge as TMUS Drops Over 7% and T Falls Over 6%; AI Chip Stocks Rebound

TradingKey - On Friday (October 9) ET, futures tied to the three major US stock indexes rose in pre-market trading as falling oil prices and a rebound in AI chip stocks boosted market sentiment; however, US Treasury yields remained high, and Delta Air Lines lowering its full-year earnings guidance also kept the market cautious.

As of press time, Dow futures were up about 0.14%, S&P 500 futures gained about 0.41%, and Nasdaq 100 futures rose about 0.86%.

Source: Investing

In commodities, international oil prices pulled back from high levels in the previous session. WTI (USOIL) crude fell about 0.6%, trading near $90.6; Brent crude (UKOIL) dropped about 1.3%, falling back to around $102.8. Trump stated that the US and Iran are conducting "productive discussions" and that the US will not attack Iran before the November midterm elections, easing market concerns over supply disruptions. Gold (XAUUSD) rose about 1.3%, climbing to around $4,190.

In cryptocurrencies, Bitcoin (BTC) rebounded to around $82,500. Falling oil prices and a recovery in the US tech sector improved short-term risk appetite, though the high interest rate environment continues to cap upside for crypto assets.

Market Moves

U.S. telecom operators tumbled across the board in premarket trading. T-Mobile US (TMUS) fell over 7%, AT&T (T) dropped over 6%, and Verizon (VZ) slid over 6%. SpaceX (SPCX) announced the acquisition of nationwide low-band wireless spectrum, sparking market concerns about Starlink Mobile entering the traditional mobile communications market. Meanwhile, Crown Castle (CCI) rose about 8.4%, American Tower (AMT) gained about 6.2%, and SBA Communications (SBAC) advanced about 5.3%.

Delta Air Lines (DAL) fell over 4% in premarket trading. The company's third-quarter adjusted earnings per share were $1.72, below market expectations; fuel expenses rose 62% year-over-year to $4.1 billion. Delta lowered its 2026 adjusted EPS guidance from $6.50–$7.50 to $5.10–$5.60, citing higher oil prices and jet fuel costs.

Apple (AAPL) fell nearly 2% in premarket trading. According to Nikkei Asia, Apple has asked suppliers to cut production orders for the iPhone 18 Pro and iPhone 18 Pro Max by at least 15% in October, with some estimates putting the reduction at 20%. The report noted that after rising DRAM and NAND costs drove up selling prices, the company turned cautious regarding demand expectations.

AI chip stocks rebounded in premarket trading. Nvidia (NVDA) rose about 1.6%, AMD (AMD) gained about 1.6%, Broadcom (AVGO) advanced about 1.5%, and Intel (INTC) rose about 1.2%. According to Bloomberg, OpenAI expects its annualized revenue to reach or exceed $70 billion by the end of the year, easing concerns over its revenue scale from the previous trading session.

Market News

US-Iran talks send new signals. Trump stated that the United States and Iran are conducting productive discussions and that the US will not attack Iran before the November midterm elections; Iran said it is evaluating the US response to its proposal, which involves reopening the Strait of Hormuz within seven days.

OpenAI's annualized revenue metrics have drawn attention. According to reports by the Financial Times and Axios, OpenAI's direct annualized revenue stood near $50 billion as of the end of September, lower than the $70 billion previously reported by media; the discrepancy mainly stems from whether sales revenue from cloud computing partners is included.

SpaceX acquires nationwide low-band spectrum. SpaceX agreed to acquire a nationwide 800MHz low-band spectrum portfolio of up to 14MHz from Grain Management to advance its Starlink Mobile service. The deal remains subject to approval by the US Federal Communications Commission.

The US government suspended Microsoft's participation in a tech worker green card application program. US Vice President Vance stated that Microsoft (MSFT) allegedly abused relevant visa mechanisms; Microsoft responded that most of the company's H-1B applications in the previous fiscal year were used to extend or change the status of existing employees.

Key Data and Events Preview

At 10:00 ET on October 9, the U.S. will release the preliminary October University of Michigan Consumer Sentiment Index, with market expectations at 47.6 and the previous reading at 48.1.

At 10:00 ET on October 9, Delta Air Lines will hold its third-quarter earnings conference call.

At 12:00 ET on October 9, the USDA will release the October World Agricultural Supply and Demand Estimates (WASDE) report.

At 13:00 ET on October 9, the U.S. will release the Baker Hughes oil rig count.