Ringside · Post-Bell · October 9
- T-Mobile lost 13.27% and Verizon 10.14% as SpaceX's spectrum deal hit the wireless carriers.
- The S&P 500 rose 0.59% to 7,811.54, just below Tuesday's record.
- Brent settled at $104.72 as producers shut most Gulf of Mexico oil output ahead of Hurricane Isaias.
Indexes
Stocks rose Friday as technology shares recovered from Thursday's selloff and oil prices eased early in the session. The S&P 500 gained 0.59% to 7,811.54. The Dow added 0.83%. The Nasdaq Composite rose 0.64%. Chip and software stocks recovered part of Thursday's losses. Wireless carriers had their worst day in years after SpaceX agreed to buy spectrum for a mobile service, and communication services was the weakest sector. For the week, the S&P 500 rose 1.2% and the Russell 2000 fell 0.9%, the Associated Press reported.
| Index | Close | % Chg | Session range | Note |
|---|---|---|---|---|
| S&P 500 | 7,811.54 | +0.59% | 7,779.34 – 7,820.57 | Briefly traded above Tuesday's close of 7,818.93 |
| Nasdaq Composite | 27,366.17 | +0.64% | 27,254.03 – 27,395.41 | |
| Dow Jones Industrial Average | 51,654.95 | +0.83% | 51,258.95 – 51,765.11 | Up 0.9% for the week |
| Russell 2000 | 2,806.98 | +0.46% | 2,795.54 – 2,814.01 | Down 0.9% for the week |
| Volatility index (VIX) | 14.84 | -3.76% |
Sector Heat Map
| Sector (ETF) | Close | % Chg |
|---|---|---|
| Real Estate (XLRE) | $41.61 | +1.86% |
| Health Care (XLV) | $170.81 | +1.58% |
| Consumer Discretionary (XLY) | $112.85 | +1.02% |
| Financials (XLF) | $54.73 | +0.92% |
| Utilities (XLU) | $41.41 | +0.83% |
| Technology (XLK) | $198.78 | +0.51% |
| Industrials (XLI) | $169.25 | +0.50% |
| Materials (XLB) | $49.43 | +0.32% |
| Consumer Staples (XLP) | $83.43 | +0.01% |
| Energy (XLE) | $65.08 | -0.25% |
| Communication Services (XLC) | $110.38 | -1.51% |
Nine of the eleven sectors rose. Real estate led on the cell-tower companies, and communication services fell the most on the wireless carriers.
In the News
Rates, FX, Commodities
The 10-year yield edged up to 5.24%, and the 30-year yield held at 5.60%. Both reached their highest levels since 2002 earlier in the week, CNBC reported. Oil fell in the morning after President Trump said talks with Iran had been productive. It turned higher as more Gulf output shut. Both crude benchmarks are exchange settlements reported by Reuters and CNBC, and natural gas is a closing price.
| Rates & dollar | Level | Note |
|---|---|---|
| 2-year Treasury | 4.75% | Thursday close, Federal Reserve H.15 |
| 10-year Treasury | 5.24% | Friday close |
| 30-year Treasury | 5.60% | Friday close |
| 2s10s spread | 47 bp | Gap between 2-year and 10-year yields, Thursday close |
| Dollar index | 102.23 | +0.20% on the day |
| Commodity | Fri settle / close | % Chg |
|---|---|---|
| WTI crude (Nov) | $91.85 | +0.39% |
| Brent crude (Dec) | $104.72 | +0.42% |
| Gold (Dec futures) | $4,221.30 | |
| Natural gas | $3.198 |
Technicals
The S&P 500 closed at 7,811.54. Tuesday's record of 7,818.93 is first resistance. The 20-day and 50-day averages are both near 7,700, about 1.4% below the close. The 200-day average is 7,250.63.
The Nasdaq 100 rose 0.51% to 30,883.15. Tuesday's close of 31,224.47 is resistance, about 1.1% higher. Its 20-day average, at 30,313.87, is first support.
The 10-year yield closed at 5.24%, below Monday's close of 5.31%. Its 20-day average is 5.15%.
The 2-year yield, which tracks expectations for Fed policy, closed Thursday at 4.75%. Over the past 20 sessions it has ranged from 4.63% to 4.92%. A close above 4.92% would take it out of that range.
Breakouts & Breakdowns
Breakouts
Datadog (DDOG) rose 7.11% to $293.26. That is above its August 4 close of $288.15, the previous one-year closing high. The 50-day average is $246.88.
Palantir Technologies (PLTR) gained 5.17% to $209.05. That topped its November 3, 2025, close of $207.18, the previous one-year closing high. The 20-day average is $187.00.
Breakdowns
Deere (DE) fell 4.85% to $620.93. That is below its 50-day average of $652.86. The 200-day average, at $592.45, is the next support.
3M (MMM) lost 2.21% to $159.96. That is just under its 200-day average of $160.65. The March 20 close of $141.20 is the low of the past year.
Levels, Revisited
Advanced Micro Devices (AMD) closed the week at $608.10, below $633.91, its October 2 close and the level it broke out above on October 6.
The refiners' breakout levels held. Marathon Petroleum (MPC) closed at $455.03, above its October 7 level of $442.26. Valero (VLO) closed at $433.75, above $419.33. Phillips 66 (PSX) finished at $278.18, above its September 17 high of $274.21.
AbbVie (ABBV) closed at a one-year high of $276.47, and Philip Morris (PM) at $201.19. Arista (ANET) also closed at a one-year high, $216.74.
Stryker's (SYK) one-year low of $269.75 and Nike's (NKE) $33.87 low held. Northrop Grumman (NOC) closed at $480.72, above its $473.46 low. McDonald's (MCD) closed at $235.23, above its October 7 low of $230.88. Comcast (CMCSA) closed at $20.66, a new one-year low, below its October 7 close of $20.94.
Western Digital (WDC) and Broadcom (AVGO) stayed below their 200-day averages. Western Digital closed at $397.28 and Broadcom at $361.54. Constellation Energy (CEG) closed back above its 200-day at $298.07, and Amazon (AMZN) above its 50-day at $262.43. Caterpillar (CAT) closed at $800.47, right at its 200-day. Marvell Technology (MRVL) closed at $275.28, still 13% below its June 4 high of $316.43.
Top Movers
Gainers
Moderna (MRNA) rose 14.21% to $225.00 after The New York Times reported details of a public-private effort to speed up cancer vaccine development. The partnership includes the National Institutes of Health, drugmakers and patient groups, the Times reported. Yahoo Finance said the shares reached their highest level since 2021.
Crown Castle (CCI) rose 15.60% to $79.64. American Tower (AMT) gained 9.30% to $182.24. Both added to their early gains. SpaceX would still need towers to cover dense cities, CNBC reported.
Lumentum (LITE) rose 5.22% to $1,103.35 after Chief Executive Michael Hurlston said its optical parts are sold out through 2029.
Losers
T-Mobile US (TMUS) fell 13.27% to $148.58, its lowest close in a year. Verizon (VZ) dropped 10.14% to $41.65. AT&T (T) lost 10.82% to $22.18. Verizon and AT&T traded without their quarterly dividends Friday, which accounts for part of their drops. CNBC said it was Verizon's worst day since July 2002. JPMorgan analysts said they see limited near-term risk to the carriers because a competing ground network takes time and money to build. Federal Communications Commission Chair Brendan Carr called the added competition "really good news for the American consumers."
Alignment Healthcare (ALHC) closed down 13.38% at $7.55 after the government released its 2027 Medicare Advantage star ratings, well off its early low. Humana (HUM) rose 11.56% to $431.87 after its largest Medicare Advantage contract got a higher rating. It had been up nearly 18%.
Macro Data Today
| Release | Actual | Consensus | Prior |
|---|---|---|---|
| University of Michigan consumer sentiment, October preliminary | 46.3 | 47.5 (Investing.com) | 48.1 |
| Current conditions index | 44.7 | ||
| One-year inflation expectations | 4.7% | 4.6% | |
| Long-run inflation expectations | 3.5% | 3.4% |
Sentiment fell to its lowest level since May. "Frustration over cost-of-living continues to mount," survey director Joanne Hsu said. Year-ahead inflation expectations were the highest since May, Benzinga reported.
Notable Earnings This Session
Pre-Open
Delta Air Lines (DAL) recovered its early loss and closed up 0.04% at $82.17. The airline's fuel bill rose 62% from a year earlier to $4.1 billion in the quarter, Yahoo Finance reported.
Post-Close
No major companies reported after the close.
Drivers
- Isaias is expected to make landfall Friday night or early Saturday between Mississippi and the Florida Panhandle. Chevron's Pascagoula refinery and a Vertex refinery in Saraland, Alabama, are under hurricane warnings. Together they hold 2.4% of US refining capacity, Lipow Oil Associates said.
- Stocks trade Monday, but the bond market is closed for Columbus Day.
- Citigroup, Goldman Sachs, Wells Fargo and JPMorgan Chase report third-quarter results Tuesday. Morgan Stanley, Bank of America and BlackRock follow Wednesday, when the September consumer price index is due at 8:30 a.m.