A technology-led selloff kept U.S. equity futures under pressure early Friday, while wireless carrier stocks fell after Bloomberg reported SpaceX was seeking access to at least 80,000 cell sites.
Reuters' futures snapshot at 6:09 a.m. ET (10:09 UTC) showed Dow E-minis 308 points lower, or 0.58%, and S&P 500 E-minis off 15.5 points (0.2%). Nasdaq 100 E-minis slipped 0.75 points, a move Reuters described as roughly flat. The Nasdaq Composite declined 2.6% Thursday, and the S&P 500 dropped 1.2%, the Associated Press reported.
Concerns about the scale of AI investment remained in focus after Meta's third-quarter release. The company's filing with the U.S. Securities and Exchange Commission reported capital expenditures of $34.91 billion for the quarter ended Sept. 30, alongside $32.79 billion in cash from operating activities and negative free cash flow of $2.12 billion. Meta projected 2026 capital expenditures of $135 billion to $145 billion, including principal payments on finance leases. It said AI investments were helping its advertising business and that it expected to keep investing aggressively. Kristina Hooper, chief market strategist at Man Group, told Reuters that next year's spending on AI data centers could be lower than previously projected. EconoTimes has covered market concerns over AI spending and a Dow decline.
Reuters reported that, in premarket trading, AT&T, Verizon and T-Mobile each fell more than 3%, while Crown Castle climbed 8.5%, American Tower rose 5.6% and SpaceX advanced 2.2%.
Bloomberg's Oct. 22 report said SpaceX was discussing site access with infrastructure companies, citing people familiar with the talks. No public announcement confirmed a site deal. Reuters said it had not received an immediate answer from SpaceX or tower operators after seeking comment. Any resulting leases could bring new business to tower companies, while the wireless carriers could face a new competitor.
Grain Management announced Oct. 8 that SpaceX had agreed to acquire its nationwide 800 MHz spectrum portfolio. The transaction still requires Federal Communications Commission approval and other customary closing conditions.
The Federal Open Market Committee is scheduled to meet Oct. 27-28, and the Federal Reserve calendar lists a press conference for Oct. 28.
