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SpaceX chatter boosts Nasdaq as investors weigh weaker jobs data
The Nasdaq Composite rose 0.5% in early trading as Treasurys rallied, while telecom stocks slid after SpaceX COO Gwynne Shotwell said Starlink plans a terrestrial wireless network and to pursue customers.
Stocks gained speed in early trading as investors interpreted a surprisingly weak jobs report as making the case for the Federal Reserve to hold rates steady, according to Yahoo Finance.
Treasurys rallied, and the Nasdaq Composite climbed 0.5% to lead the major indexes higher in the final trading day of the week, with the tech sector starting strong before giving up some gains in the first hour.
Investors also rotated into consumer discretionary stocks, while energy lagged as oil prices fluctuated.
Yahoo Finance also highlighted how SpaceX-related comments continued to ripple through markets, including telecom declines after SpaceX COO Gwynne Shotwell said Starlink planned to build a terrestrial wireless network and target customers, alongside a plan to launch its second generation of Starlink Mobile satellites in 2027.
Latest closeNasdaq Comp. 26,348.35 ▼0.1%