Wall Street Weekly Wrap: Stocks Rise, Telecom Falls, CPI Next

Published: October 11, 2026 | Category: Business | By Mahesh

US stocks rose on Friday, and all three major indexes finished the week higher, as technology shares recovered from a selloff over a report on OpenAI's revenue and a SpaceX spectrum deal sent shares of the three big US wireless carriers sharply lower [1][3][7].

The S&P 500 closed at 7,811.54, up 0.6 percent. The Dow Jones Industrial Average rose 0.8 percent to 51,654.95 and the Nasdaq Composite gained 0.6 percent to 27,366.17 [1]. The small-cap Russell 2000 rose 0.5 percent on the day to 2,806.98 [1].

Measured against the previous Friday's closes, the S&P 500 gained about 1.15 percent on the week, the Dow about 0.93 percent and the Nasdaq about 0.64 percent, while the Russell 2000 fell about 0.91 percent [1][2]. Depth Grid calculated the weekly figures from Associated Press closing tables because published weekly numbers differed between reports.

Tech Recovers After OpenAI Report

Technology shares bounced after a rough Thursday, when the Financial Times reported that OpenAI is on track for annualised revenue of around $50 billion, below some recent estimates near $70 billion [6]. The Nasdaq fell 1.3 percent that day, with Nvidia down 2.9 percent, AMD down 3.9 percent and Microsoft down 1.4 percent [6].

Bloomberg later reported that OpenAI expects $70 billion by year-end, according to Yahoo Finance [4]. The coverage reviewed by Depth Grid included no OpenAI comment. On Friday, an exchange-traded fund tracking the Magnificent Seven stocks rose about 1 percent [3].

Telecom Stocks Fall on SpaceX Spectrum Purchase

Shares of T-Mobile, AT&T and Verizon fell roughly 6 to 13 percent, depending on the carrier and the time of day, after SpaceX agreed on Thursday to buy Grain Management's 800 MHz spectrum portfolio [3][5][7]. The Wall Street Journal reported the price at $8 billion in cash. The companies have not disclosed it [7].

The portfolio covers up to 14 MHz of paired spectrum. SpaceX said it plans to use it to fill a gap in its satellite and terrestrial network and to become a major US mobile carrier through Starlink Mobile [7]. The deal needs Federal Communications Commission approval, and no closing date has been announced [7]. SpaceX shares rose 1.6 percent [4]. Tower owners Crown Castle, American Tower and SBA Communications also rose [3][7].

"more of a coverage fix than a capacity solution"

Evercore ISI analyst Kutgun Maral on the SpaceX spectrum deal, as reported by Yahoo Finance, October 9, 2026 [4]

Maral noted that SpaceX would hold far less spectrum than each of the three carriers [4]. Morgan Stanley analysts said they expect the competitive threat to build gradually, starting in rural markets [8].

Yields Stay Elevated

The 10-year Treasury yield closed near 5.24 percent, close to the 24-year high reached earlier in the week, and the 2-year yield was 4.795 percent [3][5]. Yahoo Finance put the week's peak at nearly 5.37 percent on Wednesday. InsiderFinance recorded 5.31 percent on October 1, the highest since May 2002 [3][10].

The Federal Reserve raised its target range by 25 basis points to 3.75 to 4.00 percent on September 16, its first hike since July 2023, with no dissents. The median projection points to at least one more hike this year [9].

Oil eased after President Trump said the US would not attack Iran before the November 3 midterm elections and announced a Russian diesel supply arrangement, according to Yahoo Finance and TheStreet. Brent traded near $104 and WTI near $91, though the direction of oil on the day varies by contract and outlet [3][4][5].

Delta, Humana and Skyworks

Delta Air Lines reported adjusted earnings of $1.72 a share against $1.82 expected and cut its 2026 profit outlook as fuel costs rose 62 percent to $4.1 billion [4][5]. Humana jumped about 12 percent after its Medicare Advantage star ratings improved [3][5]. Skyworks fell about 6.4 percent on reports that Apple has cut iPhone 18 Pro component orders [5].

The University of Michigan's preliminary October consumer sentiment reading fell to 46.3 from 48.1, the lowest since May [4].

Indian Markets

Foreign investors sold a net Rs 12,943.58 crore of Indian equities on Thursday, the second-largest single-day outflow of 2026, citing rising crude prices, rupee weakness and elevated US Treasury yields [13]. Domestic institutions bought a net Rs 10,703 crore [13].

The Sensex then rose 1.23 percent to 72,472.33 on Friday and the Nifty 50 gained 1.30 percent to 22,520.45, with Nifty IT up about 3 percent after TCS results [12][14]. Both indexes ended the week higher, breaking eight straight weekly losses [12].

Depth Grid analysis: Indian markets closed on Friday before Wall Street opened, so Monday is the first session in which Friday's US moves and the 5.24 percent Treasury yield can show up in Indian prices. India also faces higher rates from two directions after the RBI hike on October 7 and the Fed hike on September 16. The sources do not say whether foreign selling will continue.

Week Ahead

Sources

1. Associated Press, via La Nacion. "How major US stock indexes fared Friday 10/9/2026." lanacion.com.ar
2. Associated Press, via La Nacion. "How major US stock indexes fared Friday 10/2/2026." lanacion.com.ar
3. Yahoo Finance. "Markets News, Oct. 9, 2026: Stocks Rise as Oil Prices, Treasury Yields Stabilize; Major Indexes Post Weekly Gains." finance.yahoo.com
4. Yahoo Finance. "Stock market today: Dow, S&P 500, Nasdaq rally to cap volatile week as earnings season nears," October 9, 2026. finance.yahoo.com
5. TheStreet. "Stock Market Today (Oct. 9, 2026): Dow, S&P 500 end week higher as market rallies into earnings season." Its weekly percentages were not used. thestreet.com
6. Alliance News, via Vermoegenszentrum. "Tech shares fall on poor OpenAI revenue report," October 8, 2026. vermoegenszentrum.ch
7. Light Reading. "SpaceX: Grain's lowband spectrum is our ticket to becoming 'major mobile carrier'," October 9, 2026. lightreading.com
8. RoIC. "SpaceX shares rise on $8 billion spectrum deal to challenge mobile carriers," October 9, 2026. roic.ai
9. InvestingLive. "Fed hikes, hints at more: 7 takeaways from the September FOMC," September 16, 2026. investinglive.com
10. InsiderFinance. "10-Year Treasury Yield Hits 24-Year High," October 1, 2026. insiderfinance.io
11. Stock Market Watch. "Market Digest, Friday, October 9, 2026." Automated summary used only for the calendar of upcoming events. stockmarketwatch.com
12. HDFC Sky. "Sensex, Nifty Rebound; IT, FMCG Lead Friday's Rally," October 9, 2026. hdfcsky.com
13. APAC News Network. "FIIs Withdraw Rs 12,944 Crore from Indian Equities, Second-Highest Outflow of 2026," October 9, 2026. apacnewsnetwork.com
14. Dhanarthi. "Sensex Nifty Rebound: IT, Auto Lead Gains on Oct 9, 2026." dhanarthi.com

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Article by Mahesh | Depth Grid