Stock Market Update

[BRIEFING.COM] The major averages continue to trade in a relatively narrow range, holding their gains from earlier in the session. The communication services sector (-1.2%) remains today's biggest laggard, with weakness among telecommunications providers adding to selling pressure elsewhere in the sector.

Verizon (VZ 43.37, -1.17, -2.63%) and T-Mobile US (TMUS 153.43, -4.32, -2.74%) are both trading lower alongside AT&T (T 21.93, -1.49, -6.36%), whose disappointing subscriber trends have weighed on peers despite better-than-expected quarterly earnings. AT&T reported a sequential decline in postpaid phone additions and higher customer churn, raising concerns about competitive pressures across the wireless industry.

Those concerns have been compounded by comments from SpaceX (SPCX 162.50, +14.71, +9.95%), which reiterated plans to expand into the U.S. wireless market through satellite-based mobile services. The company expects to begin deploying next-generation mobile satellites in 2027, with service targeted for early 2028, potentially introducing another source of competition for established carriers.