Finance

Major U.S. mobile carriers experienced severe downward pressure following reports that SpaceX had purchased low-band spectrum to boost its Starlink Mobile network. This spectrum acquisition could allow the satellite provider to compete directly with traditional cellular networks, prompting a steep 13.3% plunge in T-Mobile shares alongside notable losses for Verizon and AT&T.

Energy markets and bond yields experienced a slight cooling trend following a diesel supply deal finalized between the United States and Russia. While Benchmark West Texas Intermediate crude dipped to approximately $91.20 a barrel, the 10-year Treasury yield moderated slightly to 5.25%, retreating further from its recent 24-year peak of 5.37%.

According to the preliminary University of Michigan survey, consumer sentiment remains under pressure as one-year inflation forecasts ticked up to 4.7%. Equity markets are now shifting their attention to corporate health, with the third-quarter earnings season poised to kick off with reports from major financial institutions like Citigroup, JPMorgan Chase, and Wells Fargo.