US stocks open higher as oil retreats; telecoms slip on SpaceX spectrum deal
Wall Street opened higher on Friday, with the Dow, S&P 500 and Nasdaq all gaining ground as oil prices fell on easing Middle East supply concerns. Telecom shares remained under pressure after SpaceX's spectrum acquisition raised competitive worries across the sector.
Wall Street's main indexes opened higher on Friday, buoyed by retreating oil prices as Middle East supply concerns eased, while telecom shares remained under pressure following SpaceX's spectrum acquisition that raised competitive concerns across the sector.
The Dow Jones Industrial Average rose 67.32 points, or 0.13 per cent, at the open to 51,298.96. The S&P 500 gained 22.35 points, or 0.29 per cent, to 7,787.71, while the Nasdaq Composite climbed 149.59 points, or 0.55 per cent, to 27,342.93.
The decline in oil prices helped lift investor sentiment, offsetting worries about the telecom industry. SpaceX's spectrum deal has sparked concerns about increased competition, weighing on telecom stocks despite the broader market's positive tone.
Market participants are now watching for further cues from corporate earnings and economic data, with the energy sector providing support as crude prices slipped. The technology-heavy Nasdaq outperformed the other major indexes, reflecting continued investor appetite for growth stocks.
Traders are likely to keep a close eye on developments in the Middle East and any further moves in oil prices, which have been a key driver of market volatility in recent sessions.