U.S. Stock Market Movement: Zillow Group C surged on October 8 as rental business strengthens and earnings report approaches.

Reuters, October 8 – SpaceX (SPCX.O) reached an agreement on Thursday to acquire a nationwide portfolio of low-frequency spectrum, enabling Elon Musk’s satellite company to directly challenge traditional US wireless giants at the orbital level. While Starlink Mobile’s current global 2 GHz mid-band spectrum provides high bandwidth capacity, the new spectrum will allow its signals to penetrate obstacles. The financial terms of the agreement were not disclosed. Low-frequency bands are highly sought after for their longer transmission distance and ability to penetrate dense structures such as walls and tree cover, helping to solve a major technical obstacle previously faced by satellite-based mobile networks. By combining nationwide low-frequency radio waves with high-frequency space transmission capabilities, SpaceX is positioning Starlink Mobile as a service that can completely bypass traditional base stations and challenge the wireless oligopoly both in terms of broad coverage and reliable indoor signal. The deal intensifies competitive pressure on traditional carriers, transforming satellite direct-to-device technology from a supplementary safety feature for remote dead zones into a full-fledged commercial competitor capable of replacing terrestrial cellular networks. Shares of T-Mobile US (TMUS.O), Verizon (VZ.N), and AT&T (T.N) all fell more than 6.5% in after-hours trading. The transaction involves acquiring 100% of the nationwide 800 MHz spectrum portfolio held by private equity firm Grain Management, pending regulatory approval from the Federal Communications Commission (FCC). Grain acquired this spectrum earlier this year from T-Mobile. Crucially, most existing, unmodified mobile phones already support the 800 MHz band, so consumers do not need to purchase dedicated satellite phones. The FCC this week also approved Starlink Mobile’s application for its second-generation satellite constellation, authorizing SpaceX to launch 15,000 satellites worldwide optimized for the 2 GHz band. This new constellation will operate in very low Earth orbit, providing ordinary phones with broader bandwidth and low-latency connections. (For the convenience of non-native English speakers, Reuters automatically translates its reports into several other languages. Automated translations may contain inaccuracies or lack necessary context; Reuters does not guarantee the accuracy of automated translation and provides it solely as a convenience for readers. Reuters is not liable for any damage or loss resulting from the use of automated translation.)

The Dow Jones closed up by 0.1%, the Nasdaq fell by 1.25%, and the S&P 500 decreased by 0.47%. Among the most actively traded stocks, Micron Technology dropped by 4.79%, Nvidia declined by 2.94%, SanDisk fell by 4.9%, and Super Micro Computer dropped by 3.9%.

US telecom service providers fell in after-hours trading, with T-Mobile, Verizon, and AT&T dropping more than 5%. News reports indicate that SpaceX will acquire a portfolio of low-band frequency spectrum licenses used for mobile communications across the US.

The President of the Federal Reserve Bank of St. Louis, Musalem, stated that the Federal Reserve needs to raise interest rates again to bring inflation back to the 2% target level. He said that in order to achieve the inflation target within a "timely" period, monetary policy requires further tightening. Musalem indicated that if "timely" means about 18 months, interest rates may need to be further increased at an appropriate time in the next 6 to 9 months. He noted that inflation remains the main challenge facing the US economy, but with strong economic growth and a stable job market, the Federal Reserve may be able to reduce inflation without significantly hurting employment. When asked whether an interest rate hike should be considered at the policy meeting on October 27-28, Musalem expressed an open attitude, stating he has not yet made a prediction about the meeting's outcome, but the inflation situation requires policymakers to continue considering further tightening measures. Musalem said that despite the noticeable rise in US Treasury yields, financial conditions remain loose and continue to support economic growth. He stated that the rise in yields does not mean that investors are losing confidence in the Federal Reserve, but rather reflects market expectations that real interest rates will rise and that capital competition is intensifying in a strong economic environment.