U.S. Telecom Stocks Fall as SpaceX Weighs a Nationwide Carrier

U.S. telecom stocks fell about 5% before Friday’s open as SpaceX held talks with cellular infrastructure firms about a potential nationwide mobile carrier, while tower shares climbed.

AT&T, Verizon and T-Mobile each dropped about 5% in premarket trading Friday. The declines were similar across the three wireless companies. Crown Castle rose 10.5%, and American Tower gained 7.3%; both tower companies moved higher. SpaceX shares advanced 2%.

Telecom operators fell while tower owners and SpaceX gained. Broader U.S. stock futures also pointed lower before the session, extending the premarket moves beyond the telecom sector.

SpaceX is discussing plans with cellular infrastructure firms to start a nationwide mobile carrier. The talks concern a possible move into mobile service, with the carrier still at the proposal stage rather than a completed launch.

The premarket reaction split among wireless operators, tower owners and SpaceX. The moves came before regular U.S. trading opened Friday, Oct. 23.