Nasdaq edges up as tech steadies; SpaceX threat hits telecoms

The Nasdaq edged higher on Friday as tech stocks showed signs of stabilizing, while telecom shares fell sharply on concerns that SpaceX's potential entry into the wireless carrier market could intensify competition. The Dow dropped 0.95% and the S&P 500 slipped 0.11%, but the Nasdaq gained 0.32%, helped by a 1.4% rise in the Philadelphia Semiconductor index. AT&T, Verizon, and T-Mobile fell between 1.3% and 5.6% after a report said SpaceX was in talks with cellular infrastructure companies about launching a nationwide wireless program, while tower operators Crown Castle and American Tower rose 11.11% and 4.8%, respectively. The S&P 500 energy sector hit a record high tracking oil price gains, and markets expect the Federal Reserve to hold interest rates steady at its meeting next week. S&P 500 third-quarter profit growth is forecast at 32.3%, with major companies like Microsoft, Alphabet, and Amazon reporting next week.