SpaceX hit wireless. Stocks rose.

Good morning, and welcome to Issue #1. Friday the S&P 500 rose 0.6% to 7,811.54, the Dow 0.8% to 51,654.95 and the Nasdaq 0.6% to 27,366.17, all posting weekly gains, even as T-Mobile fell 13.3%, AT&T 10.8% and Verizon 10.1% on SpaceX's spectrum deal (AP; Reuters; Yahoo Finance). Overnight, S&P futures are up about 0.3%, WTI is off about 0.9% near $91, Bitcoin is near $83,900, and Tokyo is closed for Sports Day (Yahoo Finance; Coinbase; JPX). Stocks trade normal hours today; the US bond market is closed for Columbus Day. That's the short version. The five-minute one is below.

Stocks, VIX and yields are Friday's close. Futures and oil as of ~3:54 AM ET Monday vs. Friday's settle. Crypto as of ~3:54 AM ET Monday, vs. its 24-hour open. Nikkei is Friday's close (Japan closed Mon for Sports Day). Stoxx 600 is Monday, live at ~3:54 AM ET, vs. Friday's close. US bond market closed Mon — 10Y/2Y/30Y are Friday's Treasury closes; no fresh cash print today.

One-line read: Futures are modestly higher after Friday's rebound; oil is a touch softer overnight, Europe is firmer in early trade, Tokyo is shut for Sports Day, and there is no live Treasury cash yield today (Columbus Day bond close).

SpaceX agreed Thursday to buy Grain Management's nationwide 800 MHz spectrum portfolio — up to 14 megahertz of paired low-band licenses — to push Starlink Mobile deeper into US wireless (Grain / PR Newswire; CNBC). Friday, that news landed in the cash session: T-Mobile fell 13.3% to $148.58, AT&T 10.8% to $22.18 and Verizon 10.1% to $41.65, while tower owners Crown Castle jumped 15.6% and American Tower 9.3% (Yahoo Finance). CNBC called Verizon's session its worst since 2002, T-Mobile's since 2013 and AT&T's since 2000. The S&P 500 still rose 0.6%, and communication services was the lone major sector down on the day (Reuters).

The numbers: S&P 500 7,811.54 (+46.18 / +0.6%), Dow 51,654.95 (+423.31 / +0.8%), Nasdaq 27,366.17 (+172.83 / +0.6%); week: S&P +1.2%, Dow +0.9%, Nasdaq +0.6%; Russell 2000 +0.5% Friday but −0.9% on the week (AP; Yahoo Finance). PHLX Semiconductor Index −0.4%; Nvidia −0.5% (Yahoo Finance; Barron's). WTI settled +0.4% at $91.85 and Brent +0.4% at $104.72 after an early slide on Trump's no-Iran-strike-before-midterms comment (Reuters; Yahoo Finance). VIX fell to 14.84 (−0.57). Communication Services Select Sector SPDR (XLC) −1.5% (Yahoo Finance).

Why it matters: AT&T, Verizon and T-Mobile are dividend staples in many 401(k) and S&P 500 funds. A private company buying spectrum does not rewrite their networks overnight — FCC approval is still required — but Friday showed how fast the market prices a new competitor story. Tower owners moved the other way: more wireless buildout (whoever builds it) often means more demand for sites.

What to watch: Whether the wireless names stabilize after the 9:30 AM ET open, and how bank earnings Tuesday set the tone for the rest of the Q3 season.

Monday is Columbus Day / Indigenous Peoples' Day. NYSE and Nasdaq run normal 9:30 AM–4:00 PM ET hours. SIFMA recommends a full close for US dollar fixed-income trading — Treasuries, agencies, corporates, munis — so there is no fresh US 10-year cash close today (NYSE; SIFMA). Japan equities are also shut for Sports Day (JPX).

Why it matters: Your stock index funds still price every minute. Your bond fund and the 10-year yield you watch for mortgages will wait until Tuesday. Futures and the dollar can still move on headlines with thinner rate anchors.

Wells Fargo, Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley are on tap next week, with the big reports clustered Tuesday (Reuters). Analysts via LSEG put S&P 500 Q3 earnings growth near 30.6% year over year, with energy and tech the largest growth contributors (Reuters).

Why it matters: Bank results are often the first real read on credit, trading and consumer health for the companies that sit near the top of an S&P 500 fund. Wednesday's September CPI at 8:30 AM ET (BLS) is the other calendar pillar before the Oct 27–28 Fed meeting. CME FedWatch as of ~3:39 AM ET priced about an 80.6% chance of no change at the Oct 28 meeting and about an 84.4% chance of a hike by the Dec 9 meeting (CME FedWatch).

WTI settled Friday at $91.85 (+0.4%) and Brent at $104.72 (+0.4%); by ~3:54 AM ET, WTI was near $91.03 (−0.9%) and Brent near $103.95 (−0.7%) (Yahoo Finance; Reuters). Hurricane Isaias made landfall on the northern Gulf; MMA estimated Sunday that about 57.5% of Gulf oil production (~1.17 million bpd) and 49.1% of Gulf gas remained shut in as of 11:00 a.m. CDT, down from Friday's peak of about 71.5% oil (MMA / BSEE). Delta on Friday cut full-year adjusted EPS guidance to $5.10–$5.60 from $6.50–$7.50 on higher fuel, while reporting adjusted EPS of $1.72 vs. $1.75 expected (company release; CNBC). Shares closed roughly flat at $82.17.

Why it matters: Oil still feeds jet fuel, the pump, and the inflation prints the Fed watches. Airline guidance is one place that shows up in a portfolio that owns carriers or the broader industrial complex.

SpaceX's spectrum deal hit wireless hard. For context, SpaceX agreed to buy Grain Management's nationwide 800 MHz portfolio for Starlink Mobile (FCC approval required). Notice the three national carriers dropped more than 10% in one session while tower owners Crown Castle and American Tower rallied — a split inside the same wireless ecosystem.

Source: exchange closing prices via Yahoo Finance, Oct 8–9, 2026. XLC = Communication Services Select Sector SPDR. Deal facts: CNBC; Grain / PR Newswire.

US stock exchanges and the bond market follow different holiday calendars. Columbus Day / Indigenous Peoples' Day is a federal holiday and a SIFMA full close for Treasuries and most other US dollar fixed income, but it is not on the NYSE or Nasdaq holiday list — so cash equities trade normal hours (NYSE; SIFMA). Think of two desks that share a building and keep different vacation days. Futures on stocks and rates can still trade, but without a live Treasury cash close the usual yield anchor is missing until Tuesday. That is why today's snapshot labels the 10-year as Friday's close, and why a thin holiday session can exaggerate moves on any headline.

That's the desk. See you tomorrow at 6 AM ET.

— The Overnight Desk Team

Note: The Overnight Desk Team may hold positions in assets discussed. Nothing here is investment advice. · Sponsor: No one paid for any mention in this issue.