Stock Market Today, Oct. 23: AT&T Slides on SpaceX Cell-Site Talks

AT&T stock plunged 7.96% after Bloomberg reported SpaceX is negotiating access to approximately 80,000 cell sites to build a fourth nationwide wireless network. The news reignited carrier competition concerns, pressuring the entire wireless sector. Despite AT&T beating earnings estimates and raising 2026 guidance on October 21, investor focus shifted to competitive threats from SpaceX's potential entry into the market with satellite-supplemented terrestrial coverage.