Wall Street Set to Open Lower After AI-Led Selloff; SpaceX Wireless Report Slams Telecom Stocks

Wall Street's main indexes pointed lower on Friday, extending a sharp selloff in AI-linked stocks, while AT&T, Verizon and T-Mobile each fell about 5% in premarket trading on fears that a SpaceX nationwide wireless carrier program could erode their market share. Crown Castle rose 10.5% and American Tower gained 7.3% on the report. The tech-heavy Nasdaq fell nearly 3% on Thursday, a slide that accelerated after Meta dropped nearly 8% on its first cash outflow in more than a decade tied to AI spending. CoreWeave slipped 1.1% Friday, and Meta was down 0.9%. At 08:37 a.m. ET, Dow E-minis were down 447 points, or 0.84%, S&P 500 E-minis were down 0.45% and Nasdaq 100 E-minis were down 0.28%. Brent crude held near a more than five-month high on Middle East supply concerns. Markets expect the Federal Reserve to hold rates steady next week. Earnings from Microsoft, Alphabet and Amazon are due next week.