Stock Market Today, Oct. 9: Verizon Slides on SpaceX Spectrum Deal and Scotiabank Target Cut

Trading volume reached 88.6 million shares, coming in about 286% above its three-month average of 22.9 million shares.

The S&P 500 (^GSPC +0.59%) closed at 7,811, up 0.59%, while the Nasdaq Composite (^IXIC +0.64%) closed at 27,366, up 0.64%. Among integrated telecommunications services peers, AT&T (T -9.81%) closed at $22.17, down 10.86%, and T-Mobile US (TMUS -13.27%) closed at $148.58, down 13.27%, as the SpaceX spectrum news pressured the group.

As one of the largest mobile service providers in the U.S., Verizon's business faces a major new competitor in SpaceX due to the space-based company's nationwide low-band spectrum deal with Grain Management. CEO Elon Musk positioned the move as a major step toward offering direct-to-device phone coverage across the U.S. The news prompted Wall Street to reassess long-term competition for traditional mobile carriers, impacting not just Verizon, but other major wireless carriers as well.