Business & Markets — October 10, 2026

Telecom shares fall on SpaceX threat. Verizon posted its worst daily decline since 2002, and AT&T and T-Mobile fell too. The trigger: SpaceX's spectrum deal -- a signal of Starlink's push to become a major U.S. mobile carrier.

According to MarketWatch, the selloff ranked among the sector's steepest in more than a decade, and analysts are now weighing how much competitive pressure the satellite operator could bring to the wireless industry. Investors are reassessing whether the established carriers' businesses face a new rival with its own spectrum assets, a question Wall Street is examining as it sizes up the longer-term implications for the three largest U.S. providers.ʂ

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Delta cuts 2026 forecast. Delta Air Lines lowered its 2026 outlook and missed Wall Street estimates for the first time in two years as rising fuel costs squeeze airlines. Still, travel demand remains strong.

The reduced outlook marks a notable break in the carrier's recent track record, ending a two-year streak of meeting or beating analyst expectations, according to CNBC. The airline attributed the shortfall to a surge in fuel prices, a cost pressure affecting the broader industry. The company's chief executive emphasized that passenger demand has not weakened, suggesting the revision reflects expense pressures rather than a pullback in bookings.

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White House targets Fed governor. President Trump established a "committee of inquiry" to hear mortgage-fraud allegations against Fed Governor Lisa Cook in a closed hearing, the latest step in his effort to remove her.

According to Fox News, the proceeding will take place behind closed doors and represents a new mechanism in the administration's ongoing push to oust the central bank official. The report notes the dispute carries broader stakes for the Federal Reserve's independence, as the effort tests how far a president can go in seeking the removal of a sitting governor over alleged conduct predating or outside her official duties.

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