Stocks close higher: Dow gains 423 points, Verizon has its worst day since 2002, S&P 500 up 1.2% on the week

Wall Street ended Friday higher and finished the week with gains in all three major averages. According to CNBC's closing numbers, the Dow Jones Industrial Average rose 423.31 points, or 0.83%, to 51,654.95. The S&P 500 gained 0.59% to 7,811.54, and the Nasdaq Composite added 0.64% to 27,366.17. For the week, CNBC put the S&P 500 up about 1.2%, the Dow up 0.9% and the Nasdaq up 0.6%.

Index	Close	Day	Week
Dow Jones Industrial Average	51,654.95	+0.83%	+0.9%
S&P 500	7,811.54	+0.59%	about +1.2%
Nasdaq Composite	27,366.17	+0.64%	+0.6%

Source: CNBC. Weekly figures as reported by CNBC.

Tech bounces, but the AI worry has not gone away

Thursday's drop followed CNBC's confirmation that OpenAI told investors it saw $50 billion in annualized revenue at the end of September, against a widely reported $68 billion figure that a source said had included gross revenue from partners. It was the Nasdaq's biggest one-day loss since mid-August (our report). On Friday software led the rebound: CNBC reported Palo Alto Networks up 5%, CrowdStrike up 4%, Palantir up 5%, Amazon up 3% and Microsoft up 2%.

Not everyone reads it as over. Adam Crisafulli of Vital Knowledge wrote that the sell-off reflected positioning imbalances that "have further to unwind," and that an AI-complex V-shaped rebound is unlikely, according to CNBC. Apple fell nearly 2% midday after Nikkei Asia reported it cut October production orders for the iPhone 18 Pro and Pro Max by 15% from original plans.

Wireless carriers take the hit

The day's biggest single-stock story was telecom. After SpaceX said it agreed to buy a nationwide spectrum portfolio (deal details), AT&T, Verizon and T-Mobile slid on fears of more competition. CNBC said Verizon was down more than 9% in afternoon trading and on pace for its worst day since July 22, 2002, when it fell nearly 12%; that was an afternoon figure, not the close. Tower companies went the other way, with American Tower up 6% and Crown Castle almost 8% premarket. Elsewhere, Humana jumped 12% midday after a better Medicare Advantage rating, and Alignment Healthcare fell almost 14%. Moderna and Novavax rose after the New York Times reported an NIH plan to speed personalized cancer vaccines.

Oil, diesel and the hurricane

CNBC said West Texas Intermediate settled at nearly $92 a barrel and Brent above $104, both little changed. Hurricane Isaias, a Category 3 storm per the National Hurricane Center, is due to make landfall Friday night or early Saturday near Mississippi, Alabama and the Florida panhandle. CNBC reported, citing the Bureau of Safety and Environmental Enforcement, that producers had shut in about 1.3 million barrels a day as of Thursday, roughly 63% of Gulf output. Bloomberg's headline put the shut-in at almost three-quarters, and the two counts differ, as our earlier piece explained.

The refinery risk is what matters for fuel buyers. Andy Lipow of Lipow Oil Associates told CNBC that Chevron's Pascagoula, Mississippi, and Vertex's Saraland, Alabama, refineries can make a combined 466,000 barrels a day, 2.4% of U.S. capacity, and that Gulf Coast plants are running at 95%, leaving no slack. He also noted diesel stocks are the lowest for this time of year since the EIA began reporting in 1982. After the bell, President Trump said Russia would supply diesel to the U.S. and global markets, starting with more than 300,000 tons, per CNBC. Oil dipped slightly on that, and it is a claim from a social media post, not a confirmed contract.

Yields, the Fed and the consumer

The Treasury's par yield curve for October 9 shows the 2-year at 4.80%, the 10-year at 5.24% and the 30-year at 5.60%, from 4.75%, 5.22% and 5.60% on Thursday (U.S. Treasury). CNBC noted long-dated yields reached new 24-year highs this week. Gold rose 1.51% to about $4,196 on our markets board at 4:36 p.m. ET, and the dollar index was near 101.9.

The University of Michigan's October sentiment reading fell to 46.3 from September, with one-year inflation expectations at 4.7%, per CNBC (detail here). The Fed's Survey of Consumer Finances, also out Friday, found families more likely to be behind on obligations than at any point since 2010 (our report).

Next week

September CPI arrives October 14, with forecasts on our economic calendar of 0.6% for the month and 3.7% year over year. Retail sales and jobless claims follow October 15. CNBC said the big banks, Johnson & Johnson and UnitedHealth report Tuesday. The Fed meets October 28.

Sources: CNBC, U.S. Treasury, Bureau of Safety and Environmental Enforcement via CNBC, Chronicle markets board. Quotes taken at 4:36 p.m. ET. This is market information, not investment advice.