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Tech Stocks Recover as Elon Musk Has Strong Week

3 sources · updated 2026-10-11
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What happened

On Friday, U.S. stocks rose after a Thursday decline, with the Dow Jones Industrial Average up as much as about 0.8 percent and the Nasdaq Composite about 0.6 percent, leaving the S&P 500 and Nasdaq positive for the week. Technology shares recovered after a Bloomberg report addressed confusion over OpenAI’s annualized revenue, which had been cited at $50 billion against an earlier reported figure of $68 billion. SpaceX said it would buy $8 billion of wireless spectrum from investment firm Grain Management so Starlink could combine its satellite-to-mobile constellation with a terrestrial network; T-Mobile shares fell 13 percent and Verizon and AT&T about 10 percent each. Crude oil, which had jumped as much as 5 percent Thursday after Iranian attacks on vessels in the Strait of Hormuz and hurricane-driven production cuts off the U.S. Gulf Coast, traded mixed to slightly lower Friday after President Trump wrote on Truth Social that the United States “will not be attacking Iran at any time prior to the Midterm Elections,” following reports he was weighing whether to resume a large-scale operation. The U.S. 10-year Treasury yield stood at 5.259 percent and the 30-year at 5.622 percent, below multi-decade highs reached earlier in the week.
Sourcing check · Fully on the record · 3 articles

2 of 2 articles cite a named source for the story. It was on the record from the first report.

What these terms mean and how they're counted
On the record · names a source 2 of 2
On the record means the article cites a source by name for the story's main claim: a person, or an institution speaking officially, such as a company statement or a named agency's spokesperson. The opposite is an unnamed source. The count is how many of the counted articles cite at least one such source; the names are everyone named across them, each once however the articles spell it. Here: Donald Trump, Bob Edwards and President Trump
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Primary evidence means the article cites a record you could check yourself: a court filing or ruling, a dataset or report, a recording or transcript, an official statement or press release, market data. A quote is not a document. The count is how many articles cite one. Here: market data
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How it developed
When the first report landed and whether it named anyone; when the first named source and the first document appeared. Here: First report Oct 9, 14:13 UTC by New York Post, naming its source. First document in the first report, from New York Post (market data).
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Omitted — what each side leaves out

Unpacked

The oil move is a Trump story in right-leaning coverage and is not a Trump story at all in left-leaning coverage. The New York Post ties slipping crude to a vow not to strike Iran before the midterms, following reports of a possible large-scale operation. CNBC never mentions Trump, Iran, or those elections, and instead treats oil as "tame" support for the rally. The same SpaceX spectrum purchase is a carrier crash in one telling and a tech lift in the other. Left-leaning coverage dwells on the telecom selloff and labels it "the rout in telecom stocks." Right-leaning coverage leads with SpaceX pushing the sector higher and notes only that the big carriers fell, without saying how far. How much of Friday's rebound came from cheaper oil, how much from the SpaceX spectrum deal, and how much from the OpenAI revenue clarification?
Bottom line

CNBC's recap of Friday's rebound has no Iran in it; the New York Post's does, and hangs the oil dip on Trump's pre-midterm pledge.

The receipts — 2 facts one side's coverage lacks
  • T-Mobile fell 13% after the SpaceX spectrum deal numberin CNBC · absent from right-leaning coverage
  • The spectrum was purchased from investment firm Grain Management contextin CNBC · absent from right-leaning coverage
The Left View
CNBC framed Friday as a “recovery rally” in technology stocks, attributing the bounce to the OpenAI revenue clarification together with “tame bond yields and oil prices,” and treated the SpaceX purchase as a competition shock that produced a “rout in telecom stocks” on “the promise of increased competition.” It cast the session as part of “Elon Musk’s very good week,” citing bullish notes on SpaceX from Goldman Sachs and Barclays, and highlighted Investing Club names Palo Alto Networks and CrowdStrike as Friday’s leaders and non-AI holdings TJX and Cardinal Health as weekly gainers of more than 4 percent. Looking ahead, it pointed to next week’s earnings from Wells Fargo, Goldman Sachs, Johnson & Johnson, and Bank of New York, and to consumer- and producer-price reports that “could sway expectations” for the Federal Reserve, which, after a September increase described as the first in three years, is expected to hold at its coming meeting even as the CME FedWatch tool still favors a December hike.
The Right View
The New York Post’s headlines presented the same advance as tech shares rebounding on the SpaceX deal while “oil prices slip after Trump vows not to strike Iran before midterms,” quoting his Truth Social pledge and tying Thursday’s crude spike to the Hormuz attacks and a Gulf hurricane. It stressed that gasoline had stayed “stubbornly above $4 a gallon” and diesel “stuck above $6,” arguing pricier trucking fuel “can easily push up price tags at the grocery store,” and reported Trump’s executive order expanding tax-exempt diesel use plus a G7 agreement to release up to 100 million barrels, while noting “experts have warned these tactics are unlikely to have much of an impact on US prices at the pump beyond a few pennies’ difference.” It quoted Edwards Asset Management CIO Bob Edwards that higher oil, “geopolitical conflict,” rising yields, “AI investment concerns,” and the midterms had fed pessimism, but that technology stocks “have demonstrated resilience” and “the eventual resolution of election uncertainty could provide another catalyst for equities.”
Our Take (balanced)
The left-leaning coverage’s strongest argument is that Friday was a market-structure rebound: once OpenAI’s revenue figures were clarified, SpaceX’s spectrum deal repriced telecom competition and calmer yields and oil let major indexes finish the week higher—backed by the reported revenue discrepancy, the carrier sell-off, and a concrete calendar of earnings and inflation data. The right-leaning coverage’s strongest argument is that geopolitics and energy, especially Trump’s explicit pre-midterm Iran pledge after Thursday’s oil jump on Hormuz disruptions, were a material risk-on catalyst and that pump prices remain a household inflation channel—backed by the Truth Social wording, the Thursday crude surge, and still-elevated gasoline and diesel. The central unresolved tension is whether the session is primarily a technology-and-competition story in which oil was background, or a geopolitics-and-energy-risk story in which the SpaceX deal was secondary.

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