🔴 Verizon Communications is trading 3.15% down today as SpaceX advances direct-to-cell plans

Verizon Communications is trading at $49.83, down -3.15%, as SpaceX advances plans for a 5G-quality direct-to-cell service targeting standard smartphones in 2028.

• The initiative is raising investor concern about future competition for Verizon Communications, alongside AT&T and T-Mobile.
• Broader rate concerns also weigh on telecom stocks after the Federal Reserve’s September 16 rate hike.