Since the US-Iran conflict, the leading real estate stock in the UAE has dropped by more than 30%.

The Dow Jones closed up by 0.1%, the Nasdaq fell by 1.25%, and the S&P 500 decreased by 0.47%. Among the most actively traded stocks, Micron Technology dropped by 4.79%, Nvidia declined by 2.94%, SanDisk fell by 4.9%, and Super Micro Computer dropped by 3.9%.

US telecom service providers fell in after-hours trading, with T-Mobile, Verizon, and AT&T dropping more than 5%. News reports indicate that SpaceX will acquire a portfolio of low-band frequency spectrum licenses used for mobile communications across the US.

The President of the Federal Reserve Bank of St. Louis, Musalem, stated that the Federal Reserve needs to raise interest rates again to bring inflation back to the 2% target level. He said that in order to achieve the inflation target within a "timely" period, monetary policy requires further tightening. Musalem indicated that if "timely" means about 18 months, interest rates may need to be further increased at an appropriate time in the next 6 to 9 months. He noted that inflation remains the main challenge facing the US economy, but with strong economic growth and a stable job market, the Federal Reserve may be able to reduce inflation without significantly hurting employment. When asked whether an interest rate hike should be considered at the policy meeting on October 27-28, Musalem expressed an open attitude, stating he has not yet made a prediction about the meeting's outcome, but the inflation situation requires policymakers to continue considering further tightening measures. Musalem said that despite the noticeable rise in US Treasury yields, financial conditions remain loose and continue to support economic growth. He stated that the rise in yields does not mean that investors are losing confidence in the Federal Reserve, but rather reflects market expectations that real interest rates will rise and that capital competition is intensifying in a strong economic environment.

Reuters, October 8 - SpaceX announced on Thursday that it has reached an agreement to acquire a portfolio of low-band spectrum licenses covering the entire United States, which will make Starlink Mobile a major telecom operator in the country. While Starlink Mobile’s existing global 2 GHz mid-band spectrum enables high bandwidth capacity in the US, the new spectrum will allow its signals to penetrate obstacles. After-hours trading saw T-Mobile US shares fall by 2.7%, while Verizon and AT&T shares dropped by 3% and 3.6%, respectively. (For the convenience of non-English speakers, Reuters provides automated translations of its reports in several other languages. However, as these automated translations may be inaccurate or fail to capture necessary context, Reuters does not guarantee the accuracy of such translations, which are offered solely for the convenience of readers. Reuters accepts no responsibility for any damages or losses arising from the use of its automated translation service.)