Market enthusiasm was tempered by specific industry headwinds. While the sector benefited from a renewed risk-on sentiment, cellular carriers struggled to find momentum as analysts weighed the potential disruption from SpaceX’s expanding satellite footprint. The shadow of increased competition continues to weigh on investor confidence in traditional telecommunications providers.

Simultaneously, the entertainment and streaming landscape hit a snag. Shares of major players, including Netflix and the newly merged Paramount Skydance, slipped following a warning from PepsiCo. The beverage giant’s commentary on rising gasoline prices signaled a potential pullback in discretionary spending, causing traders to reconsider the resilience of media stocks in an inflationary environment.