Communications services companies rallied but the sector was set to record one of the deepest losses of the 11 industry groups on the S&P 500 for 2022.
The Select Sector Communications Services SPDR, which tracks the communications services industry group, is down 39% for the year to date.
Telecom giant AT&T said it would launch broadband services in states it doesn't currently serve by forming a joint venture with investment firm BlackRock to fund the rollout of fiber-optic networks in new markets.
Chinese telecom-equipment maker Huawei Technologies and Nokia reached a deal to continue licensing smartphone and networking technology to each other, as Huawei remains a key player in the building of 5G networks global networks despite years of U.S. sanctions.
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(END) Dow Jones Newswires