🔴 Industrials ETF (WARP) is trading 2.3% down as SpaceX market-entry concerns weigh on telecom stocks

WARP is trading at $17.62, down 2.31%, as communication-services weakness weighs on the ETF.

• On October 22, AT&T, T-Mobile, Verizon, Netflix, and Alphabet declined. Telecom stocks faced concern about SpaceX entering the market, while Netflix was hurt by a weaker outlook.
• Higher oil prices and Middle East tensions added pressure in broader risk-off trading. WARP’s large communication-services allocation makes the weakness relevant alongside its industrials exposure.