Verizon and AT&T shares are tracking toward their worst weekly performance in years, dragged down by a broad-based selloff in the technology and aerospace sectors.
The decline in telecom stocks comes as market sentiment sours on high-growth names, with SpaceX leading the charge lower.
SpaceX shares suffered their steepest decline since going public, dropping 16% to $154.
SpaceX shares suffered their steepest decline since going public, dropping 16% to $154.60 on Monday.
The selloff marks the third consecutive day of losses, pushing the stock to its lowest level since its first day of trading.
The sharp move has triggered a risk-off reaction that is spreading beyond the aerospace sector into adjacent technology and infrastructure plays.
The pressure on SpaceX stems from the market digesting the prospect of a significant debt offering.