Communications services shares fell along with the broader market as Treasury yields rose.

Streaming giant Netflix is developing new music-competition shows in the image of long-running broadcast hits like "American Idol" and "The Voice" as it tries to expand the breadth of its programming and appeal to the tastes of its nearly 270 million subscribers.

AST SpaceMobile shares surged after the company entered a strategic partnership with a commitment of $100 million from Verizon to provide direct-to-cellular AST SpaceMobile service when needed for Verizon customers.

The company said the new partnership with Verizon would enable it to target 100% coverage of the continental U.S. on premium 850 MHz spectrum with two major U.S. mobile operators.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

05-29-24 1724ET