Stocks Rise at the Open as Mega-Cap Tech Moves Lead; Netflix–WBD Deal and Meta News Push Media Shares Into Focus

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U.S. stocks opened cautiously higher Friday as investors weighed early gains across large-cap technology shares against softening signals in commodities and crypto markets, while two major developments in the media and technology sectors helped set the tone for the session.

The Dow Jones Industrial Average climbed 65.49 points, or 0.14%, to 47,916.4 shortly after the opening bell. The S&P 500 added 0.22% to 6,872.03, and the Nasdaq Composite rose 0.36% to 23,589.3, according to the morning dashboard readings. Small-caps lagged again, with the Russell 2000 slipping 0.25% to 251.19, continuing a trend in which investors favor larger, cash-rich companies amid evolving policy expectations.

Media and entertainment stocks were thrust to the forefront after Netflix announced a sweeping agreement to acquire Warner Bros. Discovery’s studio assets, HBO and HBO Max for an enterprise value of about $82.7 billion, according to the companies’ joint statement. The transaction—one of the largest media tie-ups in years—would consolidate Warner Bros.’ century-long catalog with Netflix’s global streaming platform.

“Our mission has always been to entertain the world,” said Ted Sarandos, Netflix co-CEO, highlighting the breadth of Warner Bros.’ legacy content ranging from Casablanca to Harry Potter. “Together, we can give audiences more of what they love and help define the next century of storytelling.”

Netflix co-CEO Greg Peters said the deal would “improve our offering and accelerate our business for decades to come,” citing expanded creative opportunities and long-term shareholder value. David Zaslav, CEO of Warner Bros. Discovery, called the combination “two of the greatest storytelling companies in the world.”

Separately, Meta unveiled new partnerships aimed at expanding real-time news content within Meta AI, joining forces with outlets including CNN, Fox News, Le Monde Group and USA TODAY. “Meta AI will now offer a broader range of real-time content… from global, breaking news to entertainment,” the company said. “We’re committed to making Meta AI more responsive, accurate, and balanced.”

The announcements arrive against a backdrop of mixed market signals. Bitcoin slid 2.20% to $90,634.78, extending a weeklong pullback that has stirred volatility across digital assets. The VIX edged up 1.71% to 16.05, suggesting a modest uptick in caution. Crude oil dipped 0.18% to $59.56, while gold rose 0.48% to $4,263.50, reflecting a defensive bid tied to shifting inflation expectations.