U.S. Stocks Edge Higher at the Open as Copper Surges, Volatility Ticks Up

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U.S. stocks opened mixed Tuesday morning as investors weighed a fresh surge in copper prices, resilient economic data, and persistent pressure from higher long-term interest rates.

At the opening bell, the Dow Jones Industrial Average slipped 49.21 points, or 0.10%, to 48,313.5, while the S&P 500 rose 2.84 points, or 0.04%, to 6,881.33. The Nasdaq Composite added 12.25 points, or 0.05%, to 23,441.1, and the Russell 2000 fell 0.34% to 252.71, reflecting continued underperformance among smaller-cap stocks.

Commodity markets were more decisive. Copper prices vaulted to a fresh all-time high above $12,000 a metric ton, extending a rally that has lifted prices by more than one-third this year. Prices rose as much as 1% to $12,044 a ton on the London Metal Exchange, according to Bloomberg, as severe mine outages and trade dislocations collided with rising demand.

Analysts cited by Bloomberg warned the copper market could face its largest supply deficit in more than two decades next year, with demand expected to exceed supply by roughly 600,000 tons.

Energy and precious metals also moved higher. West Texas Intermediate crude rose 0.28% to $58.17 a barrel, while gold climbed 0.83% to $4,506.70 an ounce, as investors sought hedges amid rising policy uncertainty.

Market volatility edged up modestly. The CBOE Volatility Index rose 2.13% to 14.38, though it remained well below levels typically associated with market stress. Meanwhile, Bitcoin slid 2.52% to $87,701.51, extending recent losses in the cryptocurrency complex.

On the macroeconomic front, recent growth data underscored the economy’s momentum. The U.S. Bureau of Economic Analysis reported that real gross domestic product expanded at a 4.3% annualized rate in the third quarter of 2025, accelerating from 3.8% in the prior quarter, driven by stronger consumer spending, exports, and government outlays.

Still, longer-term risks remain tied to interest rates. Torsten Slok, chief economist at Apollo Global Management, said fiscal and inflation concerns are keeping upward pressure on long-term yields across major economies, warning that rates are likely to remain “higher for longer,” a backdrop that continues to weigh on equity valuations.

In corporate trends, Wedbush Securities highlighted strong late-year digital engagement for major internet platforms, noting accelerating web and app traffic at Amazon, Booking Holdings, and Uber, while Lyft’s engagement lagged expectations heading into the fourth quarter.

As markets head toward 2026 investors are balancing robust growth signals against rising commodity prices, stubbornly high rates, and renewed trade-policy uncertainty, forces that could keep volatility elevated into 2026.