Stocks Edge Higher at the Open on Triple Witching Day as Tesla Draws Spotlight

U.S. equity markets opened modestly higher Friday as Wall Street navigated the potentially volatile terrain of Triple Witching Day and digested fresh developments surrounding Tesla’s forthcoming robotaxi launch.

The Dow Jones Industrial Average gained 146 points, or 0.35%, at the open, trading near 42,318. The S&P 500 advanced 26.71 points, or 0.45%, to 6,007.58, while the Nasdaq Composite jumped 126.17 points, or 0.65%, to 19,672.41.

Crude oil futures also edged up, with July contracts rising $0.21, or 0.28%, to $75.35 a barrel as of 8:51 AM EDT.

WATCH: AI's Secret Power Source? You Won't Believe Where It's Hiding!

Friday’s session marks June’s Triple Witching Day, when stock options, index options, and futures all expire simultaneously. More than $6 trillion in options are set to expire, including $3.2 trillion in S&P 500-linked contracts at the open and $1.9 trillion in single-stock and ETF options at the close. This convergence, especially following a market holiday, is expected to amplify trading volume and price swings.

Tesla (TSLA) remained firmly in the spotlight after Wedbush Securities reaffirmed its Outperform rating and $500 price target, citing the imminent launch of the company’s autonomous robotaxi service in Austin. According to the firm, the Sunday debut of Tesla’s Model Y-based robotaxi fleet marks “the golden era of autonomous for Tesla,” with a vision of scaling to 25 cities over the next year.

“We believe the AI and autonomous opportunity is worth at least $1 trillion alone for Tesla,” wrote Dan Ives, managing director at Wedbush. He added that “the march to a $2 trillion valuation for TSLA over the next 12 to 18 months has now begun” with the acceleration of Full Self-Driving (FSD) technology and planned Cybercab production.

Yet skepticism remains. Tesla's Robotaxi rollout has drawn regulatory scrutiny amid safety concerns. Texas lawmakers have urged a delay until new regulations take effect in September, while the National Highway Traffic Safety Administration (NHTSA) is investigating Tesla’s FSD system after it failed a school bus stop test.

Despite bullish sentiment from Wedbush, options activity reflects a more cautious market. As of June 16, implied volatility in Tesla’s $330 June 20 call options fell sharply, even as retail traders made up 80% of the volume—indicating speculative interest but tempered expectations.

Meanwhile, geopolitical developments added a layer of uncertainty. Tensions between Iran and Israel intensified, with Tehran rejecting nuclear negotiations until Israeli airstrikes cease. While not yet roiling markets directly, the conflict is being closely monitored by Washington, with President Trump reportedly reviewing military options.

With volatility expected to climb as expirations unfold and headline risks mount, investors are bracing for sharp intraday moves. Still, the morning tone suggests a cautiously optimistic market—buoyed by hopes for AI-driven innovation and resilience in the broader economy.