Stocks Nudge Higher at the Open as Oil Slides Below $60; Gold Tops $4,000

U.S. stocks opened modestly higher Friday, with the Dow up 91 points (0.20%) to 46,449.6, the S&P 500 rising 0.15% to 6,744.98, and the Nasdaq adding 0.18% to 23,065.4. Small-caps outperformed, pushing the Russell 2000 up 0.42% to 246.16 in early trading.

A sharp downdraft in energy prices helped set the tone. U.S. crude for November delivery fell 2.75% to $59.82, dropping decisively below the $60 mark on the morning slide. The move extended a week of pressure on commodities and dovetailed with a renewed bid for havens: December gold climbed 0.78% to $4,003.40, clearing the psychological $4,000 threshold.

The rate backdrop remains unusually benign for risk assets. A chart circulated by the Apollo Chief Economist using Bloomberg data shows “almost 90% of public fixed income outstanding trades with a yield below 5%,” underscoring how a vast share of the global bond market still sits under that level. Lower nominal yields, all else equal, tend to bolster equity valuations by reducing discount rates.

Autos and AI stayed in focus after Wedbush Securities reiterated its upbeat view on Tesla Thursday. Analyst Daniel Ives wrote that “The AI valuation will start to get unlocked in the Tesla story,” adding, “We believe Tesla could reach a $2 trillion market cap early 2026 in a bull case scenario and $3 trillion by the end of 2026.” The note also played down supply-chain risks from China’s tighter grip on rare-earth exports, saying Tesla’s Shanghai operations leave it “best positioned among US automakers to navigate any speed bumps.” The brokerage tied the longer-term case to lower-cost Model 3/Y trims and the company’s push toward Full Self-Driving, “Cybercab,” and its Optimus robotics roadmap.

With indexes edging up and oil under pressure, early leadership skewed toward rate-sensitive and domestically focused shares, while energy lagged. Investors will watch whether the slide in crude deepens—a move that can relieve inflation pressure but weigh on producers—and whether the bid in gold signals persistent demand for hedges.