Stocks Open Higher as Investors Weigh Weak Jobs Data, Gold Tariff Shock

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U.S. stocks opened in positive territory Friday, with major indexes advancing as investors assessed sharply weaker labor market figures, a historic surge in gold prices, and fresh corporate developments.

The Dow Jones Industrial Average rose 135.98 points, or 0.31%, to 44,104.6. The S&P 500 gained 20.92 points, or 0.33%, to 6,360.92, while the Nasdaq Composite added 79.04 points, or 0.37%, to 21,321.7.

The early gains came despite labor market data pointing to a marked slowdown in job creation. The Bureau of Labor Statistics last week revised nonfarm payrolls sharply lower for May and June, cutting a combined 258,000 jobs from earlier estimates — the largest two-month downward revision since the onset of the pandemic in May 2020. July’s initial reading showed just 73,000 jobs added. Horizon Investments noted that the three-month moving average now sits at 35,000, underscoring a softening employment backdrop. The unexpectedly large revisions sent short-term Treasury yields lower late last week, as traders increased bets on a September Federal Reserve rate cut, with markets still pricing in two cuts this year.

Commodity markets were also in focus after U.S. Customs and Border Protection confirmed that one-kilogram and 100-ounce gold bars will be subject to reciprocal tariffs enacted by President Donald Trump — reversing industry expectations of an exemption. The decision, first reported by the Financial Times and cited by Bloomberg, has driven New York gold futures to record highs, with December contracts trading at $3,484.10, up 0.88% on the day. Analysts warned the move could disrupt global bullion flows and deepen price dislocations between London and U.S. markets.

Crude oil prices were modestly higher, with September West Texas Intermediate futures up 0.20% to $64.01.

On the corporate front, Apple shares were in focus after Wedbush Securities said the company’s $100 billion U.S. manufacturing investment pledge eased tariff concerns but argued that CEO Tim Cook must urgently define a credible AI strategy to avoid falling behind peers. Wedbush maintained its Outperform rating and $270 price target.