US stocks open slightly lower as Tesla (TSLA) shares slide following mixed Q3 results. Revenue topped expectations at $28B, but operating profit plunged 40% year over year as price cuts weighed on margins. CEO Elon Musk urged shareholders to approve his proposed $1T pay package, calling proxy advisors “corporate terrorists” while reiterating his need for 20% voting control. Tesla also revealed plans to expand its robotaxi service to up to 10 metro areas by year-end, though Musk struck a cautious tone on progress. Oil prices spiked after the Trump administration imposed new sanctions on Russian energy giants Rosneft and Lukoil, barring many foreign entities from doing business with them. Meanwhile, the bond market remained in flux as traders awaited missing labor data due to the government shutdown, with the 10-year Treasury yield hovering below 4%. In corporate news, American Airlines (AAL) posted a surprise profit, Honeywell (HON) raised guidance, and Dow (DOW) narrowed losses. Southwest Airlines (LUV) also posted an unexpected profit and reaffirmed record holiday demand — CFO Tom Doxey told Yahoo Finance the carrier’s new bag fees, seat assignments, and premium upgrades are “on track and working.”

Takeaways:

Tesla profit drops 40% as price cuts squeeze margins; Musk defends $1T pay plan

Oil surges after new US sanctions on Russian energy majors

Bond market stabilizes below 4% yield amid ongoing data blackout

Southwest CFO says bag fees, seat changes driving profits and record holiday outlook

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