Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing. For more information, visit GotTheGold.com. I'm your host, Justin 2.0.

This is Market Pulse — Friday's numbers.

Equities:
• Markets rallied Friday
• Dow up 0.69% to 47,960
• S&P 500 up 0.41% to 6,919
• Nasdaq up 0.80% to 24,149
• All three indices posted monthly gains despite October volatility
• Tech sector led weekly performance
• Amazon surged 6% on strong earnings
• Apple rose on better-than-expected iPhone sales

Oil:
• WTI at $59.96, down 0.24% from Thursday
• Brent at $64.38, down 0.11%
• Both closed October down over 4%, third consecutive monthly decline
• Weakest October since 2023
• OPEC+ meeting Sunday, expected to delay December output increase by at least one month due to weak demand and oversupply concerns

Gas:
• Henry Hub at $3.79 per MMBtu, down 0.79% from Thursday
• November contract expired, December futures at $3.85
• Up 8.9% for October despite Friday pullback
• Winter demand outlook supporting prices
• EIA projecting Q4 average at $4.11

Production:
• Permian output steady at 6.4 million barrels per day
• October marked slowest U.S. production growth in months
• Operators trimming 2025 budgets with WTI near $60
• Hedging activity accelerating for 2026 and 2027
• Devon, Diamondback, EOG all increasing hedge coverage

Real Estate:
• October transaction volume exceeded $30 billion, highest monthly total in 2025
• Industrial cap rates at 5.0% nationally
• Multifamily at 5.2%
• Office bifurcation continues, Class A at 7.3%, distressed assets trading at 9% plus
• Fed rate cuts improving financing conditions
• Buyer sentiment strengthening into year-end

Credit:
• Investment-grade spreads at 20-year lows
• High-yield market resilient despite rate volatility
• SOFR at 4.28%, showing persistent liquidity stress
• Fed signaling potential pause in quantitative tightening
• Corporate issuance strong in October
• Refinancing activity accelerating ahead of year-end

Bottom Line:
Equities closed October strong despite volatility. Oil posted third monthly decline, OPEC+ delaying output increase. Gas up 8.9% for October on winter outlook. Permian growth slowing, aggressive hedging continues. Real estate transactions hit 2025 high at $30 billion. Credit spreads at historic lows, refinancing accelerating. Target sub-$50 breakevens, hedge floors above $75. Industrial caps sub-5.7%, senior secured credit SOFR plus 650, LTV under 65%.

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