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Dow, S&P 500 fall, Nasdaq steadies as Trump escalates tariff battle with Canada


US stocks mostly fell on Friday after President Trump threatened Canada with a 35% tariff on its imports to the US and floated higher blanket levies on most trading partners.

The S&P 500 (^GSPC) fell 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) displayed resilience, briefly turning green. The Dow Jones Industrial Average (^DJI) declined 0.6%, dropping over 250 points to lead the way down.

Meanwhile, bitcoin (BTC-USD) rose above $118,000 per token to hover at new highs, continuing a furious crypto rally.

Markets are once again taking Trump’s tariff threats in stride. Late Thursday, Trump on Truth Social posted a letter to Canadian Prime Minister Mark Carney, telling him that Canadian goods imported to the US would face a 35% tariff starting in August. The White House has since clarified that many of the carveouts currently in place for Canada tariffs would remain, likely exempting a slew of goods from those punitive duties.

The market has largely shaken off Trump’s renewed tariff threats this week, which have culminated in nearly two-dozen letters to trading partners dictating the duties their country’s imports will face beginning Aug. 1. In an interview with NBC News, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.

Eyes are on what happens next with the European Union, India, and other large trade partners.

Read more: The latest on Trump’s tariffs

For his part, Trump brushed off concerns about inflation and touted the stock market highs reached on Thursday. Wall Street has rallied over the last few months, though that has come after he decided to pause his most sweeping duties on trade partners announced in April’s “Liberation Day” event.

“I think the tariffs have been very well-received. The stock market hit a new high today,” he said.

But at least one prominent investor had said Thursday that markets need to start taking the tariff threats a bit more seriously.

“Unfortunately, I think there is complacency in the markets,” JPMorgan CEO Jamie Dimon said Thursday.

LIVE 18 updates

  • Allie Canal

    Bitcoin pulls back from records but still flying high

    Bitcoin prices retreated Friday afternoon after briefly surging above $118,000 earlier in the day. The cryptocurrency was last trading just above $17,500 a coin.

    The move comes as AI giant Nvidia (NVDA) hit a $4 trillion market cap, underscoring the continued link between crypto and the broader tech rally. Both the tech-heavy Nasdaq Composite (^IXIC) and the benchmark S&P 500 (^GSPC) notched fresh records on Thursday, before pulling back Friday as investors digested new trade signals out of the White House.

    Crypto has been lifted by a range of catalysts, including renewed momentum from President Trump, who has backed the creation of a strategic bitcoin reserve and called for building a broader national stockpile of digital assets. The asset is up over 25% since the start of the year.

    Read more about bitcoin’s stunning run here.

  • Ines Ferré

    Silver is getting squeezed, reaches highest level since 2011

    Silver (SI=F) futures jumped more than 3% on Friday, touching their highest level since 2011.

    The metal touched $39 per ounce during the session. Silver has been on a tear over the past six months – rising more than 33% year-to-date.

    Gold (GC=F) also rose on Friday as investors flocked to the safe haven after President Trump announced 25% tariffs on Canada, raising uncertainty over trade policy with US partners.

  • Ines Ferré

    What goods may (and may not) be affected by Trump’s 35% tariff on Canada

    Yahoo Finance’s Ben Werschkul reports:

    Read more here.

  • Ines Ferré

    One tech giant is getting buried in the record-setting stock market

    Yahoo Finance’s Francisco Velasquez reports:

    Read more here.

  • Ines Ferré

    Energy only sector in green as rest of market slumps

    Energy (XLE) was the only sector in green territory on Friday as the overall market pulled back following President Trump’s 35% tariff announcement on Canada.

    Oil prices rose during the session on worries of supply tightness — sending energy-related stocks higher.

    Meanwhile Healthcare (XLV), Materials (XLB) and Financials (XLF) all declined. Tech and Industrials also pulled back as the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) pulled back from record highs.

  • 401(k) investors rushed to safe havens in the second quarter

    Yahoo Finance’s Kerry Hannon reports:

    Read more here.

  • Wedbush upgrades AMC, lifting the stock

    AMC (AMC) stock jumped 9.5% in early trading after Wedbush upgraded shares to Outperform from Neutral.

    Analyst Alicia Reese raised her price target on the stock to $4, writing that the movie theater chain is poised to benefit from more consistent releases over the next several quarters and has relieved “near-term uncertainty” by restructuring its debt that was due in 2026.

    Earlier this month, AMC signed an agreement to raise $223.3 million in new financing and convert at least $143 million of debt into equity.

    The industry has benefited from a stronger box office in the second quarter, and Reese said she sees that recovery continuing with more consistent numbers in the coming quarters.

    However, she noted, “We do not see substantial growth in the movie theater industry over the next few years.”

  • Oil rises with focus on Trump plan for Russia, Saudi output hike

    Oil gained on Friday as energy traders focused on new tariffs, potential Russia sanctions, and short-term supply hike from Saudi Arabia.

    Brent crude futures (BZ=F) rose 1.5% to trade at just under $70 per barrel after falling on Thursday. West Texas Intermediate futures (CL=F) rose 1.6% to $67 per barrel.

    Bloomberg reported that Saudi Arabia raised its crude output last month above the quota agreed upon by the Organization of Petroleum Exporting Countries and its allies (OPEC+). OPEC+ agreed to a larger-than-expected production increase for August as well.

    At the same time, President Trump said he plans to make a “major statement” on Monday regarding Russia. Trump had criticized Russian President Vladimir Putin at a Cabinet meeting earlier this week, saying “it’s at my option” to impose new sanctions.

    Trump also announced a new tariffs of 35% on Canadian imports on Thursday.

    Read more here.

  • Ines Ferré

    Stocks open lower after Trump announces 35% tariffs against Canada

    Stocks opened lower after President Trump announced a 35% tariff on Canadian goods.

    The S&P 500 (^GSPC) dropped roughly 0.5% from its record high. The Nasdaq Composite (^IXIC) ticked down 0.3%. The Dow Jones Industrial Average (^DJI) declined by about 260 points, or 0.6%.

  • Silver soars to highest since 2011

    Spot silver prices rose 1.8% to $37.63 an ounce on Friday morning, reaching their highest level since 2011, as tariff concerns fueled a rally in precious metals, including gold (GC=F).

    Meanwhile, silver futures (SI=F) climbed even higher, advancing 3% to $38.45 an ounce.

    Bloomberg reports that it’s unusual to have such a wide price gap between the two markets, as it’s typically resolved through arbitrage:

    Read more here.

  • US-listed Canadian companies tick lower after Trump announces 35% tariffs on Canada

    US-listed shares of Canadian companies traded modestly lower on Friday morning ahead of the opening bell after President Trump announced a 35% tariff on Canadian goods late Thursday.

    Trump did not indicate whether a current tariff exclusion for USMCA-compliant goods would continue to apply post-August.

    Here’s how some Canadian stocks were trading Friday morning:

  • Bitcoin surges to fresh record high of $118,000, lifting crypto stocks

    Bitcoin (BTC-USD) surged on Friday to a fresh record high, breaking above $118,000 amid broader momentum for crypto and tech stocks.

    The rally also lifted crypto stocks. Strategy (MSTR), the largest corporate holder of bitcoin, gained 3% in premarket trading. The Michael Saylor-led company holds 597,325 bitcoins in its treasury, worth roughly $70 billion.

    Coinbase (COIN) also rose 1.3%, while Robinhood (HOOD) dipped by about 1%.

    Yahoo Finance’s Ines Ferré reports:

    Read more here.

  • Jenny McCall

    Trending tickers: Performance Foods, AMC and Strategy

    Performance Food’s (PFGC) stock rose over 8% on Friday before the bell after news broke that it had attracted takeover interest from US Foods Holding Corp. (USFD). According to Bloomberg, this is a potential deal that would create a food distribution company with combined sales of roughly $100 billion, people familiar with the matter said.

    AMC (AMC) stock rose 8% premarket. The US movie theater recently announced that its order management platform would be purchased by Atlas VMS.

  • Jenny McCall

    Good morning. Here’s what’s happening today.

  • Jenny McCall

    Levi’s rises after lifting annual forecasts on steady denim demand in Europe despite tariff pain

    Shares in online retailer Levi’s (LEVI) rose on Friday before the bell by 7% after it raised its annual revenue and profit forecasts after beating quarterly estimates on Thursday, betting on strong demand for its denims in regions such as Europe in the face of tariff uncertainty.

    Reuters reports:

    Read more here.

  • Jenny McCall

    Gold holds two-day rise with tariffs and interest rates in focus

    Gold (GC=F) maintained its two-day rise as traders focused on tariff threats from President Trump and the outlook for US monetary policy.

    Bloomberg News reports:

    Read more here.

  • Asian markets mixed as tariffs shake global economy, Chinese stocks lead gains

    Asian equities traded mixed overnight Thursday as investors took a cautious stance despite a record-setting session on Wall Street. US stock futures fell overnight following President Trump’s announcement of a broad 35% tariff on Canadian imports to come into effect on August 1.

    Mainland Chinese and Hong Kong stocks led regional gains. The Hang Seng Index (^HSI) advanced 1.6%, while the Shanghai Composite (000888.SS) rose 1.1%, reflecting optimism around China’s economic recovery efforts.

    Elsewhere in Asia, performance was more subdued. Japan’s Nikkei 225 (^N225) inched down 0.1% while South Korea’s Kospi (^KS11) edged up 0.1%. Australia’s S&P/ASX 200 (^AXJO) slipped 0.1%,

  • Brett LoGiurato

    Stock futures take a leg lower after Trump’s tariff threats

    President Trump late Thursday said Canada would face a 35% tariff on goods imported to the US, and he floated higher blanket rates for most trading partners.

    The dollar (DX=F) gained in immediate reaction:



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