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Dow, S&P 500, Nasdaq slide as Trump threatens ‘massive increase’ on China tariffs

By: Admin

Date:










AI-Summary – News For Tomorrow

US stocks declined Friday as President Trump threatened increased tariffs on Chinese goods, citing “strange things” happening in China and suggesting cancellation of a meeting with President Xi. The Dow fell 0.6%, the S&P 500 0.8%, and the Nasdaq over 1%. Rare earth stocks, like MP Materials and USA Rare Earth, surged. Consumer sentiment remained stable despite the government shutdown delaying economic data. Treasury yields fell. Intel, Elastic, and American Homes 4 Rent were trending premarket, while Qualcomm fell due to a Chinese antitrust probe, and Levi Strauss sank despite a revenue beat. Oil prices also dropped.

News summary provided by Gemini AI.





US stocks turned lower Friday as President Trump and China traded blows on tariffs, with Trump threatening a “massive increase” in tariffs on Chinese goods.

The Dow Jones Industrial Average (^DJI) lost 0.6%, while the S&P 500 (^GSPC) fell 0.8%. The tech-heavy Nasdaq Composite (^IXIC) slid over 1%, leading losses.

“Some very strange things are happening in China!” Trump posted. In his post, he also threatened to cancel a planned meeting with Xi later this month, saying there was “no reason to do so,” before threatening the tariff increase.

“Ultimately, though potentially painful, it will be a very good thing, in the end, for the U.S.A. One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America,” Trump wrote.

LIVE 12 updates

  • Rare earth stocks soar as China-US trade tensions escalate

    Shares of MP Materials (MP) rose 15%,%, while USA Rare Earth (USAR) also gained 15%.

  • Ines Ferré

    Stocks roll over as Trump threatens ‘massive increase’ of tariffs on Chinese goods

    Stocks rolled over on Friday after President Trump posted he is considering imposing a “massive increase” in tariffs on Chinese goods.

    “I have not spoken to President Xi because there was no reason to do so. This was a real surprise, not only to me, but to all the Leaders of the Free World. I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” he added.

    “One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America,” he said in the post.

  • Laura Bratton

    Consumer sentiment remains stable in October

    Consumer sentiment was relatively unchanged in October.

    Joanne Hsu, the director of UMichigan’s consumer surveys, said of the fresh data Friday: “Pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers’ minds.”

    The latest look at consumer sentiment comes amid an ongoing US government shutdown, which has delayed the release of crucial federal data investors use to gauge the health of the economy.

    Hsu said UMichigan’s data for the month to date has shown “little evidence that the ongoing federal government shutdown has moved consumers’ views of the economy thus far.”

  • Laura Bratton

    Stocks creep higher at the open

    US stocks inched higher on Friday at the market open.

    The slight gains come after the Nasdaq and S&P 500 retreated from record highs Thursday amid an ongoing US government shutdown. The two major gauges were set for weekly gains Friday morning, while the Dow was on track for a weekly loss.

  • Delta’s premium play pays off

    As Yahoo Finance’s Hamza Shaban writes in today’s Morning Brief newsletter:

  • Chart: About 90% of public fixed income has yields below 5%

    US Treasury yields fell on Friday as the government shutdown delayed economic data that might otherwise move bond prices. The 10-year yield (^TNX) declined by 5 basis points to 4.09%. The 30-year yield (^TYX) dropped to 4.67%.

  • Jenny McCall

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

  • Jenny McCall

    Premarket trending tickers: Intel, Elastic, and American Homes 4 Rent

    Here’s a look at some of the top stocks trending in premarket trading:

    Intel (INTC) stock rose almost 2% before the bell on Friday. Intel unveiled its new Core Ultra series 3 processor on Thursday, the first chip built on its 18A process technology and manufactured at the new Fab 52 plant.

    Elastic (ESTC) stock rose 10% in premarket trading on Friday. Bank of America (BAC) recently cut their price target for Elastic, citing tougher competition for AI workloads, which could crimp growth.

    American Homes 4 Rent (AMH) shares rose 9% before the bell. Over the past month, its share price has fallen 6% and is down 13% year-to-date.

  • Jenny McCall

    Qualcomm stock falls as China launch antitrust probe

  • Applied Digital stock soars after revenue beat, CoreWeave deal

  • Levi Strauss’s boosted FY profit outlook fails to meet the mark

    Shares in the denim maker sank almost 7% in premarket as the impact of US tariffs weighed on prospects, even as the company posted a third quarter revenue beat.

    Reuters reports:

  • Oil drops as Gaza ceasefire leads to positive outlook for supply

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