Stocks, Bitcoin Fall On Trump's Tariff Threats, Gold Rallies: What's Driving Markets Friday?

Wall Street stumbled midday Friday, shaken by a fresh wave of trade war fears after President Donald Trump proposed aggressive new tariffs on Apple Inc. AAPL and European imports.

In a post on Truth Social, Trump threatened a 25% import duty on Apple Inc. if the tech giant doesn’t repatriate its manufacturing to the United States. He also floated a 50% tariff on goods from the European Union, escalating concerns of a renewed transatlantic trade war.

Shares of Apple Inc. AAPL dropped 2.6% in response. The S&P 500 slipped 0.8% to fall below the key 5,800 mark, on track to close the week lower.

Growth-oriented sectors like technology and consumer discretionary bore the brunt of the selling, while traditionally defensive sectors such as utilities and consumer staples remained in the green.

Volatility spiked as investors turned risk-averse. The CBOE Volatility Index, known as the VIX, climbed 8%, reflecting growing market anxiety. Bitcoin BTC/USD wasn’t spared from the risk-off sentiment, shedding over 2% to trade around $108,700.

Treasury yields edged down to 5.02%, pushing the iShares 20+ Year Treasury Bond ETF TLT 0.3% higher as investors sought safer assets.

Gold prices surged 2.1% to $3,362 per ounce, boosted by safe-haven demand and a weakening U.S. dollar. The U.S. dollar index is down 1.8% this week, on pace to break a four-week winning streak.

Friday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY slipped 0.7% to $579.36.
• The SPDR Dow Jones Industrial Average DIA eased 0.5% to $416.59.
• The tech-heavy Invesco QQQ Trust Series QQQ fell 0.8% to $509.67.
• The iShares Russell 2000 ETF IWM fell 0.4% to $202.51.
• The Utilities Sector SPDR Fund XLU underperformed, down 0.7%; the Technology Select Sector SPDR Fund XLK lagged, down 1%.

Friday’s Stock Movers

• Intuit Inc. INTU rallied 8% after reporting stronger-than-expected earnings.

Other stocks reacting to earnings report were:

• Workday, Inc. WDAY down 11.3%
• Autodesk, Inc. ADSK down 0.5%
• Ross Stores, Inc. ROST down 10.5%
• Deckers Outdoor Corporation DECK down 19.2%
• Booz Allen Hamilton Holding Corporation BAH down 16%
• Cavco Industries, Inc. CVCO down 3.1%

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