Tariff Jitters Hit Stocks, Silver Jumps To 14-Year Highs: What's Moving Markets Friday?

Wall Street is poised to conclude the week on a cautious note, with equities easing on Friday after President Donald Trump signaled a more aggressive trade stance.

A formal letter outlining tariff intentions is expected to be delivered to EU leaders in the coming hours, following Trump’s announcement earlier this week of a 35% tariff on Canadian imports starting Aug. 1 and blanket duties of 15% to 20% on most other trading partners.

The S&P 500 dipped 0.2% and the Nasdaq Composite was flat, after both notched fresh record highs on Thursday. The Dow Jones Industrial Average fell nearly 300 points, dragged down by renewed fears of a global trade escalation and weak sentiment in industrials and financials. Small caps, which had outperformed in recent sessions, dropped over 1%.

Treasury markets reflected the increased anxiety. The yield on the 10-year U.S. Treasury note climbed nearly 4 basis points to 4.39%, as investors braced for potential inflationary effects from tariffs.

Commodities took center stage, with gold jumping over 1% to $3,355 per ounce, supported by safe-haven flows amid deepening trade frictions. Silver extended its bullish run, surging past $38 per ounce, its highest level in nearly 14 years.

Crude oil prices also regained momentum, with West Texas Intermediate (WTI) futures rising above $68 per barrel, recovering from a 2.5% loss in the prior session.

Bitcoin BTC/USD pulled back modestly after hitting a new all-time high of $118,839 overnight. The largest cryptocurrency was last trading near $117,500 as broader risk sentiment weakened.

Friday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF VOO fell 0.3% to $573.92.
• The SPDR Dow Jones Industrial Average DIA dropped 0.6% to $443.91.
• The tech-heavy Invesco QQQ Trust Series QQQ flattened at $555.28.
• The iShares Russell 2000 ETF IWM dropped $222.59.
• The Energy Select Sector SPDR Fund XLE outperformed, up 0.5%; the Health Care Select Sector SPDR Fund XLV lagged, down 1.1%.

Friday’s Stock Movers

• Halliburton Co. HAL rallied 3.7% after TD Cowen raised its price target to $36 from $32, while reiterating a Buy rating.
• Enphase Energy Inc. ENPH fell 4.5% after HSBC lowered its price target to $47 from $50, maintaining a Hold rating.
• Boyd Gaming Corp. BYD tumbled 6% after announcing it will sell its 5% stake in FanDuel to Flutter Entertainment for $1.76 billion. The deal is expected to close in the third quarter of 2025.

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Image created using artificial intelligence via Midjourney.