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The markets are in freefall on Friday, with all three of the major stock market averages lower by at least 1%. The markets are poised to end the week on a negative note after President Trump threatened to impose a steep 50% tariff on the EU, which could take effect in the coming days. The Dow Jones Industrial Average is reeling by over 400 points, while the Nasdaq Composite and S&P 500 are similarly down 1% today. Most sectors of the economy are trading lower, with the worst declines seen in consumer discretionary and technology stocks.
Treasury yields are falling as the trade war reignites, capping off a roller coaster week for the bond market. Volatility has also returned to the stock market, as evidenced by a 25% increase in the CBOE Volatility Index (VIX).
Additionally, Apple (Nasdaq: AAPL) has a target on its back after President Trump also cautioned that iPhones made outside of the U.S. could be subject to heavy tariffs. Apple stock is down 2% today. In a bright spot for the Magnificent Seven stocks, influential Wedbush analyst Dan Ives is bullish on Tesla (Nasdaq: TSLA), lifting his price target on the EV maker to $500, reflecting 49% upside potential, with an “outperform” rating attached.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 400.50 (-0.96%)
Nasdaq Composite: Down 309.43 (-1.6%)
S&P 500: Down 66.80 (-1.1%)
Market Movers
Nuclear stocks are bucking the downward trend today and gaining ground as the Trump administration looks to implement favorable conditions for the industry. Stocks including Oklo (NYSE: OKLO), NuScale (NYSE: SMR) and Constellation Energy (Nasdaq: CEG) are all advancing today, led by a double-digit percentage gain for OKLO.
Quantum computing stock IonQ (NYSE: IONQ) fell as much as 4.7% today, following yesterday’s rally that saw the share price close above $45.
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