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The markets are deepening their losses this Friday morning, with all three major stock market averages down by at least 1% right out of the gate. As the week draws to a close, investors are bracing for a negative finish after President Trump’s threat to impose a steep 50% tariff on the EU, potentially taking effect in the coming days. The SPY ETF is down 0.85% as of mid-morning trading. The S&P 500 is on pace for a 2.7% decline this week.
The Dow Jones Industrial Average is reeling by over 400 points, while the tech-heavy Nasdaq Composite and S&P 500 are each shedding approximately 1% today. Most economic sectors are trading lower, with consumer discretionary and technology stocks seeing the steepest declines. 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, clearly evidenced by a 25% surge in the CBOE Volatility Index (VIX).
Additionally, Apple (Nasdaq: AAPL) finds itself in the crosshairs, with President Trump also cautioning that iPhones manufactured outside the U.S. could face heavy tariffs, pushing Apple stock down 2% today. In a positive note for the Magnificent Seven, popular Wedbush analyst Dan Ives is bullish on Tesla (Nasdaq: TSLA), having just lifted his price target on the EV maker to $500, indicating a whopping 49% upside potential, accompanied by an “outperform” rating.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 327.46 (-0.78%)
Nasdaq Composite: Down 231.88 (-1.2%)
S&P 500: Down 56.14 (-0.96%)
Market Movers
Nuclear stocks are defying the downward trend today, gaining ground as the Trump administration signals regulatory tailwinds for this energy segment. Companies including Oklo (NYSE: OKLO), NuScale (NYSE: SMR), and Constellation Energy (Nasdaq: CEG) are all advancing, led by a double-digit percentage gain for OKLO.
Quantum Computing stock IonQ (NYSE: IONQ) fell as much as 4.7% today but is off its session lows following yesterday’s rally that saw its share price close above $45.
Intuit (NYSE: INTU) is gaining 8.6% today after reporting its quarterly earnings results.
Deckers (NYSE: DECK) is falling 21.7% after reporting earnings and being downgraded on Wall Street.
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