Renewed tariff worries rattle markets

A sudden break in trade talks between the U.S. and China chilled markets Friday. This comes on the heels of a high U.S. court ruling that most of Trump’s tariffs are illegal in the first place which Trump resisted and in turn cast doubt into markets already. In New York, the S&P finished Friday flat, but the Nasdaq sank 0.32% while the Dow edged up 0.12% in a choppy session that saw a midday slide. For the week, the indices gained 1%.

Major movers started with Nvidia, as always, which sank 2.92% just after rallying on an earnings beat the day before. However, Palantir jumped 7.73%, Intel slumped 3.46% and likewise Tesla slid 3.34%. Beyond tech, Ulta Beauty soared 11.78%. The U.S. 10-year yield shaved a few basis points to 4.416%, while Bitcoin added 1.5% to US$104,575.

In Canada, the TSX sank 35 points on Friday, but advanced over 1% for the week. Telcos led only two other sectors higher while energy and tech led the laggards. Major movers on Bay Street were BRP soaring 7.95%, Laurentian Bank jumping 6.14% on earnings, Baytex tumbling 4.29%, Air Canada sinking 1.89% and Whitecap Resources falling 2.28% as the most active name. Gold declined US$26 to US$3,317 while WTI gave back 0.3% to US$60.75.

💾 NVIDIA Corporation (NVDA-Q) -2.92%

💾 Palantir Technologies (PLTR-Q) +7.73%

💾 Intel (INTC-Q) -3.46%

🚗 Tesla Inc (TSLA-Q) -3.34%

💄 Ulta Salon Cosmetics and Fragrance Inc. (ULTA-Q) +11.78%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.5%

🛍 BRP INC. (DOO-T) +7.95%

🏛 Laurentian Bank (LB-T) +6.14%

🛢 Baytex Energy Corp (BTE-T) -4.29%

✈ Air Canada (AC-T) -1.89%

🛢 Whitecap Resources (WCP-T) -2.28%