U.S. stocks fell on Friday, notching a weekly loss, after the US President recommended 50% tariffs on European goods, reopening a new front in global trade tensions and unleashing a fresh wave of market uncertainty. All three main Wall Street indexes pared early losses but each still ended lower and shed more than 2% for the week. Technology, communication services and consumer discretionary stocks were the biggest losers of the S&P 500’s 11 subsectors. Utilities, consumer staples and energy stocks gained.
Apple AAPL.O touched a two-week low and finished down 3% after the White House warned the iPhone-maker it could face potential 25% tariffs on phones sold to U.S. customers but not manufactured in the country. Treasury yields eased from multi-month highs, falling 4.4 basis points to 4.509% for the benchmark U.S. 10-year note.
The Dow Jones Industrial Average .DJI fell 256.02 points, or 0.61%, to 41,603.07, the S&P 500 .SPX lost 39.19 points, or 0.67%, to 5,802.82 and the Nasdaq Composite .IXIC lost 188.53 points, or 1.00%, to 18,737.21. For the week, the Dow lost 2.47%, the S&P 500 fell 2.61%, and the Nasdaq shed 2.48%.
Most mega cap and growth stocks fell, including Amazon AMZN.O , Nvidia NVDA.O and Meta Platforms META.O – which all lost more than 1%. Tesla TSLA.O ended down 0.5%. The CBOE Volatility Index .VIX , Wall Street’s “fear gauge,” hit a more than two-week high and finished up 10%. Semiconductor stocks .SOX dropped 1.5%.
Deckers Outdoor DECK.N slumped nearly 20% after the maker of UGG boots forecast first-quarter net sales below estimates and said it would not provide annual targets due to tariff-led macroeconomic uncertainty. Sportswear maker Nike NKE.N dropped 2.1%. Volume on U.S. exchanges was 17.67 billion shares, compared with the 17.73 billion average for the full session over the last 20 trading days.
Reporting by Chibuike Oguh in New York; additional reporting by Shashwat Chauhan and Kanchana Chakravarty in Bengaluru; Editing by Pooja Desai and Richard Chang.
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