Investors weighed the impact of Trump's tariffs on inflation
Stocks tumbled into the close on Friday, as investors weighed the impact of tariffs on inflation and sentiment. The Dow plunged over 444 points for a third consecutive weekly loss, while the S&P 500 and Nasdaq each notched their second straight week in the red, with the tech-heavy latter shedding triple digits today.
The University of Michigan's lackluster consumer sentiment survey for February kickstarted the selloff, but the damage was exacerbated by President Trump, who announced reciprocal tariffs next week. Despite the downturn, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) remained muted today.
Continue reading for more on today's market, including:
- The key takeaways from Wall Street this week.
- In case you missed it: Blue-chip giant announces split.
- Plus, new NKE bear note; AMZN in focus; and cybersecurity earnings to unpack.
5 Things to Know Today
- Retail trading keeps buzzing, even if stocks aren't. (Bloomberg)
- Shein's initial public offering (IPO) in London is not going well. (Reuters)
- Struggling Nike stock now at a four-year low.
- Amazon.com's quarterly beat overshadowed by dim forecast.
- 2 cybersecurity stocks ignoring the broad market selloff.
Gold Moves Higher for 6th-Straight Week
Oil futures moved away from their 2025 lows Friday, but still locked in a 2.1% weekly drop -- their third-straight -- as U.S. inventories rose. Additionally, investors wondered whether or not Trump's higher tariffs on China would negatively impact economic growth and crude demand. For the session, March-dated West Texas Intermediate (WTI) crude gained 39 cents, or 0.6%, to settle at $71 per barrel.
Gold prices rose Friday, locking in a sixth consecutive weekly gain, as bullion continues to shine amid higher tensions between the U.S. and China. For the day, the contract for February delivery last seen trading 0.7% higher at $2,897.50 an ounce.