4:10pm: Nvidia at new high
US stocks ended the week on a down note Friday, as renewed trade tensions sparked investor unease. The Dow Jones Industrial Average dropped 279 points, or 0.6%, to 44,372 after President Trump threatened to slap a 35% tariff on Canadian imports and floated the idea of even broader tariffs on global trading partners.
The S&P 500 slipped 0.3%, while the Nasdaq edged down 0.2%. Small caps took the biggest hit, with the Russell 2000 falling 1.3%.
Still, it wasn’t all red on the screens. Nvidia shares climbed to another all-time high, fueled by continued optimism around AI. And over in crypto, bitcoin surged past $118,000, pushing deeper into record territory and extending what’s become a blistering rally.
Despite the pullback in broader indexes, pockets of the market showed resilience—highlighting the increasingly divergent paths between old-school trade-sensitive sectors and buzzy tech and crypto plays.
3:30pm: Proactive news headlines
- ReElement Technologies has launched a toll processing service to produce high-purity rare earth oxides from recycled magnets at a cost of $25–$35/kg.
- G Mining Ventures Corp reached nameplate capacity at its Tocantinzinho Gold Mine in Brazil and reported a 20% quarterly increase in gold output to 42,587 ounces.
- AMC Entertainment Holdings surged over 10% after Wedbush upgraded the stock to “Outperform” with a $4 price target, citing improving fundamentals and market share prospects.
- Excellon Resources Inc shares rose 15.4% as silver prices hit a 13-year high and Red Cloud Securities initiated coverage with a ‘Buy (speculative)’ rating.
- Capricor Therapeutics plunged over 26% after the FDA rejected its Biologics License Application for deramiocel, requesting more clinical data.
- New Era Helium Inc said due diligence has been completed on a 235-acre Texas site where its JV plans to build a 250MW AI data center, with the land deal expected to close by month-end.
- HIVE Digital Technologies doubled its Bitcoin mining hashrate to over 12 EH/s and reached a $250 million annualized revenue run rate amid rapid expansion in Paraguay.
- Gunnison Copper Corp increased its private placement offering to C$8.75 million due to strong demand, offering units at C$0.30 with three-year warrants.
2:30pm: Stocks on the move
- ReElement Technologies has launched a toll processing service to convert recycled permanent magnets into high-purity rare earth oxides at competitive costs, enabling closed-loop magnet recycling.
- AMC Entertainment shares jumped over 10% after Wedbush upgraded the stock to “Outperform” on improving fundamentals and forecasted market share gains.
- Excellon Resources gained 15.4% after Red Cloud Securities initiated coverage with a ‘Buy’ rating and amid surging silver prices.
- Capricor Therapeutics fell more than 26% after the FDA rejected its Biologics License Application for deramiocel, citing insufficient evidence of effectiveness.
- Levi Strauss & Co. rose over 11% after posting better-than-expected second quarter earnings, with revenue up 6% year-over-year to $1.4 billion.
1:55pm: Gold eyes dovish Fed
Jefferies expects gold to remain supported by ongoing tariff uncertainty and rising expectations of a more dovish Fed stance, particularly as Chair Powell steps down in May—especially if inflation stays contained.
On the macro front, next week’s US inflation print and China GDP data will be key catalysts for markets.
The comments come as copper took center stage this week after President Trump announced a 50% tariff on imports, sending COMEX futures briefly soaring to around $5.90/lb. Jefferies’ Global Metals & Mining team said tariffs had been anticipated eventually, but “the timing and magnitude came as a surprise.”
1:10pm: Tariff tracker rises
The US administration has now sent tariff letters to 22 countries, including newly added Brazil and Canada, with country-specific copper tariff rates of 50% and 35%, respectively.
Notably, Canadian copper had previously been exempt from any tariffs, as it was being negotiated separately under USMCA.
While follow-up reports indicated the 35% tariff may only apply to non-USMCA-compliant imports and might exclude energy products, President Trump "was non-committal" when pressed for clarification. Additionally, a 50% tariff on all copper imports was announced to begin August 1, according to Deutsche Bank analysts.
"Assuming the Canada-specific rate applies only to non-USMCA compliant imports, the announcements this week bring our tariff tracker up to 20.7%," Deutsche Bank said, adding that this could rise to 24.4% if other nations receive similar rates.
12:15pm: Levi's posts strong quarter
Levi Strauss & Co (NYSE:LEVI) shares traded hands more than 10% higher on Friday as the apparel company’s second quarter earnings topped Wall Street expectations.
Revenue for the quarter was up 6% year-over-year to $1.4 billion, ahead of the consensus estimate of $1.37 billion.
Direct-to-consumer (DTC) revenue was up 11%, while wholesale revenues grew 3% from the same period last year.
Earnings per share (EPS) of $0.22 were up from $0.16 in the year-ago quarter and exceeded the Street consensus of $0.13.
Following a strong first half, the company has raised its full-year revenue and EPS guidance, chief financial officer Harmit Singh said.
The company now expects revenue growth in the range of 1% to 2%, compared to its earlier guidance of -1% to -2%, and EPS is guided in the range of $1.25 to $1.30, compared to the previous $1.20 to $1.25.
11:45am: Bitcoin keeps momentum going
Silver isn't the only thing surging on Friday.
Bitcoin broke through another milestone, rising above $118,780 to extend its run of new all-time highs in recent days.
The leading cryptocurrency has surged over 8% this week and has doubled over the past 12 months, up from $70K in early November before the US Presidential election was won by Donald Trump.
The Trump administration has touted supportive policies for cryptocurrencies, including an executive order to establish a national reserve of cryptocurrencies, with major financial institutions and retail investors also steadily accumulating bitcoin and other major digital coins and the exchange-traded funds that track them.
"Stocks might keep flinching at every tariff headline, but bitcoin doesn’t care," says market analyst Chris Beauchamp at IG.
"[Bitcoin] is becoming exactly what its fans have said it will be, an asset that remains aloof from political machinations.
"It has no supply chain to disrupt and no balance sheet to worry about. Instead, flows and conviction dominate, and here’s where bitcoin comes into its own."
11:15am: Silver surges
Silver prices surged to their highest level since 2011 on Friday, climbing 1.31% to $37.52 per ounce, as rising geopolitical tensions and renewed safe-haven demand outweighed pressure from a stronger US dollar.
The rally gained traction after President Donald Trump proposed sweeping new tariffs, including a 50% duty on copper, fueling market volatility. Silver has now gained nearly 30% year-to-date, outperforming gold and pushing the Gold/Silver ratio down to 88.88.
Futures markets reflected even stronger sentiment, with Comex September contracts hitting $38.46 an ounce—well above spot prices—amid increased arbitrage activity.
Investor demand also spilled over into equities, with silver miners rallying sharply. Hecla Mining Company (NYSE:HL) and Coeur Mining (NYSE:CDE) led gains among large-cap US-listed firms, while junior Canadian explorers like Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) and Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF) posted double-digit increases.
The backdrop of Federal Reserve uncertainty added to precious metals’ appeal, as minutes from the central bank’s June meeting revealed a split over the timing of potential interest rate cuts. Meanwhile, structural factors remain supportive: the Silver Institute projects a fifth straight annual supply deficit, driven by robust industrial demand, particularly from solar panel manufacturing.
10:35am: A look at Canadian tariffs
The US will impose tariffs of 35% on Canadian imports starting in August, President Donald Trump announced in a letter to Canadian Prime Minister Mark Carney posted on his social media platform Truth Social.
This is an increase from the current 25% tariff on Canadian imports that are not covered under the US-Mexico-Canada Agreement (CUSMA).
Trump sent the letter to Carney on Thursday outlining the tariff rate, amid ongoing trade negotiations between the two countries.
Trump justified the tariff hike by citing Canada's alleged failure to stop fentanyl from crossing into the US, despite data showing minimal fentanyl flow from Canada compared to the southern US border.
“If Canada works with me to stop the flow of fentanyl, we will, perhaps, consider an adjustment to this letter,” Trump wrote in the letter.
He also criticized Canada's tariffs on American dairy products and the overall trade imbalance.
9:50am: Red open
Wall Street kicked off Friday’s session in the red, with all four major US indexes slipping amid fresh tariff threats from President Donald Trump.
Just after the opening bell, the Dow Jones Industrial Average fell 344 points, or 0.8%, to 44,307, while the S&P 500 dropped 0.6% to 6,241. The tech-heavy Nasdaq eased 0.5% to 20,534, and the Russell 2000 also lost 0.6%.
The pullback comes despite a surprisingly resilient tone in recent sessions, which saw the S&P notch a record high just a day earlier.
Markets are digesting Trump’s warning of a potential 35% tariff on Canadian goods, though a White House official reportedly told The Wall Street Journal that the full rate would only apply to items not aligned with the US-Mexico-Canada Agreement. The president also told NBC News that other countries not in compliance could face tariffs in the 15% to 20% range. Still, there’s little evidence that traders are pricing in major economic fallout just yet.
Corporate headlines offered some bright spots. Levi Strauss shares jumped after the denim maker lifted its full-year sales outlook, while BP gained after saying that trading activity would support its Q2 earnings—setting it apart from rival Shell, which issued a more downbeat outlook earlier in the week.
Meanwhile, Bitcoin showed no sign of slowing, climbing 1.4% at the open to $117,455 and doubling over the past year. Analysts credit the Trump administration’s crypto-friendly stance—including an executive order to build a national digital reserve—for helping drive institutional and retail demand.
In commodities, silver surged to its highest level since 2011, trading at $37.59 an ounce, as US premiums rose and signs of tightness emerged in the spot market. Gold also edged higher, while platinum dipped and palladium jumped more than 2%.
8:00am: Weak start expected
US stock futures are pointing to a negative start for Wall Street a day after the S&P 500 closed at a fresh record as enthusiasm for AI and crypto helped offset new trade threats from President Donald Trump.
Futures for the broad-market index pointed to a 0.6% decline when trading gets underway, with those for the Dow Jones also indicating a 0.6% fall while the Nasdaq is expected to open 0.5% lower.
The S&P closed 0.3% higher on Thursday, while the Dow was up 0.4% and the Nasdaq added 0.1%.
Investor sentiment got a boost from Nvidia, which climbed higher after hitting a major milestone, reinforcing confidence in the ongoing AI boom. Meanwhile, Bitcoin surged to a new all-time high, brushing off geopolitical jitters sparked by Trump’s latest salvo on tariffs.
“After a strong start to the week, investors ran out of energy on Friday. European indices were in the red and futures prices imply Wall Street will follow the same path when it opens for trading," commented AJ Bell's Dan Coatsworth.
“Whether this is investors being reminded of headwinds or simply pausing for breath, it’s clear that uncertainty will prevail well into the summer."
Weighing on sentiment as the week draws to a close, Trump has threatened a 35% tariff on Canadian goods entering the US. The bombshell, due to take effect from 1 August, came as the two countries were racing to finalise a new trade deal.
Trump posted the news on Truth Social, adding threats of 15–20% tariffs on most other trade partners. Canadian Prime Minister Mark Carney fired back, promising to defend Canadian workers and businesses. Trump has already sent over 20 tariff letters this week and is eyeing new EU tariffs too.
In Europe, the FTSE 100 fell 0.4% in morning trade, while Frankfurt's DAX and the Paris CAC 40 both declined by 0.9%.
Asian markets closed mixed. Tokyo's Nikkei 225 lost 0.2%, the SSE Composite in Shanghai ended flat, but Hong Kong's Hang Seng gained 0.5%.
Coatsworth noted that the corporate reporting season begins in earnest next week with the big US banks. That will shift the focus to profits and outlook statements, giving valuable insight into how the business world is coping with a multitude of pressures.
"Any corporate optimism is likely to prompt a tickertape parade on the markets as investors look for confirmation that tariff uncertainty hasn’t caused widespread damage to earnings,” he added.