4:12pm: Stocks take a hit
US stocks plummeted on the back of escalating trade tensions between the US and China.
The Nasdaq was down 3.6% at 22,204 points, the S&P 500 was down 2.7% at 6,552 points and the Dow Jones was down 1.9% at 45,479 points.
3:35pm: Proactive news headlines
- TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) announced that McEwen Inc has released a positive Feasibility Study for the Los Azules copper, gold, and silver project in San Juan, Argentina.
- Happy Creek Minerals Ltd. (TSX-V:HPY, OTC:HPYCF) has announced several corporate developments, including a change in chief financial officer, amended terms to the sale of its Highland Valley Project, updates related to royalties on its Cariboo properties, and the issuance of stock options.
- Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF) announced that it intends to raise gross proceeds of up to C$15 million in a non-brokered, private placement financing by selling up to about 33.33 million company units at a price of C$0.45 per unit.
2:37pm: Tech buying opportunity?
Tech shares came under pressure Friday following renewed US-China tensions after President Donald Trump threatened a “massive increase” in tariffs and hinted at canceling a planned meeting with Chinese President Xi Jinping.
The escalation has created “a white knuckle moment for the markets,” with technology names leading the decline, according to Wedbush analysts.
“After a relatively calm few months and improving relations between the US and China this step up in tensions has created a white knuckle moment for the markets with tech stocks under major pressure today,” the firm wrote in a note to clients.
Despite the selloff, Wedbush urged investors not to overreact.
“We continue to believe the bark will likely be worse than bite this time around as cooler heads prevail,” analysts wrote, framing the latest rhetoric as part of a “game of high stakes poker going on between the US and China in this AI Revolution.”
1:12pm: ‘No reason’ to meet with Xi
Stocks continued to struggle after President Donald Trump has stated that there "seems to be no reason" to meet with Chinese President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
This decision comes after China imposed export restrictions on rare earth minerals, which are critical for American industry.
Trump expressed his surprise and disappointment at China's restrictions, calling the move hostile and accusing China of attempting to monopolize the rare earth sector globally.
The Nasdaq was down 2.7%, the S&P 500 was down 1.9% and the Dow Jones fell 1.3%.
12:14pm: Canada jobs data surprises
The Canadian labour market added 60,400 net jobs in September, unexpectedly better than economist expectations of a loss of 2,500 positions, according to Statistics Canada data released on Friday.
September gains follow significant employment losses in July and August.
The unemployment rate also held steady at 7.1%, edging past expectations of a rise to 7.2%.
11:31am: Trump threatens China tariffs
US stocks fell following President Donald Trump’s warning of a “massive increase” in tariffs on Chinese goods.
The threat comes in response to China’s new export measures, including additional port fees on U.S. shipments and planned restrictions on rare earth materials—critical components for high-tech industries.
Trump described China’s actions as “trade hostility” and warned they could “clog” global markets.
He also suggested he might cancel a scheduled meeting with Chinese President Xi Jinping, signaling a potential escalation in trade tensions. Investors are closely watching developments, as the standoff raises concerns over supply chain disruptions and broader market volatility.
The Nasdaq was down 1.9%, the S&P 500 was down 1.3%, and the Dow slid 0.9%.
11:05am: Consumer sentiment holds steady
US consumer sentiment was largely unchanged in October 2025, with the University of Michigan index at 55.0, down slightly from 55.1 in September and well below 70.5 a year ago.
Despite a partial government shutdown, households appear unfazed in the short term. Concerns persist, however, over the labor market and high prices. Inflation expectations for the year ahead eased slightly to 4.6% from 4.7%, while long-term expectations remained steady at 3.7%.
The data point to cautious consumer behavior, with ongoing worries about job prospects and inflation continuing to shape spending decisions and the broader economic outlook.
10:29am: Fed chair candidates narrowed down
The list of candidates for the position of US Federal Reserve chair is down to five from 11 after a series of interviews with Treasury Secretary Scott Bessent, CNBC reported on Friday, citing sources.
According to senior Treasury officials, the remaining list of candidates includes current Fed vice chair for supervision Michelle Bowman and Fed Governor Christopher Waller, along with Kevin Hassett, the director of the National Economic Council, former Fed Governor Kevin Warsh, and BlackRock Fixed Income CIO Rick Rieder.
The media outlet noted that the successful candidate could be nominated to the Fed, though not necessarily as chair, by January 2026.
The Treasury Department plans to hold another round of interviews with all five candidates in the coming weeks and months.
Officials have stated that the interview process might not be finished until after Thanksgiving.
9:52am: Rally back on
US stocks kicked off Friday’s trading session on a positive note, heading back toward record territory as the government shutdown enters its 10th day.
The Dow Jones added 0.2% while the S&P 500 and Nasdaq each added 0.1%.
Meanwhile, Q3 earnings season has got off to a flying start, XTB research director Kathleen Brooks noted.
“Interestingly, while fears mount about the level of tech stock valuations, the top performers on the S&P 500 on Thursday included Delta Airlines and Pepsi, who both reported earnings earlier in the day,” Brooks said.
“Their stock prices both rose by more than 4% yesterday, which suggests that the stock market will react favorably to the Q3 earnings season. This sets the stage for next week, when we start to get key releases from the US banking sector.”
8:15am: Dow to lead the early gains
US equity futures indexes were pointing to Wall Street opening higher at investors anticipate third-quarter earnings, which start in earnest next week.
Ahead of the open, Dow Jones futures were up 0.13%, while those for the S&P 500 and Nasdaq were up just under 0.1%
Stocks took a break from their record-setting rally on Thursday, finishing the session lower. The Dow led the declines, down 0.5%. The S&P 500 was down 0.3% and the Nasdaq slipped 0.1%.
US earnings season gets into full swing next week, with the big banks reporting their numbers. So, in the absence of economic releases as the government shutdown continues, all eyes will be on how corporate America is performing.
"Next week, US banks enter the reporting fray en masse, with updates from Citigroup, Goldman Sachs, JP Morgan Chase, Wells Fargo, Bank of America and Morgan Stanley," commented interactive investor's Richard Hunt.
"Overarching themes will include whether the strength of the second quarter in deal making and investment banking fees has continued, how trading income has fared given market volatility and the health of the consumer in terms of borrowing, where any signs of rising bad loans would provide a red flag on deteriorating economic conditions."
In Europe, the FTSE 100 has recovered earlier losses and is up just 1 point as the London market heads into the afternoon. Frankfurt's Dax has headed the other way, down less than 0.1%, while the Paris CAC 40 is 0.2% firmer.
In Asia, Tokyo's Nikkei retreated 1% after hitting a new peak on Thursday. Hong Kong's Hang Seng fell 1.7% and the Shanghai market ended 0.9% lower. Mumbai's BSE SENSEX bucked the trend with a 0.4% gain, while the ASX 200 in Sydney closed 0.1% lower.