4:15pm: Weekly gains
US stocks climbed on Friday, wrapping up a choppy week on a positive note after President Trump struck a more conciliatory tone on trade talks with China.
The Dow Jones Industrial Average rose 238 points, or 0.6%, to close at 46,191, while the S&P 500 added 0.5% to 6,664. The Nasdaq Composite also gained 0.5%, finishing at 22,680. The Russell 2000, however, slipped 0.6%, dragged down by small-cap and regional bank weakness.
Despite the volatility, all three major indexes finished the week higher.
Markets found relief after Trump said discussions with China were “going well” and confirmed his planned meeting with President Xi Jinping would go ahead. His comments came after earlier suggesting that the 100% tariffs he had threatened to impose on Chinese goods in November would not be “sustainable” for either economy.
The reassurance helped temper a week marked by sharp swings as investors juggled renewed trade uncertainty and concerns over a potential US government shutdown.
3:45pm: Proactive news headlines
- Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) announced that it has started a fall exploration project at its East Goldfield property in Nye County, Nevada.
- First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) has noted recent volatility and increased trading volume in its shares, which has followed China’s newly announced export controls on critical materials, including lithium iron phosphate (LFP) cathode active material (CAM).
- NextSource Materials Inc. (TSX:NEXT, OTCQB:NSRCF) announced that operations at its Molo Graphite Mine and shipments of its SuperFlake graphite concentrate remain unaffected by the current political situation in Madagascar.
- Protalix Biotherapeutics Inc (NYSE-A:PLX) and Chiesi Global Rare Diseases said they remain committed to advancing treatment options for Fabry disease after a European Medicines Agency committee declined to recommend approval of a new, less frequent dosing regimen for Elfabrio (pegunigalsidase alfa).
1:43pm: Stocks stall
Wall Street was little changed in the early afternoon as investors weighed renewed trade tensions between the US and China alongside ongoing government shutdown risks.
Wells Fargo economists noted that if the Trump administration follows through with the additional 100% tariff, the average effective tariff on Chinese imports would be between 94% and 122%.
The firm warned that such levies could lift the global average tariff rate to nearly 40% if temporary tariff pauses expire in November.
While President Trump on Friday signaled the tariffs “are not sustainable” and called for a deal with President Xi, uncertainty continues to cloud the near-term outlook.
Wells Fargo added that businesses may “pull forward demand for Chinese products before higher rates bite,” though the bank cautioned the steepest tariffs may never materialize.
12:05pm: Choppy trade
US stocks were buoyed in the early afternoon by comments from President Trump downplaying China trade fears.
Trump said his proposed 100% tariffs on Chinese imports were "not sustainable," but said that China had "forced" him to take that action.
He acknowledged the tariffs might not be feasible long-term but maintained they were necessary due to China's recent export restrictions on rare earth minerals.
“It was all set to be another frantic Friday for markets as a US regional bank crisis appeared on the horizon, but comments from President Trump have once again lifted equities off their lows,” IG chief marketing analyst Chris Beauchamp said.
“Long-term market moves are still determined by pedestrian things like earnings and economic growth, but day-to-day the global financial markets are driven by trade war fears and comments from the White House.”
Gold, on the other hand, pulled back from record highs, down about 1.1% at $4,257 per ounce.
“It turns out gold goes down as well as up. The price’s apparently unstoppable march has finally hit a speed bump,” Beauchamp said.
“Notably we haven’t seen two consecutive down days for gold since August, so investors will have to wait to see if the selling continues on Monday, indicating a potential short-term top in this glittering rally.”
10:57am: Crypto sell-off
The Bitcoin price continued to fall on Friday, sliding as much as 4% to US$103,550, its lowest level since June 2025.
More than $600 billion in total value for the cryptocurrency market has been erased over the past week, according to data compiled by CoinGecko.
Bitcoin hit an all-time high of US$126,251 on October 6, 2025, but liquidations have increased since, sparked by escalating US-China trade tensions that have weighed on nearly all risk assets.
On October 10, crypto investors lost nearly $20 billion after President Donald Trump threatened a 100% tariff on China.
As well, investors withdrew a net $593 million from US-listed Bitcoin and Ether exchange-traded funds on Thursday, Bloomberg reported.
9:52am: Wall Street gains
US stocks opened modestly higher on Friday as the government shutdown is now on Day 17 with no end in sight amid elevated trade tensions and regional banking fears.
The Dow Jones added 0.5% at 46,162 points, the S&P 500 was up 0.2% at 6,641 points, while the Nasdaq added 0.1% at 22,576 points.
Bitcoin continued to slide on Friday, falling another 4.6% to about $105,800.
“It’s a volatile end to the week,” XTB research director Kathleen Brooks wrote.
Brooks said the firm would be watching closely to see how the S&P 500 performs on Friday, with the index above its 50-day Simple Moving Average (SMA) at 6,557 points.
“A weekly close below this level would be bad for risk sentiment and would suggest a loss of short term upward momentum, which would jeopardize the integrity of the current uptrend, and it may signal a deeper sell off down the line,” Brooks wrote.
“Alternatively, if we get a close above this level, then it would reaffirm the strength of the uptrend and investors desire to buy the dip.”
8:01am: Wall Street on the back foot as banks cast a pall
US markets are expected to open weaker after credit issues at a couple of regional banks gave investors an excuse to take profit after the recent strong run for equities.
Ahead of the open, Nasdaq futures indicate a 0.5% decline when trading gets underway, with those for the S&P 500 down 0.4% while Dow Jones futures are 0.1% lower.
US stocks ended lower on Thursday as renewed concerns over the banking sector and the ongoing government shutdown pressured investor sentiment.
Zions Bancorporation NA (NASDAQ:ZION) led declines among regional banks, with shares falling about 13% after the company disclosed a $50 million charge-off tied to two commercial loans from its California Bank & Trust division.
“While everyone has been watching the tech sector for signs of a bubble, it’s the banking sector that’s the root cause of a minor market sell-off today,” commented Russ Mould, investment director at AJ Bell.
“Pockets of the US banking sector, including regional banks, have given the market cause for concern. Investors have started to question why there have been a plethora of issues in a short space of time and whether this points to poor risk management and loose lending standards. This includes Zions flagging an unexpected loss on two loans and Western Alliance alleging a borrower had committed fraud."
The concern about US regional banks had a knock-on effect on global markets. In London, sharp declines in financials and bank shares, which make up about a quarter of the main index, saw the FTSE 100 down by over a percent by noon in the UK Capital. Frankfurt's DAX fell 1.98% and the Paris CAC 40 shed 0.2%.
Asian markets were also mostly lower. Tokyo's Nikkei 225 closed 1.4% in the red, Shanghai's SSE Composite dropped 2% and the Hang Seng in Hong Kong ended 2.5% weaker. Mumbai's BSE Sensex bucked the trend with a 0.6% gain, while the ASX 200 in Sydney was 0.8% lower.