Son of ‘El Chapo' pleads guilty in drug trafficking case in Chicago as part of plea deal ...Middle East

Stocks dropped Friday, a day after the S&P 500 posted a new record high, after President Donald Trump announced a 35% tariff on Canada and threatened higher tariffs across the board.

The Dow Jones Industrial Average lost 276 points, or 0.6%. The S&P 500 slid 0.3%, and the Nasdaq Composite was trading marginally lower.

Trump cited fentanyl as a reason for higher Canada duties, adding that they would go higher if the country retaliates. “If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,” Trump said in a letter posted on Truth Social.

Trump then told NBC News he was planning blanket tariffs of 15% to 20% on remaining countries, higher than the current 10% standard that investors had grown comfortable with.

“I think the tariffs have been very well-received. The stock market hit a new high today,” Trump told NBC News on Thursday.

Traders were also waiting on a trade update from Trump on the European Union this week, but it’s not clear whether the president will post a letter with a new rate like he did with Canada or simply give an update on progress of ongoing deal talks.

Friday’s losses came after all three major averages rose during Thursday’s session.

The S&P gained 0.3% on Thursday to notch a new record, while the tech-focused Nasdaq finished higher by 0.1% as investors shrugged off any worries around the latest trade developments, including a 50% U.S. tariff on imported copper as well as a 50% tariff on Brazil unveiled this week.

Friday’s losses pushed two of the three major averages into the red for the week. The Dow Jones Industrial Average was on pace to end the week with a 1% decline, while the S&P was tracking for a loss of 0.2%.

“This has been a week thus far where the rising rhetoric around trade didn’t adversely affect markets. Investors were able to look through that to a certain extent, but the order of magnitude with one of our most important trade partners that just got dumped in our laps overnight was an eye opener,” said Art Hogan, chief market strategist at B. Riley Wealth Management.

Next week, investors will need to navigate the start of second-quarter earnings reporting season, along with the release of some key inflation data.

AMC paces for best day since late May

Following an upgrade to outperform from neutral, shares of AMC were last trading nearly 10% higher.

This put the stock on pace for its best day since late May, when it gained 10.6% in a single session. Up nearly 12% this week, the stock is also set to notch its best weekly performance since mid-April.

— Lisa Kailai Han

Only 8 of the Dow’s constituents are trading higher on Friday

Only eight of the Dow Jones Industrial Average‘s 30 constituents were trading higher on Friday.

As of early afternoon, the index was led higher by Amazon, Nvidia, Chevron and Microsoft, which respectively added 1.3%, 1.3%, 0.7% and 0.6%.

On the other hand, Nike, Visa and Salesforce were the Dow’s biggest laggards. The stocks fell 2.7%, 2.4% and 1.8%, respectively.

— Lisa Kailai Han

Biggest movers midday

Check out the full list here.

— Fred Imbert

Expect volatility to rise as earnings season kicks off, says Piper Sandler

Volatility may have dropped on Thursday, but Piper Sandler expects it to stay elevated going forward.

Still, the investment firm remains overall bullish on stocks from here on out.

“The positive technical backdrop and constructive breadth support a ‘glass half-full’ outlook for the second half of the year,” Piper Sandler wrote in a Friday note. “Volatility may increase as earnings season begins (the VIX is trending lower); however, with next week’s inflation data looming, the trends continue to point higher for equity markets until the technical evidence shows otherwise.”

— Lisa Kailai Han

Bank of America forecasts a robust retail sales report for June

Ahead of June’s retail sales report, Bank of America forecasts that retail spending remained robust last month.

The bank noted that total card spending per household rose 0.2% year-over-year in June, as measured by BAC aggregated credit and debit cards.

“Spending growth picked up in all major retail sales categories that we report,” U.S. economist Aditya Bhave said. “The biggest increases were in gas (due to higher prices), general merchandise, clothing, home improvement and groceries.”

— Lisa Kailai Han

8 stocks in the S&P 500 trade at new 52-week highs

During Friday’s session, eight stocks in the S&P 500 traded at new 52-week highs.

Tickers that hit this milestone included:

Three stocks in the index traded at new 52-week lows: Tyson Foods, Molina Healthcare and PG&E.

— Christopher Hayes, Lisa Kailai Han

Wedbush stands by bullish equities stance

In a Thursday note, Wedbush maintained its bullish stance on the stock market going forward.

“S&P 500 is nearly overbought and investor sentiment / exposure is rising but we remain sanguine,” the investment firm wrote. “Market breadth is improving, interest rates are likely to move lower and stimulus (front-loaded tax cuts) should help lessen the blow of tariffs and the weakening ‘under-the-hood’ jobs picture.”

Wedbush noted that the S&P 500’s overall breadth is now 43% higher than its historical 10-year average.

— Lisa Kailai Han

Silver miners ETF hits four-year high

On Friday morning, the Global X Silver Miners ETF (SIL) hit a new multi-year high going back to February 2021.

This followed silver’s September-dated futures hitting their highest level since Sep. 22, 2011, also on Friday morning.

Week to date, silver miners are now up 1.9% and pacing for their fourth positive week in five.

— Gina Francolla, Lisa Kailai Han

UBS downgrades Freeport-McMoRan after jump on copper tariffs

UBS downgraded miner Freeport-McMoRan after the company’s shares jumped this week on President Donald Trump’s planned copper tariffs.

UBS raised its price target for Freeport to $50 per share as the miner is expected to benefit from higher prices for U.S. copper futures. But the bank downgraded Freeport to neutral as the catalysts for the stock have largely played out, with shares already up 50% in the past three months and 25% so far this year.

“We see a more balanced risk vs reward and downgrade to Neutral,” UBS analyst Daniel Major told clients in a Friday note.

— Spencer Kimball

Stocks open Friday’s session lower

Stocks gave up their gains from earlier this week by starting off Friday’s session in the negative.

The S&P 500 lost 0.4%, while the Nasdaq Composite slipped 0.3%. Both indexes had notched new record closing highs on Thursday.

The Dow Jones Industrial Average shed 222 points, or 0.5%.

— Lisa Kailai Han

Citi upgrades shares of TE Connectivity to buy, cites auto trend stabilization

A number of catalysts, including stabilization in the auto market, could position TE Connectivity for more growth ahead, Citi said on Friday.

Shares of TE Connectivity jumped nearly 2% in the premarket after analyst Asiya Merchant upgraded the stock to buy from neutral and increased her price target on the name to $200 from $150, implying more than 14% upside from Thursday’s close.

Merchant said that “stabilization trends in automotive market production” could propel shares of TE Connectivity higher in the coming months, noting that S&P recently raised its global light vehicle production (LVP) forecasts for 2025 to 2027. She also sees an opportunity for margin expansion as a result of improving industrial end demand.

“We remain broadly positive on the connector market which is expected to show continued momentum in 2025 following mid-single-digit growth in 2024 (positive book-to-bill ratio), underpinned by strength in IT Datacom (improving broader infrastructure demand, growing AI demand amidst rising cloud capex expectations), improved industrial end market demand outlook (present inclination toward factory automation spending, positive ramp in energy & defense spending), and early signs of a stabilized automotive market (driven by growth in Asia offsetting declines in Europe and NA),” the analyst also wrote.

The upgrade comes as TE Connectivity has already seen meaningful growth this year, with shares rising more than 22% year to date and almost 37% in the past three months. That’s compared to the S&P 500’s gains of nearly 7% in 2025 and more than 17% over the last three months.

— Sean Conlon

AMC shares pop 7% after Wedbush upgrade

AMC saw shares popping 7% in premarket trading Friday after Wedbush upgraded the movie theater chain’s stock to outperform from neutral.

The Wall Street firm said AMC is poised to benefit from a more consistent release slate over the next several quarters. Wedbush also pointed out the company is completing what could be the last major share issuance for the foreseeable future, putting a significant headwind behind it.

Wedbush also hiked its 12-month price target on AMC to $4 from $3.

— Yun Li

Stocks making premarket moves Friday:

Check out the companies making headlines before the bell.

For more, read here.

— Pia Singh

Vietnam surprised by Trump’s 20% tariff announcement, Bloomberg reports

President Donald Trump surprised Vietnam with the announcement of a 20% tariff rate last week, and the country’s leaders are still looking for a lower rate, Bloomberg News reported Friday, citing people familiar with the matter.

When Trump announced the 20% level on July 2, he said that the two countries had made a “trade deal.“

Vietnamese officials believed they had secured a lower tariff rate had been pushing for something in the range of 10% to 15%, the Bloomberg report said.

— Jesse Pound

Bitcoin extends record to top $118,000

Bitcoin extended its rally on Friday, topping $118,000 for the first time ever.

This came one day after bitcoin exchange-traded funds logged their biggest day of inflows of 2025, at $1.18 billion.

Week to date, bitcoin is on pace to gain nearly 10%.

— Tanaya Macheel, Lisa Kailai Han

Trump says blanket tariff on most trade partners coming

Trump said Thursday that he plans to implement blanket tariffs of 15% or 20% on most trade partners as he brushed off inflation concerns.

“We’re just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%. We’ll work that out now,” Trump told NBC News’ Kristen Welker in a phone call. “I think the tariffs have been very well-received. The stock market hit a new high today.”

There’s currently a 10% blanket tariffs on most U.S. trade partners.

— Fred Imbert

Trump announces 35% tariff on Canada, stocks fall

Trump overnight announced a 35% tariff on imported goods from Canada, citing fentanyl as a reason for the steep duty.

“If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,” Trump said in a letter posted on Truth Social. He also threatened higher tariffs if Canada retaliates.

Canadian Prime Minister Mark Carney replied on X, saying “Canada has made vital progress to stop the scourge of fentanyl in North America. We are committed to continuing to work with the United States to save lives and protect communities in both our countries.”

The iShares MSCI Canada ETF (EWC) dropped 0.7% in the premarket Friday.

— Fred Imbert

Stocks making the biggest moves after hours

These are the stocks making the biggest moves in extended trading:

— Tanaya Macheel

Stock futures open little changed

U.S. equity futures opened flat on Thursday evening.

Futures tied to the benchmark S&P 500 fell 0.04%. Nasdaq 100 futures were lower by 0.01%. Dow Jones Industrial Average futures slipped 32 points, or 0.07%.  

— Tanaya Macheel

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