Oil Nears $100 as Trump Tariffs Hit and Tech Stocks Drag Wall Street Lower
TLDR
- The Dow, S&P 500, and Nasdaq struggled Friday after a sharp Thursday sell-off wiped nearly $800 billion from “Magnificent Seven” stocks
- Alphabet and Tesla’s rising AI spending triggered the tech rout
- President Trump’s new Section 301 tariffs, ranging from 10% to 12.5%, took effect overnight
- Oil prices fell Friday but Brent crude was still on track for a weekly gain after touching $100 per barrel
- Verizon and American Express beat on earnings but missed revenue estimates; Intel surged after beating expectations
US stocks attempted a fragile recovery Friday morning after one of the worst single-day tech selloffs of the year. Investors were juggling new tariffs, AI cost concerns, and rising oil prices all at once.
The Dow Jones Industrial Average edged up 0.3%, while the S&P 500 hovered near flat. The Nasdaq Composite slipped 0.4% as tech stocks continued to weigh on the market.
The three major indexes were headed for weekly losses. The “Magnificent Seven” group of megacap tech stocks collectively lost nearly $800 billion in market value on Thursday alone.
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