“So much for being Mr. NICE GUY!” Trump said on his Truth Social platform.
The impact was limited though, and futures for US stock indexes quickly pared their losses. Since Wednesday’s ruling, analysts and investors have been saying Trump and his administration would likely look for new avenues to impose tariffs on trading partners.
Trump has said he’s using tariffs to bring manufacturing jobs back to the United States and that US households and businesses may feel some pain in the process.
Donald Trump has doubled steel and aluminium tariffs.Credit: nnaNPearson
Friday’s most influential losses came from several big tech stocks. Nvidia fell 2.9 per cent to give back some of its gain from earlier in the week after it topped analysts’ expectations for profit in the latest quarter. It was the single heaviest weight by far on the S&P 500.
On the winning side of Wall Street was Ulta Beauty, which rose 11.8 per cent after the retailer reported stronger sales and profit than analysts forecast. It also raised the top end of its forecasted range for revenue this fiscal year even though CEO Kecia Steelman called the operating environment “fluid”.
Costco climbed 3.1 per cent after the retailer’s results and revenue for the latest quarter edged past analysts’ expectations.
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Red Robin Gourmet Burger soared 62.9 per cent after reporting a profit for the latest quarter, when analysts expected a loss.
Shares of SharpLink Gaming fell 3.2 per cent to trim their gain for the week to a still-whopping 1041.4 per cent after the marketing company said it would raise $US425 million to buy the cryptocurrency on the ethereum blockchain. The company delivers leads to US sportsbooks and global casino companies, and it has been expanding into the global crypto gaming market.
All told, the S&P 500 edged down 0.48 to 5911.69 points. The Dow Jones Industrial Average rose 54.34 to 42,270.07, and the Nasdaq composite slipped 62.11 to 19,113.77.
In the bond market, Treasury yields eased after a report showed that the measure of inflation that the Federal Reserve likes to use was slightly lower in April than economists expected.
A separate report from the University of Michigan said that sentiment among US consumers was better in May than economists expected. Sentiment improved in the back half of the month after Trump paused many of his tariffs on China.
“Overall, consumers see the outlook for the economy as no worse than last month, but they remained quite worried about the future,” according to Survey of Consumers Director Joanne Hsu.
The yield on the 10-year Treasury eased to 4.39 per cent from 4.43 per cent late on Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do with overnight interest rates, slipped to 3.9 per cent from 3.92 per cent.
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The Fed has left its benchmark borrowing rate steady so far this year after cutting it at the end of 2024 to give the economy more breathing room. Fed officials have said they want to wait longer to see how tariffs will affect inflation and the economy before making their next move. While lower interest rates can give the economy a boost, they can also fan inflation higher.
In stock markets abroad, European indexes were mixed, while Asian markets fell.
AP