Key Takeaways
- New tariff moves by President Donald Trump sent U.S. equities lower at midday.
- Trump's call for a 35% tariff on Canadian imports sent shares of Spotify and other Canada-based firms lower.
- Nvidia shares continued to rise after the artificial intelligence chipmaker broke the $4 trillion market cap level.
U.S. equities were lower at midday after President Donald Trump made more tariff announcements. The Dow Jones Industrial Average, S&P 500, and Nasdaq all declined.
Trump's plan to slap 35% tariffs on Canadian imports dragged shares of Canada-based companies, including Royal Bank of Canada (RY) and Spotify Technology (SPOT).
Shares of lithium producer Albemarle (ALB) dropped on a UBS downgrade, with analysts pointing to an oversupply of lithium threatening to reduce prices.
The wins keep coming for Nvidia (NVDA), with shares advancing again after the artificial intelligence chipmaker became the first company to post a market capitalization of $4 trillion.
Shares of cryptocurrency-related firms Strategy (MSTR), MARA Holdings (MARA) and Riot Platforms (RIOT) gained as bitcoin traded at an all-time high.
Shares of military drone makers AeroVironment (AVAV) and Kratos Defense & Security Solutions (KTOS) were lifted by comments from Defense Secretary Pete Hegseth, who announced steps to remove government red tape to boost more Pentagon spending on drones produced in the U.S.
Oil and gold futures surged. The yield on the 10-year Treasury note gained. The U.S. dollar was up on the euro, pound, and yen.
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