(Bloomberg) — A solid month for stocks is ending on a weak note as President Donald Trump said Beijing “totally violated” a tariff agreement, with the market briefly extending losses on a news report the US plans to broaden restrictions on China’s technology sector.
Following a torrid rally that put the S&P 500 on track for its best May since 1990, the gauge fell about 1% Friday. A slide big tech weighed heavily on trading, with Nvidia Corp. down 3.5%. Taiwan Semiconductor Manufacturing Co. is evaluating building an advanced production facility in the United Arab Emirates, according to people familiar with the matter.
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Treasuries rose, but were set for their first monthly drop this year. The dollar barely budged, while heading toward a fifth straight month of declines – the longest losing run since 2020.
“Uncertainty about what happens next on tariffs or other leverage Trump could use in negotiations is high,” said Dennis DeBusschere at 22V Research. “We understand that higher uncertainty is a headwind for riskier assets.”
Corporate Highlights:
- Gap Inc. tumbled after the apparel retailer predicted a tariff impact of as much as $300 million, offsetting better-than-expected results at its biggest brands.
- Palantir Technologies Inc. climbed after the New York Times reported that the Trump administration has expanded the data-analysis software company’s work across the federal government in recent months.
- Marvell Technology Inc. fell as analysts said the company failed to meet expectations on artificial intelligence.
- Costco Wholesale Corp. posted better-than-expected earnings in the third quarter, a sign that the nation’s largest club chain is flexing its scale and devoted following to navigate tariffs and economic turbulence.
- Ulta Beauty Inc. surged after first-quarter results topped estimates, signaling that shoppers are buying up beauty products despite growing economic concerns.
- Wells Fargo & Co. will be repaying two series of trust preferred securities that have been lingering since the 1990s and ended up with the bank after a series of mergers.
- EOG Resources Inc., the biggest US independent shale producer, reached a deal to buy explorer Encino Acquisition Partners for $5.6 billion including debt, marking one of its biggest tie-ups and first in almost a decade.
- EchoStar Corp., the wireless and pay-TV operator controlled by billionaire Charlie Ergen, skipped an interest payment due Friday because of uncertainty about a regulatory probe.
Some of the main moves in markets:
Stocks
- The S&P 500 fell 0.8% as of 1:12 p.m. New York time
- The Nasdaq 100 fell 1.2%
- The Dow Jones Industrial Average fell 0.4%
- The MSCI World Index fell 0.5%
- Bloomberg Magnificent 7 Total Return Index fell 1.8%
- The Russell 2000 Index fell 0.8%
Currencies
- The Bloomberg Dollar Spot Index was little changed
- The euro fell 0.1% to $1.1356
- The British pound fell 0.2% to $1.3469
- The Japanese yen rose 0.3% to 143.84 per dollar
Cryptocurrencies
- Bitcoin fell 1.9% to $104,161.43
- Ether fell 3.4% to $2,554.91
Bonds
- The yield on 10-year Treasuries declined two basis points to 4.40%
- Germany’s 10-year yield was little changed at 2.50%
- Britain’s 10-year yield was little changed at 4.65%
Commodities
- West Texas Intermediate crude fell 0.6% to $60.57 a barrel
- Spot gold fell 0.8% to $3,292.19 an ounce
–With assistance from Andre Janse van Vuuren.
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