The major indexes closed the day with losses Friday, spurred on by President Donald Trump's announcement of a 35% tariff on Canadian imports. The Dow Jones Industrial Average was the hardest hit of the major indexes, while the Nasdaq composite retreated after a valiant attempt at climbing higher on the stock market today.
The Dow Jones Industrial Average fell 0.6%, or 279 points. The S&P 500 retreated 0.3% while the Nasdaq composite ended the day 0.2% lower, after both closed at record highs Thursday.
Small caps fared worse than the major indexes, with the Russell 2000 index losing nearly 1.3%. The drop comes after the Russell rose for nine out of the last 10 trading sessions.
Declining stocks beat advancers on the Nasdaq exchange by nearly 3-to-1. The ratio was around 12-to-5 negative on the New York Stock Exchange. Volume was decidedly lower on both exchanges compared with the same time Thursday, in preliminary numbers.
3:51 p.m. ET
New Issue Circle Internet Falls Hard
Recent initial public offerings have seen big moves lately, on both sides of the spectrum.
IBD 50 member and recent new issue Circle Internet Group toppled more than 8% on the stock market today. Baird initiated coverage on the stock with a neutral rating and a 210 price target.
Outside of new issues, Levi popped nearly 12% after the apparel maker topped fiscal second-quarter earnings and sales estimates. The company also raised its fiscal 2025 profit and revenue outlook. Shares are in an irregular base with an official buy point at 24.34.
3:04 p.m. ET
Stocks On The Move: This Food Distributor Jumps
Performance Food Group bolted nearly 6% higher and broke out of long, v-shaped consolidation with a 92.44 buy point. Shares are in a buy zone up to 97.06. The excitement came on Bloomberg news that US Foods Holdings was interested in taking over the food distribution company.
US Foods stock inched up 0.4% and is in a buy zone up to 83.62 of a flat base. Shares reached a new high on Friday.
IBD 50 name TransMedics Group cut larger losses to around 9%. Shares sank below their 50-day line in heavy volume, triggering a sell signal. The medical technology specializes in organ preservation and transportation used in transplants. The stock had huge run after an earnings gap up on May 9, before reversing lower in mid June.
Fellow IBD 50 component TSS skidded more than 9% and is on pace for four straight days of losses. Shares undercut their 21-day exponential moving average on the stock market today. It too reversed from June highs after a rapid climb.
1:34 p.m. ET
Stock Market Today: Treasurys, Oil Climb
The 10-year Treasury yield moved up to 4.42% Tuesday afternoon. Oil prices climbed to around $68.35 a barrel. And bitcoin surged past the $117,500 level, but had set a new high of more than $118,000 on Friday.
Recent initial public offering Hinge Health powered up more than 9%, pushing it above the buy zone of an IPO base with a 43.80 buy point. The virtual physical therapy name started trading May 22, with an offer price at 32 per share.
AIRO Group Holdings spiked nearly 24% on Friday's news that the Pentagon is planning a drastic expansion in drone use. The company makes drones, electric and hybrid vertical lift aircraft and provides aviation training. The aerospace stock had its initial public offering June 13, with an offer price of 10 per share.
12:26 p.m. ET
This Nuclear Power Stock Breaks Downtrend
Constellation Energy outperformed on the Nasdaq 100, up more than 2%. The nuclear power stock is close to breaking out of a downtrend. Watch for a move above its recent high of 328.44.
Solaris Energy Infrastructure popped nearly 3%. It's holding in the 5% buy zone from a prior 30.33 entry.
Several leading growth stocks came under more pressure after tough sessions Thursday. Sezzle, which operates a digital payments platform, fell 2.5%, bringing its weekly decline to more than 20%. Those who bought on May 8 when Sezzle gapped up on earnings wouldn't be wrong for taking at least partial profits.
11:36 a.m. ET
These Drone Makers Take Off
In stocks, two drone makers and a components supplier soared after Defense Secretary Pete Hegseth called for fast-track drone production and deployment.
AeroVironment, which is prone to volatile price swings, jumped more than 8%. Shares soared on June 25 after the drone maker reported revenue of $275.1 million, up 40% from a year ago. Profit more than tripled to $1.61 a share.
Kratos Defense & Security vaulted more than 11%. Astronics, which makes components for drones, jumped nearly 12%. All three stocks were the top gainers in the MarketSurge Growth 250.
Among precious metals firms, Pan American Silver rallied nearly 4% and broke out over an alternate entry of 29.66.
But CoreWeave, which is backed by Nvidia, extended losses after a sharp sell-off Thursday. Shares are down 20% this week and very close to a test of the 10-week moving average, a key support level.
10:28 a.m. ET
Nvidia, Amazon Make Gains
Amazon.com, Nvidia and Palantir Technologies were among a small group of gainers in the Nasdaq 100, which also slipped around 0.1%. Nvidia added 1% to another all-time high; Amazon picked up 0.8% and held in a buy zone from an alternate handle entry of 218.4, and Palantir rose 1% as it makes a solid first test of its 10-week moving average.
Bitcoin jumped 4% and topped the $118,000 level for the first time. The iShares Bitcoin Trust, which joined the Leaders list on June 9, gapped up with a gain of nearly 4%.
Stock Market Today: Target Hikes Don't Move Netflix Much
Among other stocks, Netflix shares didn't move much despite two big price target hikes ahead of next week's earnings report. Piper Sandler raised the streaming giant's price target to 1,400 from 1,150 while maintaining an overweight rating. Needham, meanwhile, maintained a buy rating and lifted its price target to 1,500 from 1,126.
Freeport-McMoRan was an early laggard in the S&P 500, down more than 2%. The copper producer, with significant operations in the U.S., surged earlier in the week after President Trump announced a 50% tariff on copper imports.
Delta Air Lines and United Airlines also lagged in the S&P 500 with losses of around 3%. Both stocks soared Thursday, helped by a bullish earnings report from Delta. Further, United reports next week, with results due Wednesday after the close.
Taser maker Axon Enterprise bounced a bit after Thursday's sell-off that saw the stock fall sharply to its 50-day line. Shares lagged Thursday after Byrna, a maker of less-lethal self-defense devices, sold off on earnings.
9:42 a.m. ET
Treasurys, Oil Rise
The 10-year Treasury yield climbed to 4.39% Friday morning. Also, oil prices rose with West Texas Intermediate futures selling around $67.25 a barrel.
Among exchange traded funds, the Invesco QQQ Trust dropped 0.5%. The SPDR S&P 500 ETF was down 0.6% after the market open.
8:51 a.m. ET
Stock Market Today: Bitcoin Jumps Above $117,000
The price of bitcoin jumped around 6% over the past 24 hours, trading above $117,000. Cryptocurrency stocks Coinbase Global and Strategy rallied in early morning action.
Coinbase stock, up nearly 1%, is set to hit another new high, while Strategy rallied 3%, on pace to break out past a 430.35 buy point.
8:32 a.m.
Dow Jones Movers: Amazon, American Express, Apple
On the Dow Jones Industrial Average, Amazon, American Express and Apple were early movers.
Amazon stock shrugged off the market weakness, rising 0.4% in premarket trading. Shares also are in buy range above a 214.84 cup-with-handle entry.
On the downside, American Express declined 0.8%, while Apple lost 0.7% in early action. Apple stock remains below its long-term 200-day moving average.
7:54 a.m. ET
Nvidia-Backed CoreWeave Tumbles
CoreWeave, an artificial intelligence infrastructure startup with backing from Nvidia, tumbled nearly 4% Friday morning.
On Thursday, shares plunged 9.6%, breaking down below their 21-day exponential moving average. They also are pulling back to their 10-week line, an important level to watch.
Stock Market Today: Trump Tariff News
President Donald Trump said he will impose a 35% tariff on Canada as of Aug. 1. Canada had been spared the April 2 Liberation Day "reciprocal" tariffs that Trump paused for 90 days, but already faces 25% duties on a variety of goods. Trump reportedly will keep a tariff exemption for Canadian goods that fall under the U.S.-Mexico-Canada Agreement.
Meanwhile, Trump says he'll issue his tariff letter for the European Union by Friday. Trump said he's considering raising the 10% baseline tariff to 15%-20%.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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