Fisher Investments founder Ken Fisher analyzes the winners and losers of President Donald Trump’s reciprocal tariffs on ‘Varney & Co.’
Two days of market carnage wrapped up one of the most volatile weeks for U.S. stocks since 2020, the height of COVID, as U.S. tariffs and retaliation spook global investors.
The S&P 500 slipped deeper into correction territory, falling 5.9% on Friday. There was a similar pattern for the Dow Jones Industrial Average, which lost 2,231 points, or 5.5%. And the Nasdaq Composite entered a bear market, off 20% from its December high, falling 5.8% to end the week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5074.08 | -322.44 | -5.97% |
| I:DJI | DOW JONES AVERAGES | 38314.86 | -2,231.07 | -5.50% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15587.786263 | -962.82 | -5.82% |
Nasdaq Composite falls Into bear market
10-year Treasury yield: 4.008%
Investors moved money into the safety of government bonds, pushing the 10-year Treasury yield down, holding at 4% late Friday. While the two-year Treasury hovered at 3.5%.
JPMORGAN DIALS UP RECESSION RISK FOR U.S.
President Trump on Wednesday made good on his promise to slap the majority of U.S. trading partners with tariffs. Along with the usual suspects, including China and the European Union, other nations such as Japan, Vietnam and Taiwan also got rapped, among many others. Early Friday, China fired back with 34% tariffs while speculation rose other countries may follow suit.
“Higher tariffs will be working their way through our economy and are likely to raise inflation in coming quarters,” Federal Reserve Chairman Jerome Powell warned during remarks Friday. Prior to Powell’s comments, JPMorgan upped the risk of a recession this year to 60%.
Trump, separately, called on Powell to cut interest rates.
“This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always “late,” but he could now change his image, and quickly. Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months – A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” he wrote on Truth Social.
Marquee tech names, including Nvidia, Apple, Amazon and Palantir fell sharply Friday. Despite the volatility, some investors see the sell-off as an opportunity.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 94.31 | -7.49 | -7.36% |
| AAPL | APPLE INC. | 188.38 | -14.81 | -7.29% |
| AMZN | AMAZON.COM INC. | 171.00 | -7.41 | -4.15% |
| PLTR | PALANTIR TECHNOLOGIES INC. | 74.01 | -9.59 | -11.47% |
“You can think like a shark, or you can think like a minnow. And if you think like a minnow, you’re going to get flushed every time. If you think like a shark, and you want to go hunting for the world’s best companies at the worst possible time, that’s the path to profits” said Keith Fitz-Gerald of the Fitz-Gerald Group, noting Apple and Tesla are top picks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND – USD ACC | 67.95 | -4.30 | -5.95% |
| SLB | SCHLUMBERGER LTD. | 34.78 | -4.44 | -11.32% |
| XOM | EXXON MOBIL CORP. | 104.34 | -8.05 | -7.16% |
| CVX | CHEVRON CORP. | 143.17 | -12.90 | -8.27% |
Energy stocks lost over 8% Friday, led by Schlumberger, ExxonMobil and Chevron. West Texas Intermediate crude lost over 10% for the week, closing just below $62 per barrel.
GOLD: TIME TO BUY, SELL OR HOLD?
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GLD | SPDR GOLD SHARES TRUST – USD ACC | 279.93 | -6.56 | -2.29% |
Gold, a traditional safe haven, also took a 2.4% haircut for the week, settling at $3,012 an ounce after hitting an all-time high of $3,139.90 Wednesday.
In cryptocurrency, Bitcoin hovered at the $83,000 level.
