House Majority Leader Steve Scalise responds to Chuck Schumer’s shutdown comments, JD Vance’s viral post and the toll of the government standoff on families and workers.
A trade spat between the U.S. and China erupted Friday, sending U.S. stocks spiraling, with all three of the major averages closing sharply lower, registering the worst session since April.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 45479.6 | -878.82 | -1.90% |
| SP500 | S&P 500 | 6552.51 | -182.60 | -2.71% |
| I:COMP | NASDAQ COMPOSITE INDEX | 22204.429641 | -820.20 | -3.56% |
The Dow Jones Industrial Average fell nearly 900 points, while the Nasdaq fell 3.5% and the S&P 500 2.7%. Still, all three of the major benchmarks touched fresh record highs earlier this week.
The NYSE and Nasdaq will operate normal hours on Monday, the Columbus Day holiday, while the bond market will be closed.
Dow Jones Industrial Average
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Trump “pissed off” at China
Sources tell FOX Business’ Edward Lawrence that President Donald Trump is “pissed off” after a briefing about China’s new announcement of export controls. Now, a meeting between Trump and Chinese President Xi Jinping due to take place in South Korea in two weeks, is likely to be scrapped.
President Donald Trump announces a deal with Pfizer to lower Medicaid drug prices in the Oval Office of the White House Sept. 30, 2025. (Win McNamee/Getty Images / Getty Images)
“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” he posted on Truth Social.
TRUMP THREATENS CHINA WITH TARIFF CLAPBACK
Trump also said he will be forced to financially counter the Chinese move. The source said large tariffs could be on the table.
Friday, after the close of trading, Trump laid out his plan in a Truth Social post.
“Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software” a portion of the post detailed.
A majority of the large sectors in the S&P fell, led by technology, energy and consumer discretionary, while utilities and consumer staples bucked the selling.
Broad selling hits most S&P sectors
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XLK | TECHNOLOGY SELECT SECTOR SPDR ETF | 278.44 | -11.75 | -4.05% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 85.22 | -2.54 | -2.89% |
| XLY | CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF | 228.68 | -6.52 | -2.77% |
| XLU | UTILITIES SELECT SECTOR SPDR ETF | 90.20 | -0.37 | -0.41% |
| XLP | CONSUMER STAPLES SELECT SECTOR SPDR ETF | 78.13 | +0.09 | +0.11% |
The Magnificent Seven stocks saw hefty declines, led by Amazon, Meta, Nvidia and Tesla.
“This is all a game of high stakes poker going on between the US and China in this AI Revolution as we are also seeing more scrutiny in Beijing around Nvidia’s golden chips,” Wedbush Securities analyst Dan Ives said in a research note to clients.
“These moments we view as buying opportunities to own the winners in semis, software, Big Tech, and the AI future as in our view these tensions will not bubble up into a much more tense time vs. the nervous period of time we saw in April.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 216.37 | -11.37 | -4.99% |
| META | META PLATFORMS INC. | 705.30 | -28.21 | -3.85% |
| NVDA | NVIDIA CORP. | 183.04 | -9.53 | -4.95% |
| TSLA | TESLA INC. | 413.49 | -22.05 | -5.06% |
Investors did use the selloff to snap up more defensive names, including McDonald’s, Coke and Pepsi.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD’S CORP. | 297.02 | +3.21 | +1.09% |
| KO | THE COCA-COLA CO. | 67.05 | +0.68 | +1.02% |
| PEP | PEPSICO INC. | 150.08 | +5.37 | +3.71% |
THE ETF REPORT: NEWS & ANALYSIS
Gold and silver hit records
Gold, a flight to safety, climbed above $4,000, hitting a fresh record. The yellow metal has gained about 50% this year and is among the top performing assets classes. Silver also hit a new high of $50 on Thursday and is sitting just below that level as of midday on Friday.
Gold prices hit a fresh record above $4,000 this week. (Getty Images / Getty Images)
Investors were buying exchange-traded funds that track the precious metals on Friday, including the SPDR Gold Trust, the largest backed by physical gold, and ProShares Ultra Silver.
WEALTHY INVESTORS TAP ETFS FOR THREE HOT ASSETS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GLD | SPDR GOLD SHARES TRUST – USD ACC | 369.10 | +3.61 | +0.99% |
| AGU | NO DATA AVAILABLE | – | – | – |
Oil falls below $60 per barrel
Trade war woes also hit oil prices, which fell below $60 per barrel. The U.S. Brent Oil ETF and the U.S. Oil Fund were sharply lower.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND – USD ACC | 69.42 | -3.08 | -4.24% |
| BNO | UNITED STATES BRENT OIL FUND – USD ACC | 28.50 | -1.11 | -3.76% |
Energy giants Exxon Mobil, Chevron and Conoco Phillips all fell in tandem.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 110.73 | -2.18 | -1.93% |
| CVX | CHEVRON CORP. | 148.92 | -2.71 | -1.79% |
| COP | CONOCOPHILLIPS | 87.68 | -4.28 | -4.65% |
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