US stocks swung back to gains before the bell on Friday, eyeing a comeback bid after China hit the US with a retaliatory tariff hike but signaled it won’t hike duties any further.
- The dollar (DX=F) is tumbling as concerns grow that the escalating US-China trade conflict is taking the shine off the greenback as the world’s reserve currency.
- Headwinds came from China’s move to raise its US tariff rate from 84% to 125%, starting Saturday.
- Bloomberg reports:
- Read more here.
- Eyes on Nvidia (NVDA) this morning after Citi analyst Atif Malik cut his estimates on economic concerns. Could be a sign of what is to come on the high flier.
- Says Malik:
- “We are lowering our GPU units for CY25/2026 by 3%/5% to align with our revised hyperscaler capex model of +35%/+15% spend reflecting mostly lower Microsoft (MSFT) capex concerns and higher risk of pause in enterprise investments amid uncertainty around the global economy due to ongoing trade war.”
- Yours truly and Madison Mills will be going more into the call live on Yahoo Finance in the 10am ET hour.
- Yahoo Finance’s Hamza Shaban reports:
- This is the Takeaway from today’s Morning Brief. Read more here.
- Yahoo Finance’s David Hollerith reports:
- Read more here.
- The dollar lost ground as investors fled US assets, seeking safe havens. The move toward stability chiefly bolstered the Swiss franc, yen, euro, and gold.
- Reuters reports:
- Read more here.
- Gold (GC=F) hit a new high as tariff uncertainty continues to stoke global recession fears. The commodity has seen consistent growth in the year so far, with an increase of more than 20% over the past three months.
- Bloomberg reports:
- Read more here.
