House Majority Leader Steve Scalise responded to Chuck Schumer’s shutdown comments, J.D. Vance’s viral post and the impact of the government shutdown on families and workers.
A trade dispute between the United States and China erupted on Friday, sending US stocks soaring and all three major averages closing sharply lower, recording their worst session since April.
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| Me:DJI | dow jones average | 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% |
Dow Jones Industrial Average It fell nearly 900 points, while the Nasdaq fell 3.5% and the S&P 500 fell 2.7%. Still, all three major benchmarks hit new record highs earlier this week.
The NYSE and Nasdaq will operate at normal hours on Monday for the Columbus Day holiday, while the bond market will be closed.
Dow Jones Industrial Average
,
Trump got “angry” at China
sources say Tell Fox Business’s Edward Lawrence that President Donald Trump Is “angry” after a briefing about China’s new announcement of export controls. Now, the meeting between Trump and Chinese President Xi Jinping in South Korea in two weeks is likely to be cancelled.
President Donald Trump announces a deal with Pfizer to lower Medicaid drug prices in the Oval Office of the White House on September 30, 2025. (Win McNamee/Getty Images/Getty Images)
“I was supposed to meet President Xi at APEC in South Korea in two weeks, but see no reason to do it now,” he posted on Truth Social.
Trump threatens China with tariff clapback
Trump also said that he would be forced to counter the Chinese move economically. The source said larger tariffs could be on the table.
Trump made his point after the close of business on Friday Plan in Truth Social Post.
“Based on the fact that China has taken this unprecedented position, and speaking only for the United States, not other countries that were similarly threatened, beginning on November 1, 2025 (or earlier, depending on any further actions or changes taken by China), the United States will impose tariffs on China of 100%, which will be higher than any tariffs they are currently paying. Also on November 1, we will also and all Will impose export controls on critical software” Detailed description of a part one post.
Most of the S&P’s major sectors declined, with technology, energy and consumer discretionary leading the decline, while utilities and consumer goods led the way.
Widespread selling hits most S&P sectors
| anchor | 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% |
Magnificent Seven stocks saw huge declines, led by Amazon, Meta, Nvidia and Tesla.
“There’s all this high stakes poker game going on between the US and China in this AI revolution as we also see more scrutiny in Beijing around Nvidia’s golden chips,” Wedbush Securities analyst Dan Ives said in a research note to clients.
“We see these moments as buying opportunities to own winners in the semi-final, software, Big Tech and AI future as these tensions will not turn into more stressful times in our view, as we saw in April.”
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 216.37 | -11.37 |
-4.99% |
| meta | Meta Platform 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 used the selloff to buy more defensive names, including McDonald’s, Coke and Pepsi.
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| Delhi Municipal Corporation | McDonald’s Corporation | 297.02 | +3.21 |
+1.09% |
| KO | Coca-Cola Company | 67.05 | +0.68 |
+1.02% |
| Passion | PepsiCo Inc. | 150.08 | +5.37 |
+3.71% |
Gold and silver broke records
Gold, flight to safety, climbed above $4,000, Set a new record. The yellow metal has gained nearly 50% this year and is one of the top performing asset classes. Silver also hit a new high of $50 on Thursday and is just below that level as of Friday afternoon.
Gold prices hit a new record above $4,000 this week. (Getty Images/Getty Images)
investors were buying exchange traded funds That tracks precious metals on Friday, including SPDR Gold Trust and ProShares Ultra Silver, the largest backed by physical gold.
Wealthy investors use ETFS for three major assets
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| gld | SPDR Gold Shares Trust – USD ACC | 369.10 | +3.61 |
+0.99% |
| AGU | no data available | , | , |
, |
Oil has fallen below $60 per barrel
The trade war crisis also hit oil prices, which fell below $60 a barrel. US Brent oil ETF and US oil funds were down sharply.
| anchor | 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 ConocoPhillips all fell together.
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | Axon Mobile Corporation | 110.73 | -2.18 |
-1.93% |
| cvx | Chevron Corporation | 148.92 | -2.71 |
-1.79% |
| COP | ConocoPhillips | 87.68 | -4.28 |
-4.65% |
