Trump unloaded on China and its leader, Xi Jinping, in a lengthy post<\/a> on Truth Social on Friday. The post came after China heated up trade tensions<\/a> with the US, adding new port fees on American ships and launching an antitrust investigation into Qualcomm (QCOM<\/a>). Beijing has also been in the midst of tightening export controls on rare earth minerals, and it has halted purchases of US soybeans<\/a>.<\/p>\n “Some very strange things are happening in China!” Trump posted. In his post, he also threatened to cancel a planned meeting with Xi later this month, saying there was “no reason to do so,” before threatening the tariff increase.<\/p>\n “Ultimately, though potentially painful, it will be a very good thing, in the end, for the U.S.A. One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America,” Trump wrote.<\/p>\n Markets have had an uncertain week, pulled in different directions by AI demand hopes and US government shutdown worries. With Friday’s decline, all major indexes look set for firmly down weeks after a retreat from record highs<\/a>.<\/p>\n Meanwhile, private data<\/a> was in focus for investors as the release of official economic data has been delayed due to the US government shutdown, which entered its 10th day. The University of Michigan’s reading on consumer sentiment in October, released Friday morning, showed Americans still feeling sour about the economy<\/a> as they fret about jobs prospects and high inflation.<\/p>\n Looking ahead, investors are counting down for earnings season to start in earnest next week, led by JPMorgan (JPM<\/a>) and Citigroup (C<\/a>). Performance is expected to be softer, with analysts betting tariffs will bite into revenue for the quarter<\/a>.<\/p>\n LIVE 14 updates Oil was headed for steep losses on Friday as US-China trade tensions took a turn for the worse, and a peace plan in Gaza alleviated concerns about a supply crunch.<\/p>\n Brent (BZ=F<\/a>) dropped 3%, extending losses from the prior session. West Texas Intermediate (CL=F<\/a>) also slid 3%.<\/p>\n President Trump on Friday threatened to slap \u201cmassive\u201d tariffs on Chinese imports and said he saw no reason to meet with Chinese leader Xi Jinping, accusing Beijing of monopolizing the global supply of rare earth minerals.<\/p>\n Meanwhile, oil prices fell for the week after Israel approved a framework that would see Hamas release hostages in exchange for prisoners, a key step toward ending the conflict in Gaza.<\/p>\n Chinese stocks were hit on Friday after President Trump announced that he would not meet with Chinese leader Xi Jinping as scheduled at the APEC summit in South Korea in two weeks.<\/p>\n The cancellation came as Trump threatened to impose ‘massive’ tariffs on Chinese goods because of letters Beijing had sent to other countries related to rare earth mineral controls.<\/p>\n E-commerce giant Alibaba (BABA<\/a>) sank 6%, while tech giants Tencent (TCHEY<\/a>) and Baidu (BIDU<\/a>) also tumbled.<\/p>\n Shares of rare earth mineral-related stocks surged on Friday after President Trump announced that China was sending letters to other countries regarding export controls on these essential elements. necessary to make everything from electronics to weapons.<\/p>\n Shares of MP Materials (MP<\/a>) rose 15%,%, while USA Rare Earth (USAR<\/a>) also gained 15%.<\/p>\n Stocks rolled over on Friday after President Trump posted he is considering imposing a “massive increase” in tariffs on Chinese goods.<\/p>\n “Some very strange things are happening in China! They are becoming very hostile, and sending letters to Countries throughout the World, that they want to impose Export Controls on each and every element of production having to do with Rare Earths, and virtually anything else they can think of, even if it\u2019s not manufactured in China,” Trump wrote on Friday.<\/p>\n “I have not spoken to President Xi because there was no reason to do so. This was a real surprise, not only to me, but to all the Leaders of the Free World. 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 added.<\/p>\n “One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America,” he said in the post.<\/p>\n Consumer sentiment<\/a> was relatively unchanged in October.<\/p>\n The University of Michigan’s preliminary survey of consumer sentiment<\/a> released Friday showed the headline consumer sentiment index came in at 55 for the month so far, above the 54 projected by economists polled by Bloomberg but a hair below the reading of 55.1 in September.<\/p>\n Still, consumer sentiment for the month fell far below the 70.5 reading in October 2024.<\/p>\n The October data also showed year-ahead inflation expectations dropped to 4.6% during the month from 4.7% the previous month. Economists had expected the figure to remain unchanged.<\/p>\n Long-term inflation expectations for the next five to 10 years remained steady at 3.7% as projected.<\/p>\n In September, survey results had shown consumers feeling worse about the economy than expected as they worried about the impact of Trump’s tariffs.<\/p>\n Joanne Hsu, the director of UMichigan’s consumer surveys, said of the fresh data Friday: “Pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers\u2019 minds.”<\/p>\n The latest look at consumer sentiment comes amid an ongoing US government shutdown, which has delayed the release of crucial federal data investors use to gauge the health of the economy.<\/p>\n Hsu said UMichigan’s data for the month to date has shown “little evidence that the ongoing federal government shutdown has moved consumers\u2019 views of the economy thus far.”<\/p>\n Read more here.<\/a><\/p>\n US stocks inched higher on Friday at the market open.<\/p>\n The Dow Jones Industrial Average (^DJI<\/a>) moved up more than 0.2%, while the S&P 500 (^GSPC<\/a>) and the tech-heavy Nasdaq Composite (^IXIC<\/a>) nudged up over 0.1%.<\/p>\n The slight gains come after the Nasdaq and S&P 500 retreated from record highs<\/a> Thursday amid an ongoing US government shutdown. The two major gauges were set for weekly gains Friday morning, while the Dow was on track for a weekly loss.<\/p>\n Delta’s premium play pays off <\/p>\n The key takeaway from Delta’s (DAL<\/a>) strong performance this quarter<\/a> is that it pays to go premium. The airline’s stock rose 0.5% in premarket trading on Friday after popping more than 4% on the heels of its earnings release on Thursday.<\/p>\n As Yahoo Finance’s Hamza Shaban<\/a> writes in today’s Morning Brief newsletter<\/a>:<\/p>\n Read more here.<\/a><\/p>\n Chart: About 90% of public fixed income has yields below 5% <\/p>\n Apollo Global chief economist Torsten Sl\u00f8k pointed out<\/a> in a note on Friday that almost 90% of public fixed income worldwide is trading at a yield below 5%. (Disclosure: Yahoo Finance is owned by Apollo Global Management.)<\/p>\n “With inflation at 3%, the real return for investors in public fixed income is a meager 2% or less,” Sl\u00f8k wrote.<\/p>\n US Treasury yields fell on Friday as the government shutdown delayed economic data that might otherwise move bond prices. The 10-year yield (^TNX<\/a>) declined by 5 basis points to 4.09%. The 30-year yield (^TYX<\/a>) dropped to 4.67%.<\/p>\n Here’s a look at some of the top stocks trending <\/a>in premarket trading:<\/p>\n Intel (INTC<\/a>) stock rose almost 2% before the bell on Friday. Intel unveiled its new Core Ultra series 3 processor<\/a> on Thursday, the first chip built on its 18A process technology and manufactured<\/a> at the new Fab 52 plant.<\/p>\n Elastic (ESTC<\/a>) stock rose 10% in premarket trading on Friday. Bank of America (BAC<\/a>) recently cut<\/a> their price target for Elastic, citing tougher competition for AI workloads, which could crimp growth.<\/p>\n American Homes 4 Rent (AMH<\/a>) shares rose 9% before the bell. Over the past month, its share price has fallen 6% and is down 13% year-to-date.<\/p>\n Qualcomm (QCOM<\/a>) stock fell more than 3% before the bell on Friday following news that China has launched an antitrust investigation into the US chipmaker over its acquisition of Israel’s Autotalks.<\/p>\n Reuters reports:<\/p>\n Read more here. <\/a><\/p>\n Applied Digital stock soars after revenue beat, CoreWeave deal <\/p>\n Shares in Applied Digital surged around 25% before the bell after the data center developer’s quarterly revenue<\/a> outdid Wall Street expectations.<\/p>\n A new deal with cloud company CoreWeave (CRWV<\/a>) also buoyed hopes that the AI buildout will fuel more demand for Applied Digital.<\/p>\n Reuters reports:<\/p>\n Read more here<\/a>.<\/p>\n Levi Strauss’s boosted FY profit outlook fails to meet the mark <\/p>\n Levi Strauss (LEVI<\/a>) lifted its full-year profit forecast on Thursday, but the outlook fell short of Wall Street expectations.<\/p>\n Shares in the denim maker sank almost 7% in premarket as the impact of US tariffs weighed on prospects, even as the company posted a third quarter revenue beat.<\/p>\n Reuters reports:<\/p>\n Oil extends losses as China-US trade relations sour further <\/p>\n
Chinese stocks tumble as Trump cancels meeting with Xi Jinping <\/p>\n
Rare earth stocks soar as China-US trade tensions escalate <\/p>\n
Stocks roll over as Trump threatens ‘massive increase’ of tariffs on Chinese goods <\/p>\n
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Consumer sentiment remains stable in October <\/p>\n Stocks creep higher at the open <\/p>\n Good morning. Here’s what’s happening today.
Premarket trending tickers: Intel, Elastic, and American Homes 4 Rent <\/p>\n
Qualcomm stock falls as China launch antitrust probe <\/p>\n