US Stock Markets Today: S&P 500 Retreats From Record High As Trump Tariffs Pile Pressure On Wall Street

S&P 500, Nasdaq Composite, and Dow Jones Industrial Average slumped on Friday, as Wall Street felt the jitters of US President Donald Trump's piling tariff threats against several trading partners.

The S&P 500 fell 0.52%, tech-heavy Nasdaq Composite declined 0.36%, and Dow Jones was down 0.51% in the early minutes of trade.

The decline came a day after the markets reached all-time highs, led by tech giant Nvidia which became the first company to cross the $4-trillion market cap before paring gains to trade lower.

“The stock market is looking lower due to President Trump’s more hawkish stance on tariffs,” news agency Bloomberg quoted Matt Maley, equity strategist at Miller Tabak. “With the market overbought and very expensive, the market is getting ripe for some sort of a pullback.”

In the early minutes of trading, all of the 11 sectoral indices were trading in red. Communications Services and material sector were leading the decline while healthcare and financial sectors were also among the top draggers.

The shares of Nvidia Corp. were trading 0.84% higher along with McDonald's Corp. which rose 0.92% to trade in the green. On the other hand, Microsoft Corp. and Coca Cola Co. declined 0.18% and 0.36%, respectively.

As the US market opened, spot gold was trading 0.88% higher at $3,355.26 an ounce. Crude oil prices rose were also edging higher, with the Brent trading 1.65% up at $69.72 per barrel.

The Bloomberg Dollar Index rose 0.2%, with the British Pound falling 0.5% to $1.3513, and the Japanese yen felling 0.5% to 147.05 against the greenback.

Bitcoin, the largest traded cryptocurrency, rose 3.5% to $117,568.73