House Majority Leader Steve Scalise responds to Chuck Schumer’s comments on the shutdown, J.D. Vance’s viral post, and the impact of the government crisis on families and workers.
The US-China trade dispute erupted on Friday, sending US stocks higher, with the three major averages closing sharply lower, marking the worst session since April.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| Me: DJI | Dow Jones averages | 45479.6 | -878.82 |
-1.90% |
| SP500 | Standard & Poor’s 500 | 6552.51 | -182.60 |
-2.71% |
| Me: comp | Nasdaq Composite Index | 22204.429641 | -820.20 |
-3.56% |
Dow Jones Industrial Average The Nasdaq fell 3.5% and the S&P 500 fell 2.7%. However, all three major indexes touched new highs earlier this week.
The New York Stock Exchange and Nasdaq will operate normal business hours on Monday, the Columbus Day holiday, while the bond market will be closed.
Dow Jones Industrial Average
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Trump is “angry” with China
sources He told FOX Business’ Edward Lawrence that President Donald Trump ‘Angry’ after briefing on China’s new announcement of export controls. Now, the meeting between Trump and Chinese President Xi Jinping, which was scheduled to take place in South Korea in two weeks, is likely to be cancelled.
President Donald Trump announced an agreement with Pfizer to lower Medicaid drug prices in the Oval Office of the White House on September 30, 2025. (Wayne McNamee/Getty Images/Getty Images)
“I was supposed to meet President Xi in two weeks, at the Asia-Pacific Economic Cooperation (APEC) forum in South Korea, but now it seems there is no reason to do so,” he said on Truth Social.
Trump threatens China to cancel tariffs
Trump also said he would have to confront the Chinese move financially. The source said that large customs duties may be on the table.
Friday, after the close of trading, Trump presented his plan Plan in social function truth.
“Based on the fact that China has taken this unprecedented position, and speaking only on behalf of the United States, and not other countries under a similar threat, starting on November 1, 2025 (or earlier, depending on any other actions or changes China takes), the United States of America will impose a 100% tariff on China, in addition to any tariffs it currently pays. Also on November 1, we will impose export controls on any and all software The task” is a detailed part of the publication.
The majority of the S&P’s large-cap sectors fell, led by technology, energy and consumer discretionary, while utilities and consumer staples bucked the selloff.
Broad selling is hitting most S&P sectors
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| XLK | Technology Select Sector SPDR ETF | 278.44 | -11.75 |
-4.05% |
| XLE | Energy Select Fund SPDR ETF | 85.22 | -2.54 |
-2.89% |
| XLY | Consumer Discretionary Select Sector SPDR ETF | 228.68 | -6.52 |
-2.77% |
| Excelo | Utilities Select Sector SPDR ETF | 90.20 | -0.37 |
-0.41% |
| XLP | Consumer Goods Select Sector SPDR ETF | 78.13 | +0.09 |
+0.11% |
Magnificent Seven shares saw significant declines, led by Amazon, Meta, Nvidia, and Tesla.
“This is all a high-stakes poker game taking place between the U.S. and China in this AI revolution, as we also see more scrutiny in Beijing over Nvidia’s gold chips,” Wedbush Securities analyst Dan Ives said in a research note to clients.
“We view these moments as buying opportunities to own the semi-final winners, software, big tech companies, and the future of AI, as we see these tensions not escalating into a more tense time compared to the nervous period we saw in April.”
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| Amzn | Amazon.com Inc | 216.37 | -11.37 |
-4.99% |
| dead | Meta Platforms Inc | 705.30 | -28.21 |
-3.85% |
| NVDA | Nvidia company | 183.04 | -9.53 |
-4.95% |
| TSLA | Tesla company | 413.49 | -22.05 |
-5.06% |
Investors have used the sell-off to snap up more defensive names, including McDonald’s, Coca-Cola and Pepsi.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| MCD | McDonald’s Corporation | 297.02 | +3.21 |
+1.09% |
| Which | Coca Cola Company | 67.05 | +0.68 |
+1.02% |
| Beep | PepsiCo | 150.08 | +5.37 |
+3.71% |
Gold and silver hit record highs
Gold is a journey to safety It reached over $4000 Setting a new record. The yellow metal has risen by about 50% this year and is among the best-performing asset classes. Silver also reached a new high of $50 on Thursday and is holding just below that level as of midday Friday.
Gold prices hit a new record high above $4,000 this week. (Getty Images/Getty Images)
Investors were buying Exchange-traded funds Tracking precious metals on Friday included the SPDR Gold Trust, the largest backed by physical gold, and ProShares Ultra Silver.
Wealthy investors are turning to ETFs to get their hands on three hot assets
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| GLD | SPDR GOLD Equity Fund – USD ACC | 369.10 | +3.61 |
+0.99% |
| Arabian Gulf University | No data available | – | – |
– |
Oil falls below $60 per barrel
Trade war woes also affected oil prices, which fell below $60 per barrel. US Oil ETFs and the US Oil Fund fell sharply.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| is used | American Oil Fund – USD ACC | 69.42 | -3.08 |
-4.24% |
| Sons | US Brent Oil Fund – USD ACC | 28.50 | -1.11 |
-3.76% |
Energy giants ExxonMobil, Chevron and ConocoPhillips fell in tandem.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| XOM | Exxon Mobil Company | 110.73 | -2.18 |
-1.93% |
| CVX | Chevron company | 148.92 | -2.71 |
-1.79% |
| policeman | ConocoPhillips | 87.68 | -4.28 |
-4.65% |
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