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Dow Hits Record High as Healthcare and Consumer Stocks Lead Wall Street Rally 
U.S. stocks closed lower on Friday, capping off a losing week, as renewed trade tensions triggered by President Donald Trump’s tariff proposals shook investor confidence. Trump suggested a 50% tariff on European Union goods and warned Apple (NASDAQ:AAPL) of potential 25% tariffs on iPhones not made in the U.S., reigniting fears of a global trade war.
The Dow Jones Industrial Average dropped 256.02 points (0.61%) to 41,603.07, while the S&P 500 declined 0.67% to 5,802.82. The tech-heavy Nasdaq fell 1% to 18,737.21. For the week, the Dow lost 2.47%, the S&P 500 shed 2.61%, and the Nasdaq declined 2.48%.
High-growth tech and consumer discretionary stocks led losses. Apple hit a two-week low, sliding 3%. Major names like Amazon (NASDAQ:AMZN), Nvidia (NASDAQ:NVDA), and Meta (NASDAQ:META) also dipped over 1%, while Tesla (NASDAQ:TSLA) eased 0.5%. The semiconductor sector slid 1.5%. In contrast, defensive sectors such as utilities, consumer staples, and energy saw gains.
U.S. Treasury yields pulled back from recent highs, with the 10-year note falling 4.4 basis points to 4.509%. The CBOE Volatility Index (VIX), a key gauge of market fear, surged 10% to a two-week high.
Ocean Park Asset Management’s James St. Aubin described the market’s reaction as a return to tariff anxieties that investors hoped were in the past. Treasury Secretary Scott Bessent supported Trump’s stance, calling the EU’s offers unsatisfactory and expressing hope that tariff threats would pressure EU negotiators.
Deckers Outdoor (NYSE:DECK) plunged nearly 20% after a weak sales forecast, citing uncertainty from tariff tensions. Nike (NYSE:NKE) also fell 2.1%. Total trading volume reached 17.67 billion shares, near the 20-day average.
