Stocks slip amid Trump’s tariff threats, Bitcoin spike buoys crypto stocks
2025-07-11 14:16:03
Main Idea
U.S. stocks declined due to trade war concerns sparked by President Trump's tariffs, while Bitcoin and other cryptocurrencies surged to new highs.
Key Points
1. The Dow Jones Industrial Average dropped 250 points following President Trump's announcement of a 35% tariff on Canadian products.
2. The S&P 500 and Nasdaq Composite also fell by 0.5% and 0.3%, respectively, amid trade war fears.
3. Bitcoin rose by 5% in 24 hours, reaching a new all-time high above $118,000, and Ethereum surpassed $3,000.
4. Crypto-related stocks like MicroStrategy (MSTR), Coinbase (COIN), and Robinhood (HOOD) saw gains in premarket trading.
5. Trump's tariff announcement included a 50% duty rate on Brazil and 20% blanket tariffs on several U.S. trading partners, though he claimed the stock market initially reacted positively.
Description
U.S. stocks slipped on Friday, with the Dow Jones Industrial Average opening 250 points lower following President Donald Trump’s 35% tariff against Canada. With stocks having reached new all-time highs in recent weeks, trading on July 11 was largely a reaction to fresh trade war concerns. As the Dow fell 250 points, the S&P 500 pared gains at -0.5%, and the Nasdaq Composite shed 0.3%.. However, Bitcoin ( BTC ) bucked the trend, rising by about 5% in 24 hours to hit a new all-time high above $118...
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