Stocks Slip As Gold Rebounds To $3,330, Bitcoin Holds $102,000: What's Driving Markets Friday?

Author: Piero Cingari | May 09, 2025 01:44pm

Wall Street traded slightly lower by midday Friday, as investors adopted a wait-and-see stance ahead of a potential trade breakthrough, with high-stakes negotiations between U.S. officials—led by Treasury Secretary Scott Bessent—and Chinese authorities set to unfold over the weekend.

President Donald Trump signaled that tariffs on Chinese goods could be slashed from the current 145% to 80%, though that figure remains significantly higher than pre-Liberation Day levels, prompting continued caution among market participants.

Equities gave back a portion of Thursday's gains as sentiment turned more defensive, while gold rebounded 1% to $3,330 per ounce, partially offsetting losses from the previous session.

Oil prices extended their rally, climbing further above $60 a barrel amid an improved global demand outlook, putting crude on track for its strongest weekly performance since late 2024. Natural gas followed suit, with Henry Hub futures rising 4.4%.

In fixed income, Treasury yields held steady, with the 10-year yield hovering around 4.37%.

Meanwhile, Bitcoin (CRYPTO: BTC) took a breather after Thursday's 6.4% surge, trading just above $102,500.

Friday’s Performance In Major US Indices, ETFs

Major Indices	Price	Chg %
S&P 500	5,650.98	-0.2%
Nasdaq 100	20,003.04	-0.3%
Russell 2000	2,017.97	-0.4%
Dow Jones	41,179.33	-0.5%

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) inched 0.2% lower to $563.80.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) eased 0.4% to $412.10.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) eased 0.2% to $487.38.
• The iShares Russell 2000 ETF (NYSE:IWM) inched 0.3% lower to $200.54.
• The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 0.9%; the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) lagged, down 0.5%.

Friday’s Stock Movers

Stocks reacting to earnings reports included:

• McKesson Corporation (NYSE:MCK) up 0.48%
• Monster Beverage Corporation (NASDAQ:MNST) up 2.02%
• Coinbase Global, Inc. (NASDAQ:COIN) down 2.28%
• TKO Group Holdings, Inc. (NYSE:TKO) down 4.10%
• Microchip Technology Incorporated (NASDAQ:MCHP) up 10.44%
• LPL Financial Holdings Inc. (NASDAQ:LPLA) up 5.83%
• Ubiquiti Inc. (NYSE:UI) up 14.64%
• Rocket Companies, Inc. (NYSE:RKT) down 2.32%
• Insulet Corporation (NASDAQ:PODD) up 20.81%
• Expedia Group, Inc. (NASDAQ:EXPE) down 7.75%
• Alliant Energy Corporation (NASDAQ:LNT) up 1.29%
• Akamai Technologies, Inc. (NASDAQ:AKAM) down 7.90%
• EchoStar Corporation (NASDAQ:SATS) up 2.77%
• Starwood Property Trust, Inc. (NYSE:STWD) up 0.29%
• Essent Group Ltd. (NYSE:ESNT) down 1.45%

Read Next:

• 5% Treasury Yields Could Force Trump To Slash Tariffs In Q2, Says BofA’s Hartnett
  

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