Dow Falls 250 Points On Trump Tariff News; Nvidia-Backed CoreWeave Tumbles (Live Coverage)
SCOTT LEHTONEN07:54 AM ET 07/11/2025
Futures on the Dow Jones Industrial Average and other major indexes traded lower Friday after President Donald Trump announced a 35% tariff on Canadian goods. Nvidia (NVDA)-backed CoreWeave (CRWV) was an early loser on the stock market today.
Ahead of the opening bell, Dow Jones futures dropped 0.6%, or 250 points, in recent trades. S&P 500 futures lost 0.5%. Nasdaq 100 futures also declined 0.5%.
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The 10-year Treasury yield climbed to 4.39% Friday morning. Also, oil prices rose with West Texas Intermediate futures selling around $67.30 a barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) dropped 0.4%. The SPDR S&P 500 ETF (SPY) also was down 0.4% ahead of the market open.
Nvidia-Backed CoreWeave Tumbles
CoreWeave, an artificial intelligence infrastructure startup with backing from Nvidia, tumbled nearly 4% Friday morning.
On Thursday, shares plunged 9.6%, breaking down below their 21-day exponential moving average. They are pulling back to their 10-week line, an important level to watch.
Stock Market Today: Trump Tariff News
President Donald Trump said he will impose a 35% tariff on Canada as of Aug. 1. Canada had been spared the April 2 Liberation Day "reciprocal" tariffs that Trump paused for 90 days, but already faces 25% duties on a variety of goods. Trump reportedly will keep a tariff exemption for Canadian goods that fall under the U.S.-Mexico-Canada Agreement.
Meanwhile, Trump says he'll issue his tariff letter for the European Union by Friday. Trump said he's considering raising the 10% baseline tariff to 15%-20%.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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