SPY, QQQ Decline As Trump Threatens Massive Tariff Hike On China: Here Are The Stocks Making The Biggest Moves Today

U.S. equities plummeted in Friday’s afternoon trade after President Donald Trump threatened massive tariff hikes on China. While the Dow Jones Industrial Average tumbled more than 1%, the S&P 500 and the Nasdaq Composite were both down nearly 2%.

“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so. One of the policies that we are calculating at this moment is a massive increase of tariffs on Chinese products coming into the United States of America,” President Trump said in a post on Truth Social.

The Trump administration has also begun firing federal workers, with the U.S government now in its 10th day of shutdown. “The RIFs have begun,” said White House Budget Director Russell Vought in a post on X, referring to reductions in force.

The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was down 1.7% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq 100 index, fell 2.26%. The SPDR Dow Jones Industrial Average ETF Trust (DIA), which tracks the Dow Jones Industrial Average, declined 1.18%.

Here are the top stocks making the biggest moves in Friday’s afternoon trade:

Alibaba Group Holding (BABA)

Alibaba’s American Depository Receipts (ADR) were down more than 8% in Friday’s afternoon trade following President Trump’s tariff threat against China. Baidu Inc.’s (BIDU) ADRs were also down over 8% at the time of writing.

BABA stock is up 91% year-to-date.

USA Rare Earth Inc. (USAR)

USA Rare Earth shares soared more than 16% in Friday’s afternoon trade, while MP Materials shares surged 14%, after President Trump stated that China has become “hostile” after it announced restrictions on its global supply of rare earth materials.

USAR stock is up 213% year-to-date.

Bitfarms Ltd. (BITF)

Bitfarms shares gained over 8% in Friday’s afternoon session after the company converted $300 million private debt facility with Macquarie into a project-specific financing for its Panther Creek, Pennsylvania, data center campus.

BITF stock is up 192% year-to-date.

Applied Digital Corp. (APLD)

Applied Digital shares were up nearly 19% in Friday’s afternoon trade after the company’s first-quarter (Q1) results beat Wall Street expectations. The company reported a loss of $0.03 per share on revenue of $64 million, beating an estimated loss of $0.13 per share on revenue of $50 million, according to Stocktwits data.

APLD stock is up 355% year-to-date.

Venture Global Inc. (VG)

Venture Global shares plunged over 24% on Friday after the company lost an arbitration case against BP Plc. (BP). over its failure to supply liquefied natural gas from its Calcasieu Pass facility.

VG stock is down 60% year-to-date.

Also See: Labor Department To Bring Back Staff To Work On Consumer Inflation Report Amid Ongoing US Government Shutdown: Report

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