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 $118,000. The crypto bellwether’s performance ignited bullish moves across the altcoin market, with Ethereum (ETH) crossing above the psychological $3,000 level.
Bitcoin’s rally lifted crypto stocks, with MicroStrategy (MSTR), Coinbase (COIN), and Robinhood (HOOD) gaining in premarket trading. MSTR was up 2% in early trading after the U.S. stock market opened, while COIN and HOOD had pared their premarket gains.
Stocks elevated despite tariff jitters
Trump’s 35% tariff on Canadian goods announced on Thursday, which is set to kick off in August, came days after the U.S. president’s latest threats.
“Starting August 1, 2025, we will charge Canada a Tariff of 35% on Canadian products sent into the United States, separate from all Sectoral Tariffs,” Trump posted on Truth Social.
This followed President Trump’s announcement of a 50% duty rate on Brazil earlier in the week.
While Trump has added to the jitters with remarks that he sees another 15% to 20% blanket tariffs against many of the U.S. trading partners, stocks remain near their all-time highs.
“I think the tariffs have been very well-received. The stock market hit a new high today,” Trump said during an interview with NBC News.
Overall investor optimism, however, may dissipate if there’s a flare-up in trade wars—a scenario China recently warned of as Trump threatened tough tariffs on members of the emerging market economics bloc dubbed BRICS.
Brazil, Russia, India, China and South Africa are the founding members, but the group has expanded to include Saudi Arabia, Egypt and the United Arab Emirates among others.