US stocks opened well in the red amid fresh tariffs floated by President Donald Trump and a disorderly surge in Asian currencies, particularly Taiwan's, but spent most of the day clawing back those losses before faltering into the close.
Your Evening Briefing
May 05, 2025
US stocks slip on fresh tariff talk
US stocks opened well in the red amid fresh tariffs floated by President Donald Trump and a disorderly surge in Asian currencies, particularly Taiwan's, but spent most of the day clawing back those losses before faltering into the close.
The S&P 500's nine-session winning streak was snapped with a 0.6% decline. The Nasdaq 100 gave back 0.7% and the Russell 2000 brought up the rear with a 0.8% drop.
Every S&P 500 sector ETF outside of communication services and industrials closed in the red, punctuated by a big drop in energy stocks as OPEC+ agreed to boost production again next month.
Shares of Netflix, Paramount, and other media giants slid after President Trump claimed he'd slap a 100% tariff on foreign-made films to try to reverse Hollywood's slowdown.
Meanwhile, Berkshire Hathaway shares slipped 5% after longtime CEO Warren Buffett said he'd be turning the keys over to his successor, Greg Abel, at the start of 2026.
Skechers stock jumped as much as 25% after the 90's sneaker icon announced a $9.4 billion go-private deal with private equity firm 3G Capital.
Hims & Hers popped after the company appointed Nader Kabbani, a longtime Amazon exec, as its next chief operating officer, in a major leadership shift.
Tyson Food shares slid nearly 8%, as one of the worst performers in the S&P 500, after the company posted mixed Q2 results and beef sales fell for the sixth straight quarter.
Marathon Digital shares fell after the company reported a dip in month-over-monthbitcoin production, sending its stock down nearly 9% ahead of its upcoming earnings report.
Gains on the day were led in part by Delta Airlines, Charter Communications, and Newmont.
— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer
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A spike in the Taiwanese dollar reveals the hidden risks of what can happen if US trade policy succeeds
The record two-day rise in Taiwan's currency comes as the US dollar is precariously perched relative to global currencies.
Retail trading favorite Palantir is down in the after-hours trading session, after reporting Q1 results that matched or bested expectations and raising full year sales guidance.
The stock — which is the biggest riser in the S&P 500 this year and, by some price-to-earning measures, the most expensive — saw a sharp decline after the numbers were released.
Hims reports earnings, revenue beat The company reported that it has 2.37 million subscribers, up 38% year over year but less than the 2.42 million analyst expected.
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