Stock Market - Nasdaq Hits Record, Gold Spikes, Trade Desk Crashes
Markets Rally as AI Stocks Lead Nasdaq Higher; Gold Surges on Tariff Shock, Retail Suffers | That's TradingNEWS
Nasdaq (^IXIC) Extends Its Record-Setting Momentum as Tech Stocks Power Higher
The Nasdaq Composite Index soared 0.9% on Friday, climbing to 21,438.20 and locking in its 18th record close of 2025. Up 3.8% for the week, the index’s rally was fueled by continued investor appetite for AI-powered growth stocks and stellar earnings from names like Apple (AAPL), which gained another 4% after announcing a new $600 billion investment initiative in domestic manufacturing. Tesla’s (TSLA) 2.6% rally, following its decision to halt the Dojo AI chip project and deepen its reliance on Nvidia (NVDA) and Advanced Micro Devices (AMD), reinforced bullish momentum in the AI supply chain.
S&P 500 (^GSPC) and Dow (^DJI) Maintain Weekly Uptrend Amid Trade Policy Volatility
The S&P 500 advanced 0.78% to 6,389.31, flirting with its 16th record close this year. The index is up 2.3% for the week, with leadership from healthcare and consumer staples. Gilead Sciences (GILD) posted adjusted EPS of $2.01, ahead of forecasts, and raised its full-year guidance, pushing the stock higher. Meanwhile, Monster Beverage (MNST) delivered a beat on both revenue and profit, sparking sector-wide gains. The Dow Jones Industrial Average rose 0.47% to 44,205.48, closing up 1.2% for the week. The blue-chip index, while still below its all-time highs, benefited from upside in Amgen (AMGN) and Caterpillar (CAT) as industrials rebounded on easing inflation expectations.
Gold (GC=F) Hits All-Time High on Swiss Tariff Shock, Miners Surge
Gold futures exploded to an intraday record of $3,534.20 per ounce after U.S. Customs confirmed 39% reciprocal tariffs would apply to 1kg and 100oz gold bars from Switzerland. This development shattered expectations of exemptions and sent traders scrambling. VanEck Gold Miners ETF (GDX) jumped 0.88% to $58.45, up 11.65% for the week, with components like Newmont (NEM), Compania de Minas Buenaventura (BVN), and Coeur Mining (CDE) all hitting 52-week highs. Inventories in New York vaults ballooned as institutional buyers moved aggressively before the tariffs hit. The move also pushed the futures-spot spread to over $125, triggering liquidity concerns and fears of market bifurcation.
The Trade Desk (TTD) Plummets 38% as CEO Flags Tariff Drag on Ad Spending
Shares of The Trade Desk (TTD) cratered by 37.59% to $55.12 despite beating revenue expectations with $694 million in Q2. CEO Jeff Green’s warning that global advertisers are pausing campaigns due to tariff shocks sent shockwaves through the digital ad space. The collapse erased over $12 billion in market cap. This marks the second >30% post-earnings drop for TTD in 2025. Wall Street downgraded the stock aggressively, and concerns have mounted that TTD’s reliance on large multinational clients makes it acutely vulnerable compared to rivals focused on SMBs. Guidance for Q3 revenue of $717 million fell short of the 19% YoY growth seen earlier this year, indicating a slowdown.
SoundHound AI (SOUN) Rockets 28% on Blowout Revenue and Raised Forecasts
SoundHound AI (SOUN) surged 27.75% to $13.69 after reporting $42.7 million in Q2 revenue, up 217% YoY. The company attributed growth to AI-driven demand across automotive, restaurant, and healthcare verticals. Loss per share narrowed to $0.19. The firm raised full-year guidance to $160–$178 million from $157–$177 million. CFO Nitesh Sharan emphasized near-term profitability and highlighted strategic expansion into conversational AI services, positioning SOUN as a high-growth automation play amid a market hungry for AI exposure.
Tariffs Send Shockwaves Through Consumer and Retail Stocks: UA, WEN, CROX All Fall
Under Armour (UA) tumbled 21.71% to $4.91 after slashing forecasts. Revenue came in at $1.10 billion vs. $1.13 billion expected, and the company now sees 6%-7% Q2 sales decline. Tariffs and muted North American demand were cited. Wendy’s (WEN) dipped nearly 2% after guiding FY2025 EPS down to $0.82–$0.89 from $0.92–$0.98, citing global weakness. Meanwhile, Crocs (CROX) collapsed 25% on forecasted 9–11% Q3 revenue decline and a $90 million tariff-related cost hit. The company expects a 170bps drag on margins in Q3 due to import levies from key Asian suppliers.
Tesla (TSLA) Ends Internal AI Chip Dream, Boosts AMD & Nvidia Outlook
With Tesla (TSLA) disbanding its Dojo chip team, Wall Street is repositioning around GPU suppliers. Nvidia (NVDA) and Advanced Micro Devices (AMD) were named as top beneficiaries by Wells Fargo. Tesla has already purchased thousands of H100 GPUs from Nvidia and is now expected to double down, especially following the $16.5 billion chip deal with Samsung announced last month. This marks a major shift in AI infrastructure sourcing and reinforces NVDA’s positioning as the central node in enterprise AI acceleration.
Trump Tariffs Hit Automakers with $11.7B Blow — Toyota (TM), GM, Ford (F) All Impacted
The auto sector has absorbed a cumulative $11.7 billion in tariff costs as per Q2 disclosures. Toyota (TM) lost $3 billion in Q1 operating income alone due to Trump’s aggressive trade policy. General Motors (GM), Volkswagen (VWAGY), Honda (HMC), and Ford (F) all noted cross-border cost spikes, particularly on Mexico and Canada production. Auto tariffs now sit at 25%, while Japan imports face 15%. Domestic players like Stellantis (STLA) are also caught in the USMCA tariff web. Analysts fear further supply chain disruptions and margin erosion in Q3.
Federal Reserve Politics in Spotlight as Trump Nominates Stephen Miran
Markets reacted cautiously to Trump’s nomination of Stephen Miran to the Fed Board. As of Friday, the 10-year Treasury yield ticked up to 4.29%. Miran’s hawkish leanings and ties to the Council of Economic Advisers signal potential Fed friction. Trump also floated names like Hassett and Warsh for the next chair, stoking volatility expectations in rates markets. Futures markets are now pricing in a 90% chance of a rate cut in September despite Trump’s campaign for further easing.
Ethereum (ETH-USD) Hits 7-Month High as Crypto Markets Rebound
Ethereum (ETH-USD) climbed 2.78% to $3,960.38, its highest since January. Altcoins also rallied, with XRP (XRP-USD) and Chainlink (LINK-USD) gaining 8% and 11%, respectively. Ripple’s $200M acquisition of stablecoin platform Rail and Chainlink’s new reserve system fueled bullish sentiment. Institutional inflows into Ethereum-based assets are increasing, supported by the macro narrative of dollar dilution amid rising tariffs.
Verdict: Nasdaq Bullish, TTD & Retail Bearish, Gold a Tactical Buy
Buy: SOUN, NVDA, GDX, ETH-USD, AMD
Hold: AAPL, TSLA, GILD, EXPE
Sell: TTD, UA, WEN, CROX
Wall Street’s reaction to the Trump tariff regime is driving sector bifurcation: tech and AI-linked plays are gaining ground, while consumer discretionary and ad-exposed stocks are getting crushed. Gold remains a strong tactical hedge, especially amid tariff-driven monetary uncertainty and speculative positioning. The rally in Nasdaq continues to be underpinned by AI narratives, while Dow and S&P 500 stability hinges on earnings beats and rate expectations.
More catalysts lie ahead as Fed chair rumors swirl and companies digest cross-border cost pressures. For now, stay overweight tech, cautious on consumer cyclicals, and tactically long commodities.
