Major Averages Drop as Trump Revives Tariff Threats
The major averages closed broadly lower as investors reacted to President Trump's renewed tariff threats against several European nations tied to his push for U.S. influence over Greenland. Worries are that the new threats have raised the potential of a broader trade conflict and prompted expectations of retaliatory measures from the European Union.Looking to commodities, gold was sharply higher as the "safe haven" asset surged past the $4,700 threshold to record highs, while oil also advanced as traders await more news out of Venezuela.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Netflixand Warner Bros. Discoveryamended their agreement for Netflix's pending takeover of Warner Bros. toGSKRapt Therapeuticsfor $58 per shareMeanwhile,said that Pfizerwill exit their HIV specialist ViiV Healthcare3Mreportedand provided FY26 earnings and revenue growth guidanceMicronsigned aPowerchip Semiconductor Manufacturing Corporation's P5 fabrication site in Tongluo for $1.8B2. WALL STREET CALLS:Intelto Buy at Seaport Research and raised to Hold at HSBCBrinkerto Overweight at Morgan Stanley and initiated with a Buy at TD CowenPhilip Morristo Hold from Buy at JefferiesCienato Neutral at BofA after 200% advance in last yearDomino's Pizzato Equal Weight at Morgan Stanley3. AROUND THE WEB:Nvidiais investing $150M in AI inference startup Baseten, WSJ reportsMasterCardis considering investing in Zerohash afer its plan to buy the blockchain infrastructure company fell through, CoinDesk reportsChina has broadened a probe into PDD Holdingsafter its employees exchanged blows with regulators, dispatching investigators from various agencies to the company's Shanghai headquarters, Bloomberg reportsBaidu'sErnie AI assistant has surpassed 200 million monthly active users, reflecting rising competition among Chinese tech giants in AI, WSJ saysLululemonfounder and activist investor Chip Wilson is seeking to remove private equity firm Advent's influence from the company's board in an ongoing proxy contest, Semafor reports4. MOVERS:Corvushigher after announcingon its Phase 1 trial of soquelitinibImmunityBioincreases after providing an update on itswith FDA on its Anktiva pathwayNew Era Energygains after completing its acquisition of Sharon AI'sBakktlower after establishing anBitmine Immersionfalls afterof over 4.2M tokens5. EARNINGS/GUIDANCEOrion Energyraised itsForestar, with revenue beating consensus908 Devicesreportedand narrowed its guidance for FY25D.R. Horton, with Executive Chairman David Auld commenting, "The D.R. Horton team delivered a solid first quarter"KeyCorpand provided guidance for FY26INDEXES:The Dow fell 870.74, or 1.76%, to 48,488.59, the Nasdaq lost 561.06, or 2.39%, to 22,954.32, and the S&P 500 declined 143.15, or 2.06%, to 6,796.86.
