Tariff Talk Shakes Currencies as Apple Whipsaws: Markets Wrap
- Trump says he’ll hit Canada, Mexico with 25% tariffs Saturday
- US economy ends 2024 with 2.3% GDP growth, boosted by consumer
A placid day in markets turned volatile before the close Thursday as President Donald Trump’s vow to slap 25% tariffs on Mexico and Canada sent currencies of both countries tumbling. Stocks buckled then recovered from the late-session shock, while Apple Inc.’s results threatened more turbulence after hours.
A $328 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) fluctuated after the close as Apple whipsawed. In regular trading, equities were buoyed by a surge in consumer spending. The Mexican peso slid 1.1% and Canada’s dollar fell as much as 1.2% after Trump said he would follow through on trade restrictions Saturday. Oil futures got a short-lived jolt, spiking as much as 1.5% from its settlement price. The gain quickly evaporated as the president said he will decide Thursday night on whether to include crude in the tariffs.