Gold tariffs could disrupt global flow of precious metal, Swiss group says
U.S. tariffs on gold bars “may negatively impact the international flow” of the precious metal, a Swiss trade group warned on Friday.
“We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland,” said Christoph Wild, president of the Swiss Precious Metals Association.
President Donald Trump has imposed a 39% tariff on Swiss exports to the U.S. Switzerland is the largest refiner of gold in the world. U.S. Customs and Border Protection clarified this week that that 1 kilogram and 100 ounce gold bars are not excluded from the tariffs.
“It must be noted that this clarification does not apply exclusively to Switzerland but to all 1kg and 100oz gold cast bars imported into the USA from any country,” the Swiss Precious Metals Association said.
Gold futures hit a new all-time high of $3,534.10 on Friday.
— Spencer Kimball
Piper Sandler sees 20% upside ahead for Monster Beverage
Piper Sandler has turned bullish on Monster Beverage, upgrading the stock to overweight from neutral. The firm also raised its price target to $74 from $54, implying nearly 22% upside from Thursday’s close.
The energy drink company has shaken off the category’s “inexplicable 2024 funk” and better momentum has returned, analyst Michael Lavery said in a note Thursday. Monster Beverage’s second-quarter earnings and revenue topped expectations when it reported results Thursday.
Lavery anticipates aluminum tariffs will be manageable for Monster, estimating that the metal is about 10% of its cost of goods.
“MNST expects to make selective price adjustments by package and channel, as well as stepping back promotions in the US in 4Q25 to offset incremental aluminum costs,” he wrote.
The company is also taking steps to rightsize its beer business to improve profitability, he added.
The stock was up 8.6% in premarket trading. It has gained nearly 16% year to date.
— Michelle Fox
Goldman sees more than 60% upside ahead for Peloton on the back of strong results
Goldman Sachs is turning bullish on Peloton after the company’s financial results soothed many investor worries.
Analyst Eric Sheridan upgraded the connected fitness company to buy from neutral and lifted his 12-month price target to $11.50, which suggests more than 61% potential upside. His previous price target was $7 per share.
“In total, we see PTON as a story with new [management], new initiatives aimed at platform growth and monetization for the next few years and a scope for higher incremental returns on capital in the form of free cash flow conversion,” Sheridan said in a note to clients, adding that further details from the company on these strategies could propel investor confidence over the next 12 to 18 months.
Sheridan’s upgrade comes after Peloton on Thursday exceeded Wall Street’s top and bottom line expectations.
More on Goldman’s upgrade here in CNBC Pro.
— Pia Singh
Nasdaq hits new all-time high
The Nasdaq Composite reached a new all-time intraday high of 21,464.53 after rising around 1% during Friday’s trading session.
Any close above 21,242.80 would be also mark a record close for the index.
— Christopher Hayes, Sean Conlon
17 stocks trade at new 52-week highs on Friday
During Friday’s trading session, 17 stocks in the S&P 500 traded at new 52-week highs.
Of these names, nine stocks hit new all-time highs. Tickers that reached this milestone included:
- Kroger trading at all-time highs back to its IPO in January 1977
- Monster Beverage (formerly Hansen Natural) trading at all-time high levels back to its listing on the NASDAQ in 1992
- Bank of NY Mellon trading at all-time highs back to the merger between BNY (the first company listed on the NYSE) and Mellon Financial in 2007
- CBOE Holdings trading at all-time high levels back to its IPO in June 2010
- Nasdaq Inc trading at all-time high levels back to April 2003
- Cummins Inc trading at all-time highs back to its IPO in 1947
- Fastenal trading at all-time high levels back to its IPO in August 1987
- Palantir Technologies trading at all-time highs back to its IPO in September 2020
- Alliant Energy trading at all-time high levels back through our history to 1978
10 stocks also traded at new 52-week lows on Friday, including:
— Christopher Hayes, Lisa Kailai Han
Wall Street reacts to Instacart’s earnings beat
Instacart‘s earnings beat after the bell Thursday had many on Wall Street cheering.
Benchmark Equity Research upgraded the grocery delivery company to buy from hold. It’s $67 price target implies nearly 36% upside from Thursday’s close.
Despite the firm’s belief that Instacart isn’t sustaining category share, its results and outlook “suggest it may not matter as the company rides a secular tailwind gaining momentum each quarter,” analyst Mark Zgutowicz said in a note Friday.
“It appears sustainable as CART continues to benefit from competitive pressures facing regional/smaller grocers that need its platform to compete with mass merchants and online pure plays like Walmart and Amazon Fresh, respectively,” he wrote.
Barclays, which rates the stock overweight, was among those who raised their price targets. Barclays now has a $65 target, up from $61. That suggests about 32% upside from Thursday’s close.
“CART shares should continue to grind higher based on the relatively attractive valuation and the steady execution,” analyst Ross Sandler wrote in a Thursday note. “The company continues to execute and differentiate itself in a crowded field in grocery delivery, we expect a smooth CEO transition and more of the same from CART in 2H.”
CEO Fidji Simo will step down from her position later this month and business chief Chris Rogers will step into the role.
However, Deutsche Bank was among those who stayed the course with its hold rating, although it raised its price target to $56 from $41. It anticipates growth to decelerate into the fourth quarter of 2025 and the first half of 2026.
“We remain cautious on shares given what we see as structural share loss concerns and what that means for associated spend, a challenging catalyst path as Uber Eats compares grow increasingly challenging, and a CPG ad environment that we expect would continue to weigh on growth for this high margin revenue stream,” analyst Lee Horowitz wrote in a note Friday.
The stock was up about 6% in midday trading Friday and hit a 52-week high.
— Michelle Fox
Trade Desk, Gen Digital, Natera among the names making midday moves
Check out some of the stocks making big moves in midday trading on Friday:
- Trade Desk — Shares cratered 37% after a slew of Wall Street firms including Bank of America and MoffettNathanson downgraded the stock. While Trade Desk’s earnings were surprisingly strong, CEO Jeff Green warned revenue growth could slow in the third quarter. During the earnings call, he said “some of the world’s largest brands are absolutely facing pressure” from tariffs and inflation.
- Gen Digital — Strong demand for its cybersecurity tools boosted shares of Gen Digital by more than 9% on Friday. The company raised its annual revenue and profit forecast after posting fiscal first-quarter results that topped expectations.
- Natera — The genetic testing provider surged around 11% after second-quarter revenue topped the highest Wall Street estimate, according to FactSet. Natera raised its full-year gross margin and revenue forecasts to levels surpassing both prior guidance as well as consensus analyst estimates.
Read the full list here.
— Christina Cheddar Berk
Odds that the Intel CEO will leave this year are increasing amid Trump scrutinyZoom In IconArrows pointing outwards
Users on prediction market Kalshi are increasing their bets that Intel CEO Lip-Bu Tan will leave the company in 2025.
The probability that Tan would leave increased to 37% at midday Friday.
On Thursday, Intel shares fell after President Donald Trump called for the chief executive to resign immediately in a Truth Social post and said that he’s “highly CONFLICTED.”
“There is no other solution to this problem,” the president said.
In response, Tan addressed “misinformation” about his past roles in a memo to employees Thursday, saying that he has “always operated within the highest legal and ethical standards.”
— Sean Conlon
Trade Desk suffers second 30% drop on earnings this year
Jeff Green, CEO of The Trade Desk
Scott Mlyn | CNBC
Shares of Trade Desk tumbled nearly 40% following its quarterly earnings report — which, despite posting strong results, earned the stock a slew of Wall Street downgrades after CEO Jeff Green warned about pressure from tariffs and inflation on the earnings call.
Friday’s drop is the stock’s second decline of more than 30% on earnings this year, per Bespoke. After it posted fourth-quarter results in February, it fell about 33%.
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Trade Desk (TTD) year to date
Tesla’s latest move could be a boon for Nvidia and AMD, Wells Fargo says
The end of Tesla‘s own AI supercomputer efforts — where it was developing its own chips — means Elon Musk’s company will become an even bigger customer for major chipmakers, according to Wells Fargo.
Analyst Aaron Rakers highlighted Nvidia and Advanced Micro Devices as beneficiaries of Tesla’s decision to shut down its custom-built AI training supercomputer Dojo team, which was first reported by Bloomberg on Thursday. Pete Bannon, Tesla hardware design engineering vice president, is leaving the company after joining from Apple in 2016, CNBC confirmed.
Dojo’s end is “an indication that the company is stepping back from its internal AI-optimized silicon efforts,” said Rakers. “This should be viewed as a positive for NVIDIA and AMD as this likely increases Tesla usage of general purpose GPUs for AI.”
Rakers highlighted that Tesla has been notably expanding its graphics processing units (GPU) infrastructure, as the company has bought several thousands of Nvidia GPUs such as the H100, in an effort to scale its training compute power.
Read more here.
— Pia Singh
Gold miners ETF rises to highest level since 2011Stock Chart IconStock chart icon
GDX 5D chart
The exchange-traded fund was pacing for its sixth straight day of gains. It was last up 11.65% on the week, and pacing for its best weekly performance since April 11. Year to date, the ETF has risen nearly 73%.
The fund’s components Newmont, Compania de Minas and Coeur Mining all hit new 52-week highs during Friday’s session.
Hopes that the Federal Reserve might soon cut interest rates have boosted the price of bullion higher this week. Prices surged to a new record on Friday after the Financial Times reported that the U.S. government had imposed tariffs on imports of 1-kg gold bars.
— Gina Francolla, Lisa Kailai Han
AMC Networks jumps following upbeat quarterly results
Jonathan Raa | Nurphoto | Getty Images
AMC Networks shares surged more than 21% in morning trading Friday after the company’s second-quarter results topped Wall Street’s expectations.
AMC Networks reported adjusted earnings of 69 cents per share on revenue of $600 million for the period, above the 61 cents per share and $582.4 million that analysts polled by FactSet were expecting. That said, its revenue for the quarter marked a 4% drop from last year.
While its subscription revenue fell 1% year over year to $320 million as a result of linear subscriber declines, the company saw strength with its streaming business, with that revenue recording a year-over-year rise of 12% to $169 million, the company said.
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AMCX, 1-day
Stocks open higher Friday
Stocks began Friday’s session in the green.
The S&P 500 rose 0.3% just after the opening bell, along with the Nasdaq Composite. The Dow Jones Industrial Average also traded up 142 points, or 0.3%.
— Sean Conlon
Stocks making the biggest moves premarket
Check out the companies making headlines before the bell:
- Under Armour — The retail stock tumbled 21% after American sportswear company posted first-quarter results that missed estimates. Under Armour reported adjusted earnings of 2 cents per share, lower than the FactSet consensus estimate of 3 cents. Revenue of $1.10 billion came in below the $1.13 billion expectation.
- Trade Desk — Shares tumbled 33%. A slew of Wall Street firms including Bank of America and MoffettNathanson downgraded the stock, even after Trade Desk’s surprisingly strong earnings results, after CEO Jeff Green warned during the earnings call that “some of the world’s largest brands are absolutely facing pressure” from tariffs and inflation.
- Viavi Solutions — Shares soared 20% following the network test and equipment manufacturer’s fiscal fourth-quarter financial results. Viavi topped analysts’ earnings and revenue expectations, according to FactSet, and guided for current-quarter earnings and revenue above forecasts.
— Sarah Min
Wendy’s shares drop after guidance cut
Sign for the fast food brand Wendy’s on 17th November 2023 in London, United Kingdom.
Mike Kemp | In Pictures | Getty Images
Wendy’s shares fell almost 1% in early trading Friday after the fast-food restaurant chain slashed its forecast for the full year.
For 2025, Wendy’s now expects adjusted earnings of 82 cents to 89 cents per share, down from its prior guidance of 92 cents to 98 cents per share and below the 94 cents that analysts polled by FactSet were anticipating.
The company also now expects its global systemwide sales to fall between 3% and 5% for the year, while its previous guidance had called for flat to a 2% decline.
“In the U.S., we have work to do to improve the overall performance of the business,” said Wendy’s interim CEO Ken Cook in a statement.
For the second quarter, Wendy’s earnings and revenue topped estimates, however, posting adjusted earnings of 29 cents per share on revenue of $560.9 million compared to the 25 cents per share and $558 million in revenue that analysts were looking for, per FactSet.
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WEN, 1-day
Pinterest shares tumble following earnings miss
Omar Marques | Lightrocket | Getty Images
Shares of Pinterest dropped nearly 12% in the premarket Friday after its second-quarter earnings missed analyst estimates.
The company saw its adjusted earnings for the period come in at 33 cents per share, below the 35 cents per share that analysts surveyed by LSEG were expecting. Revenue, however, beat expectations.
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PINS, 1-day
Under Armour shares drop after earnings miss, disappointing guidance
A trader works at the post where Under Armour is traded on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 4, 2019.
Brendan Mcdermid | Reuters
Shares of Under Armour plummeted more than 14% in premarket trading on Friday after the sportwear company reported weaker-than-expected results for its fiscal first quarter and issued a downbeat second-quarter forecast.
Under Armour posted adjusted earnings of 2 cents per share on revenue of $1.10 billion, while analysts polled by FactSet had penciled in 3 cents per share and $1.13 billion in revenue.
Looking ahead, the retailer said it sees its adjusted earnings for the second quarter coming in between 1 and 2 cents per share and expects its revenue to fall between 6% and 7%. Analysts had anticipated 26 cents in earnings per share and a revenue decline of 2.9%, per FactSet.
The company said that its second-quarter outlook takes into account the “ongoing uncertainty around trade policies and the broader macroeconomic environment, including potential demand and cost impacts from tariffs.”
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UAA, 1-day
Ethereum rallies over 1% to 7-month high amid crypto buying
Picture Alliance | Getty Images
Ethereum extended its gains Friday to hit $3,966.21, a 7-month high.
As of 4:35 p.m. Singapore time (4:35 a.m. ET), the cryptocurrency had gained 0.94% to trade at $3,889.70.
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Ethereum
European stocks rise
Beneath union jack flags, pedestrians cross Oxford Street in the West End, on 29th April 2025, in London, England.
Richard Baker | In Pictures | Getty Images
European stocks moved higher in early trade on Friday, with the pan-European Stoxx 600 adding 0.2% by 9:23 a.m. in London (4:23 a.m. ET).
France’s CAC 40 led gains among major regional bourses, rising by 0.3%. London’s FTSE 100 moved marginally higher, while the German DAX index was down by 0.2%.
— Chloe Taylor
Asia-Pacific markets close lower
Asia-Pacific markets ended the day mostly lower on Friday.
Hong Kong’s Hang Seng Index declined 0.89% to close at 24,858.82, while mainland China’s CSI 300 index decreased by 0.24% to 4,104.97.
Japan’s Nikkei 225 benchmark ended the day 1.85% higher at 41,820.48, while the broader Topix index added 1.21% to 3,024.21.
Meanwhile, South Korea’s Kospi index retreated 0.55% to close at 3,210.01, while the small-cap Kosdaq moved up 0.43% to 809.27.
Australia’s S&P/ASX 200 benchmark fell 0.28% to end the day at 8,807.10.
Over in India, the benchmark Nifty 50 was down 0.64%, while the BSE Sensex index lost 0.65% as of 2:02 p.m. Indian Standard Time (4:32 a.m. ET).
— Amala Balakrishner
Gold futures hits record high after tariff reports
Gold futures in the U.S. hit a record high on Friday following a Financial Times report that the U.S. has imposed duties on imports of 1-kg gold bars.
Spot gold traded flat at $3,396.53 per ounce as of 12:20 p.m. Singapore time (12:20 a.m. ET) on Friday.
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Spot gold
Spot gold is on track for a second week of gains, following macroeconomic uncertainties brought on by the U.S.’ tariffs and hopes of a rate cut by the Federal Reserve
— Amala Balakrishner
Where the major averages stand
Here’s where the major averages stand for the week ahead of Friday’s trading:
— Lisa Kailai Han
Stocks making the biggest moves after the bell: Sweetgreen, Block and more
These are the stocks moving the most in extended-hours trading:
- Sweetgreen — Shares tumbled about 25% after the company’s second-quarter results fell short of LSEG consensus estimates. Sweetgreen also dialed back its full-year guidance.
- Block — Shares of the Cash App parent gained nearly 6%. Block stepped up its guidance for full-year gross profit to $10.17 billion.
- Expedia Group — The travel booking website’s shares skyrocketed more than 16% in extended trading after the company’s second-quarter earnings and revenue beat expectations.
Read the full list of stocks moving here.
— Lisa Kailai Han
Stock futures are little changed
Stock futures traded marginally higher on Thursday night.
Dow futures added around 0.1% shortly after 6 p.m. ET, as did futures tied to the S&P 500 and Nasdaq 100.
— Lisa Kailai Han