hxdbzxy/iStock via Getty Images
Wall Street’s major averages were lower on Friday after President Donald Trump slapped a 35% tariff on Canada and warned further hikes if Ottawa retaliated.
Market participants also took a bit of a breather after back-to-back record closes for the benchmark S&P 500 index.
Trump’s levies on Canada are expected to take effect on August 1. Additionally, Trump said that he would impose blanket tariffs of 15 to 20% on other remaining countries.
“Stocks are not quite desensitized to tariff headlines just yet. We are still seeing knee-jerk reactions to negative trade headlines. Volatility is an opportunity for investors who are still too exposed to cash,” said Michael Landsberg, CIO at Landsberg Bennett Private Wealth Management.
However, focus is expected to shift slightly from tariffs and trade developments to the second quarter U.S. earnings season, which kicks off next week with reports from major banks.
Amidst record market performance, the Technology Select Sector SPDR Fund ETF (NYSEARCA:XLK) rose about 0.81% during the week, in line with the broader benchmark index.
Let’s take a look at this week’s gainers and losers in the tech industry:
Gainers:
PTC (NASDAQ:PTC) +11.71%: Shares of PTC soared after it was reported that rival engineering software firm Autodesk (NASDAQ:ADSK) was considering a possible acquisition of the Boston-based company.
Palantir Technologies (NASDAQ:PLTR) +6.84%: Wedbush maintained its Outperform rating on Palantir and raised the price target on the stock to $160 from $140, citing confidence in the company’s AI strategy, as the company is leading the software AI Revolution ahead.
Advanced Micro Devices (NASDAQ:AMD) +6.78%: AMD was upgraded to Buy from Hold by HSBC due in part to the pricing premium for the semiconductor company’s new MI350 series versus competing offerings. The bank also doubled its price target to a hefty $200 from $100.
Arista Networks (NYSE:ANET) +5.68%
Intel (NASDAQ:INTC) +4.74%: Intel is spinning out its AI robotics unit RealSense with a $50 million Series A funding round. The company will be headed by Nadav Orbach, Intel’s vice president and general manager for incubation and disruptive innovation.
Losers:
Fair Isaac (NYSE:FICO) -15.95%: Fair Isaac stock tumbled after Federal Housing Finance Agency Director Bill Pulte said mortgage finance giants Fannie Mae and Freddie Mac will immediately allow lenders to use VantageScore 4.0 for assessing borrowers’ creditworthiness.
First Solar (NASDAQ:FSLR) -12.43%
Autodesk (ADSK) -10.71%
Datadog (NASDAQ:DDOG) -10.42%: Datadog dipped after Guggenheim downgraded the stock to Sell from Neutral, citing near-term OpenAI optimization risk. Guggenheim analyst said OpenAI, Datadog’s largest customer, “may have already started to move off Datadog for log management onto its internally built solution.”
ServiceNow (NYSE:NOW) -9.28%
U.S. Tech-based ETFs to track: (NASDAQ:QQQ), (NYSEARCA:VGT), (XLK), (NASDAQ:SMH), (NYSEARCA:IYW), (NYSEARCA:FTEC), (NASDAQ:SOXX), (BATS:IGV), (NASDAQ:CIBR), (NYSEARCA:IGM), (NYSEARCA:IXN).