Investing.com - U.S. stocks climbed to the end a tumultuous week of trading, with equities whipsawed by a near-constant stream of massive developments in President Donald Trump’s sweeping tariff plans.
Following a sharp slide in stocks in the wake of the imposition of new tariffs on a host of countries around the world, as well as a steep sell-off in bond markets, Trump announced a 90-day delay to most of the levies. Shares surged to their best day in years after the pronouncement on Wednesday, although the bumpy ride on Wall Street still continued throughout the rest of the week.
Crucially, Trump left universal tariffs of 10% in effect, as well as separate duties on steel and aluminum and some cars.
Analysts also took particular note of Trump’s decision to omit China from the postponement. Instead, Trump lifted tariffs on the world’s second-largest economy, escalating a tit-for-tat trade war. By the end of the week, the U.S. had slapped 145% levies on China, while Beijing had placed a tariff of 125% on the U.S.
Shares in the so-called "Magnificent 7" group of highly-influential mega-cap tech stocks -- Nvidia (NASDAQ: NVDA ), Microsoft (NASDAQ: MSFT ), Apple (NASDAQ: AAPL ), Google-owner Alphabet (NASDAQ: GOOGL ), Facebook-parent Meta Platforms (NASDAQ: META ), Amazon (NASDAQ: AMZN ), and Tesla (NASDAQ: TSLA ) -- all climbed for the week.
Energy stocks dip amid fall in oil prices
Oil prices hovered around an over four-year low hit earlier this month, as concerns over slowing demand rose sharply in the face of increased U.S. trade tariffs.
Traders fretted that the deepening international trade tensions will hurt crude demand, especially given that China, now the major focus of Trump’s punishing tariffs, is the world’s biggest crude importer.
The U.S. Energy Information Administration on Thursday cut its oil demand forecasts through 2026, warning that tariffs were clouding the global economic outlook and could batter oil prices in the coming months.
The EIA also cut its oil price forecasts for 2025 and 2026, highlighting increased uncertainty in energy markets.
Shares in ExxonMobil (NYSE: XOM ), Chevron (NYSE: CVX ), Occidental Petroleum (NYSE: OXY ), and Phillips 66 (NYSE: PSX ) were among a range of energy stocks to post weekly declines.
U.S.-listed Chinese stocks volatile
Shares in U.S.-listed Chinese companies such as Alibaba (NYSE: BABA ), Baidu (NASDAQ: BIDU ), and JD.com were volatile this week, as investors digested the rapid-fire tariff developments.
Despite the rising trade tensions with the U.S., the stocks received some support from media reports suggesting that China’s top leaders were planning to meet to discuss measures aimed at boosting the economy and stabilizing capital markets.
The initiatives reportedly under consideration are designed to address the tariffs, which economists predict could shave potentially one- to two-percentage points of China’s economic growth this year.
Gold stocks rally
Gold prices surged to a fresh record high this week, extending a recent run-up, as demand for safe-haven assets remained underpinned by heightened concerns over the U.S.-China trade war.
The yellow metal clocked stellar gains this week, outpacing all other metals, as investors piled into bullion and the yen as perceived safe havens. Weakness in the dollar also helped spark some gains.
Against this backdrop, shares in miners Barrick Gold (NYSE: GOLD ) and Newmont Goldcorp spiked this week.
(Reuters contributed reporting.)