Markets
Lululemon In London
Lululemon store window (Mike Kemp/Getty Images)

Retail stocks clobbered as Trump’s tariffs send shockwaves through supply chains

It’s a retail rout with Nike, Lululemon, Best Buy, and more slumping.

Nia Warfield

Retail stocks are taking a beating Thursday, with the SPDR S&P Retail ETF down more than 6% as retailers and traders alike scramble to assess the fallout from President Trump’s latest round of tariffs. The new duties, targeting major manufacturing hubs, have raised alarm across the sector.

  • Nike and Lululemon took a huge hit, falling double digits as factories in China, Taiwan, and Indonesia are caught in the tariff crossfire.

  • Target slid more than 8% in early trading as the tariffs threaten to push prices higher on goods heavily reliant on suppliers in China and other Asian countries.

  • Discount retailers aren’t immune either. Dollar Tree dropped 12%, with 40% of sales tied to imports from China.

  • Deckers, parent of Uggs and Hoka, suffered a 13% plunge, as most of its production is sourced from Asia.

  • Best Buy, which flagged tariff-related price hikes last month, saw shares sink about 14%, as much of its inventory comes from China and Mexico.

With tariffs set to hit April 9, retailers are bracing for the ripple effect. Bernstein analysts, in a note Thursday, raised red flags for apparel and specialty retailers, warning that the new levies will “significantly drive up inflation” and spike the prices of all imported goods. The move is also expected to reverse any burgeoning positive consumer trends.

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Tasha Matsumoto
1/30/26
Tech drags down stocks; gold and silver plummet

Gold and silver sank amid Trump’s plans to nominate reputed inflation hawk Kevin Warsh as the next Fed chair.

Public sculptures along the Clear Creek Trail in downtown Golden, Colorado.
Ben Walsh, Luke Kawa

Gold and silver plunge, suffering their worst losses since the 1980s

Gold and silver suffered their worst losses in decades on Friday, with the iShares Silver Trust falling more than 30% at one point during afternoon trading before recovering slightly.

After recently crossing $5,000 per ounce for the first time, gold’s dip was relatively muted compared to silver’s rout, but nevertheless eye-watering for a traditional safe haven asset. At one point, gold’s intraday dip exceeded 10%, its worst intraday drop since the 1980s and surpassing its declines seen during the 2008 financial crisis, per Bloomberg.

Silver’s drop was its worst in percentage terms since 1980.

Gold, and particularly silver, have been pushed higher recently by a storm of retail trader enthusiasm for the metals, as well as more traditional drivers of precious metals such as geopolitical risks and concerns over a fall in the dollar’s value due to trade wars and possibly waning central bank independence.

Leveraged ETFs that hold gold and silver futures have become increasingly popular trading vehicles amid the parabolic moves in precious metals prices, and likely contributed to the magnitude of the unwind today.

Case in point: look at silver futures for delivery in March. That’s the dominant contract held by the ProShares Ultra Silver ETF, which offers exposure to 2x the daily move in the shiny metal. Volumes exploded (and the contract rebounded modestly) right around 1:25 p.m. ET, which is when silver futures settled and around the time the ETF performed its daily rebalancing (which in this case, involved massive selling).

Max Knoblauch

Gaming stocks plunge following release of Google’s AI tool that can create playable, copyrighted worlds

Shares of major gaming companies are plunging on Friday as investors get a deeper look at the capabilities of Google’s new generative-AI prototype, Project Genie.

The tool allows users to “create and explore infinitely diverse worlds” with a text or image prompt. Users have already exposed its ability to realistically recreate knockoffs of copyrighted games from Nintendo and other gaming companies.

As users experiment with recreations of game worlds like Take-Two’s “Grand Theft Auto 6,” shares of major gaming companies are sinking. Unity Software, the maker of the popular Unity game engine, is down over 25%, while gaming platform Roblox is down about 9%.

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D-Wave Quantum CEO on what’s next after the most eventful month in the company’s history

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Luke Kawa1/30/26
markets
Matt Phillips

SoFi bests Wall Street’s Q4 expectations, shares rise

SoFi Technologies reported better-than-expected Q4 sales and earnings-per-share numbers Friday before market open, sending the shares higher in the premarket. 

The online lender reported: 

  • Adjusted Q4 earnings per share of $0.13 vs. the $0.12 consensus estimate collected by FactSet.

  • Adjusted revenue of $1.01 billion in Q4 vs. the Wall Street forecast for $977.4 million.

  • Q1 2026 adjusted net revenue guidance of approximately $1.04 billion vs. the $1.04 billion consensus expectation, according to FactSet.

SoFi shares rallied roughly 70% last year, as the company’s growing menu of financial products — including trading, wealth management, mortgages, credit cards, and cryptocurrency trading — showed signs of gaining traction beyond its traditional base of student borrowers. But the stock has stumbled in early 2026, falling nearly 7% in January through Thursday’s close, though most of that slump seems to have been reversed this morning.

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