Tariff uncertainty led to selling in the U.S. stock market on Thursday, but Wall Street still posted its best month since 2023.
NAS 100 – Daily Chart
The price of the NAS100 sold off from the 22,000 level which will be the upside barrier for the week ahead. The market may want to test the all-time high before any correction unfolds.
Hopes had been rising that the worst of the tariffs were over, which sent stocks rallying, after Trump paused his tariffs on both China and the European Union. A U.S. court then blocked many of Trump’s tariffs in the middle of the week, sending the S&P 500 in May to its first winning month in four and its best since November.
But the tariffs were approved to stay in place while the White House appeals the ruling by the U.S. Court of International Trade. President Trump also shook markets on Friday after he accused China of not living up to its end of the agreement on the tariff pause.
There was also another bout of protectionist efforts in the semiconductor sector. Products affected by the new export curbs include design software and chemicals for semiconductors, butane and ethane, machine tools, and aviation.
The market is now levitated after the sharp sell-off and rebound rally with the next weeks likely to focus on the all-time high levels.
Data from the WSJ showed that American investors have added $437 billion to ETFs so far in 2025, which is on track to beat previous records.
