US Stocks Plummet Amidst Tariff Threats: Petco, LiveRamp, Rapid7, Tenable, and Wix Stocks Experience Significant Decline

Several stocks, including Petco, LiveRamp, Rapid7, Tenable, and Wix, have fallen after the Trump administration announced a 35% tariff on goods imported from Canada. This move has sparked concerns about potential retaliatory actions and a wider impact on the North American economy, leading to a risk-off sentiment among investors.

The US stock market experienced a mixed reaction on Friday following President Donald Trump's announcement of a 35% tariff on goods imported from Canada. The tariff, set to take effect on August 1, has sparked concerns about potential retaliatory actions and a wider impact on the North American economy, leading to a risk-off sentiment among investors.

The Dow Jones Industrial Average fell by 364 points, or 0.81%, while the broader S&P 500 dropped 0.41% and the tech-heavy Nasdaq Composite decreased by 0.14% [1]. Stock futures dropped Thursday night after the announcement, with the S&P 500 on track to snap back-to-back days of gains. Despite Trump's tariff threats, the S&P 500 and Nasdaq closed at record highs on Thursday, indicating a relative resilience in the market [1].

Several stocks, including Petco, LiveRamp, Rapid7, Tenable, and Wix, have fallen after the tariff announcement. Petco, a pet supply retailer, saw its stock drop by 3.5% as investors worry about increased costs for imported goods. LiveRamp, a digital advertising technology company, fell by 2.2% due to concerns about potential disruptions in supply chains. Rapid7, a cybersecurity firm, dropped 1.8%, while Tenable, another cybersecurity company, fell 2.1%. Wix, a web development platform, saw its stock decrease by 1.9% [2].

The announcement of the 35% tariff on Canada has led to uncertainty about the potential impact on the North American economy. Investors are divided on whether the markets are complacent or there is room for further growth. Some investors are nonchalant about Trump's tariff threats, while others are calling his bluff and betting on negotiations [1]. The Canadian Dollar (CAD) has appreciated against the US Dollar (USD) due to the tariff announcement, with USD/CAD trading around 1.3700 during the Asian hours on Friday [3].

The Federal Reserve Bank of Chicago President Austan Goolsbee has stated that he does not support the view that the Fed should cut interest rates to reduce the cost of government debt. The Federal Open Market Committee (FOMC) Minutes from the June 17–18 meeting indicated that policymakers maintained a wait-and-see stance regarding future interest rate decisions [3].

The market gains have been driven by AI and tech stocks, with just five stocks—Nvidia, Microsoft, Meta, Broadcom, and Amazon—contributing over half of the S&P 500's returns across the past month [1]. Wall Street's fear gauge, the CBOE Volatility Index, has dropped significantly since April, indicating a relative calm in the market.

References:
[1] https://www.cnn.com/2025/07/11/investing/us-stock-market
[2] https://www.inkl.com/news/stock-market-today-dow-falls-250-points-on-trump-tariff-news-nvidia-backed-coreweave-tumbles-live-coverage
[3] https://www.fxstreet.com/news/usd-cad-rises-to-near-13700-due-to-trumps-35-tariff-rate-on-imports-from-canada-202507110321