President Donald Trump announced this afternoon his administration will impose 25% tariffs on Mexico and Canada, as well as a 10% duty on China starting tomorrow, Feb. 1. Stocks reversed earlier gains in response, with the Dow falling 337 points. However, the blue-chip benchmark still secured its third consecutive weekly gain.

While investors also grappled with a hotter-than-expected inflation reading, all major indexes marked their first monthly wins of 2025. Meanwhile, the Cboe Volatility Index (VIX) nabbed its first weekly gain in three, but ended the month lower.

GOLD AT RECORD HIGHS; OIL MOVES LOWER

Oil moved lower on Friday and shed 2.9% this week, but still managed to add 1.1% in January. March-dated West Texas Intermediate (WTI) crude fell 20 cents, or 0.3%, to settle at $72.53 per barrel.

Gold prices hit a record high of $2,810.55 per ounce thanks to Trump's tariff plans, surpassing the $2,800 for the first time and closing the week with a 3.1% pop. The contract for February delivery was last seen trading at $2,822.90 an ounce. For the month, bullion added more than 7% -- its best month since March 2024.

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