US stocks open mixed after President Trump told Fox Business the 100% tariff on China “won’t stand,” calling high tariffs “not sustainable.” Futures turned higher on hopes of easing trade tensions ahead of a planned Trump–Xi meeting in two weeks. The optimism comes after a turbulent Thursday that saw credit fears hit regional lenders. Zions Bancorporation (⁠ZION⁠) and Western Alliance (⁠WAL⁠) disclosed fraud-related loan losses that sparked a sell-off in bank stock. The 10-year Treasury yield fell below 4% for the first time since April as investors fled to safety. Gold continued its record run, nearing $4,400 an ounce — its best week since 2020 — while bitcoin (BTC-USD) dropped 8% amid liquidations and shifting risk sentiment. The White House is also preparing to ease tariffs on automakers, extending duty relief on imported car parts for five years after heavy lobbying from Ford (F) and General Motors (GM). Meanwhile, American Express (AXP) beat earnings expectations as affluent spending remained strong, and EssilorLuxottica (EL.PA) hit record highs on robust eyewear sales and AI-powered smart glasses developed with Meta (META).

Takeaways:

Trump says 100% China tariff “won’t stand,” easing trade tensions
Regional banks slide after fraud losses at Zions and Western Alliance
Gold heads for best week since 2020; bitcoin sinks 8%
Automakers win tariff relief; AmEx and EssilorLuxottica report strong results

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Trump softens China tariffs, gold rallies, regional banks hit