04:29 PM EDT, 10/10/2025 (MT Newswires) -- US equity indexes were lower at close on Friday after President Donald Trump warned of a "massive" increase in tariffs on China over the country's rare earth mineral export policy, while the partial US government shutdown extended to its 10th day.

* Trump said Friday he is considering a sharp hike in tariffs on Chinese imports, citing China's increasingly hostile behavior and warnings to other nations about potential export restrictions on rare earth elements. Trump also said a planned meeting with Chinese President Xi Jinping at the APEC summit in South Korea in two weeks may no longer be necessary.

* The University of Michigan's preliminary consumer sentiment index dipped slightly to 55.0 in October from 55.1 in September, above the 54.0 reading expected in a Bloomberg survey. One-year inflation expectations eased to 4.6% from 4.7%, while five-year expectations held steady at 3.7%.

* November West Texas Intermediate crude oil fell $2.67 to settle at $58.84 per barrel, while December Brent crude, the global benchmark, was last seen down $2.53 to $62.69.

* ESS Tech ( GWH/WS ) shares rose nearly 141% after the company said it signed a new iron flow battery pilot to deliver power under a 10-year agreement with Salt River Project.

* The US Senate approved a bipartisan amendment directing Nvidia ( NVDA ) and Advanced Micro Devices ( AMD ) to give priority to American firms over Chinese buyers. Nvidia's ( NVDA ) stock declined about 4.9%, while AMD shares fell nearly 7.7%.