The ICE U.S. Dollar Index was up 0.4% in recent trading after the latest reports about President Donald Trump's tariff plans. The index stood at 108.10 in recent trading. The euro, meanwhile, was off by 0.5% at $103, while the dollar was modestly lower against the Japanese yen.

Palantir Technologies (NASDAQ: PLTR) was one of the hottest artificial intelligence stocks on the market last year. Ives recently raised his 12-month target price to $90 per share, citing confidence in the company's artificial intelligence strategy. Ives thinks Palantir could be the next Oracle, a software company worth $515 billion.

The Dow lost 125.65 points, or 0.3%, closing at 44,747.63. The S&P 500 gained 22.09 points, or 0.4%, finishing at 6,083.57. The Nasdaq Composite rose 99.66 points, or 0.5%, ending at 19,791.99. All three indexes are on track for weekly gains.