Stocks fall as Trump ramps up tariff threats
The S&P 500 was down 0.3 percent, the Nasdaq declined 0.2 percent, while the Dow Jones Industrial Average fell 0.6 percent. File photo: Reuters
Wall Street ended lower on Friday, with Meta Platforms weighing on the S&P 500 after President Donald Trump intensified his tariff offensive against Canada, amplifying the uncertainty swirling around US trade policy.
Trump late on Thursday ramped up his tariff assault on Canada, saying the U.S. would impose a 35 percent tariff on imports next month and planned to impose blanket tariffs of 15 or 20 percent on most other trading partners.
The S&P 500 eased from a record high the day before, with caution prevailing after Trump on Thursday imposed 50 percent tariffs on Brazil and as the European Union braced for a possible letter from Trump with details on fresh tariffs.
"The increased rhetoric around tariffs, what we've seen this week regarding Brazil and Canada, is certainly elevating the anxiety level," said Michael James, an equity sales trader at Rosenblatt Securities. "People had become a little more accustomed to the lack of negative tariff headlines, and we've kind of been reminded that the tariff picture is still there."
Shares of Nvidia rose 0.5 percent to a record high, lifting its stock market value to US$4.02 trillion. Drone makers AeroVironment and Kratos Defense & Security Solutions jumped about 11 percent after US Defense Secretary Pete Hegseth ordered a surge in drone production and deployment.
The S&P 500 declined 0.3 percent to end the session at 6,259 points.
The Nasdaq declined 0.2 percent to 20,585 points, while the Dow Jones Industrial Average fell 0.6 percent to 44,371 points.
Volume on U.S. exchanges was relatively light, with 15.4 billion shares traded, compared with an average of 18.3 billion shares over the previous 20 sessions.
For the week, the S&P 500 dipped 0.3 percent, the Dow lost about 1 percent and the Nasdaq slipped 0.1 percent. (Reuters)
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