US Stocks Lower on Friday
The S&P 500 lost 0.5% and the Nasdaq dropped 0.3% on Friday, after closing at a record high the day before. Also, the Dow Jones was down almost 300 points, as investors weighed renewed tariff threats from the Trump administration.
The US President announced a 35% tariff on Canadian imports starting August 1st and signaled plans to impose broad-based tariffs of 15% to 20% on most other trading partners, up from the current 10% rate.
The EU is expected to receive formal notice of the applicable tariff rates shortly. Meanwhile, traders are also bracing for the start of earnings season next week, along with key economic data, including the CPI. All sectors were in the red but materials and health led the losses.
Megacaps were mixed, with Microsoft (-0.4%), Apple (-0.8%), Meta (-1.4%), Broadcom (-0.6%), Alphabet (-0.3%), and Tesla (-0.8%) in the red while Nvidia (0.6%) and Amazon (0.7%) traded higher. For the week, the S&P 500 and Nasdaq were little changed, while the Dow slipped 0.4%.
Source: Trading Economics
