Stocks took a hit on Friday, a day after the S&P 500 reached a new record high, following President Donald Trump’s announcement of a 35% tariff on imports from Canada. This new measure came alongside threats of broader tariff increases across other nations. The Dow Jones Industrial Average fell by 332 points, or 0.7%, while the S&P 500 and Nasdaq Composite dipped by 0.4% and 0.1%, respectively.
In a statement on Truth Social, Trump attributed the heightened tariffs on Canada to concerns over fentanyl trafficking, indicating that rates could increase further if Canada fails to cooperate. "If Canada works with me to stop the flow of fentanyl, we will, perhaps, consider an adjustment to this letter," he stated. Additionally, in an interview with NBC News, he revealed intentions for blanket tariffs of 15% to 20% on other countries, surpassing the current 10% standard that had previously settled investor nerves.
Despite these announcements, traders remain uncertain about forthcoming trade updates regarding the European Union. It remains unclear whether Trump will announce new tariff rates as he did with Canada, or simply provide an update on ongoing negotiations.
Friday’s market downturn followed a stronger performance on Thursday, when all three major indices saw gains. The S&P 500 rose by 0.3%, achieving a new all-time high, and the tech-heavy Nasdaq increased by 0.1%. Investors had previously seemed unfazed by escalating trade tensions, including new tariffs of 50% on imported copper and Brazil.
These recent losses now position the major indices into negative territory for the week. The Dow is expected to close the week down by 1.1%, with the S&P 500 and Nasdaq projected to end with losses of 0.5% and 0.2%, respectively. Art Hogan, the chief market strategist at B. Riley Wealth Management, remarked, "This has been a week thus far where the rising rhetoric around trade didn’t adversely affect markets. Investors were able to look through that to a certain extent, but the order of magnitude with one of our most important trade partners that just got dumped in our laps overnight was an eye opener."
Looking ahead, investors will be gearing up for the onset of the second-quarter earnings reporting season. They will also pay close attention to critical inflation data expected to be released next week. As markets adjust to Trump’s latest trade moves, the broader implications for the economy and investor sentiment remain to be seen.
As the landscape continues to evolve, stakeholders are encouraged to stay informed and engaged with the latest developments in trade policies and their impact on the stock market.
Categories: Stock Market, Trade Policies, Economic News
Tags: Stock Market, Tariffs, S&P 500, Dow Jones, Nasdaq, Donald Trump
Original Source: https://www.cnbc.com/2025/07/10/stock-market-today-live-updates.html
Category :
Tags:
Publish Date: 2025-07-11 21:29:00
