FX.co ★ US Stocks Slip as Tariff Tensions Resurface

On Friday, US stock markets closed lower following President Trump's announcement of a 35% tariff on Canadian imports and hints at potential wider global tariff increases. The S&P 500 fell by 0.3%, retreating from a record high achieved the day before, marking an end to a strong streak fueled by investor optimism. In a letter to Canada, Trump expressed concerns and warned of further actions in response to any retaliatory measures, while also suggesting impending similar tariffs on the European Union. Most sectors closed in negative territory, with notable declines in the health and financial sectors. Conversely, the energy and consumer discretionary sectors saw gains. Among the tech giants, performances were mixed: Apple declined by 0.6%, Meta by 1.3%, and Broadcom by 0.4%. In contrast, Microsoft saw an increase of 0.4%, Tesla 0.1%, Nvidia 1%, Alphabet 1.4%, and Amazon 1.2%. Over the week, the S&P 500 and the Dow Jones Industrial Average both decreased by 1.1%, while the Nasdaq 100 posted a slight gain of 0.1%. Looking ahead to the upcoming week, investors are preparing for a hectic schedule as the second-quarter earnings season starts, alongside the release of significant inflation reports.