Dow, S&P 500, Nasdaq slip after Trump threatens 35% Canada tariff, higher blanket duties

FeaturedUSA5 hours ago4 Views

US stocks fell on Friday after President Trump threatened Canada with a 35% tariff on its imports to the US and floated higher blanket levies.

The S&P 500 (^GSPC) fell 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) was flat after the two indexes rose to eke out record highs on Thursday. The Dow Jones Industrial Average (^DJI) declined 0.5%, dropping over 200 points.

Late Thursday, Trump on Truth Social posted a letter to Canadian Prime Minister Mark Carney, telling him that Canadian goods imported to the US would face a 35% tariff starting in August. In an interview with NBC News, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.

The market has largely shaken off Trump’s renewed tariff threats this week, which have culminated in nearly two-dozen letters to trading partners dictating the duties their country’s imports will face beginning Aug. 1. That included Wednesday’s announcement of a 50% levy on imports from Brazil, a striking move with which Trump waded into the country’s domestic political scene.

Read more: The latest on Trump’s tariffs

Investors had remained optimistic on Trump’s shift in deadlines, which was originally set for this week, as the US continued to work on deals with major partners, including the EU and India. Trump said the EU, in addition to Canada, would be receiving a letter “today or tomorrow.”

For his part, Trump brushed off concerns about inflation and touted the stock market highs reached on Thursday. Wall Street has rallied over the last few months, though that has come after he decided to pause his most sweeping duties on trade partners announced in April’s “Liberation Day” event.

“I think the tariffs have been very well-received. The stock market hit a new high today,” he said.

At least one prominent investor had said Thursday that markets need to start taking the tariff threats a bit more seriously.

“Unfortunately, I think there is complacency in the markets,” JPMorgan CEO Jamie Dimon said Thursday.

In corporate news, Levi’s (LEVI) shares rose 9% in morning trading after the retailer raised its annual its annual revenue and profit forecasts.

LIVE 12 updates

  • Wedbush upgrades AMC, lifting the stock

    AMC (AMC) stock jumped 9.5% in early trading after Wedbush upgraded shares to Outperform from Neutral.

    Analyst Alicia Reese raised her price target on the stock to $4, writing that the movie theater chain is poised to benefit from more consistent releases over the next several quarters and has relieved “near-term uncertainty” by restructuring its debt that was due in 2026.

    Earlier this month, AMC signed an agreement to raise $223.3 million in new financing and convert at least $143 million of debt into equity.

    The industry has benefited from a stronger box office in the second quarter, and Reese said she sees that recovery continuing with more consistent numbers in the coming quarters.

    However, she noted, “We do not see substantial growth in the movie theater industry over the next few years.”

  • Oil rises with focus on Trump plan for Russia, Saudi output hike

    Oil gained on Friday as energy traders focused on new tariffs, potential Russia sanctions, and short-term supply hike from Saudi Arabia.

    Brent crude futures (BZ=F) rose 1.5% to trade at just under $70 per barrel after falling on Thursday. West Texas Intermediate futures (CL=F) rose 1.6% to $67 per barrel.

    Bloomberg reported that Saudi Arabia raised its crude output last month above the quota agreed upon by the Organization of Petroleum Exporting Countries and its allies (OPEC+). OPEC+ agreed to a larger-than-expected production increase for August as well.

    At the same time, President Trump said he plans to make a “major statement” on Monday regarding Russia. Trump had criticized Russian President Vladimir Putin at a Cabinet meeting earlier this week, saying “it’s at my option” to impose new sanctions.

    Trump also announced a new tariffs of 35% on Canadian imports on Thursday.

    Read more here.

  • Ines Ferré

    Stocks open lower after Trump announces 35% tariffs against Canada

    Stocks opened lower after President Trump announced a 35% tariff on Canadian goods.

    The S&P 500 (^GSPC) dropped roughly 0.5% from its record high. The Nasdaq Composite (^IXIC) ticked down 0.3%. The Dow Jones Industrial Average (^DJI) declined by about 260 points, or 0.6%.

  • Silver soars to highest since 2011

    Spot silver prices rose 1.8% to $37.63 an ounce on Friday morning, reaching their highest level since 2011, as tariff concerns fueled a rally in precious metals, including gold (GC=F).

    Meanwhile, silver futures (SI=F) climbed even higher, advancing 3% to $38.45 an ounce.

    Bloomberg reports that it’s unusual to have such a wide price gap between the two markets, as it’s typically resolved through arbitrage:

    Read more here.

  • US-listed Canadian companies tick lower after Trump announces 35% tariffs on Canada

    US-listed shares of Canadian companies traded modestly lower on Friday morning ahead of the opening bell after President Trump announced a 35% tariff on Canadian goods late Thursday.

    Trump did not indicate whether a current tariff exclusion for USMCA-compliant goods would continue to apply post-August.

    Here’s how some Canadian stocks were trading Friday morning:

  • Bitcoin surges to fresh record high of $118,000, lifting crypto stocks

    Bitcoin (BTC-USD) surged on Friday to a fresh record high, breaking above $118,000 amid broader momentum for crypto and tech stocks.

    The rally also lifted crypto stocks. Strategy (MSTR), the largest corporate holder of bitcoin, gained 3% in premarket trading. The Michael Saylor-led company holds 597,325 bitcoins in its treasury, worth roughly $70 billion.

    Coinbase (COIN) also rose 1.3%, while Robinhood (HOOD) dipped by about 1%.

    Yahoo Finance’s Ines Ferré reports:

    Read more here.

  • Jenny McCall

    Trending tickers: Performance Foods, AMC and Strategy

    Performance Food’s (PFGC) stock rose over 8% on Friday before the bell after news broke that it had attracted takeover interest from US Foods Holding Corp. (USFD). According to Bloomberg, this is a potential deal that would create a food distribution company with combined sales of roughly $100 billion, people familiar with the matter said.

    AMC (AMC) stock rose 8% premarket. The US movie theater recently announced that its order management platform would be purchased by Atlas VMS.

  • Jenny McCall

    Good morning. Here’s what’s happening today.

  • Jenny McCall

    Levi’s rises after lifting annual forecasts on steady denim demand in Europe despite tariff pain

    Shares in online retailer Levi’s (LEVI) rose on Friday before the bell by 7% after it raised its annual revenue and profit forecasts after beating quarterly estimates on Thursday, betting on strong demand for its denims in regions such as Europe in the face of tariff uncertainty.

    Reuters reports:

    Read more here.

  • Jenny McCall

    Gold holds two-day rise with tariffs and interest rates in focus

    Gold (GC=F) maintained its two-day rise as traders focused on tariff threats from President Trump and the outlook for US monetary policy.

    Bloomberg News reports:

    Read more here.

  • Asian markets mixed as tariffs shake global economy, Chinese stocks lead gains

    Asian equities traded mixed overnight Thursday as investors took a cautious stance despite a record-setting session on Wall Street. US stock futures fell overnight following President Trump’s announcement of a broad 35% tariff on Canadian imports to come into effect on August 1.

    Mainland Chinese and Hong Kong stocks led regional gains. The Hang Seng Index (^HSI) advanced 1.6%, while the Shanghai Composite (000888.SS) rose 1.1%, reflecting optimism around China’s economic recovery efforts.

    Elsewhere in Asia, performance was more subdued. Japan’s Nikkei 225 (^N225) inched down 0.1% while South Korea’s Kospi (^KS11) edged up 0.1%. Australia’s S&P/ASX 200 (^AXJO) slipped 0.1%,

  • Brett LoGiurato

    Stock futures take a leg lower after Trump’s tariff threats

    President Trump late Thursday said Canada would face a 35% tariff on goods imported to the US, and he floated higher blanket rates for most trading partners.

    The dollar (DX=F) gained in immediate reaction:

Leave a reply

STEINEWS SOCIAL
  • Facebook38.5K
  • X Network32.1K
  • Behance56.2K
  • Instagram18.9K

Stay Informed With the Latest & Most Important News

I consent to receive newsletter via email. For further information, please review our Privacy Policy

Advertisement

Loading Next Post...
Follow
Search Trending
Popular Now
Loading

Signing-in 3 seconds...

Signing-up 3 seconds...