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Stocks surrendered early gains and closed lower after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners.
The S&P 500 fell 0.5% and the Nasdaq composite dropped 0.3%. Each showed solid gains in morning trading. The Dow Jones Industrial Average dropped 0.8%. Trump will put in place 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China effective Saturday.
Apple reversed course from market-leading gains to post a loss of 0.7%. Shares of Nvidia, considered the poster child for the AI frenzy, fell 3.7% to close out a rough week for chipmakers.
On Friday:
The S&P 500 fell 30.64 points, or 0.5%, to 6,040.53.
The Dow Jones Industrial Average fell 337.47 points, or 0.8%, to 44,544.66.
The Nasdaq composite fell 54.31 points, or 0.3%, to 19,627.44.
The Russell 2000 index of smaller companies fell 19.76 points, or 0.9%, to 2,287.69.
For the week:
The S&P 500 is down 60.71 points, or 1%.
The Dow is up 120.41 points, or 0.3%.
The Nasdaq is down 326.86 points, or 1.6%.
The Russell 2000 is down 20.05 points, or 0.9%.
For the year:
The S&P 500 is up 158.90 points, or 2.7%.
The Dow is up 2,000.44 points, or 4.7%.
The Nasdaq is up 316.65 points, or 1.6%.
The Russell 2000 is up 57.53 points, or 2.6%.