US stocks closed lower on Friday (July 11th) after President Trump announced a 35% tariff on Canadian imports and warned of broader global tariff increases. The S&P 500 Index fell 0.3% after hitting a record high the previous day, ending a rally fueled by investor optimism.
Trump's letter to Canada raised concerns and warned of further action if retaliation follows, while he also hinted that similar action targeting the European Union would be imminent. Most sectors weakened, with healthcare and financials leading the decline, while energy and discretionary consumer goods gained.
Megacap stocks were mixed, with Apple (-0.6%), MetaTrader (-1.3%), Broadcom (-0.4%) trading lower, while Microsoft (+0.4%), Tesla (+0.1%), Nvidia (+1%), Alphabet (+1.4%), and Amazon (+1.2%) gained. For the week, the S&P 500 and Dow fell 1.1%, while the Nasdaq 100 rose 0.1%. (alg)
Source: Trading Economics
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