U.S. stock markets experienced a downturn after the announcement from the White House regarding the implementation of tariffs by President Donald Trump. These tariffs, which are set to target several principal trading partners, have put pressure on the market, reversing earlier gains.
The S&P 500 index ended down by 0.5%, while the Nasdaq composite dipped by 0.3%. At one point, both indices had shown positive momentum during the morning trading session. The Dow Jones Industrial Average saw a sharper decline, falling by 0.8%. Effective Saturday, Trump plans to impose a 25% tariff on imports from Canada and Mexico, along with a 10% tariff on goods coming from China.
Notably, Apple, which initially led the market with impressive gains, ultimately closed out the day with a loss of 0.7%. Shares of Nvidia, a company synonymous with the current enthusiasm surrounding artificial intelligence, fell sharply by 3.7%, contributing to a challenging week for stocks in the semiconductor sector.
On Friday’s market close, the S&P 500 was down 30.64 points, concluding at 6,040.53. The Dow Jones Industrial Average declined by 337.47 points, ending at 44,544.66. The Nasdaq composite saw a reduction of 54.31 points, closing at 19,627.44. Additionally, the Russell 2000 index, which tracks smaller companies, fell by 19.76 points to finish at 2,287.69.
Looking back at the week as a whole, the S&P 500 recorded a decrease of 60.71 points, or about 1%. Surprisingly, the Dow managed a slight increase of 120.41 points, or 0.3%. However, the Nasdaq experienced a more significant drop, decreasing 326.86 points, or 1.6%. The Russell 2000 index also saw a decline of 20.05 points, which is a 0.9% drop for the week.
Year-to-date performance shows a more positive trend; the S&P 500 has risen by 158.90 points, or 2.7%. In contrast, the Dow has increased by a substantial 2,000.44 points, representing a 4.7% gain. The Nasdaq is up 316.65 points, which translates to a 1.6% increase, while the Russell 2000 has risen by 57.53 points or 2.6% so far this year.
