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