The S&P 500 slid Friday as the market reacted to news that President Donald Trump’s aggressive tariffs against major U.S. trading partners would begin on Saturday.
The Dow Jones Industrials plummeted 337.53 points to 44,544,60, weighed by a decline in Chevron
The much-broader index faded 30.71 points to 6,040.46
The NASDAQ Composite slumped 54.31 points to 19,627.40.
After tumbling 3.1% on Monday, the NASDAQ Composite has since clawed back some of its losses and was last down 1.7% on the week.
The S&P 500 and blue-chip Dow are poised to finish the week 1% lower and 0.2% higher, respectively. Nvidia, which plunged nearly 17% on Monday, has since trimmed its weekly losses to about 14%.
Friday also marks the last day of what has been a rocky January for traders. Nevertheless, the three major averages are on pace for monthly gains, with the S&P 500 up 2.6% and the NASDAQ on pace for a 1.5% advance. The Dow outperformed in the period, on track for a 4.7% jump.
Stocks gave up their earlier gains after White House press secretary Karoline Leavitt announced on Friday afternoon that the president’s tariffs will be available for public inspection at some point Saturday. Trump will be leveling 25% tariffs on Canada and Mexico, alongside a 10% duty on China. At its session highs, the blue-chip Dow had risen around 170 points.
Stocks with exposure to these markets reacted such as Corona brewer Constellation Brands and Mexican food chain Chipotle, which respectively shed 2% and 1% upon the news.
Investors also honed in on Apple, which saw shares rise after the company exceeded fiscal first-quarter expectations. While Apple reported disappointing sales tied to the iPhone, services revenue appeared to take the spotlight. The stock was last trading 1% lower. Shares of Chevron and Exxon Mobil respectively dipped 4% and 3% on the back of disappointing fourth-quarter results.
Friday’s action follows a winning — but volatile — trading session for the three major indexes. Technology has been a major focus of investors this week given Monday’s big sell-off sparked by developments out of China’s DeepSeek artificial intelligence startup and earnings reports from key players over recent days.
Prices for the 10-year Treasury faded, raising yields to 4.55% from Thursday’s 4.52%. Treasury prices and yields move in opposite directions.
Oil prices nicked lower five cents to $72.68 U.S. a barrel.
Prices for gold slid $15.30 an ounce to $2,829.90 U.S.
