Stocks surrendered early gains on Friday and closed lower after the White House said President Trump would impose promised tariffs on several key US trading partners.
- The Dow fell 337.47 points, or 0.8%, to 44,544.66, finishing up 0.3% for the week.
- The S&P 500 fell 30.64 points, or 0.5%, to 6,040.53, down 1% this week.
- The Nasdaq fell 54.31 points, or 0.3%, to 19,627.44, down 1.6% for the week.
The selling was broad, with about 75% of the stocks in the S&P 500 closing lower, the AP reports. Technology and energy companies accounted for a large share of the decline. "If Trump says it's something that could happen by tomorrow that doesn't leave a lot of room to move," said Sam Stovall, chief investment strategist at CFRA. "There's just so much uncertainty associated with elevating tariffs." The earlier gains on Wall Street had helped shave losses from the start of the week over worries that the artificial intelligence boom may not require as much investment as thought.
Apple reversed course from market-leading gains to a loss of 0.7%. The company had reported stronger profit for the latest quarter than analysts expected. Wall Street's most valuable company, and thus the most influential on the S&P 500 and other indexes, said sales of iPhones dipped. But revenue for its services businesses, such as AppleCare and its app store, rose to a record. KLA, a supplier to the electronics industry, initially rose after reporting profit and revenue that topped analysts' expectations but then closed down 0.6%. The company fell 6.3% on Monday. That's when tech stocks around the world tumbled, after a Chinese upstart, DeepSeek, said it developed a large language model capable of competing with the world's best, without having to use top-flight chips. (More Wall Street stories.)
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