US close: S&P 500 logs weekly loss as Trump hits Canadian imports with new 35pc tariff
By Iain Gilbert
Date: Friday 11 Jul 2025
(Sharecast News) - Major indices headed south on Friday after Donald Trump announced a new 35% tariff on Canadian imports.
At the close, the Dow Jones Industrial Average was down 0.63% at 44,371.51, while the S&P 500 shed 0.33% to 6,259.79 and the Nasdaq Composite saw out the session 0.22% softer at 20,585.53.
The Dow closed 279.13 points lower on Friday, reversing gains recorded in the previous session, while the S&P 500 logged a weekly loss.
Investors shrugged off tariff concerns on Thursday, after Trump announced a 50% tariff on imported copper, as well as a 50% tariff on Brazil, partly in retaliation for its ongoing trial against former president Jair Bolsonaro for his role in an alleged attempt to overturn the South American nation's 2022 election results.
However, Trump later announced that the White House would be hitting its northern neighbour with a 35% tariff on goods, effective from 1 August, despite warming relations between the two countries, potentially shattering hopes of striking a trade deal by 21 July. Trump threatened to raise the tariffs if Canada were to retaliate and also accused Canada of contributing to America's fentanyl crisis, due to their "failure to stop" the drugs from "pouring" into the country.
"If Canada works with me to stop the flow of fentanyl, we will, perhaps, consider an adjustment to this letter," said Trump, who also complained about tariffs and trade barriers causing "unsustainable" trade deficits against the US, claiming they pose a threat to the US economy and its national security.
Trump later said he was planning blanket tariffs of 15% to 20% on remaining countries, higher than the current 10% benchmark rate. Market participants awaited updates on Trump's promised European Union tariffs, but they failed to materialise during trading hours.
In the corporate space, iconic denim maker Levi Strauss traded higher after beating both top and bottom line expectations and raising FY sales guidance, saying it anticipates absorbing some tariff costs for now, while discount retailer PriceSmart posted better-than-expected quarterly revenue and earnings.
No major data points were released on Friday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $304.10 1.53%
Chevron Corp. (CVX) $155.31 0.74%
McDonald's Corp. (MCD) $299.91 0.51%
Boeing Co. (BA) $226.84 0.33%
Coca-Cola Co. (KO) $69.87 0.14%
Apple Inc. (AAPL) $211.16 0.13%
Amgen Inc. (AMGN) $295.27 0.04%
Dowdupont Inc. (DWDP) $0.00 0.00%
Microsoft Corp. (MSFT) $503.32 -0.07%
JP Morgan Chase & Co. (JPM) $286.86 -0.46%
Dow Jones - Fallers
Nike Inc. (NKE) $72.63 -2.67%
Dow Chemical Co. (DOW) $29.55 -2.25%
Salesforce.Com Inc. (CRM) $258.07 -2.24%
Visa Inc. (V) $347.93 -2.23%
American Express Co. (AXP) $319.47 -1.77%
Cisco Systems Inc. (CSCO) $67.95 -1.72%
Walt Disney Co. (DIS) $119.87 -1.39%
International Business Machines Corporation (CDI) (IBM) $283.59 -1.34%
Intel Corp. (INTC) $23.43 -1.33%
Verizon Communications Inc. (VZ) $41.62 -0.98%
S&P 500 - Risers
Advance Auto Parts (AAP) $62.56 4.97%
Nektar Therapeutics (NKTR) $25.01 4.77%
Kraft Heinz Co. (KHC) $27.14 4.20%
Halliburton Co. (HAL) $23.08 4.15%
Dollar Tree Inc (DLTR) $109.36 3.26%
Diamondback Energy Inc. (FANG) $144.33 2.91%
Regeneron Pharmaceuticals Inc. (REGN) $567.74 2.80%
Alphabet Inc. Class C (GOOG) $181.31 2.60%
CF Industries Holdings Inc. (CF) $98.24 2.59%
Alphabet Inc. Class A (GOOGL) $180.19 2.58%
S&P 500 - Fallers
Fortinet Inc. (FTNT) $99.06 -8.15%
Brighthouse Financial, Inc. (BHF) $48.79 -6.65%
Autodesk Inc. (ADSK) $280.39 -5.74%
Dxc Technology Company (DXC) $14.30 -5.36%
VF Corp. (VFC) $12.33 -4.64%
Gen Digital Inc. (GEN) $28.69 -4.53%
Cognizant Technology Solutions Corp. (CTSH) $75.36 -4.44%
Albemarle Corp. (ALB) $70.98 -4.43%
Paypal Holdings Inc (PYPL) $71.36 -4.20%
Akamai Technologies Inc. (AKAM) $77.38 -4.03%
Nasdaq 100 - Risers
Kraft Heinz Co. (KHC) $27.14 4.20%
Dollar Tree Inc (DLTR) $109.36 3.26%
Tesla Inc (TSLA) $313.51 2.98%
Regeneron Pharmaceuticals Inc. (REGN) $567.74 2.80%
Alphabet Inc. Class C (GOOG) $181.31 2.60%
Alphabet Inc. Class A (GOOGL) $180.19 2.58%
CSX Corp. (CSX) $34.10 2.56%
Seagate Technology Plc (STX) $147.18 2.39%
Synopsys Inc. (SNPS) $559.28 2.25%
Illumina Inc. (ILMN) $99.25 2.15%
Nasdaq 100 - Fallers
Check Point Software Technologies Ltd. (CHKP) $215.50 -7.14%
Qvc Group Inc Series A (QVCGA) $2.82 -6.31%
Autodesk Inc. (ADSK) $280.39 -5.74%
Gen Digital Inc. (GEN) $28.69 -4.53%
Cognizant Technology Solutions Corp. (CTSH) $75.36 -4.44%
Paypal Holdings Inc (PYPL) $71.36 -4.20%
Workday, Inc. (WDAY) $223.37 -4.13%
Take-Two Interactive Software Inc. (TTWO) $233.92 -3.48%
Gilead Sciences Inc. (GILD) $109.64 -3.02%
Netflix Inc. (NFLX) $1,245.11 -2.89%
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