Tariffs Shake Wall Street as Meta Drags S&P 500 Down

Wall Street took a downturn on Friday, driven by U.S. President Donald Trump's intensified tariff actions against Canada, putting pressure on the S&P 500. The tariff escalation raised concerns about U.S. trade policy, as Trump announced a 35% tariff on Canadian imports starting next month, and potential wider tariffs on other trading partners.

Investor sentiment was further unsettled by the impact of these trade tensions, as evidenced by a drop in key market indices. The S&P 500 fell 0.33%, Nasdaq lost 0.22%, and the Dow Jones declined 0.63%. Market participation was lighter than usual, with a significant drop in traded shares compared to the previous sessions.

As the S&P 500 prepares for the second-quarter reporting season, analysts suggest that Trump's tariff policies could disrupt company earnings, with expectations for significant gains in tech sectors, despite potential dips in energy and consumer sectors. Meanwhile, high-profile companies like JPMorgan and Netflix are set to release their earnings next week, as investors closely watch the market's response.

(With inputs from agencies.)