Tariff Tensions Rattle Wall Street as Meta Platforms Weighs on Market

Wall Street declined as Meta Platforms dragged the S&P 500 amidst escalating U.S.-Canada tariff tensions spearheaded by former President Trump. The unveiling of new tariffs resulted in market uncertainty, affecting import taxes on Brazil and potentially the EU. As earnings reports loom, anxiety over trade policy persists.

In a volatile trading session, Wall Street closed lower on Friday, weighed down by Meta Platforms' performance and intensified tariff threats from former President Donald Trump. The S&P 500 faced pressure after Trump's proposed 35% tariff on Canadian imports fueled uncertainty over U.S. trade policies and their potential implications worldwide.

The escalating rhetoric on tariffs, including substantial levies on Brazil and looming EU consequences, has stirred investor anxiety, disrupting markets previously accustomed to steadier trade discourse. Nvidia reached intraday highs, while AeroVironment and Kratos Defense rose following a directive for heightened drone production.

Major indices saw notable losses with the S&P 500, Nasdaq, and Dow all retreating. Looking ahead to the second-quarter earnings season, analysts forecast a 5.7% growth in S&P 500 profits, though tariff impacts remain a concern. Companies are bracing for potential sectoral shifts, notably in tech gains and energy declines.

(With inputs from agencies.)