Wall Street Indexes Wobble Amid Fresh Tariff Concerns

Wall Street's main indexes declined following news of potential new U.S. tariffs on EU products, though markets partly recovered. With mixed economic data and looming tariff deadlines, investors remain cautious. Utilities sector saw gains, while energy led declines. Cryptocurrency stocks rose following legislative developments.

Wall Street's primary indexes experienced a downturn on Friday after a Financial Times report suggested that U.S. President Donald Trump might impose steeper tariffs on European Union goods. Despite a general investor indifference to Trump's tariff threats, the report prompted some investors to secure profits ahead of the weekend.

The FT report indicated the possibility of tariffs exceeding 10%, even if a broader trade agreement is reached with Europe. This news initially sent markets lower, although they partially recovered later in the day. By midafternoon, the Dow Jones Industrial Average had fallen by 211.47 points, while the S&P 500 and Nasdaq Composite experienced slight dips.

As the August 1 tariff deadline approaches, investors are vigilant about the impact of Trump's policies on the U.S. economy. The week brought mixed economic signals with noteworthy activities in sectors like utilities and energy. Meanwhile, cryptocurrency stocks saw gains after legislative progress in regulation.

(With inputs from agencies.)