Stocks end lower as tariffs sour sentiment
(Jul-11 06:51PM EDT)
STORY: Wall Street ended lower Friday.The Dow dropped six tenths of one percent, the S&P 500 fell three tenths, and the Nasdaq slid two tenths.All three indexes finished lower for the week.Friday's decline followed President Donald Trump's announcement of a 35% tariff on Canadian imports next month and planned blanket tariffs on other trading partners, amplifying the uncertainty around U.S. trade policy.Meanwhile, shares of Nvidia hit another all-time high, closing up half of one percent to take its stock market value to $4.02 trillion.Brian Krawez, president of Scharf Investments, says he's concerned about high valuations in the tech sector as we head into earnings season.“In terms of the tech rally recently, you know, we think investors are getting a little over their skis in terms of bullishness on AI. And so we're somewhat cautious of a number of the tech stocks that have kind of gotten very expensive. Obviously, some of them have done very, very well this year and we'll have to wait and see how earnings goes. But fundamentally the bar is going to be pretty high for a number of these companies.”Other stocks on the move Friday included Levi Strauss, which jumped 11% to its highest level in more than a year after the apparel seller raised its annual revenue and profit forecasts and beat quarterly estimates.And shares of Kraft Heinz closed 2.5% higher after the Wall Street Journal reported the company is preparing to break itself up, as the packaged food maker grapples with persistent weakness in demand for its higher-priced brands.