U.S. equity indices reversed earlier gains and fell into negative territory during Friday afternoon trading in New York after the White House confirmed that new tariffs on imports from Canada, Mexico, and China would take effect on Saturday, escalating trade tensions with the country’s three largest suppliers.
The S&P 500—tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY)—fell 1%, sliding from 6,120 points at midday to 6,045 points by 2:45 p.m. ET.
The Dow Jones Industrial Average dropped 0.8% to 44,530 points, while the Nasdaq 100—tracked by the Invesco QQQ Trust, Series 1 (NASDAQ:QQQ)—fell 1.5%, reversing an earlier 1.3% gain.
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:XLE) deepened its losses, sliding 2.9%. Meanwhile, the Communication Services Select Sector SPDR Fund (NYSE:XLC) was the only sector still in positive territory, up …
Full story available on Benzinga.com