Stocks Ended Lower on Renewed Trade Jitters

U.S. stocks ended lower on Friday, after the United States announced hefty tariffs on Chinese imports, causing trade-war jitters to ripple across markets. The Dow Jones Industrial Average fell 84.83 points, or 0.34%, to 25,090.48 and slipped 0.9% on the week. The S&P 500 lost 3.07 points, or 0.11%, to 2,779.42 and stood unchanged in positive territory on the week. The Nasdaq Composite dropped 14.66 points, or 0.19%, to 7,746.38, but jumped 1.3% for the week.

Wall Street stocks were down marginally on Friday after the United States announced hefty tariffs on Chinese imports and China vowed to respond in kind, stoking investor worries over an escalating tit-for-tat trade dispute.
Oil futures dropped sharply Friday, ending the week lower, on expectations OPEC and its allies will agree next week to boost output. August Brent crude declined by $2.50, or 3.3%, to $73.44 a barrel and suffered a loss of roughly 4% for the week. July West Texas Intermediate crude lost $1.83, or 2.7%, to settle at $65.06 a barrel. It lost about 1% for the week.

U.S. President Donald Trump unveiled an initial list of strategically important goods that would be subject to a 25 percent tariff effective July 6, and China’s Commerce Ministry responded with its own list of U.S. imports targeting soybeans, aircraft, autos and chemicals.