Stocks Ended Sharply Lower as Trump Threatened Tariffs on Mexico

U.S. stocks ended sharply lower on Friday, after President Donald Trump threatened to impose tariffs on Mexican imports. The Dow Jones Industrial Average dropped 354.84 points, or 1.41%, to 24,815.04. The S&P 500 fell 36.80 points, or 1.32%, to 2,752.06. The Nasdaq Composite tumbled 114.57 points, or 1.51%, to 7,453.15.

Oil futures dropped more than 5% Friday, logging hefty losses for the week and month, as U.S. tariffs on Mexico heightened concerns for the global economy and demand for oil. West Texas Intermediate crude for July delivery lost $3.09, or 5.5%, to settle at $53.50 a barrel. Front-month contract prices lost nearly 8.8% for the week and declined 16.3% for May. The July contract Brent crude fell $2.38, or 3.6%, to end at $64.49 a barrel. Front-month contract prices lost 11.4% month to date and wrapped up the week off 6.1% lower.