How major US stock indexes fared Friday, 1/31/2025

Stocks surrendered early gains and closed lower after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners. The S&P 500 fell 0.5% and the Nasdaq composite dropped 0.3%. Each showed solid gains in morning trading. The Dow Jones Industrial Average dropped 0.8%. Trump will put in place 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China effective Saturday. Apple reversed course from market-leading gains to post a loss of 0.7%. Shares of Nvidia, considered the poster child for the AI frenzy, fell 3.7% to close out a rough week for chipmakers.