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Chevron ( CVX ) falls after missing Q4 results estimates

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Tariff announcement hits stocks

(Updates to close)

By Caroline Valetkevitch

NEW YORK, Jan 31 (Reuters) - U.S. stocks ended lower on

Friday, with indexes losing ground after the White House said

U.S. President Donald Trump will implement on Saturday tariffs

of 25% on Canadian and Mexican imports and 10% on Chinese goods.

Investors have been bracing for further tariff news after

Trump has repeatedly warned about using the measure. Uncertainty

over the impact of tariffs has muddled the outlook for the

economy and inflation.

Reuters earlier quoted sources familiar with the tariff

deliberations as saying that Trump would announce tariffs on

Canadian and Mexican imports on Saturday but delay collection of

the duties until March 1.

A White House spokesperson called the report "false." She

said the duties would be published on Saturday and would take

effect immediately. Stocks turned lower on the day following the

White House comments.

"I would have thought the market would be down more. It's

not just the announcement itself, which I think probably impacts

a select number of industries. It's whatever retaliation moves

are taken," said Rick Meckler, partner at Cherry Lane

Investments, a family investment office in New Vernon, New

Jersey.

Earlier in the session, economic data reinforced

expectations that the Federal Reserve would keep interest rates

unchanged for longer.

U.S. prices increased as expected in December, while

consumer spending surged.

"Clearly, it makes total sense that the Fed didn't do

anything this week, and it makes sense (Fed Chair) Jay Powell

would say they're not in a hurry to lower rates," said Scott

Wren, senior global market strategist at Wells Fargo Investment

Institute in St. Louis, Missouri.

According to preliminary data, the S&P 500 lost 31.10

points, or 0.51%, to end at 6,040.07 points, while the Nasdaq

Composite lost 58.47 points, or 0.30%, to 19,623.27. The

Dow Jones Industrial Average fell 341.68 points, or

0.76%, to 44,540.45.

The Fed left rates unchanged in its policy announcement on

Wednesday, and Powell said the U.S. central bank wants to see

further progress in inflation before cutting rates.

Apple ( AAPL ) shares were volatile. The company gave upbeat

executive comments in its earnings on Thursday, in a sign it

expects to recover from a dip in iPhone sales as it rolls out AI

features.

Chevron ( CVX ) shares fell after the company reported

fourth-quarter earnings below estimates.